diff --git a/.changeset/solid-banks-teach.md b/.changeset/solid-banks-teach.md
new file mode 100644
index 0000000000..eb16d051b2
--- /dev/null
+++ b/.changeset/solid-banks-teach.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: use right batch/branch on first run
diff --git a/packages/svelte/src/internal/client/dom/blocks/branches.js b/packages/svelte/src/internal/client/dom/blocks/branches.js
index 33c34f58bb..3732bc2de2 100644
--- a/packages/svelte/src/internal/client/dom/blocks/branches.js
+++ b/packages/svelte/src/internal/client/dom/blocks/branches.js
@@ -109,11 +109,14 @@ export class BranchManager {
 		}
 
 		for (const [b, k] of this.#batches) {
+			// Keep values for newer batches. Insertion order is not always chronological:
+			// an older batch can re-run after a newer one has already registered.
+			if (b.id > batch.id) continue;
+
 			this.#batches.delete(b);
 
 			if (b === batch) {
-				// keep values for newer batches
-				break;
+				continue;
 			}
 
 			const offscreen = this.#offscreen.get(k);
diff --git a/packages/svelte/src/internal/client/reactivity/async.js b/packages/svelte/src/internal/client/reactivity/async.js
index 6aea790c36..549141dbfb 100644
--- a/packages/svelte/src/internal/client/reactivity/async.js
+++ b/packages/svelte/src/internal/client/reactivity/async.js
@@ -55,7 +55,14 @@ export function flatten(blockers, sync, async, fn) {
 
 	/** @param {Value[]} values */
 	function finish(values) {
-		restore();
+		var batch = get_latest_async_batch(values);
+		if (batch) {
+			restore(false);
+			batch.activate();
+			batch.apply();
+		} else {
+			restore();
+		}
 
 		try {
 			fn(values);
@@ -95,6 +102,24 @@ export function flatten(blockers, sync, async, fn) {
 	}
 }
 
+/**
+ * @param {Value[]} values
+ * @returns {Batch | null}
+ */
+function get_latest_async_batch(values) {
+	/** @type {Batch | null} */
+	var latest = null;
+
+	for (const value of values) {
+		var batch = /** @type {Value & { async_batch?: Batch }} */ (value).async_batch;
+		if (batch && (!latest || batch.id > latest.id)) {
+			latest = batch;
+		}
+	}
+
+	return latest;
+}
+
 /**
  * @param {Blocker[]} blockers
  * @param {(values: Value[]) => any} fn
diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index 4ae49fecba..b4ee0ce8a0 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -215,6 +215,7 @@ export function async_derived(fn, label, location) {
 			}
 
 			batch.activate();
+			/** @type {Source<V> & { async_batch?: Batch }} */ (signal).async_batch = batch;
 
 			if (error) {
 				signal.f |= ERROR_VALUE;
diff --git a/packages/svelte/src/internal/client/reactivity/types.d.ts b/packages/svelte/src/internal/client/reactivity/types.d.ts
index 0ee8570c3d..1f41e1fca6 100644
--- a/packages/svelte/src/internal/client/reactivity/types.d.ts
+++ b/packages/svelte/src/internal/client/reactivity/types.d.ts
@@ -7,6 +7,7 @@ import type {
 	TransitionManager
 } from '#client';
 import type { Boundary } from '../dom/blocks/boundary';
+import type { Batch } from './batch';
 
 export interface Signal {
 	/** Flags bitmask */
@@ -24,6 +25,8 @@ export interface Value<V = unknown> extends Signal {
 	rv: number;
 	/** The latest value for this signal */
 	v: V;
+	/** The batch in which an async derived most recently resolved */
+	async_batch?: Batch; // TODO if this is only set a few times this might mess with perf (object shape etc)
 
 	// dev-only
 	/** A label (e.g. the `foo` in `let foo = $state(...)`) used for `$inspect.trace()` */
diff --git a/packages/svelte/tests/runtime-runes/samples/async-new-batch-during-initial-load/_config.js b/packages/svelte/tests/runtime-runes/samples/async-new-batch-during-initial-load/_config.js
new file mode 100644
index 0000000000..c8bc4c986f
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-new-batch-during-initial-load/_config.js
@@ -0,0 +1,20 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const [increment, pop] = target.querySelectorAll('button');
+
+		increment.click();
+		await tick();
+		increment.click();
+		await tick();
+		pop.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<button>increment</button> <button>pop</button> 2 2 1`);
+
+		pop.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<button>increment</button> <button>pop</button> 2 2 1`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-new-batch-during-initial-load/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-new-batch-during-initial-load/main.svelte
new file mode 100644
index 0000000000..7689af049c
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-new-batch-during-initial-load/main.svelte
@@ -0,0 +1,26 @@
+<script>
+	let count = $state(0);
+	let other = $state(0);
+
+	const queue = [];
+	function push(v) {
+		return new Promise((r,e) => queue.push(() => v === 1 ? e(v) : r(v)));
+	}
+</script>
+
+<button onclick={() => {
+	if (count === 0) {
+		other++;
+		count++;
+	} else {
+		count++
+	}
+}}>increment</button>
+<button onclick={() => queue.pop()?.()}>pop</button>
+
+{#if count > 0}
+	<svelte:boundary>
+		{await push(count)} {count} {other}
+		{#snippet failed()}boom{/snippet}
+	</svelte:boundary> 
+{/if}