diff --git a/dv/uvm/icache/dv/Makefile b/dv/uvm/icache/dv/Makefile
index a7cb8663..76eb19d2 100644
--- a/dv/uvm/icache/dv/Makefile
+++ b/dv/uvm/icache/dv/Makefile
@@ -18,7 +18,7 @@ VERBOSITY=
 # The number of seeds to run for each selected test. Defaults to 1.
 RESEED=1
 
-SIM=vcs
+SIM=xcelium
 
 # Specify the seed for the test to run. If this is empty, dvsim.py
 # will pick random seeds. By default, we make runs reproducible, so
@@ -35,7 +35,7 @@ scratch-root   := $(ibex-top)/build
 dvsim-py       := $(ibex-top)/vendor/lowrisc_ip/util/dvsim/dvsim.py
 dvsim-std-args := --scratch-root $(scratch-root)
 
-waves-arg      := $(if $(filter-out 0,$(WAVES)),--waves,)
+waves-arg      := $(if $(filter-out 0,$(WAVES)),--waves shm,)
 coverage-arg   := $(if $(filter-out 0,$(COVERAGE)),-c,)
 verbosity-arg  := $(if $(VERBOSITY),--verbosity $(VERBOSITY),)
 reseed-arg     := --reseed $(RESEED)
diff --git a/dv/uvm/icache/dv/fcov/ibex_icache_fcov.core b/dv/uvm/icache/dv/fcov/ibex_icache_fcov.core
new file mode 100644
index 00000000..92a682dc
--- /dev/null
+++ b/dv/uvm/icache/dv/fcov/ibex_icache_fcov.core
@@ -0,0 +1,24 @@
+CAPI=2:
+# Copyright lowRISC contributors.
+# Licensed under the Apache License, Version 2.0, see LICENSE for details.
+# SPDX-License-Identifier: Apache-2.0
+name: "lowrisc:dv:ibex_icache_fcov"
+description: "Ibex ICache functional coverage and bind files"
+filesets:
+  files_rtl:
+    depend:
+      - lowrisc:ibex:ibex_icache
+
+  files_dv:
+    depend:
+      - lowrisc:dv:dv_utils
+    files:
+      - ibex_icache_fcov_if.sv
+      - ibex_icache_fcov_bind.sv
+    file_type: systemVerilogSource
+
+targets:
+  default:
+    filesets:
+      - files_rtl
+      - files_dv
diff --git a/dv/uvm/icache/dv/fcov/ibex_icache_fcov_bind.sv b/dv/uvm/icache/dv/fcov/ibex_icache_fcov_bind.sv
new file mode 100644
index 00000000..902bcec8
--- /dev/null
+++ b/dv/uvm/icache/dv/fcov/ibex_icache_fcov_bind.sv
@@ -0,0 +1,11 @@
+// Copyright lowRISC contributors.
+// Licensed under the Apache License, Version 2.0, see LICENSE for details.
+// SPDX-License-Identifier: Apache-2.0
+//
+// Binds icache functional coverage interface to the top-level ibex_icache
+// module.
+module ibex_icache_fcov_bind;
+  bind ibex_icache ibex_icache_fcov_if#(
+    .NUM_FB(NUM_FB)
+  ) u_ibex_icache_fcov_if (.*);
+endmodule
diff --git a/dv/uvm/icache/dv/fcov/ibex_icache_fcov_if.sv b/dv/uvm/icache/dv/fcov/ibex_icache_fcov_if.sv
new file mode 100644
index 00000000..2cdb23b4
--- /dev/null
+++ b/dv/uvm/icache/dv/fcov/ibex_icache_fcov_if.sv
@@ -0,0 +1,272 @@
+interface ibex_icache_fcov_if import ibex_pkg::*; #(
+  parameter int NUM_FB = 4
+) (
+  input                   clk_i,
+  input                   rst_ni,
+  input                   req_i,
+  input                   branch_i,
+  input                   icache_enable_i,
+  input                   icache_inval_i,
+  input                   lookup_throttle,
+  input                   lookup_req_ic0,
+  input                   tag_req_ic0,
+  input                   data_req_ic0,
+  input                   fill_req_ic0,
+  input                   inval_write_req,
+  input                   ecc_write_req,
+  input                   skid_valid_q,
+  input                   valid_o,
+  input [ADDR_W-1:0]      lookup_addr_ic0,
+  input                   lookup_valid_ic1,
+  input                   tag_hit_ic1,
+  input [IC_NUM_WAYS-1:0] tag_match_ic1,
+
+  input [NUM_FB-1:0]                    fill_hit_ic1,
+  input [NUM_FB-1:0]                    fill_busy_q,
+  input [NUM_FB-1:0]                    fill_rvd_done,
+  input [NUM_FB-1:0]                    fill_ram_done_q,
+  input [NUM_FB-1:0]                    fill_hit_q,
+  input [NUM_FB-1:0]                    fill_cache_q,
+  input [NUM_FB-1:0]                    fill_stale_q,
+  input [NUM_FB-1:0]                    fill_done,
+  input [NUM_FB-1:0]                    fill_ext_hold_q,
+  input [NUM_FB-1:0]                    fill_ext_done_q,
+  logic [NUM_FB-1:0]                    fill_data_hit,
+  logic [NUM_FB-1:0]                    fill_data_rvd,
+  logic [NUM_FB-1:0]                    fill_alloc,
+  logic [NUM_FB-1:0][NUM_FB-1:0]        fill_older_q,
+  input [NUM_FB-1:0][IC_LINE_BEATS-1:0] fill_err_q,
+  input [NUM_FB-1:0][IC_LINE_BEATS_W:0] fill_rvd_cnt_q,
+  input [NUM_FB-1:0][IC_LINE_BEATS_W:0] fill_ext_cnt_q,
+  input [ADDR_W-1:0]                    fill_addr_q [NUM_FB]
+);
+  localparam int IC_NUM_WAYS_W = $clog2(IC_NUM_WAYS);
+
+  function automatic logic [IC_NUM_WAYS_W-1:0] way_num(logic [IC_NUM_WAYS-1:0] way_onehot);
+    for (int i = 0;i < IC_NUM_WAYS; ++i) begin
+      if (way_onehot[i]) begin
+        return i;
+      end
+    end
+
+    return 'x;
+  endfunction
+
+  `include "dv_fcov_macros.svh"
+  import uvm_pkg::*;
+
+  typedef enum {
+    FillBufIdle,
+    FillBufReqing,
+    FillBufReqingAndFilling,
+    FillBufFilling,
+    FillBufAllocating,
+    FillBufAwaitingOutput
+  } fill_buffer_state_e;
+
+  typedef enum {
+    FillBufNotDone,
+    FillBufDoneHitNoExtReqs,
+    FillBufDoneHitExtReqs,
+    FillBufDoneMiss,
+    FillBufDoneBranchNoExtReqs,
+    FillBufDoneBranchExtReqs,
+    FillBufDoneNoCache,
+    FillBufDoneMemErr
+  } fill_buffer_done_reason_e;
+
+  typedef enum {
+    ICDataSrcCache,
+    ICDataSrcFB,
+    ICDataSrcExt
+  } ic_data_src_e;
+
+  bit en_icache_fcov = 0;
+
+  initial begin
+   void'($value$plusargs("enable_icache_fcov=%d", en_icache_fcov));
+  end
+
+  ic_data_src_e ic_data_src;
+
+  always_comb begin
+    ic_data_src = ICDataSrcFB;
+    if (|fill_data_rvd) begin
+      ic_data_src = ICDataSrcExt;
+    end else if (|fill_data_hit) begin
+      ic_data_src = ICDataSrcCache;
+    end
+  end
+
+  logic [IC_LINE_BEATS-1:0] data_err_ecc;
+  for (genvar i_beat = 0; i_beat < IC_LINE_BEATS; ++i_beat) begin : g_data_err_ecc
+    assign data_err_ecc[i_beat] = |gen_data_ecc_checking.data_err_ic1[i_beat*2+:2];
+  end
+
+  covergroup icache_cg @(posedge clk_i);
+    option.per_instance = 1;
+    option.name = "icache_cg";
+
+    `DV_FCOV_EXPR_SEEN(req_when_fb_full, req_i & (&fill_busy_q))
+    `DV_FCOV_EXPR_SEEN(branch_when_fb_full, branch_i & (&fill_busy_q))
+    `DV_FCOV_EXPR_SEEN(throttle_req, lookup_throttle & lookup_req_ic0)
+
+    cp_lookup_req: coverpoint branch_i iff (lookup_req_ic0) {
+      bins straightline_req = {1'b0};
+      bins branch_req = {1'b1};
+    }
+
+    cp_fill_buffer_usage: coverpoint $countones(fill_busy_q) {
+      bins fill_level[] = {[0:NUM_FB]};
+      illegal_bins illegal = default;
+    }
+
+    cp_hit_miss: coverpoint tag_hit_ic1 iff (lookup_valid_ic1) {
+      bins miss = {1'b0};
+      bins hit = {1'b1};
+    }
+
+    cp_hit_way: coverpoint way_num(tag_match_ic1) iff (lookup_valid_ic1 && tag_hit_ic1);
+
+    cp_data_ecc_err: coverpoint data_err_ecc
+      iff (lookup_valid_ic1 && tag_hit_ic1);
+
+    cp_tag_ecc_err: coverpoint way_num(gen_data_ecc_checking.tag_err_ic1) iff (lookup_valid_ic1);
+
+    cp_data_src: coverpoint ic_data_src iff (valid_o);
+
+    tag_req_cross: cross req_i, branch_i, fill_req_ic0, inval_write_req, ecc_write_req {
+      // The ICache will still perform lookups when we assert branch_i without req_i but this is not
+      // a behaviour Ibex uses
+      ignore_bins branch_no_req =
+        binsof(req_i) intersect {1'b0} && binsof(branch_i) intersect {1'b1};
+
+      // When we're invalidating fill and ecc requests cannot occur
+      illegal_bins illegal_with_inval = binsof(inval_write_req) intersect {1'b1} && (
+        binsof(fill_req_ic0) intersect {1'b1} ||
+        binsof(ecc_write_req) intersect {1'b1});
+    }
+
+    data_req_cross: cross fill_req_ic0, cp_lookup_req iff (data_req_ic0);
+    data_src_cross: cross icache_enable_i, skid_valid_q, cp_data_src iff (valid_o);
+  endgroup
+
+  `DV_FCOV_INSTANTIATE_CG(icache_cg, en_icache_fcov)
+
+  logic last_icache_enable;
+  logic last_icache_inval;
+
+  always_ff @(posedge clk_i or negedge rst_ni) begin
+    if (!rst_ni) begin
+      last_icache_enable <= 1'b0;
+      last_icache_inval  <= 1'b0;
+    end else begin
+      last_icache_enable <= icache_enable_i;
+      last_icache_inval  <= icache_inval_i;
+    end
+  end
+
+  logic icache_just_disabled, icache_just_enabled;
+  logic icache_inval_start;
+
+  assign icache_just_disabled =  last_icache_enable & ~icache_enable_i;
+  assign icache_just_enabled  = ~last_icache_enable &  icache_enable_i;
+
+  assign icache_inval_start = ~last_icache_inval & icache_inval_i;
+
+  logic [IC_LINE_BEATS_W-1:0] starting_beat;
+  assign starting_beat = lookup_addr_ic0[IC_LINE_W-1:BUS_W];
+
+  for (genvar i_fb = 0;i_fb < NUM_FB; ++i_fb) begin : g_fb_cov
+    fill_buffer_state_e fill_buffer_state;
+    logic fill_alloc_done_or_skip;
+    logic fill_requesting;
+
+    assign fill_alloc_done_or_skip =
+      fill_ram_done_q[i_fb] | fill_hit_q[i_fb] | ~fill_cache_q[i_fb] | (|fill_err_q[i_fb]);
+
+    assign fill_requesting = !fill_ext_done_q[i_fb] && (fill_rvd_cnt_q[i_fb] == '0)
+              && (fill_ext_cnt_q[i_fb] != IC_LINE_BEATS);
+
+    always_comb begin
+      fill_buffer_state = FillBufIdle;
+
+      if (fill_busy_q[i_fb]) begin
+        if (fill_requesting) begin
+          fill_buffer_state = FillBufReqing;
+        end else if (!fill_rvd_done[i_fb]) begin
+          if (!fill_ext_done_q[i_fb]) begin
+            fill_buffer_state = FillBufReqingAndFilling;
+          end else begin
+            fill_buffer_state = FillBufFilling;
+          end
+        end else if (!fill_alloc_done_or_skip) begin
+          fill_buffer_state = FillBufAllocating;
+        end else begin
+          fill_buffer_state = FillBufAwaitingOutput;
+        end
+      end
+    end
+
+    logic fill_awaiting_ext_req;
+
+    fill_buffer_done_reason_e fill_buffer_done_reason;
+
+    assign fill_has_ext_req = (fill_ext_cnt_q[i_fb] != '0) || fill_ext_hold_q[i_fb];
+
+    always_comb begin
+      fill_buffer_done_reason = FillBufNotDone;
+
+      if (fill_done[i_fb]) begin
+        if (|fill_err_q[i_fb]) begin
+          fill_buffer_done_reason = FillBufDoneMemErr;
+        end else if (~fill_cache_q[i_fb]) begin
+          if (branch_i || fill_stale_q[i_fb]) begin
+            fill_buffer_done_reason = fill_has_ext_req ? FillBufDoneBranchExtReqs :
+                                                         FillBufDoneBranchNoExtReqs;
+          end else begin
+            fill_buffer_done_reason = FillBufDoneNoCache;
+          end
+        end else if (fill_hit_q[i_fb]) begin
+          fill_buffer_done_reason = fill_has_ext_req ? FillBufDoneHitExtReqs :
+                                                       FillBufDoneHitNoExtReqs;
+        end else begin
+          fill_buffer_done_reason = FillBufDoneMiss;
+        end
+      end
+    end
+
+    logic [NUM_FB-1:0] addr_matches;
+
+    for (genvar i_other_fb = 0; i_other_fb < NUM_FB; ++i_other_fb) begin : g_other_fb
+      if (i_other_fb != i_fb) begin
+        assign addr_matches[i_other_fb] = fill_busy_q[i_fb] & fill_busy_q[i_other_fb] &
+          (fill_addr_q[i_fb] == fill_addr_q[i_other_fb]);
+      end else begin
+        assign addr_matches[i_other_fb] = 1'b0;
+      end
+    end
+
+
+    covergroup icache_fillbuf_cg @(posedge clk_i);
+      option.per_instance = 1;
+      option.name = "icache_fillbuf_cg";
+
+      `DV_FCOV_EXPR_SEEN(addr_hz, |addr_matches)
+
+      cp_out_of_order_finish: coverpoint $countones(fill_older_q[i_fb] & fill_busy_q)
+        iff (fill_done[i_fb]) {
+        bins older_fill_bufs[] = {[0:NUM_FB-1]};
+        illegal_bins illegal = default;
+      }
+      cp_state: coverpoint fill_buffer_state;
+      cp_fill_buffer_done_reason : coverpoint fill_buffer_done_reason;
+      cp_state_when_disabling: coverpoint fill_buffer_state iff icache_just_disabled;
+      cp_state_when_enabling: coverpoint fill_buffer_state iff icache_just_enabled;
+      cp_state_when_inval_start: coverpoint fill_buffer_state iff icache_inval_start;
+      cp_starting_beat: coverpoint starting_beat iff fill_alloc[i_fb];
+    endgroup
+
+    `DV_FCOV_INSTANTIATE_CG(icache_fillbuf_cg, en_icache_fcov)
+  end
+endinterface
diff --git a/dv/uvm/icache/dv/ibex_icache_sim.core b/dv/uvm/icache/dv/ibex_icache_sim.core
index 09c43d2c..473007cf 100644
--- a/dv/uvm/icache/dv/ibex_icache_sim.core
+++ b/dv/uvm/icache/dv/ibex_icache_sim.core
@@ -12,6 +12,7 @@ filesets:
   files_dv:
     depend:
       - lowrisc:dv:ibex_icache_test
+      - lowrisc:dv:ibex_icache_fcov
       - lowrisc:prim:ram_1p_scr
     files:
       - tb/tb.sv
diff --git a/dv/uvm/icache/dv/ibex_icache_sim_cfg.hjson b/dv/uvm/icache/dv/ibex_icache_sim_cfg.hjson
index 3a1c1c78..f1135870 100644
--- a/dv/uvm/icache/dv/ibex_icache_sim_cfg.hjson
+++ b/dv/uvm/icache/dv/ibex_icache_sim_cfg.hjson
@@ -27,6 +27,8 @@
       "{proj_root}/vendor/lowrisc_ip/dv/verilator/memutil_dpi_scrambled_opts.hjson"
   ]
 
+  sim_tops: ["ibex_icache_fcov_bind"]
+
   build_modes: [
     {
       name: default
@@ -45,7 +47,7 @@
   uvm_test: ibex_icache_base_test
   uvm_test_seq: ibex_icache_base_vseq
 
-  run_opts: ["+test_timeout_ns=1000000000"]
+  run_opts: ["+test_timeout_ns=1000000000", "+enable_icache_fcov=1"]
 
   // List of test specifications.
   tests: [