With the availability of chip multiprocessor (CMP) and simultaneous multithreading (SMT) machines, extracting thread level parallelism from a sequential program has become crucial for improving performance. However, many sequential programs cannot be easily parallelized due to the presence of dependences. To solve this problem, different solutions have been proposed. Some of them make the optimistic assumption that such dependences rarely manifest themselves at runtime. However, when this assumption is violated, the recovery causes very large overhead. Other approaches incur large synchronization or computation overhead when resolving the dependences. Consequently, for a loop with frequently arising cross-iteration dependences, previous techniques are not able to speed up the execution. In this paper we propose a compiler technique which uses state separation and multiple value prediction to speculatively parallelize loops in sequential programs that contain frequently arising cross-i...