diff --git a/.changeset/lemon-geese-post.md b/.changeset/lemon-geese-post.md
new file mode 100644
index 0000000000..42d01461c5
--- /dev/null
+++ b/.changeset/lemon-geese-post.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: don't eagerly access not-yet-initialized functions in template
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
index 7256073096..1f3c7b2256 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
@@ -82,12 +82,16 @@ export class Memoizer {
 
 	async_values() {
 		if (this.#async.length === 0) return;
-		return b.array(this.#async.map((memo) => b.thunk(memo.expression, true)));
+		// use `b.arrow` rather than `b.thunk` so that deferred async/template effects
+		// always read live bindings rather than a possibly stale snapshot.
+		return b.array(this.#async.map((memo) => b.arrow([], memo.expression, true)));
 	}
 
 	sync_values() {
 		if (this.#sync.length === 0) return;
-		return b.array(this.#sync.map((memo) => b.thunk(memo.expression)));
+		// use `b.arrow` rather than `b.thunk` so that deferred async/template effects
+		// always read live bindings rather than a possibly stale snapshot.
+		return b.array(this.#sync.map((memo) => b.arrow([], memo.expression)));
 	}
 }
 
diff --git a/packages/svelte/src/compiler/utils/builders.js b/packages/svelte/src/compiler/utils/builders.js
index 223676d22f..7508caf3e7 100644
--- a/packages/svelte/src/compiler/utils/builders.js
+++ b/packages/svelte/src/compiler/utils/builders.js
@@ -36,6 +36,13 @@ export function assignment_pattern(left, right) {
  * @returns {ESTree.ArrowFunctionExpression}
  */
 export function arrow(params, body, async = false) {
+	// optimize `async () => await x()`, but not `async () => await x(await y)`
+	if (async && body.type === 'AwaitExpression') {
+		if (!has_await_expression(body.argument)) {
+			return arrow(params, body.argument);
+		}
+	}
+
 	return {
 		type: 'ArrowFunctionExpression',
 		params,
@@ -462,13 +469,6 @@ export function thunk(expression, async = false) {
  * @returns {ESTree.Expression}
  */
 export function unthunk(expression) {
-	// optimize `async () => await x()`, but not `async () => await x(await y)`
-	if (expression.async && expression.body.type === 'AwaitExpression') {
-		if (!has_await_expression(expression.body.argument)) {
-			return unthunk(arrow(expression.params, expression.body.argument));
-		}
-	}
-
 	if (
 		expression.async === false &&
 		expression.body.type === 'CallExpression' &&
diff --git a/packages/svelte/tests/runtime-runes/samples/async-late-value-init/_config.js b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/_config.js
new file mode 100644
index 0000000000..efc8fe565d
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/_config.js
@@ -0,0 +1,9 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(target.innerHTML, 'aaa 1');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-late-value-init/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/main.svelte
new file mode 100644
index 0000000000..daa539a9b2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-late-value-init/main.svelte
@@ -0,0 +1,10 @@
+<script>
+	let name = $derived(await new Promise((a) => a('aaa')));
+	function use() {
+		return () => 1;
+	}
+	const aa = use();
+</script>
+
+{name}
+{aa()}
diff --git a/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js b/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
index d84b674f88..eafadfc2ea 100644
--- a/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
@@ -32,7 +32,7 @@ export default function Main($$anchor) {
 			$.set_attribute(div_1, 'foobar', $0);
 			$.set_attribute(svg_1, 'viewBox', $1);
 		},
-		[y, y]
+		[() => y(), () => y()]
 	);
 
 	$.append($$anchor, fragment);
diff --git a/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js b/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js
index 464435cb0a..4148a546c8 100644
--- a/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/text-nodes-deriveds/_expected/client/index.svelte.js
@@ -19,6 +19,6 @@ export default function Text_nodes_deriveds($$anchor) {
 	var text = $.child(p);
 
 	$.reset(p);
-	$.template_effect(($0, $1) => $.set_text(text, `${$0 ?? ''}${$1 ?? ''}`), [text1, text2]);
+	$.template_effect(($0, $1) => $.set_text(text, `${$0 ?? ''}${$1 ?? ''}`), [() => text1(), () => text2()]);
 	$.append($$anchor, p);
 }
\ No newline at end of file