Component based dynamic guest instantiation is disclosed. For example, a memory stores a content store, and a virtualization engine executes on one or more processors to receive a request to launch an application that is configured to execute in a guest. A file system of the guest is constructed based on metadata associated with the application. A plurality of components of the application, including a first component defined in the metadata, are loaded to the file system from the content store. The first application is launched in the guest.