diff --git a/CMakeLists.txt b/CMakeLists.txt
index 2c77d78f..a7ec5eca 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -158,8 +158,6 @@ endif()
 #--------------------------------------------------
 
 set(REDREAM_SOURCES
-  src/bios/bios.c
-  src/bios/flash.c
   src/core/assert.c
   src/core/exception_handler.c
   src/core/filesystem.c
@@ -174,29 +172,35 @@ set(REDREAM_SOURCES
   src/core/rb_tree.c
   src/core/sort.c
   src/core/string.c
+  src/guest/aica/aica.c
+  src/guest/arm7/arm7.c
+  src/guest/bios/bios.c
+  src/guest/bios/flash.c
+  src/guest/gdrom/cdi.c
+  src/guest/gdrom/disc.c
+  src/guest/gdrom/gdi.c
+  src/guest/gdrom/gdrom.c
+  src/guest/holly/holly.c
+  src/guest/maple/controller.c
+  src/guest/maple/maple.c
+  src/guest/maple/vmu.c
+  src/guest/pvr/pvr.c
+  src/guest/pvr/ta.c
+  src/guest/pvr/tr.c
+  src/guest/pvr/trace.c
+  src/guest/rom/boot.c
+  src/guest/rom/flash.c
+  src/guest/sh4/sh4.c
+  src/guest/sh4/sh4_ccn.c
+  src/guest/sh4/sh4_dbg.c
+  src/guest/sh4/sh4_dmac.c
+  src/guest/sh4/sh4_intc.c
+  src/guest/sh4/sh4_tmu.c
+  src/guest/debugger.c
+  src/guest/dreamcast.c
+  src/guest/memory.c
+  src/guest/scheduler.c
   src/host/keycode.c
-  src/hw/aica/aica.c
-  src/hw/arm7/arm7.c
-  src/hw/gdrom/cdi.c
-  src/hw/gdrom/disc.c
-  src/hw/gdrom/gdi.c
-  src/hw/gdrom/gdrom.c
-  src/hw/holly/holly.c
-  src/hw/maple/controller.c
-  src/hw/maple/maple.c
-  src/hw/maple/vmu.c
-  src/hw/pvr/pvr.c
-  src/hw/pvr/ta.c
-  src/hw/pvr/tr.c
-  src/hw/pvr/trace.c
-  src/hw/rom/boot.c
-  src/hw/rom/flash.c
-  src/hw/sh4/sh4.c
-  src/hw/sh4/sh4_ccn.c
-  src/hw/sh4/sh4_dbg.c
-  src/hw/sh4/sh4_dmac.c
-  src/hw/sh4/sh4_intc.c
-  src/hw/sh4/sh4_tmu.c
   src/jit/backend/interp/interp_backend.c
   src/jit/frontend/armv3/armv3_context.c
   src/jit/frontend/armv3/armv3_disasm.c
@@ -221,11 +225,7 @@ set(REDREAM_SOURCES
   src/render/gl_backend.c
   src/render/imgui.cc
   src/render/microprofile.cc
-  src/debugger.c
-  src/dreamcast.c
   src/emulator.c
-  src/memory.c
-  src/scheduler.c
   src/tracer.c
 )
 
diff --git a/src/emulator.c b/src/emulator.c
index f9de6e95..b48fe211 100644
--- a/src/emulator.c
+++ b/src/emulator.c
@@ -12,28 +12,28 @@
  */
 
 #include "emulator.h"
-#include "bios/bios.h"
 #include "core/option.h"
 #include "core/profiler.h"
 #include "core/thread.h"
 #include "core/time.h"
-#include "dreamcast.h"
+#include "guest/aica/aica.h"
+#include "guest/arm7/arm7.h"
+#include "guest/bios/bios.h"
+#include "guest/dreamcast.h"
+#include "guest/gdrom/gdrom.h"
+#include "guest/holly/holly.h"
+#include "guest/maple/maple.h"
+#include "guest/memory.h"
+#include "guest/pvr/pvr.h"
+#include "guest/pvr/ta.h"
+#include "guest/pvr/tr.h"
+#include "guest/pvr/trace.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 #include "host/host.h"
-#include "hw/aica/aica.h"
-#include "hw/arm7/arm7.h"
-#include "hw/gdrom/gdrom.h"
-#include "hw/holly/holly.h"
-#include "hw/maple/maple.h"
-#include "hw/pvr/pvr.h"
-#include "hw/pvr/ta.h"
-#include "hw/pvr/tr.h"
-#include "hw/pvr/trace.h"
-#include "hw/sh4/sh4.h"
-#include "memory.h"
 #include "render/imgui.h"
 #include "render/microprofile.h"
 #include "render/render_backend.h"
-#include "scheduler.h"
 
 DEFINE_AGGREGATE_COUNTER(frames);
 
diff --git a/src/hw/aica/aica.c b/src/guest/aica/aica.c
similarity index 99%
rename from src/hw/aica/aica.c
rename to src/guest/aica/aica.c
index 4f76eabf..5ac75582 100644
--- a/src/hw/aica/aica.c
+++ b/src/guest/aica/aica.c
@@ -1,17 +1,17 @@
-#include "hw/aica/aica.h"
+#include "guest/aica/aica.h"
 #include "core/filesystem.h"
 #include "core/log.h"
 #include "core/math.h"
 #include "core/option.h"
 #include "core/profiler.h"
-#include "dreamcast.h"
-#include "hw/aica/aica_types.h"
-#include "hw/arm7/arm7.h"
-#include "hw/holly/holly.h"
-#include "hw/sh4/sh4.h"
-#include "memory.h"
+#include "guest/aica/aica_types.h"
+#include "guest/arm7/arm7.h"
+#include "guest/dreamcast.h"
+#include "guest/holly/holly.h"
+#include "guest/memory.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 #include "render/imgui.h"
-#include "scheduler.h"
 
 DEFINE_AGGREGATE_COUNTER(aica_samples);
 
diff --git a/src/hw/aica/aica.h b/src/guest/aica/aica.h
similarity index 92%
rename from src/hw/aica/aica.h
rename to src/guest/aica/aica.h
index 9f839b8b..8280ed61 100644
--- a/src/hw/aica/aica.h
+++ b/src/guest/aica/aica.h
@@ -1,7 +1,7 @@
 #ifndef AICA_H
 #define AICA_H
 
-#include "memory.h"
+#include "guest/memory.h"
 
 struct aica;
 struct dreamcast;
diff --git a/src/hw/aica/aica_types.h b/src/guest/aica/aica_types.h
similarity index 100%
rename from src/hw/aica/aica_types.h
rename to src/guest/aica/aica_types.h
diff --git a/src/hw/arm7/arm7.c b/src/guest/arm7/arm7.c
similarity index 98%
rename from src/hw/arm7/arm7.c
rename to src/guest/arm7/arm7.c
index a78cd14e..687663f0 100644
--- a/src/hw/arm7/arm7.c
+++ b/src/guest/arm7/arm7.c
@@ -1,14 +1,14 @@
-#include "hw/arm7/arm7.h"
+#include "guest/arm7/arm7.h"
 #include "core/log.h"
-#include "dreamcast.h"
-#include "hw/aica/aica.h"
+#include "guest/aica/aica.h"
+#include "guest/dreamcast.h"
+#include "guest/scheduler.h"
 #include "jit/frontend/armv3/armv3_context.h"
 #include "jit/frontend/armv3/armv3_fallback.h"
 #include "jit/frontend/armv3/armv3_frontend.h"
 #include "jit/frontend/armv3/armv3_guest.h"
 #include "jit/ir/ir.h"
 #include "jit/jit.h"
-#include "scheduler.h"
 
 #if ARCH_X64
 #include "jit/backend/x64/x64_backend.h"
diff --git a/src/hw/arm7/arm7.h b/src/guest/arm7/arm7.h
similarity index 94%
rename from src/hw/arm7/arm7.h
rename to src/guest/arm7/arm7.h
index fb74aae9..ba5f183d 100644
--- a/src/hw/arm7/arm7.h
+++ b/src/guest/arm7/arm7.h
@@ -2,7 +2,7 @@
 #define ARM7_H
 
 #include "core/profiler.h"
-#include "memory.h"
+#include "guest/memory.h"
 
 struct arm7;
 struct dreamcast;
diff --git a/src/bios/bios.c b/src/guest/bios/bios.c
similarity index 97%
rename from src/bios/bios.c
rename to src/guest/bios/bios.c
index a553b893..ae078ea1 100644
--- a/src/bios/bios.c
+++ b/src/guest/bios/bios.c
@@ -1,11 +1,11 @@
 #include <time.h>
-#include "bios/bios.h"
-#include "bios/flash.h"
+#include "guest/bios/bios.h"
 #include "core/math.h"
 #include "core/option.h"
-#include "dreamcast.h"
-#include "hw/aica/aica.h"
-#include "hw/rom/flash.h"
+#include "guest/aica/aica.h"
+#include "guest/bios/flash.h"
+#include "guest/dreamcast.h"
+#include "guest/rom/flash.h"
 #include "render/imgui.h"
 
 DEFINE_OPTION_STRING(region, "america", "System region");
diff --git a/src/bios/bios.h b/src/guest/bios/bios.h
similarity index 100%
rename from src/bios/bios.h
rename to src/guest/bios/bios.h
diff --git a/src/bios/flash.c b/src/guest/bios/flash.c
similarity index 99%
rename from src/bios/flash.c
rename to src/guest/bios/flash.c
index 6a31fc59..4bd1ae47 100644
--- a/src/bios/flash.c
+++ b/src/guest/bios/flash.c
@@ -2,9 +2,9 @@
  * high-level code for working with the system's flash memory
  */
 
-#include "bios/flash.h"
+#include "guest/bios/flash.h"
 #include "core/math.h"
-#include "hw/rom/flash.h"
+#include "guest/rom/flash.h"
 
 #define FLASH_BLOCK_SIZE 0x40
 
diff --git a/src/bios/flash.h b/src/guest/bios/flash.h
similarity index 91%
rename from src/bios/flash.h
rename to src/guest/bios/flash.h
index a2370fd8..2b50a7c6 100644
--- a/src/bios/flash.h
+++ b/src/guest/bios/flash.h
@@ -1,7 +1,7 @@
 #ifndef FLASH_H
 #define FLASH_H
 
-#include "bios/flash_types.h"
+#include "guest/bios/flash_types.h"
 
 struct flash;
 
diff --git a/src/bios/flash_types.h b/src/guest/bios/flash_types.h
similarity index 100%
rename from src/bios/flash_types.h
rename to src/guest/bios/flash_types.h
diff --git a/src/debugger.c b/src/guest/debugger.c
similarity index 98%
rename from src/debugger.c
rename to src/guest/debugger.c
index 8d480838..d19f4374 100644
--- a/src/debugger.c
+++ b/src/guest/debugger.c
@@ -3,8 +3,8 @@
 #include "gdb/gdb_server.h"
 
 #include "core/log.h"
-#include "debugger.h"
-#include "dreamcast.h"
+#include "guest/debugger.h"
+#include "guest/dreamcast.h"
 
 struct debugger {
   struct dreamcast *dc;
diff --git a/src/debugger.h b/src/guest/debugger.h
similarity index 100%
rename from src/debugger.h
rename to src/guest/debugger.h
diff --git a/src/dreamcast.c b/src/guest/dreamcast.c
similarity index 93%
rename from src/dreamcast.c
rename to src/guest/dreamcast.c
index 79b280bc..7b301016 100644
--- a/src/dreamcast.c
+++ b/src/guest/dreamcast.c
@@ -1,20 +1,20 @@
-#include "dreamcast.h"
-#include "bios/bios.h"
+#include "guest/dreamcast.h"
 #include "core/option.h"
 #include "core/string.h"
-#include "debugger.h"
-#include "hw/aica/aica.h"
-#include "hw/arm7/arm7.h"
-#include "hw/gdrom/gdrom.h"
-#include "hw/holly/holly.h"
-#include "hw/maple/maple.h"
-#include "hw/pvr/pvr.h"
-#include "hw/pvr/ta.h"
-#include "hw/rom/boot.h"
-#include "hw/rom/flash.h"
-#include "hw/sh4/sh4.h"
-#include "memory.h"
-#include "scheduler.h"
+#include "guest/aica/aica.h"
+#include "guest/arm7/arm7.h"
+#include "guest/bios/bios.h"
+#include "guest/debugger.h"
+#include "guest/gdrom/gdrom.h"
+#include "guest/holly/holly.h"
+#include "guest/maple/maple.h"
+#include "guest/memory.h"
+#include "guest/pvr/pvr.h"
+#include "guest/pvr/ta.h"
+#include "guest/rom/boot.h"
+#include "guest/rom/flash.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 
 void dc_poll_input(struct dreamcast *dc) {
   if (!dc->poll_input) {
diff --git a/src/dreamcast.h b/src/guest/dreamcast.h
similarity index 99%
rename from src/dreamcast.h
rename to src/guest/dreamcast.h
index 5090152d..7440358b 100644
--- a/src/dreamcast.h
+++ b/src/guest/dreamcast.h
@@ -4,8 +4,8 @@
 #include <stddef.h>
 #include <stdint.h>
 #include "core/list.h"
+#include "guest/memory.h"
 #include "host/keycode.h"
-#include "memory.h"
 
 struct aica;
 struct arm7;
diff --git a/src/hw/gdrom/cdi.c b/src/guest/gdrom/cdi.c
similarity index 99%
rename from src/hw/gdrom/cdi.c
rename to src/guest/gdrom/cdi.c
index 7fb0f356..ddd7e43e 100644
--- a/src/hw/gdrom/cdi.c
+++ b/src/guest/gdrom/cdi.c
@@ -1,6 +1,6 @@
 #include "core/assert.h"
-#include "hw/gdrom/disc.h"
-#include "hw/gdrom/gdrom_types.h"
+#include "guest/gdrom/disc.h"
+#include "guest/gdrom/gdrom_types.h"
 
 #define CDI_V2 0x80000004
 #define CDI_V3 0x80000005
diff --git a/src/hw/gdrom/cdi.h b/src/guest/gdrom/cdi.h
similarity index 100%
rename from src/hw/gdrom/cdi.h
rename to src/guest/gdrom/cdi.h
diff --git a/src/hw/gdrom/disc.c b/src/guest/gdrom/disc.c
similarity index 93%
rename from src/hw/gdrom/disc.c
rename to src/guest/gdrom/disc.c
index f50a0664..64dec713 100644
--- a/src/hw/gdrom/disc.c
+++ b/src/guest/gdrom/disc.c
@@ -1,7 +1,7 @@
-#include "hw/gdrom/disc.h"
+#include "guest/gdrom/disc.h"
 #include "core/string.h"
-#include "hw/gdrom/cdi.h"
-#include "hw/gdrom/gdi.h"
+#include "guest/gdrom/cdi.h"
+#include "guest/gdrom/gdi.h"
 
 struct track *disc_lookup_track(struct disc *disc, int fad) {
   int num_tracks = disc_get_num_tracks(disc);
diff --git a/src/hw/gdrom/disc.h b/src/guest/gdrom/disc.h
similarity index 97%
rename from src/hw/gdrom/disc.h
rename to src/guest/gdrom/disc.h
index 74ac8705..dcbd6120 100644
--- a/src/hw/gdrom/disc.h
+++ b/src/guest/gdrom/disc.h
@@ -2,7 +2,7 @@
 #define DISC_H
 
 #include "core/filesystem.h"
-#include "hw/gdrom/gdrom_types.h"
+#include "guest/gdrom/gdrom_types.h"
 
 #define DISC_MAX_SECTOR_SIZE 2352
 #define DISC_MAX_SESSIONS 2
diff --git a/src/hw/gdrom/gdi.c b/src/guest/gdrom/gdi.c
similarity index 98%
rename from src/hw/gdrom/gdi.c
rename to src/guest/gdrom/gdi.c
index 46e4747c..22fa0c83 100644
--- a/src/hw/gdrom/gdi.c
+++ b/src/guest/gdrom/gdi.c
@@ -1,6 +1,6 @@
-#include "hw/gdrom/gdi.h"
+#include "guest/gdrom/gdi.h"
 #include "core/assert.h"
-#include "hw/gdrom/disc.h"
+#include "guest/gdrom/disc.h"
 
 struct gdi {
   struct disc;
diff --git a/src/hw/gdrom/gdi.h b/src/guest/gdrom/gdi.h
similarity index 100%
rename from src/hw/gdrom/gdi.h
rename to src/guest/gdrom/gdi.h
diff --git a/src/hw/gdrom/gdrom.c b/src/guest/gdrom/gdrom.c
similarity index 99%
rename from src/hw/gdrom/gdrom.c
rename to src/guest/gdrom/gdrom.c
index 3942d1bc..38282a02 100644
--- a/src/hw/gdrom/gdrom.c
+++ b/src/guest/gdrom/gdrom.c
@@ -1,10 +1,10 @@
-#include "hw/gdrom/gdrom.h"
+#include "guest/gdrom/gdrom.h"
 #include "core/math.h"
 #include "core/string.h"
-#include "dreamcast.h"
-#include "hw/gdrom/gdrom_replies.inc"
-#include "hw/gdrom/gdrom_types.h"
-#include "hw/holly/holly.h"
+#include "guest/dreamcast.h"
+#include "guest/gdrom/gdrom_replies.inc"
+#include "guest/gdrom/gdrom_types.h"
+#include "guest/holly/holly.h"
 
 #if 0
 #define LOG_GDROM LOG_INFO
diff --git a/src/hw/gdrom/gdrom.h b/src/guest/gdrom/gdrom.h
similarity index 94%
rename from src/hw/gdrom/gdrom.h
rename to src/guest/gdrom/gdrom.h
index 21d615e1..0bd951dd 100644
--- a/src/hw/gdrom/gdrom.h
+++ b/src/guest/gdrom/gdrom.h
@@ -1,8 +1,8 @@
 #ifndef GDROM_H
 #define GDROM_H
 
-#include "hw/gdrom/disc.h"
-#include "hw/gdrom/gdrom_types.h"
+#include "guest/gdrom/disc.h"
+#include "guest/gdrom/gdrom_types.h"
 
 struct dreamcast;
 struct gdrom;
diff --git a/src/hw/gdrom/gdrom_replies.inc b/src/guest/gdrom/gdrom_replies.inc
similarity index 100%
rename from src/hw/gdrom/gdrom_replies.inc
rename to src/guest/gdrom/gdrom_replies.inc
diff --git a/src/hw/gdrom/gdrom_types.h b/src/guest/gdrom/gdrom_types.h
similarity index 100%
rename from src/hw/gdrom/gdrom_types.h
rename to src/guest/gdrom/gdrom_types.h
diff --git a/src/hw/holly/holly.c b/src/guest/holly/holly.c
similarity index 98%
rename from src/hw/holly/holly.c
rename to src/guest/holly/holly.c
index 59372ed1..8f7d5f47 100644
--- a/src/hw/holly/holly.c
+++ b/src/guest/holly/holly.c
@@ -1,10 +1,10 @@
-#include "hw/holly/holly.h"
-#include "dreamcast.h"
-#include "hw/gdrom/gdrom.h"
-#include "hw/maple/maple.h"
-#include "hw/sh4/sh4.h"
+#include "guest/holly/holly.h"
+#include "guest/dreamcast.h"
+#include "guest/gdrom/gdrom.h"
+#include "guest/maple/maple.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 #include "render/imgui.h"
-#include "scheduler.h"
 
 struct reg_cb holly_cb[NUM_HOLLY_REGS];
 
@@ -363,7 +363,7 @@ struct holly *holly_create(struct dreamcast *dc) {
 #define HOLLY_REG(addr, name, default, type) \
   hl->reg[name] = default;                   \
   hl->name = (type *)&hl->reg[name];
-#include "hw/holly/holly_regs.inc"
+#include "guest/holly/holly_regs.inc"
 #undef HOLLY_REG
 
   return hl;
diff --git a/src/hw/holly/holly.h b/src/guest/holly/holly.h
similarity index 85%
rename from src/hw/holly/holly.h
rename to src/guest/holly/holly.h
index e6102c1c..dd30b160 100644
--- a/src/hw/holly/holly.h
+++ b/src/guest/holly/holly.h
@@ -1,9 +1,9 @@
 #ifndef HOLLY_H
 #define HOLLY_H
 
-#include "dreamcast.h"
-#include "hw/holly/holly_types.h"
-#include "memory.h"
+#include "guest/dreamcast.h"
+#include "guest/holly/holly_types.h"
+#include "guest/memory.h"
 
 struct gdrom;
 struct maple;
@@ -14,7 +14,7 @@ struct holly {
   uint32_t reg[NUM_HOLLY_REGS];
 
 #define HOLLY_REG(offset, name, default, type) type *name;
-#include "hw/holly/holly_regs.inc"
+#include "guest/holly/holly_regs.inc"
 #undef HOLLY_REG
 
   /* debug */
diff --git a/src/hw/holly/holly_regs.inc b/src/guest/holly/holly_regs.inc
similarity index 100%
rename from src/hw/holly/holly_regs.inc
rename to src/guest/holly/holly_regs.inc
diff --git a/src/hw/holly/holly_types.h b/src/guest/holly/holly_types.h
similarity index 99%
rename from src/hw/holly/holly_types.h
rename to src/guest/holly/holly_types.h
index ece6eb92..cf8af5bf 100644
--- a/src/hw/holly/holly_types.h
+++ b/src/guest/holly/holly_types.h
@@ -6,7 +6,7 @@
 /* registers */
 enum {
 #define HOLLY_REG(addr, name, flags, default) name = (addr - 0x005f0000) >> 2,
-#include "hw/holly/holly_regs.inc"
+#include "guest/holly/holly_regs.inc"
 #undef HOLLY_REG
   NUM_HOLLY_REGS = 0x00008000 >> 2,
 };
diff --git a/src/hw/maple/controller.c b/src/guest/maple/controller.c
similarity index 98%
rename from src/hw/maple/controller.c
rename to src/guest/maple/controller.c
index befc098c..20cba658 100644
--- a/src/hw/maple/controller.c
+++ b/src/guest/maple/controller.c
@@ -1,7 +1,7 @@
 #include "core/option.h"
 #include "core/string.h"
-#include "dreamcast.h"
-#include "hw/maple/maple.h"
+#include "guest/dreamcast.h"
+#include "guest/maple/maple.h"
 
 enum {
   CONT_C,
diff --git a/src/hw/maple/maple.c b/src/guest/maple/maple.c
similarity index 97%
rename from src/hw/maple/maple.c
rename to src/guest/maple/maple.c
index 65ab4a00..5c69b55e 100644
--- a/src/hw/maple/maple.c
+++ b/src/guest/maple/maple.c
@@ -1,7 +1,7 @@
-#include "hw/maple/maple.h"
-#include "dreamcast.h"
-#include "hw/holly/holly.h"
-#include "hw/sh4/sh4.h"
+#include "guest/maple/maple.h"
+#include "guest/dreamcast.h"
+#include "guest/holly/holly.h"
+#include "guest/sh4/sh4.h"
 
 struct maple {
   struct device;
diff --git a/src/hw/maple/maple.h b/src/guest/maple/maple.h
similarity index 95%
rename from src/hw/maple/maple.h
rename to src/guest/maple/maple.h
index 4c064834..9cca6094 100644
--- a/src/hw/maple/maple.h
+++ b/src/guest/maple/maple.h
@@ -1,7 +1,7 @@
 #ifndef MAPLE_H
 #define MAPLE_H
 
-#include "hw/maple/maple_types.h"
+#include "guest/maple/maple_types.h"
 
 struct dreamcast;
 struct maple;
diff --git a/src/hw/maple/maple_types.h b/src/guest/maple/maple_types.h
similarity index 100%
rename from src/hw/maple/maple_types.h
rename to src/guest/maple/maple_types.h
diff --git a/src/hw/maple/vmu.c b/src/guest/maple/vmu.c
similarity index 98%
rename from src/hw/maple/vmu.c
rename to src/guest/maple/vmu.c
index 5fa492d0..e67e2f85 100644
--- a/src/hw/maple/vmu.c
+++ b/src/guest/maple/vmu.c
@@ -1,8 +1,8 @@
 #include "core/assert.h"
 #include "core/filesystem.h"
 #include "core/string.h"
-#include "hw/maple/maple.h"
-#include "hw/maple/vmu_default.inc"
+#include "guest/maple/maple.h"
+#include "guest/maple/vmu_default.inc"
 
 #define VMU_BLOCK_SIZE 512
 #define VMU_BLOCK_WORDS (512 >> 2)
diff --git a/src/hw/maple/vmu_default.inc b/src/guest/maple/vmu_default.inc
similarity index 100%
rename from src/hw/maple/vmu_default.inc
rename to src/guest/maple/vmu_default.inc
diff --git a/src/memory.c b/src/guest/memory.c
similarity index 99%
rename from src/memory.c
rename to src/guest/memory.c
index ce94af37..cdef3196 100644
--- a/src/memory.c
+++ b/src/guest/memory.c
@@ -1,8 +1,8 @@
-#include "memory.h"
+#include "guest/memory.h"
 #include "core/exception_handler.h"
 #include "core/math.h"
 #include "core/string.h"
-#include "dreamcast.h"
+#include "guest/dreamcast.h"
 
 /*
  * address maps
diff --git a/src/memory.h b/src/guest/memory.h
similarity index 100%
rename from src/memory.h
rename to src/guest/memory.h
diff --git a/src/hw/pvr/pixel_convert.h b/src/guest/pvr/pixel_convert.h
similarity index 100%
rename from src/hw/pvr/pixel_convert.h
rename to src/guest/pvr/pixel_convert.h
diff --git a/src/hw/pvr/pvr.c b/src/guest/pvr/pvr.c
similarity index 97%
rename from src/hw/pvr/pvr.c
rename to src/guest/pvr/pvr.c
index 6c1c0aa1..351f5213 100644
--- a/src/hw/pvr/pvr.c
+++ b/src/guest/pvr/pvr.c
@@ -1,10 +1,10 @@
-#include "hw/pvr/pvr.h"
+#include "guest/pvr/pvr.h"
 #include "core/time.h"
-#include "dreamcast.h"
-#include "hw/holly/holly.h"
-#include "hw/pvr/ta.h"
-#include "hw/sh4/sh4.h"
-#include "scheduler.h"
+#include "guest/dreamcast.h"
+#include "guest/holly/holly.h"
+#include "guest/pvr/ta.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 
 DEFINE_AGGREGATE_COUNTER(pvr_vblanks);
 DEFINE_AGGREGATE_COUNTER(pvr_vram_data);
@@ -219,7 +219,7 @@ static int pvr_init(struct device *dev) {
 #define PVR_REG(offset, name, default, type) \
   pvr->reg[name] = default;                  \
   pvr->name = (type *)&pvr->reg[name];
-#include "hw/pvr/pvr_regs.inc"
+#include "guest/pvr/pvr_regs.inc"
 #undef PVR_REG
 
   pvr->palette_ram = (uint8_t *)pvr->PALETTE_RAM000;
diff --git a/src/hw/pvr/pvr.h b/src/guest/pvr/pvr.h
similarity index 83%
rename from src/hw/pvr/pvr.h
rename to src/guest/pvr/pvr.h
index 7e9da7cc..15452a21 100644
--- a/src/hw/pvr/pvr.h
+++ b/src/guest/pvr/pvr.h
@@ -2,9 +2,9 @@
 #define PVR_H
 
 #include "core/profiler.h"
-#include "dreamcast.h"
-#include "hw/pvr/pvr_types.h"
-#include "memory.h"
+#include "guest/dreamcast.h"
+#include "guest/memory.h"
+#include "guest/pvr/pvr_types.h"
 
 struct dreamcast;
 struct holly;
@@ -22,7 +22,7 @@ struct pvr {
   uint32_t current_line;
 
 #define PVR_REG(offset, name, default, type) type *name;
-#include "hw/pvr/pvr_regs.inc"
+#include "guest/pvr/pvr_regs.inc"
 #undef PVR_REG
 };
 
diff --git a/src/hw/pvr/pvr_regs.inc b/src/guest/pvr/pvr_regs.inc
similarity index 100%
rename from src/hw/pvr/pvr_regs.inc
rename to src/guest/pvr/pvr_regs.inc
diff --git a/src/hw/pvr/pvr_types.h b/src/guest/pvr/pvr_types.h
similarity index 99%
rename from src/hw/pvr/pvr_types.h
rename to src/guest/pvr/pvr_types.h
index 585684cc..1cd7a7eb 100644
--- a/src/hw/pvr/pvr_types.h
+++ b/src/guest/pvr/pvr_types.h
@@ -228,7 +228,7 @@ union ta_yuv_tex_cnt {
 enum {
 #define PVR_REG(addr, name, flags, default_value) \
   name = (addr - 0x005f8000) >> 2,
-#include "hw/pvr/pvr_regs.inc"
+#include "guest/pvr/pvr_regs.inc"
 #undef PVR_REG
   PVR_NUM_REGS = 0x00002000 >> 2,
 };
diff --git a/src/hw/pvr/ta.c b/src/guest/pvr/ta.c
similarity index 99%
rename from src/hw/pvr/ta.c
rename to src/guest/pvr/ta.c
index 1ab035a8..d960392f 100644
--- a/src/hw/pvr/ta.c
+++ b/src/guest/pvr/ta.c
@@ -1,14 +1,14 @@
-#include "hw/pvr/ta.h"
+#include "guest/pvr/ta.h"
 #include "core/exception_handler.h"
 #include "core/filesystem.h"
 #include "core/list.h"
 #include "core/string.h"
-#include "hw/holly/holly.h"
-#include "hw/pvr/pixel_convert.h"
-#include "hw/pvr/pvr.h"
-#include "hw/pvr/tr.h"
-#include "hw/sh4/sh4.h"
-#include "scheduler.h"
+#include "guest/holly/holly.h"
+#include "guest/pvr/pixel_convert.h"
+#include "guest/pvr/pvr.h"
+#include "guest/pvr/tr.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 
 DEFINE_AGGREGATE_COUNTER(ta_data);
 DEFINE_AGGREGATE_COUNTER(ta_renders);
diff --git a/src/hw/pvr/ta.h b/src/guest/pvr/ta.h
similarity index 98%
rename from src/hw/pvr/ta.h
rename to src/guest/pvr/ta.h
index f29efb28..26fcd195 100644
--- a/src/hw/pvr/ta.h
+++ b/src/guest/pvr/ta.h
@@ -2,8 +2,8 @@
 #define TA_H
 
 #include "core/profiler.h"
-#include "hw/pvr/ta_types.h"
-#include "memory.h"
+#include "guest/memory.h"
+#include "guest/pvr/ta_types.h"
 
 struct dreamcast;
 struct ta;
diff --git a/src/hw/pvr/ta_types.h b/src/guest/pvr/ta_types.h
similarity index 100%
rename from src/hw/pvr/ta_types.h
rename to src/guest/pvr/ta_types.h
diff --git a/src/hw/pvr/tr.c b/src/guest/pvr/tr.c
similarity index 99%
rename from src/hw/pvr/tr.c
rename to src/guest/pvr/tr.c
index 4762c571..7ff4bf17 100644
--- a/src/hw/pvr/tr.c
+++ b/src/guest/pvr/tr.c
@@ -1,11 +1,11 @@
-#include "hw/pvr/tr.h"
+#include "guest/pvr/tr.h"
 #include "core/assert.h"
 #include "core/core.h"
 #include "core/math.h"
 #include "core/profiler.h"
 #include "core/sort.h"
-#include "hw/pvr/pixel_convert.h"
-#include "hw/pvr/ta.h"
+#include "guest/pvr/pixel_convert.h"
+#include "guest/pvr/ta.h"
 
 struct tr {
   struct render_backend *r;
diff --git a/src/hw/pvr/tr.h b/src/guest/pvr/tr.h
similarity index 98%
rename from src/hw/pvr/tr.h
rename to src/guest/pvr/tr.h
index dec79848..ee37b480 100644
--- a/src/hw/pvr/tr.h
+++ b/src/guest/pvr/tr.h
@@ -5,7 +5,7 @@
    draw commands to be passed to the supplied render backend */
 
 #include "core/rb_tree.h"
-#include "hw/pvr/ta_types.h"
+#include "guest/pvr/ta_types.h"
 #include "render/render_backend.h"
 
 struct tr;
diff --git a/src/hw/pvr/trace.c b/src/guest/pvr/trace.c
similarity index 99%
rename from src/hw/pvr/trace.c
rename to src/guest/pvr/trace.c
index e1d2c175..620d641a 100644
--- a/src/hw/pvr/trace.c
+++ b/src/guest/pvr/trace.c
@@ -1,9 +1,9 @@
 #include <limits.h>
-#include "hw/pvr/trace.h"
+#include "guest/pvr/trace.h"
 #include "core/assert.h"
 #include "core/filesystem.h"
 #include "core/math.h"
-#include "hw/pvr/tr.h"
+#include "guest/pvr/tr.h"
 
 void get_next_trace_filename(char *filename, size_t size) {
   const char *appdir = fs_appdir();
diff --git a/src/hw/pvr/trace.h b/src/guest/pvr/trace.h
similarity index 98%
rename from src/hw/pvr/trace.h
rename to src/guest/pvr/trace.h
index 0d5ca74f..322496ed 100644
--- a/src/hw/pvr/trace.h
+++ b/src/guest/pvr/trace.h
@@ -2,7 +2,7 @@
 #define TRACE_H
 
 #include <stdio.h>
-#include "hw/pvr/ta_types.h"
+#include "guest/pvr/ta_types.h"
 
 enum trace_cmd_type {
   TRACE_CMD_NONE,
diff --git a/src/hw/rom/boot.c b/src/guest/rom/boot.c
similarity index 95%
rename from src/hw/rom/boot.c
rename to src/guest/rom/boot.c
index e57adcf4..973d056d 100644
--- a/src/hw/rom/boot.c
+++ b/src/guest/rom/boot.c
@@ -1,8 +1,8 @@
-#include "hw/rom/boot.h"
+#include "guest/rom/boot.h"
 #include "core/filesystem.h"
 #include "core/md5.h"
 #include "core/option.h"
-#include "dreamcast.h"
+#include "guest/dreamcast.h"
 
 DEFINE_OPTION_STRING(bios, "dc_boot.bin", "Path to boot rom");
 
@@ -45,6 +45,7 @@ static int boot_load_rom(struct boot *boot) {
 
   FILE *fp = fopen(filename, "rb");
   if (!fp) {
+    LOG_WARNING("failed to open %s", filename);
     return 0;
   }
 
@@ -75,7 +76,6 @@ static int boot_init(struct device *dev) {
   struct boot *boot = (struct boot *)dev;
 
   if (!boot_load_rom(boot)) {
-    LOG_WARNING("failed to load boot rom");
     return 0;
   }
 
diff --git a/src/hw/rom/boot.h b/src/guest/rom/boot.h
similarity index 87%
rename from src/hw/rom/boot.h
rename to src/guest/rom/boot.h
index ed9d777f..8ac6c106 100644
--- a/src/hw/rom/boot.h
+++ b/src/guest/rom/boot.h
@@ -1,7 +1,7 @@
 #ifndef BOOT_H
 #define BOOT_H
 
-#include "memory.h"
+#include "guest/memory.h"
 
 struct dreamcast;
 struct boot;
diff --git a/src/hw/rom/flash.c b/src/guest/rom/flash.c
similarity index 98%
rename from src/hw/rom/flash.c
rename to src/guest/rom/flash.c
index 8f36367c..0b668e8d 100644
--- a/src/hw/rom/flash.c
+++ b/src/guest/rom/flash.c
@@ -1,8 +1,8 @@
 #include <stdio.h>
-#include "hw/rom/flash.h"
+#include "guest/rom/flash.h"
 #include "core/filesystem.h"
 #include "core/option.h"
-#include "dreamcast.h"
+#include "guest/dreamcast.h"
 
 #define FLASH_SIZE 0x00020000
 #define FLASH_SECTOR_SIZE 0x4000
diff --git a/src/hw/rom/flash.h b/src/guest/rom/flash.h
similarity index 93%
rename from src/hw/rom/flash.h
rename to src/guest/rom/flash.h
index 6510d71c..725c4f2c 100644
--- a/src/hw/rom/flash.h
+++ b/src/guest/rom/flash.h
@@ -1,7 +1,7 @@
 #ifndef FLASHROM_H
 #define FLASHROM_H
 
-#include "memory.h"
+#include "guest/memory.h"
 
 struct dreamcast;
 struct flash;
diff --git a/src/scheduler.c b/src/guest/scheduler.c
similarity index 98%
rename from src/scheduler.c
rename to src/guest/scheduler.c
index c163d6d4..06ee2861 100644
--- a/src/scheduler.c
+++ b/src/guest/scheduler.c
@@ -1,9 +1,9 @@
 #include <stdio.h>
-#include "scheduler.h"
+#include "guest/scheduler.h"
 #include "core/assert.h"
 #include "core/core.h"
 #include "core/list.h"
-#include "dreamcast.h"
+#include "guest/dreamcast.h"
 
 #define MAX_TIMERS 128
 
diff --git a/src/scheduler.h b/src/guest/scheduler.h
similarity index 100%
rename from src/scheduler.h
rename to src/guest/scheduler.h
diff --git a/src/hw/sh4/sh4.c b/src/guest/sh4/sh4.c
similarity index 97%
rename from src/hw/sh4/sh4.c
rename to src/guest/sh4/sh4.c
index c83dafca..d3216eae 100644
--- a/src/hw/sh4/sh4.c
+++ b/src/guest/sh4/sh4.c
@@ -1,21 +1,21 @@
-#include "hw/sh4/sh4.h"
+#include "guest/sh4/sh4.h"
 #include "core/math.h"
 #include "core/string.h"
 #include "core/time.h"
-#include "dreamcast.h"
-#include "hw/aica/aica.h"
-#include "hw/holly/holly.h"
-#include "hw/pvr/pvr.h"
-#include "hw/pvr/ta.h"
-#include "hw/rom/boot.h"
-#include "hw/rom/flash.h"
+#include "guest/aica/aica.h"
+#include "guest/dreamcast.h"
+#include "guest/holly/holly.h"
+#include "guest/memory.h"
+#include "guest/pvr/pvr.h"
+#include "guest/pvr/ta.h"
+#include "guest/rom/boot.h"
+#include "guest/rom/flash.h"
+#include "guest/scheduler.h"
 #include "jit/frontend/sh4/sh4_fallback.h"
 #include "jit/frontend/sh4/sh4_frontend.h"
 #include "jit/frontend/sh4/sh4_guest.h"
 #include "jit/jit.h"
-#include "memory.h"
 #include "render/imgui.h"
-#include "scheduler.h"
 
 #if ARCH_X64
 #include "jit/backend/x64/x64_backend.h"
@@ -195,7 +195,7 @@ void sh4_reset(struct sh4 *sh4, uint32_t pc) {
 #define SH4_REG(addr, name, default, type) \
   sh4->reg[name] = default;                \
   sh4->name = (type *)&sh4->reg[name];
-#include "hw/sh4/sh4_regs.inc"
+#include "guest/sh4/sh4_regs.inc"
 #undef SH4_REG
 
   /* reset interrupts */
diff --git a/src/hw/sh4/sh4.h b/src/guest/sh4/sh4.h
similarity index 96%
rename from src/hw/sh4/sh4.h
rename to src/guest/sh4/sh4.h
index e3345c8b..803897c2 100644
--- a/src/hw/sh4/sh4.h
+++ b/src/guest/sh4/sh4.h
@@ -2,11 +2,11 @@
 #define SH4_H
 
 #include "core/profiler.h"
-#include "dreamcast.h"
-#include "hw/sh4/sh4_types.h"
+#include "guest/dreamcast.h"
+#include "guest/memory.h"
+#include "guest/sh4/sh4_types.h"
 #include "jit/frontend/sh4/sh4_context.h"
 #include "jit/jit.h"
-#include "memory.h"
 
 struct dreamcast;
 struct jit;
@@ -42,7 +42,7 @@ struct sh4 {
   struct sh4_context ctx;
   uint32_t reg[NUM_SH4_REGS];
 #define SH4_REG(addr, name, default, type) type *name;
-#include "hw/sh4/sh4_regs.inc"
+#include "guest/sh4/sh4_regs.inc"
 #undef SH4_REG
 
   /* jit */
diff --git a/src/hw/sh4/sh4_ccn.c b/src/guest/sh4/sh4_ccn.c
similarity index 99%
rename from src/hw/sh4/sh4_ccn.c
rename to src/guest/sh4/sh4_ccn.c
index 3587cd22..c6bf3252 100644
--- a/src/hw/sh4/sh4_ccn.c
+++ b/src/guest/sh4/sh4_ccn.c
@@ -1,4 +1,4 @@
-#include "hw/sh4/sh4.h"
+#include "guest/sh4/sh4.h"
 #include "jit/jit.h"
 
 /* with OIX, bit 25, rather than bit 13, determines which 4kb bank to use */
diff --git a/src/hw/sh4/sh4_dbg.c b/src/guest/sh4/sh4_dbg.c
similarity index 98%
rename from src/hw/sh4/sh4_dbg.c
rename to src/guest/sh4/sh4_dbg.c
index e8115e0e..9f15cfe4 100644
--- a/src/hw/sh4/sh4_dbg.c
+++ b/src/guest/sh4/sh4_dbg.c
@@ -1,5 +1,5 @@
-#include "debugger.h"
-#include "hw/sh4/sh4.h"
+#include "guest/debugger.h"
+#include "guest/sh4/sh4.h"
 #include "jit/frontend/sh4/sh4_disasm.h"
 #include "jit/frontend/sh4/sh4_fallback.h"
 
diff --git a/src/hw/sh4/sh4_dmac.c b/src/guest/sh4/sh4_dmac.c
similarity index 99%
rename from src/hw/sh4/sh4_dmac.c
rename to src/guest/sh4/sh4_dmac.c
index 101de09d..9bbe7653 100644
--- a/src/hw/sh4/sh4_dmac.c
+++ b/src/guest/sh4/sh4_dmac.c
@@ -1,4 +1,4 @@
-#include "hw/sh4/sh4.h"
+#include "guest/sh4/sh4.h"
 
 static void sh4_dmac_check(struct sh4 *sh4, int channel) {
   union chcr *chcr = NULL;
diff --git a/src/hw/sh4/sh4_int.inc b/src/guest/sh4/sh4_int.inc
similarity index 100%
rename from src/hw/sh4/sh4_int.inc
rename to src/guest/sh4/sh4_int.inc
diff --git a/src/hw/sh4/sh4_intc.c b/src/guest/sh4/sh4_intc.c
similarity index 98%
rename from src/hw/sh4/sh4_intc.c
rename to src/guest/sh4/sh4_intc.c
index 6c29584a..6cfc26d8 100644
--- a/src/hw/sh4/sh4_intc.c
+++ b/src/guest/sh4/sh4_intc.c
@@ -1,4 +1,4 @@
-#include "hw/sh4/sh4.h"
+#include "guest/sh4/sh4.h"
 
 struct sh4_interrupt_info {
   int intevt, default_priority, ipr, ipr_shift;
@@ -7,7 +7,7 @@ struct sh4_interrupt_info {
 static struct sh4_interrupt_info sh4_interrupts[NUM_SH_INTERRUPTS] = {
 #define SH4_INT(name, intevt, pri, ipr, ipr_shift) \
   {intevt, pri, ipr, ipr_shift},
-#include "hw/sh4/sh4_int.inc"
+#include "guest/sh4/sh4_int.inc"
 #undef SH4_INT
 };
 
diff --git a/src/hw/sh4/sh4_regs.inc b/src/guest/sh4/sh4_regs.inc
similarity index 100%
rename from src/hw/sh4/sh4_regs.inc
rename to src/guest/sh4/sh4_regs.inc
diff --git a/src/hw/sh4/sh4_tmu.c b/src/guest/sh4/sh4_tmu.c
similarity index 98%
rename from src/hw/sh4/sh4_tmu.c
rename to src/guest/sh4/sh4_tmu.c
index 81294eba..c6d93786 100644
--- a/src/hw/sh4/sh4_tmu.c
+++ b/src/guest/sh4/sh4_tmu.c
@@ -1,5 +1,5 @@
-#include "hw/sh4/sh4.h"
-#include "scheduler.h"
+#include "guest/scheduler.h"
+#include "guest/sh4/sh4.h"
 
 static const int64_t PERIPHERAL_CLOCK_FREQ = SH4_CLOCK_FREQ >> 2;
 static const int PERIPHERAL_SCALE[] = {2, 4, 6, 8, 10, 0, 0, 0};
diff --git a/src/hw/sh4/sh4_types.h b/src/guest/sh4/sh4_types.h
similarity index 96%
rename from src/hw/sh4/sh4_types.h
rename to src/guest/sh4/sh4_types.h
index a6f101cc..9812b05e 100644
--- a/src/hw/sh4/sh4_types.h
+++ b/src/guest/sh4/sh4_types.h
@@ -72,14 +72,14 @@ union dmaor {
 
 enum {
 #define SH4_REG(addr, name, default, type) name = SH4_REG_OFFSET(addr),
-#include "hw/sh4/sh4_regs.inc"
+#include "guest/sh4/sh4_regs.inc"
 #undef SH4_REG
   NUM_SH4_REGS = SH4_REG_OFFSET(0xffffffff) + 1
 };
 
 enum sh4_interrupt {
 #define SH4_INT(name, intevt, pri, ipr, ipr_shift) SH4_INT_##name,
-#include "hw/sh4/sh4_int.inc"
+#include "guest/sh4/sh4_int.inc"
 #undef SH4_INT
   NUM_SH_INTERRUPTS
 };
diff --git a/src/tracer.c b/src/tracer.c
index b5c7e74b..a2b3fb0b 100644
--- a/src/tracer.c
+++ b/src/tracer.c
@@ -1,9 +1,9 @@
 #include "tracer.h"
 #include "core/math.h"
+#include "guest/pvr/ta.h"
+#include "guest/pvr/tr.h"
+#include "guest/pvr/trace.h"
 #include "host/host.h"
-#include "hw/pvr/ta.h"
-#include "hw/pvr/tr.h"
-#include "hw/pvr/trace.h"
 #include "render/imgui.h"
 
 #define SCRUBBER_WINDOW_HEIGHT 20.0f
diff --git a/test/test_sh4.c b/test/test_sh4.c
index 43e31105..5e72708f 100644
--- a/test/test_sh4.c
+++ b/test/test_sh4.c
@@ -1,6 +1,6 @@
 #include "core/math.h"
-#include "dreamcast.h"
-#include "hw/sh4/sh4.h"
+#include "guest/dreamcast.h"
+#include "guest/sh4/sh4.h"
 #include "retest.h"
 
 static const uint32_t UNINITIALIZED_REG = 0xbaadf00d;
diff --git a/tools/retrace/depth.c b/tools/retrace/depth.c
index 68c8ae9c..662993e6 100644
--- a/tools/retrace/depth.c
+++ b/tools/retrace/depth.c
@@ -2,8 +2,8 @@
 #include <stdlib.h>
 #include "core/assert.h"
 #include "core/sort.h"
-#include "hw/pvr/tr.h"
-#include "hw/pvr/trace.h"
+#include "guest/pvr/tr.h"
+#include "guest/pvr/trace.h"
 
 struct depth_entry {
   /* vertex index */