The JalapeÃño Dynamic Optimizing Compiler is a key component of the JalapeÃño Virtual Machine, a new Java Virtual Machine (JVM) designed to support efficient and scalable execution of Java applications on SMP server machines. This paper describes the design of the JalapeÃño Optimizing Compiler, and the implementation results that we have obtained thus far. To the best of our knowledge, this is the first dynamic optimizing compiler for Java that is being used in a JVM with a compile-only approach to program execution.