Abstract-With lower supply voltages, increased integration densities and higher operating frequencies, power grid verification has become a crucial step in the VLSI design cycle. The accurate estimation of maximum instantaneous power dissipation aims at finding the worst-case scenario where excessive simultaneous switching could impose extreme current demands on the power grid. This problem is highly input-pattern dependent and is proven to be NP-hard. In this work, we capitalize on the compelling advancements in satisfiability solvers to propose a pseudo-Boolean satisfiability-based framework that reports the input patterns maximizing circuit activity, and consequently peak dynamic power, in combinational and sequential circuits. The proposed framework is enhanced to handle unit gate delays and output glitches. In order to disallow unrealistic input transitions, we show how to integrate input constraints in the formulation. Finally, a number of optimization techniques, such as the use of gate switching equivalence classes, are described to improve the scalability of the proposed method. An extensive suite of experiments on ISCAS85 and ISCAS89 circuits confirms the robustness of the approach compared to simulation-based techniques and encourages further research for low-power solutions using Boolean satisfiability.