diff --git a/packages/svelte/src/compiler/index.js b/packages/svelte/src/compiler/index.js
index d40b8b8935..6ae91a267e 100644
--- a/packages/svelte/src/compiler/index.js
+++ b/packages/svelte/src/compiler/index.js
@@ -37,8 +37,8 @@ export function compile(source, options) {
 
 	// resolve the per-component custom renderer, taking `<svelte:options customRenderer={...} />`
 	// into account. The normalized option is always a function returning `string | null | undefined`
-	// (see `validate-options.js`). A string opts in to a specific renderer module, `null`/`false`
-	// opts out to plain DOM (while keeping the feature enabled) and `true`/absent inherits whatever
+	// (see `validate-options.js`). A string opts in to a specific renderer module, `null`
+	// opts out to plain DOM (while keeping the feature enabled) and an absent option inherits whatever
 	// the global option resolves to.
 	let custom_renderer_option = validated.experimental.customRenderer;
 
@@ -56,7 +56,7 @@ export function compile(source, options) {
 
 		if (typeof custom_renderer === 'string') {
 			custom_renderer_option = () => custom_renderer;
-		} else if (custom_renderer === false || custom_renderer === null) {
+		} else if (custom_renderer === null) {
 			custom_renderer_option = () => null;
 		}
 	}
diff --git a/packages/svelte/src/compiler/phases/1-parse/read/options.js b/packages/svelte/src/compiler/phases/1-parse/read/options.js
index 847d7cf0b9..b8369816f5 100644
--- a/packages/svelte/src/compiler/phases/1-parse/read/options.js
+++ b/packages/svelte/src/compiler/phases/1-parse/read/options.js
@@ -37,7 +37,23 @@ export default function read_options(node) {
 				break; // eslint doesn't know this is unnecessary
 			}
 			case 'customRenderer': {
-				component_options.customRenderer = get_static_value(attribute);
+				const { value } = attribute;
+				const chunk = Array.isArray(value) ? value[0] : value;
+
+				if (chunk === true || !chunk || (Array.isArray(value) && value.length !== 1)) {
+					e.svelte_options_invalid_attribute_value(attribute, 'a string or null');
+				}
+
+				if (chunk.type === 'Text') {
+					component_options.customRenderer = chunk.data;
+				} else if (
+					chunk.expression?.type === 'Literal' &&
+					(typeof chunk.expression.value === 'string' || chunk.expression.value === null)
+				) {
+					component_options.customRenderer = chunk.expression.value;
+				} else {
+					e.svelte_options_invalid_attribute_value(attribute, 'a string or null');
+				}
 				break;
 			}
 			case 'customElement': {
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/RegularElement.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/RegularElement.js
index 6c7f80e37f..03850eb3b7 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/RegularElement.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/RegularElement.js
@@ -34,12 +34,10 @@ export function RegularElement(node, context) {
 	context.state.analysis.elements.push(node);
 
 	// Special case: Move the children of <textarea> into a value attribute if they are dynamic
-	if (node.name === 'textarea' && node.fragment.nodes.length > 0) {
+	if (!custom_renderer && node.name === 'textarea' && node.fragment.nodes.length > 0) {
 		for (const attribute of node.attributes) {
 			if (attribute.type === 'Attribute' && attribute.name === 'value') {
-				if (!custom_renderer) {
-					e.textarea_invalid_content(node);
-				}
+				e.textarea_invalid_content(node);
 			}
 		}
 
diff --git a/packages/svelte/src/compiler/types/template.d.ts b/packages/svelte/src/compiler/types/template.d.ts
index 358570db2a..65cb8b3966 100644
--- a/packages/svelte/src/compiler/types/template.d.ts
+++ b/packages/svelte/src/compiler/types/template.d.ts
@@ -85,7 +85,7 @@ export namespace AST {
 		preserveWhitespace?: boolean;
 		namespace?: Namespace;
 		css?: 'injected';
-		customRenderer?: string | boolean | null;
+		customRenderer?: string | null;
 		customElement?: {
 			tag?: string;
 			shadow?: 'open' | 'none' | ObjectExpression | undefined;
diff --git a/packages/svelte/src/compiler/validate-options.js b/packages/svelte/src/compiler/validate-options.js
index 362d1e7d9a..74444eef2f 100644
--- a/packages/svelte/src/compiler/validate-options.js
+++ b/packages/svelte/src/compiler/validate-options.js
@@ -69,7 +69,15 @@ const common_options = {
 				}
 
 				if (typeof input === 'function') {
-					return input;
+					return (/** @type {{ filename: string }} */ options) => {
+						const result = input(options);
+
+						if (result !== null && result !== undefined && typeof result !== 'string') {
+							throw_error(`${keypath} function must return a string, null or undefined`);
+						}
+
+						return result;
+					};
 				}
 
 				throw_error(`${keypath} should be true, a string or a function, if specified`);
diff --git a/packages/svelte/tests/custom-renderers/options.test.ts b/packages/svelte/tests/custom-renderers/options.test.ts
new file mode 100644
index 0000000000..19f7e55ff6
--- /dev/null
+++ b/packages/svelte/tests/custom-renderers/options.test.ts
@@ -0,0 +1,78 @@
+import { assert, describe, it } from 'vitest';
+import { compile } from 'svelte/compiler';
+
+const enabled = { generate: 'client', experimental: { customRenderer: 'my-renderer' } } as const;
+
+describe('customRenderer option parsing', () => {
+	const valid: Array<[string, string]> = [
+		['null', '<svelte:options customRenderer={null} />'],
+		['string', '<svelte:options customRenderer="my-renderer" />'],
+		['string literal', '<svelte:options customRenderer={"my-renderer"} />']
+	];
+
+	for (const [name, source] of valid) {
+		it(`accepts ${name}`, () => {
+			assert.doesNotThrow(() => compile(source, enabled));
+		});
+	}
+
+	const invalid: Array<[string, string]> = [
+		['true', '<svelte:options customRenderer={true} />'],
+		['false', '<svelte:options customRenderer={false} />'],
+		['bare', '<svelte:options customRenderer />'],
+		['identifier', '<svelte:options customRenderer={renderer} />'],
+		['call expression', '<svelte:options customRenderer={get()} />'],
+		['template literal', '<svelte:options customRenderer={`x`} />'],
+		['mixed text', '<svelte:options customRenderer="a{b}" />'],
+		['numeric literal', '<svelte:options customRenderer={42} />'],
+		['object literal', '<svelte:options customRenderer={{}} />'],
+		['undefined', '<svelte:options customRenderer={undefined} />']
+	];
+
+	for (const [name, source] of invalid) {
+		it(`rejects ${name}`, () => {
+			assert.throws(() => compile(source, enabled), /svelte_options_invalid_attribute_value/);
+		});
+	}
+});
+
+describe('customRenderer function resolver validation', () => {
+	const invalid: Array<[string, unknown]> = [
+		['number', () => 42],
+		['true', () => true],
+		['false', () => false],
+		['object', () => ({})]
+	];
+
+	for (const [name, resolver] of invalid) {
+		it(`rejects a resolver returning ${name}`, () => {
+			assert.throws(
+				() =>
+					compile('<div></div>', {
+						generate: 'client',
+						// @ts-expect-error intentionally invalid return value
+						experimental: { customRenderer: resolver }
+					}),
+				/customRenderer/
+			);
+		});
+	}
+
+	const valid: Array<[string, unknown]> = [
+		['string', () => 'my-renderer'],
+		['null', () => null],
+		['undefined', () => undefined]
+	];
+
+	for (const [name, resolver] of valid) {
+		it(`accepts a resolver returning ${name}`, () => {
+			assert.doesNotThrow(() =>
+				compile('<div></div>', {
+					generate: 'client',
+					// @ts-expect-error resolver typed loosely for the test table
+					experimental: { customRenderer: resolver }
+				})
+			);
+		});
+	}
+});
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index 525fb2d72b..d3109b6f46 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -1297,7 +1297,7 @@ declare module 'svelte/compiler' {
 			preserveWhitespace?: boolean;
 			namespace?: Namespace;
 			css?: 'injected';
-			customRenderer?: string | boolean | null;
+			customRenderer?: string | null;
 			customElement?: {
 				tag?: string;
 				shadow?: 'open' | 'none' | ObjectExpression | undefined;