diff --git a/packages/svelte/src/internal/client/reactivity/equality.js b/packages/svelte/src/internal/client/reactivity/equality.js
index ed8aeb600a..9b2c1fc605 100644
--- a/packages/svelte/src/internal/client/reactivity/equality.js
+++ b/packages/svelte/src/internal/client/reactivity/equality.js
@@ -5,7 +5,16 @@ import { active_batch, current_batch } from './batch.js';
 function get_value(signal) {
 	var batch = active_batch ?? (current_batch?.is_fork ? current_batch : null);
 	var override = batch?.values?.get(signal);
-	return override === undefined ? signal.v : override[0];
+
+	if (override === undefined) return signal.v;
+
+	// In a fork, or for a batch's own writes, the override _is_ the value being
+	// written over. An override owned by another live batch is just that batch's
+	// pre-write world being shown to us — writes must compare against the real
+	// (pending) value, otherwise a write that equals the visible-but-stale value
+	// would be swallowed, and one that equals the pending value would be
+	// treated as a change
+	return batch?.is_fork || override[1] === null ? override[0] : signal.v;
 }
 
 /** @type {Equals} */
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/_config.js b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/_config.js
new file mode 100644
index 0000000000..be2a3bcfd3
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/_config.js
@@ -0,0 +1,36 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>b</button><button>z</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [b, z, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>a</p>${buttons}`);
+		assert.deepEqual(logs, ['fetch a']);
+
+		// write x = 'b' — the batch is pending on its async expression
+		b.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+
+		// an independent batch runs the effect, which writes x = 'b' — the
+		// real value is already 'b', so this is a no-op: the async expression
+		// must not re-run (no needless refetch), and the batch must not be
+		// entangled with the pending one (z commits immediately)
+		z.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>a</p>${buttons}`);
+
+		// the pending batch settles
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>b</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/main.svelte
new file mode 100644
index 0000000000..22276aba5a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/main.svelte
@@ -0,0 +1,25 @@
+<script>
+	let x = $state('a');
+	let z = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		console.log(`fetch ${value}`);
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (z > 0) {
+			x = 'b';
+		}
+	});
+</script>
+
+<p>{z}</p>
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x = 'b'; }}>b</button>
+<button onclick={() => z++}>z</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/_config.js b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/_config.js
new file mode 100644
index 0000000000..b1b6c717af
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/_config.js
@@ -0,0 +1,33 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>b</button><button>reset</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [b, reset, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>a</p>${buttons}`);
+		assert.deepEqual(logs, ['fetch a']);
+
+		// write x = 'b' — the batch is pending on its async expression
+		b.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+
+		// an independent batch runs the effect, which resets x = 'a'. The real
+		// (pending) value is 'b', so this is a genuine change and must not be
+		// swallowed just because the effect's world still shows 'a'
+		reset.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b', 'fetch a']);
+
+		// resolve all in-flight runs — the reset must win
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>a</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/main.svelte
new file mode 100644
index 0000000000..fe70fd762b
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/main.svelte
@@ -0,0 +1,25 @@
+<script>
+	let x = $state('a');
+	let z = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		console.log(`fetch ${value}`);
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (z > 0) {
+			x = 'a';
+		}
+	});
+</script>
+
+<p>{z}</p>
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x = 'b'; }}>b</button>
+<button onclick={() => z++}>reset</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>