diff --git a/.changeset/thick-plums-wave.md b/.changeset/thick-plums-wave.md
new file mode 100644
index 0000000000..d8b454bb90
--- /dev/null
+++ b/.changeset/thick-plums-wave.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: block declaration tags and `{@const}` on async values read inside closures
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js
index 52e9480838..2f72b16c72 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js
@@ -43,7 +43,8 @@ export function DeclarationTag(node, context) {
  */
 export function mark_async_declaration(context, metadata, declarations) {
 	const has_await = metadata.expression.has_await;
-	const blockers = [...metadata.expression.dependencies]
+	// reads inside closures must block too, like they do in template expressions
+	const blockers = [...metadata.expression.references]
 		.map((dep) => dep.blocker)
 		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/DeclarationTag.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/DeclarationTag.js
index 3f78b53c90..ceb81a468d 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/DeclarationTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/DeclarationTag.js
@@ -71,7 +71,7 @@ export function add_async_declaration(context, metadata, ids, assignments, kind
 		context.state.consts.push(kind === 'var' ? b.var(id.name) : b.let(id.name));
 	}
 
-	const blockers = [...metadata.expression.dependencies]
+	const blockers = [...metadata.expression.references]
 		.map((dep) => dep.blocker)
 		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/DeclarationTag.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/DeclarationTag.js
index 8338700c0b..3fbff7167b 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/DeclarationTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/DeclarationTag.js
@@ -66,7 +66,7 @@ export function add_async_declaration(context, metadata, ids, assignments, kind
 		context.state.init.push(kind === 'var' ? b.var(id.name) : b.let(id.name));
 	}
 
-	const blockers = [...metadata.expression.dependencies]
+	const blockers = [...metadata.expression.references]
 		.map((dep) => dep.blocker)
 		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
 
diff --git a/packages/svelte/tests/runtime-legacy/shared.ts b/packages/svelte/tests/runtime-legacy/shared.ts
index 5c2d0dfe1c..de6749c0e7 100644
--- a/packages/svelte/tests/runtime-legacy/shared.ts
+++ b/packages/svelte/tests/runtime-legacy/shared.ts
@@ -177,11 +177,11 @@ export function runtime_suite(runes: boolean) {
 		['dom', 'hydrate', 'ssr', 'async-ssr'],
 		(variant, config, test_name) => {
 			if (!async_mode && (config.skip_no_async || test_name.startsWith('async-'))) {
-				return true;
+				return 'no-test';
 			}
 
 			if (async_mode && config.skip_async) {
-				return true;
+				return 'no-test';
 			}
 
 			if (variant === 'hydrate') {
@@ -195,9 +195,9 @@ export function runtime_suite(runes: boolean) {
 			) {
 				return 'no-test';
 			}
-
 			if (variant === 'ssr') {
 				if (
+					(test_name.startsWith('async-') && !config.mode?.includes('server')) ||
 					(config.mode && !config.mode.includes('server')) ||
 					(!config.test_ssr &&
 						config.html === undefined &&
diff --git a/packages/svelte/tests/runtime-runes/samples/async-const-closure-read/_config.js b/packages/svelte/tests/runtime-runes/samples/async-const-closure-read/_config.js
new file mode 100644
index 0000000000..be0e3c7f40
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-const-closure-read/_config.js
@@ -0,0 +1,10 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+// #18469 — a @const in a nested snippet reading an async declaration through a closure must block on it
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(target.innerHTML, '<p>true</p> <p>false</p>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-const-closure-read/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-const-closure-read/main.svelte
new file mode 100644
index 0000000000..881455ec27
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-const-closure-read/main.svelte
@@ -0,0 +1,12 @@
+<script>
+	async function getValue() {
+		return new Set(['a', 'b', 'c']);
+	}
+
+	const value = await getValue();
+</script>
+
+{#each [['a', 'b'], ['a', 'x']] as keys}
+	{@const all_present = keys.every((k) => value.has(k))}
+	<p>{all_present}</p>
+{/each}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-declaration-closure-read/_config.js b/packages/svelte/tests/runtime-runes/samples/async-declaration-closure-read/_config.js
new file mode 100644
index 0000000000..6a10f6928a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-declaration-closure-read/_config.js
@@ -0,0 +1,11 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+// #18469 — a sync $derived in a nested snippet reading an async declaration through a closure must block on it
+export default test({
+	ssrHtml: '<p>true</p> <p>false</p>',
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(target.innerHTML, '<p>true</p> <p>false</p>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-declaration-closure-read/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-declaration-closure-read/main.svelte
new file mode 100644
index 0000000000..ddd9a10b04
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-declaration-closure-read/main.svelte
@@ -0,0 +1,17 @@
+<script>
+	async function getValue() {
+		return new Set(['a', 'b', 'c']);
+	}
+</script>
+
+{#snippet outer()}
+	{const value = $derived(await getValue())}
+	{#snippet inner(keys)}
+		{const all_present = $derived(keys.every((k) => value.has(k)))}
+		<p>{all_present}</p>
+	{/snippet}
+	{@render inner(['a', 'b'])}
+	{@render inner(['a', 'x'])}
+{/snippet}
+
+{@render outer()}