Panorama-kvm-10.0.4.qcow2 Site
Download the file from the Palo Alto Networks support site. Verify the SHA256 checksum to ensure integrity:
sha256sum panorama-kvm-10.0.4.qcow2
Raw deployment is not enough. To get near-bare-metal performance from a Panorama VM, apply these optimizations: panorama-kvm-10.0.4.qcow2
Once booted, a Panorama appliance is useless without network connectivity. Download the file from the Palo Alto Networks support site