diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index dcc3222a9d..e468cdc648 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -759,17 +759,55 @@ export function get(signal) {
 			// we saw turns out to differ from the committed one)
 			var override_owner = override[1];
 
-			if (override_owner !== null && active_reaction !== null && !untracking) {
-				override_owner = override_owner.resolved();
+			if (override_owner !== null) {
+				if (active_reaction === null) {
+					// reads outside a reaction during a flush happen in one-shot init
+					// code (e.g. a component initialising inside a newly-created
+					// branch). They have no dependency history and no re-run
+					// mechanism, so they see the latest value
+					if ((signal.f & DERIVED) === 0) {
+						if ((signal.f & ERROR_VALUE) !== 0) {
+							throw signal.v;
+						}
+
+						return signal.v;
+					}
+				} else if (!untracking) {
+					override_owner = override_owner.resolved();
 
-				var readers = (override_owner.stale_readers ??= new Map());
-				var seen = readers.get(active_reaction);
+					var readers = (override_owner.stale_readers ??= new Map());
+					var seen = readers.get(active_reaction);
 
-				if (seen === undefined) {
-					readers.set(active_reaction, (seen = new Map()));
-				}
+					if (seen === undefined) {
+						readers.set(active_reaction, (seen = new Map()));
+					}
+
+					// a reader keeps seeing the value it first observed while the owner is pending
+					if (seen.has(signal)) {
+						return seen.get(signal);
+					}
 
-				seen.set(signal, override[0]);
+					var override_value = override[0];
+
+					if (
+						(active_reaction.f & REACTION_IS_UPDATING) !== 0 &&
+						(signal.f & DERIVED) === 0 &&
+						(active_reaction.deps === null || !includes.call(active_reaction.deps, signal))
+					) {
+						// the reaction never depended on this signal before the owner's write —
+						// the pre-write world never contained this combination of values,
+						// so read the latest value instead
+						if ((signal.f & ERROR_VALUE) !== 0) {
+							throw signal.v;
+						}
+
+						override_value = signal.v;
+					}
+
+					seen.set(signal, override_value);
+
+					return override_value;
+				}
 			}
 
 			return override[0];
diff --git a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/_config.js b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/_config.js
index 0e741d3bbf..af066836b2 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/_config.js
@@ -17,17 +17,17 @@ export default test({
 		await tick();
 		assert.deepEqual(logs, []);
 
-		// an independent batch runs the effect, which reads `x` through the
-		// pending batch's overlay (seeing the held-back value 0)
+		// an independent batch runs the effect, which newly depends on `x` —
+		// it reads the latest value (1) rather than the held-back one (0)
 		y.click();
 		await tick();
-		assert.deepEqual(logs, ['effect 0 1']);
+		assert.deepEqual(logs, ['effect 1 1']);
 
-		// the pending batch settles and commits x === 1 — the effect saw a
-		// stale value and must re-run with the real one
+		// the pending batch settles and commits x === 1 — exactly the value
+		// the effect already saw, so it should not re-run
 		shift.click();
 		await tick();
-		assert.deepEqual(logs, ['effect 0 1', 'effect 1 1']);
+		assert.deepEqual(logs, ['effect 1 1']);
 		assert.htmlEqual(
 			target.innerHTML,
 			'<p>1</p><button>x</button><button>y</button><button>shift</button>'
diff --git a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/_config.js b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/_config.js
index 8aa913d73d..4a7e6282fb 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/_config.js
@@ -13,22 +13,22 @@ export default test({
 		await tick();
 		assert.deepEqual(logs, ['effect _ 0']);
 
-		// the effect reads `x` through the pending batch's overlay
-		// (seeing the held-back value 0)
+		// the effect newly depends on `x` — it reads the latest value (1)
+		// rather than the held-back one (0)
 		y.click();
 		await tick();
-		assert.deepEqual(logs, ['effect _ 0', 'effect 0 1']);
+		assert.deepEqual(logs, ['effect _ 0', 'effect 1 1']);
 
 		// the effect re-runs and no longer depends on `x` at all
 		y.click();
 		await tick();
-		assert.deepEqual(logs, ['effect _ 0', 'effect 0 1', 'effect _ 2']);
+		assert.deepEqual(logs, ['effect _ 0', 'effect 1 1', 'effect _ 2']);
 
 		// the pending batch settles and commits x = 1 — the effect no longer
 		// depends on `x`, so it should not re-run
 		shift.click();
 		await tick();
-		assert.deepEqual(logs, ['effect _ 0', 'effect 0 1', 'effect _ 2']);
+		assert.deepEqual(logs, ['effect _ 0', 'effect 1 1', 'effect _ 2']);
 		assert.htmlEqual(
 			target.innerHTML,
 			'<p>1</p><button>x</button><button>y</button><button>shift</button>'
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-1/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-1/_config.js
index dee8af2446..081bb88f8f 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-1/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-1/_config.js
@@ -10,26 +10,23 @@ export default test({
 
 		y.click();
 		await tick();
+		// the new branch's reactive reads of `x` are new dependencies on a value the
+		// pending batch has written, so they see the latest value ('universe')
 		assert.htmlEqual(
 			target.innerHTML,
 			`
 			<button>x</button>
 			<button>y++</button>
 			<button>resolve</button>
-			world
-		` // if this does not show world - that would also be ok
+			universe
+		`
 		);
 
 		resolve.click();
 		await tick();
-		assert.deepEqual(logs, [
-			'universe',
-			'world',
-			'$effect: world',
-			'$effect: universe',
-			'$effect: universe'
-		]);
-		// assert.deepEqual(logs, ['universe', 'universe', '$effect: universe', '$effect: universe']); // this would also be ok
+		// the init-time console.log runs outside a reaction and sees the latest value;
+		// the second child's $effect already saw the committed value, so it does not re-run
+		assert.deepEqual(logs, ['universe', 'universe', '$effect: universe', '$effect: universe']);
 		assert.htmlEqual(
 			target.innerHTML,
 			`
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-2/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-2/_config.js
index d99f0df731..e21eb02417 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-2/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-2/_config.js
@@ -10,6 +10,8 @@ export default test({
 
 		y.click();
 		await tick();
+		// the new branch's reads of `x` are new dependencies on a value the
+		// pending batch has written, so they see the latest value ('universe')
 		assert.htmlEqual(
 			target.innerHTML,
 			`
@@ -17,13 +19,13 @@ export default test({
 			<button>y++</button>
 			<button>resolve</button>
 			<hr>
-			world
-			"world"
-			world
-			world
-			world
-			"world"
-		` // if this does not show world "world" world world world "world" - then this would also be ok
+			universe
+			"universe"
+			universe
+			universe
+			universe
+			"universe"
+		`
 		);
 
 		resolve.click();
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-3/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-3/_config.js
index eb4485e8a6..5ad32b24c5 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-3/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-3/_config.js
@@ -22,6 +22,8 @@ export default test({
 
 		resolve.click();
 		await tick();
+		// the new branch's async expression read `x` as a new dependency on a value
+		// the pending batch had written, so it saw the latest value ('universe')
 		assert.htmlEqual(
 			target.innerHTML,
 			`
@@ -29,13 +31,13 @@ export default test({
 			<button>y++</button>
 			<button>resolve</button>
 			<hr>
-			world
-			"world"
-			world
-			world
-			world
-			"world"
-		` // if this does not show world "world" world world world "world" - then this would also be ok
+			universe
+			"universe"
+			universe
+			universe
+			universe
+			"universe"
+		`
 		);
 
 		resolve.click();
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/Child.svelte b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/Child.svelte
new file mode 100644
index 0000000000..05409ef225
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/Child.svelte
@@ -0,0 +1,7 @@
+<script>
+	let { x } = $props();
+	console.log(x.x);
+	$effect(() => console.log('$effect: '+ x.x))
+</script>
+
+{x.x}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/_config.js
new file mode 100644
index 0000000000..5b0d3e996c
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/_config.js
@@ -0,0 +1,44 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		const [x, y, resolve] = target.querySelectorAll('button');
+
+		x.click();
+		await tick();
+		assert.deepEqual(logs, ['universe']);
+
+		y.click();
+		await tick();
+		// the new branch's reads of `x` are new dependencies on a value the
+		// pending batch has written, so they see the latest value ('universe') —
+		// including the init-time console.log, which runs outside a reaction
+		assert.deepEqual(logs, ['universe', 'universe', '$effect: universe']);
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>x</button>
+			<button>y++</button>
+			<button>resolve</button>
+			universe
+		`
+		);
+
+		resolve.click();
+		await tick();
+		// the second child's $effect already saw the committed value, so it does not re-run
+		assert.deepEqual(logs, ['universe', 'universe', '$effect: universe', '$effect: universe']);
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>x</button>
+			<button>y++</button>
+			<button>resolve</button>
+			universe
+			universe
+			universe
+		`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/main.svelte
new file mode 100644
index 0000000000..3b858909c2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-4/main.svelte
@@ -0,0 +1,28 @@
+<script>
+	import Child from './Child.svelte';
+
+	let x = $state();
+	let y = $state(0);
+	let deferred = [];
+
+	function delay(s) {
+		const d = Promise.withResolvers();
+		deferred.push(() => d.resolve(s))
+		return d.promise;
+	}
+</script>
+
+<button onclick={() => x = {x:'universe'}}>x</button>
+
+<button onclick={() => y++}>y++</button>
+
+<button onclick={() => deferred.shift()()}>resolve</button>
+
+{#if x?.x === 'universe'}
+	{await delay(x.x)}
+	<Child {x} />
+{/if}
+
+{#if y > 0}
+	<Child {x} />
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch/_config.js
index f4b6cc777b..5b0d3e996c 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch/_config.js
@@ -11,26 +11,24 @@ export default test({
 
 		y.click();
 		await tick();
-		assert.deepEqual(logs, ['universe', 'world', '$effect: world']);
+		// the new branch's reads of `x` are new dependencies on a value the
+		// pending batch has written, so they see the latest value ('universe') —
+		// including the init-time console.log, which runs outside a reaction
+		assert.deepEqual(logs, ['universe', 'universe', '$effect: universe']);
 		assert.htmlEqual(
 			target.innerHTML,
 			`
 			<button>x</button>
 			<button>y++</button>
 			<button>resolve</button>
-			world
+			universe
 		`
 		);
 
 		resolve.click();
 		await tick();
-		assert.deepEqual(logs, [
-			'universe',
-			'world',
-			'$effect: world',
-			'$effect: universe',
-			'$effect: universe'
-		]);
+		// the second child's $effect already saw the committed value, so it does not re-run
+		assert.deepEqual(logs, ['universe', 'universe', '$effect: universe', '$effect: universe']);
 		assert.htmlEqual(
 			target.innerHTML,
 			`
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency/_config.js
new file mode 100644
index 0000000000..f1bf5a7349
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency/_config.js
@@ -0,0 +1,41 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	mode: ['client'],
+	async test({ assert, target }) {
+		await tick();
+		const [update, show, resolve] = target.querySelectorAll('button');
+
+		update.click();
+		await tick();
+
+		show.click();
+		await tick();
+
+		// the template effect newly depends on `value`, which the pending batch
+		// has written — it reads the latest value rather than the pre-write one
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>update</button>
+				<button>show</button>
+				<button>resolve</button>
+				<p>1</p>
+			`
+		);
+
+		resolve.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>update</button>
+				<button>show</button>
+				<button>resolve</button>
+				<p>1</p>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency/main.svelte
new file mode 100644
index 0000000000..80e54f9d53
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency/main.svelte
@@ -0,0 +1,17 @@
+<script>
+	let value = $state();
+	let show = $state(false);
+	const deferred = Promise.withResolvers();
+
+	function wait(value) {
+		return value === undefined ? '' : deferred.promise;
+	}
+</script>
+
+<button onclick={() => (value = { x: 1 })}>update</button>
+<button onclick={() => (show = true)}>show</button>
+<button onclick={() => deferred.resolve('')}>resolve</button>
+
+{await wait(value)}
+
+<p>{show ? value.x : ''}</p>
\ No newline at end of file