High-speed switches and routers internally operate using fixed-size cells or segments; variable-size packets are segmented and later reassembled. Connectionless ATM was proposed to quickly carry IP packets segmented into cells (AAL5) using a number of hardware-managed ATM VCs. We show that this is analogous to wormhole routing. We modify this architecture to make it applicable to existing ATM equipment: we propose a low-cost, single-input, single-output wormhole IP router that functions as a VP/VC translation filter between ATM subnetworks. When compared to IP routers, the proposed architecture features simpler hardware and lower latency. When compared to software-based IP-over-ATM techniques, the new architecture avoids the overheads of a large number of labels, or the delays of establishing new flows in software after the first few packets have suffered considerable latencies. We simulated a wormhole IP routing filter, showing that a few tens of hardware-managed VCs per outgoing VP usually suffice. We built and successfully tested a prototype, operating at 2/spl times/155 Mb/s, using one field programmable gate array (FPGA) and DRAM. Simple analysis shows that operation at 10 Gb/s and beyond is feasible today.