An approach for processing data by a pipeline of a single hardware-implemented virtual multiple instance finite state machine (VMI FSM) is presented. Based on a current state and context of an FSM instance, an input token selected from multiple input tokens to enter a pipeline of the VMI FSM, and a status of an environment, a new state of the FSM instance is determined and an output token is determined. The input token includes a reference to the FSM instance. In one embodiment, the reference is an InfiniBand QP number. After a receipt by the pipeline of the first input token and prior to determining the new state of the FSM instance and determining the output token, a logic circuit selects a second input token to enter the pipeline. The second input token includes a reference to a second FSM instance.