It is free to try. But may not be free for commercial use. Some random blog post says check it with Oracle if you want to sell your products/services with it.
"The GFTC is the license for GraalVM for JDK 21, GraalVM for JDK 17, GraalVM for JDK 20 and later releases. Subject to the conditions of the license, it permits free use for all users – even commercial and production use."
"What is the new “GraalVM Free Terms and Conditions (GFTC) including License for Early Adopter Versions” License?"
maksut|2 years ago
igouy|2 years ago
"What is the new “GraalVM Free Terms and Conditions (GFTC) including License for Early Adopter Versions” License?"
https://www.oracle.com/java/technologies/javase/jdk-faqs.htm...
Seems like there's a different license for GraalVM 22.