Disclosed embodiments relate to accelerating multiplication of sparse matrices. In one example, a processor is to fetch and decode an instruction having fields to specify locations of first, second, and third matrices, and an opcode indicating the processor is to multiply and accumulate matching non-zero (NZ) elements of the first and second matrices with corresponding elements of the third matrix, and executing the decoded instruction as per the opcode to generate NZ bitmasks for the first and second matrices, broadcast up to two NZ elements at a time from each row of the first matrix and each column of the second matrix to a processing engine (PE) grid, each PE to multiply and accumulate matching NZ elements of the first and second matrices with corresponding elements of the third matrix. Each PE further to store an NZ element for use in a subsequent multiplications.