diff --git a/src/Chip8.Core/Assembly/Parser.cs b/src/Chip8.Core/Assembly/Parser.cs
new file mode 100644
index 0000000..d340165
--- /dev/null
+++ b/src/Chip8.Core/Assembly/Parser.cs
@@ -0,0 +1,266 @@
+using System;
+using System.Collections.Generic;
+
+namespace Chip8.Core.Assembly;
+
+public sealed class Parser
+{
+    static readonly HashSet<string> directives = new(StringComparer.OrdinalIgnoreCase)
+    {
+        "DB", "DW", "ORG", "ALIGN",
+    };
+
+    readonly List<Token> tokens;
+    int index;
+
+    public Parser(List<Token> tokens)
+    {
+        this.tokens = tokens;
+    }
+
+    public List<Statement> parse()
+    {
+        var statements = new List<Statement>();
+
+        while (current().kind != TokenKind.EndOfFile)
+        {
+            if (current().kind == TokenKind.EndOfLine)
+            {
+                index++;
+                continue;
+            }
+
+            parseLine(statements);
+        }
+
+        return statements;
+    }
+
+    void parseLine(List<Statement> statements)
+    {
+        List<Token> line = takeLine();
+        int cursor = 0;
+
+        if (line.Count >= 2 && line[0].kind == TokenKind.Identifier && line[1].kind == TokenKind.Colon)
+        {
+            statements.Add(new LabelStatement(line[0].text, line[0].position));
+            cursor = 2;
+        }
+
+        if (cursor >= line.Count)
+        {
+            return;
+        }
+
+        Token head = line[cursor];
+        if (head.kind != TokenKind.Identifier)
+        {
+            throw new AsmException("expected an instruction or directive but found '" + head.text + "'", head.position);
+        }
+
+        if (cursor + 1 < line.Count && line[cursor + 1].isIdentifier("EQU"))
+        {
+            List<Token> expression = line.GetRange(cursor + 2, line.Count - cursor - 2);
+            if (expression.Count == 0)
+            {
+                throw new AsmException("EQU needs a value", head.position);
+            }
+            statements.Add(new ConstantStatement(head.text, expression, head.position));
+            return;
+        }
+
+        if (directives.Contains(head.text))
+        {
+            statements.Add(parseDirective(head, line, cursor + 1));
+            return;
+        }
+
+        var operands = parseOperands(line, cursor + 1);
+        statements.Add(new InstructionStatement(head.text, operands, head.position));
+    }
+
+    Statement parseDirective(Token head, List<Token> line, int start)
+    {
+        List<Token> body = line.GetRange(start, line.Count - start);
+
+        if (head.isIdentifier("ORG"))
+        {
+            requireExpression(body, head.position, "ORG");
+            return new OrgStatement(body, head.position);
+        }
+
+        if (head.isIdentifier("ALIGN"))
+        {
+            requireExpression(body, head.position, "ALIGN");
+            return new AlignStatement(body, head.position);
+        }
+
+        bool word = head.isIdentifier("DW");
+        List<IReadOnlyList<Token>> items = splitByComma(body, head.position);
+        if (items.Count == 0)
+        {
+            throw new AsmException(head.text + " needs at least one value", head.position);
+        }
+        return new DataStatement(word, items, head.position);
+    }
+
+    List<Operand> parseOperands(List<Token> line, int start)
+    {
+        var operands = new List<Operand>();
+        if (start >= line.Count)
+        {
+            return operands;
+        }
+
+        List<Token> body = line.GetRange(start, line.Count - start);
+        foreach (IReadOnlyList<Token> group in splitByComma(body, line[start].position))
+        {
+            operands.Add(classifyOperand(group));
+        }
+
+        return operands;
+    }
+
+    static Operand classifyOperand(IReadOnlyList<Token> group)
+    {
+        if (group.Count == 0)
+        {
+            throw new AsmException("empty operand", new SourcePosition(0, 0));
+        }
+
+        SourcePosition position = group[0].position;
+
+        if (group.Count == 3 && group[0].kind == TokenKind.LeftBracket
+            && group[1].isIdentifier("I") && group[2].kind == TokenKind.RightBracket)
+        {
+            return Operand.special(OperandKind.IndexIndirect, position);
+        }
+
+        if (group.Count == 1 && group[0].kind == TokenKind.Identifier)
+        {
+            int register = registerIndex(group[0].text);
+            if (register >= 0)
+            {
+                return Operand.register(register, position);
+            }
+
+            OperandKind? special = specialRegister(group[0].text);
+            if (special.HasValue)
+            {
+                return Operand.special(special.Value, position);
+            }
+        }
+
+        if (group.Count == 3 && group[1].kind == TokenKind.Minus
+            && group[0].kind == TokenKind.Identifier && group[2].kind == TokenKind.Identifier)
+        {
+            int start = registerIndex(group[0].text);
+            int end = registerIndex(group[2].text);
+            if (start >= 0 && end >= 0)
+            {
+                return Operand.registerRange(start, end, position);
+            }
+        }
+
+        return Operand.immediate(new List<Token>(group), position);
+    }
+
+    static OperandKind? specialRegister(string text) => text.ToUpperInvariant() switch
+    {
+        "I" => OperandKind.IndexRegister,
+        "DT" => OperandKind.DelayTimer,
+        "ST" => OperandKind.SoundTimer,
+        "K" => OperandKind.KeyReg,
+        "F" => OperandKind.FontReg,
+        "HF" => OperandKind.BigFontReg,
+        "B" => OperandKind.BcdReg,
+        "R" => OperandKind.RplReg,
+        _ => null,
+    };
+
+    static int registerIndex(string text)
+    {
+        if (text.Length != 2 || (text[0] != 'V' && text[0] != 'v'))
+        {
+            return -1;
+        }
+        char digit = text[1];
+        if (digit >= '0' && digit <= '9')
+        {
+            return digit - '0';
+        }
+        if (digit >= 'A' && digit <= 'F')
+        {
+            return digit - 'A' + 10;
+        }
+        if (digit >= 'a' && digit <= 'f')
+        {
+            return digit - 'a' + 10;
+        }
+        return -1;
+    }
+
+    static List<IReadOnlyList<Token>> splitByComma(List<Token> body, SourcePosition position)
+    {
+        var groups = new List<IReadOnlyList<Token>>();
+        var current = new List<Token>();
+        int depth = 0;
+
+        foreach (Token token in body)
+        {
+            if (token.kind == TokenKind.LeftParen || token.kind == TokenKind.LeftBracket)
+            {
+                depth++;
+            }
+            else if (token.kind == TokenKind.RightParen || token.kind == TokenKind.RightBracket)
+            {
+                depth--;
+            }
+
+            if (token.kind == TokenKind.Comma && depth == 0)
+            {
+                if (current.Count == 0)
+                {
+                    throw new AsmException("empty operand before comma", token.position);
+                }
+                groups.Add(current);
+                current = new List<Token>();
+                continue;
+            }
+
+            current.Add(token);
+        }
+
+        if (current.Count > 0)
+        {
+            groups.Add(current);
+        }
+
+        return groups;
+    }
+
+    static void requireExpression(List<Token> body, SourcePosition position, string directive)
+    {
+        if (body.Count == 0)
+        {
+            throw new AsmException(directive + " needs an expression", position);
+        }
+    }
+
+    List<Token> takeLine()
+    {
+        var line = new List<Token>();
+        while (current().kind != TokenKind.EndOfLine && current().kind != TokenKind.EndOfFile)
+        {
+            line.Add(current());
+            index++;
+        }
+        if (current().kind == TokenKind.EndOfLine)
+        {
+            index++;
+        }
+        return line;
+    }
+
+    Token current() => tokens[index];
+}