A multithreaded processor including a shared functional unit. In one embodiment, the multithreaded processor includes a functional unit coupled to a multithreaded instruction source that may request access to use the functional unit. The multithreaded processor may also include a processing unit that is coupled to request access to use the functional unit. The functional unit may be configured to execute one of an instruction provided by the multithreaded instruction source and an operation provided by the processing unit in a given cycle dependent upon which of the multithreaded instruction source and the processing unit has a higher priority.