Instruction dispatch in a multithreaded microprocessor such as a graphics processor is not constrained by an order among the threads. Instructions for each thread are fetched, and a dispatch circuit determines which instructions in the buffer are ready to execute. The dispatch circuit may issue any ready instruction for execution, and an instruction from one thread may be issued prior to an instruction from another thread regardless of which instruction was fetched first. If multiple functional units are available, multiple instructions can be dispatched in parallel.