A multi-die chip module (MCM) comprises a first die containing a first test controller and a second die containing a second test controller coupled to the first die via an interconnect. The first test controller is configured to place the first die in either a shift mode or a capture mode. The second controller is configured to place the second die in either the shift mode or the capture mode. After a scan shift operation, scan cells are initialized to predetermined values. During the capture operation one die remains in the shift mode and the other die enters the capture mode so that as test bits are shifted into registers associated with output pads on the die in the shift mode, the other die is in the capture mode and captures signals on input pads associated with that die, enabling scan based at-speed testing of the interconnect.