One embodiment of the present invention provides a system which performs simultaneous speculative threading. The system starts by executing instructions in normal execution mode using a first thread. Upon encountering a data-dependent stall condition, the first thread generates an architectural checkpoint and commences execution of instructions in execute-ahead mode. During execute-ahead mode, the first thread executes instructions that can be executed and defers instructions that cannot be executed into a deferred queue. When the data dependent stall condition has been resolved, the first thread generates a speculative checkpoint and continues execution in execute-ahead mode. At the same time, the second thread commences execution in a deferred mode, wherein the second thread executes instructions deferred by the first thread.