diff --git a/.changeset/four-loops-agree.md b/.changeset/four-loops-agree.md
new file mode 100644
index 0000000000..46d30e8464
--- /dev/null
+++ b/.changeset/four-loops-agree.md
@@ -0,0 +1,5 @@
+---
+'svelte': minor
+---
+
+feat: allow declarations in the template
diff --git a/documentation/docs/03-template-syntax/10-@const.md b/documentation/docs/03-template-syntax/10-@const.md
index 2a587b7a3d..6f2edc1a37 100644
--- a/documentation/docs/03-template-syntax/10-@const.md
+++ b/documentation/docs/03-template-syntax/10-@const.md
@@ -2,6 +2,8 @@
 title: {@const ...}
 ---
 
+> [!NOTE] `{@const x = y}` is legacy syntax — use [`{const x = $derived(y)}`](declaration-tags) instead
+
 The `{@const ...}` tag defines a local constant.
 
 ```svelte
diff --git a/documentation/docs/03-template-syntax/11-declaration-tags.md b/documentation/docs/03-template-syntax/11-declaration-tags.md
new file mode 100644
index 0000000000..34b7164775
--- /dev/null
+++ b/documentation/docs/03-template-syntax/11-declaration-tags.md
@@ -0,0 +1,70 @@
+---
+title: {let/const ...}
+---
+
+Declaration tags define local variables inside markup with `const` or `let`:
+
+<!-- codeblock:start {"title":"Declaration tags"} -->
+```svelte
+<!--- file: App.svelte --->
+<script>
+	let boxes = [{ width: 10, height: 10 }, { width: 15, height: 15 }];
+</script>
+
+{#each boxes as box}
+	{const area = box.width * box.height}
+	{const label = `${box.width} ⨉ ${box.height} = ${area}`}
+
+	<p>{label}</p>
+{/each}
+```
+<!-- codeblock:end -->
+
+> [!NOTE] The [`{@const ...}`](@const) syntax is considered legacy — use declaration tags instead.
+
+When values should be reactive, you can use `$state` and `$derived`:
+
+<!-- codeblock:start {"title":"Reactive declaration tags"} -->
+```svelte
+<!--- file: App.svelte --->
+<script>
+	let user = $state({ name: 'Svelte' });
+	let editing = $state(false);
+</script>
+
+<p>Hello {user.name}</p>
+<button onclick={() => editing = true}>edit name</button>
+
+{#if editing}
+	{let name = $state(user.name)}
+	{const greeting = $derived(`Hello ${name}`)}
+
+	<hr>
+	<input bind:value={name} />
+	<p>{greeting}</p>
+
+	<button onclick={() => {
+		user.name = name;
+		editing = false;
+	}}>save</button>
+{/if}
+```
+<!-- codeblock:end -->
+
+Declaration tags can be used anywhere inside the component. They can reference values declared outside themselves (for example in the `<script>` tag or in `{#each ...}` blocks) and are 'visible' to everything in the same lexical scope (i.e. siblings, and children of those siblings):
+
+<!-- codeblock:start {"title":"Declaration tag scope"} -->
+```svelte
+<!--- file: App.svelte --->
+{const hello = 'hello'}
+{hello} <!-- 'hello' -->
+<div>
+	{const hello = 'hi'}
+	{hello} <!-- 'hi' -->
+	<div>
+		{hello} <!-- 'hi' -->
+	</div>
+</div>
+{hello} <!-- 'hello' -->
+```
+<!-- codeblock:end -->
diff --git a/documentation/docs/98-reference/.generated/compile-errors.md b/documentation/docs/98-reference/.generated/compile-errors.md
index 01b2dd1494..0d25173711 100644
--- a/documentation/docs/98-reference/.generated/compile-errors.md
+++ b/documentation/docs/98-reference/.generated/compile-errors.md
@@ -399,6 +399,18 @@ Invalid selector
 Cannot declare a variable with the same name as an import from `<script module>`
 ```
 
+### declaration_tag_invalid_type
+
+```
+Declaration tags must be `let` or `const` declarations
+```
+
+### declaration_tag_no_legacy_mode
+
+```
+Declaration tags cannot be used in legacy mode
+```
+
 ### derived_invalid_export
 
 ```
diff --git a/packages/svelte/messages/compile-errors/template.md b/packages/svelte/messages/compile-errors/template.md
index 6aa4335c11..6d1ae6ccbf 100644
--- a/packages/svelte/messages/compile-errors/template.md
+++ b/packages/svelte/messages/compile-errors/template.md
@@ -191,6 +191,14 @@ The same applies to components:
 
 > {@debug ...} arguments must be identifiers, not arbitrary expressions
 
+## declaration_tag_invalid_type
+
+> Declaration tags must be `let` or `const` declarations
+
+## declaration_tag_no_legacy_mode
+
+> Declaration tags cannot be used in legacy mode
+
 ## directive_invalid_value
 
 > Directive value must be a JavaScript expression enclosed in curly braces
diff --git a/packages/svelte/src/compiler/errors.js b/packages/svelte/src/compiler/errors.js
index 976925d181..ccb7fe833e 100644
--- a/packages/svelte/src/compiler/errors.js
+++ b/packages/svelte/src/compiler/errors.js
@@ -1004,6 +1004,24 @@ export function debug_tag_invalid_arguments(node) {
 	e(node, 'debug_tag_invalid_arguments', `{@debug ...} arguments must be identifiers, not arbitrary expressions\nhttps://svelte.dev/e/debug_tag_invalid_arguments`);
 }
 
+/**
+ * Declaration tags must be `let` or `const` declarations
+ * @param {null | number | NodeLike} node
+ * @returns {never}
+ */
+export function declaration_tag_invalid_type(node) {
+	e(node, 'declaration_tag_invalid_type', `Declaration tags must be \`let\` or \`const\` declarations\nhttps://svelte.dev/e/declaration_tag_invalid_type`);
+}
+
+/**
+ * Declaration tags cannot be used in legacy mode
+ * @param {null | number | NodeLike} node
+ * @returns {never}
+ */
+export function declaration_tag_no_legacy_mode(node) {
+	e(node, 'declaration_tag_no_legacy_mode', `Declaration tags cannot be used in legacy mode\nhttps://svelte.dev/e/declaration_tag_no_legacy_mode`);
+}
+
 /**
  * Directive value must be a JavaScript expression enclosed in curly braces
  * @param {null | number | NodeLike} node
diff --git a/packages/svelte/src/compiler/legacy.js b/packages/svelte/src/compiler/legacy.js
index 459858fe13..c51cd8434b 100644
--- a/packages/svelte/src/compiler/legacy.js
+++ b/packages/svelte/src/compiler/legacy.js
@@ -262,6 +262,10 @@ export function convert(source, ast) {
 				};
 			},
 			// @ts-ignore
+			DeclarationTag(node) {
+				return node;
+			},
+			// @ts-ignore
 			KeyBlock(node, { visit }) {
 				remove_surrounding_whitespace_nodes(node.fragment.nodes);
 				return {
diff --git a/packages/svelte/src/compiler/phases/1-parse/acorn.js b/packages/svelte/src/compiler/phases/1-parse/acorn.js
index 45a7c2a58c..d338f9ffb8 100644
--- a/packages/svelte/src/compiler/phases/1-parse/acorn.js
+++ b/packages/svelte/src/compiler/phases/1-parse/acorn.js
@@ -1,10 +1,11 @@
-/** @import { Comment, Program } from 'estree' */
+/** @import { Comment, Program, Statement } from 'estree' */
 /** @import { AST } from '#compiler' */
 /** @import { Parser } from './index.js' */
 import * as acorn from 'acorn';
 import { walk } from 'zimmerframe';
 import { tsPlugin } from '@sveltejs/acorn-typescript';
 import * as e from '../../errors.js';
+import { find_matching_bracket } from './utils/bracket.js';
 
 const JSParser = acorn.Parser;
 const TSParser = JSParser.extend(tsPlugin());
@@ -98,6 +99,48 @@ export function parse_expression_at(parser, source, index) {
 	}
 }
 
+/**
+ * @param {Parser} parser
+ * @param {string} source
+ * @param {number} index
+ * @returns {Statement}
+ */
+export function parse_statement_at(parser, source, index) {
+	const acorn = parser.ts ? TSParser : JSParser;
+	let end = find_matching_bracket(source, index, '{');
+	if (end === undefined) e.unexpected_eof(source.length);
+
+	while (source[end - 1] === ';') {
+		end -= 1;
+	}
+
+	const padded_source = `${' '.repeat(index)}${source.slice(index, end)}`;
+	const { onComment, add_comments } = get_comment_handlers(
+		padded_source,
+		parser.root.comments,
+		index
+	);
+
+	try {
+		const ast = acorn.parse(padded_source, {
+			onComment,
+			sourceType: 'module',
+			ecmaVersion: 16,
+			locations: true
+		});
+
+		add_comments(ast);
+
+		const statement = /** @type {Statement} */ (
+			/** @type {unknown} */ (/** @type {Program} */ (ast).body[0])
+		);
+		statement.end = Math.min(/** @type {number} */ (statement.end), end);
+		return statement;
+	} catch (e) {
+		handle_parse_error(e);
+	}
+}
+
 const regex_position_indicator = / \(\d+:\d+\)$/;
 
 /**
diff --git a/packages/svelte/src/compiler/phases/1-parse/index.js b/packages/svelte/src/compiler/phases/1-parse/index.js
index 5242cba31f..02d1629c99 100644
--- a/packages/svelte/src/compiler/phases/1-parse/index.js
+++ b/packages/svelte/src/compiler/phases/1-parse/index.js
@@ -302,7 +302,10 @@ export class Parser {
 	}
 
 	pop() {
-		this.fragments.pop();
+		const fragment = this.fragments.pop();
+		if (fragment?.metadata.transparent && fragment.nodes.some((n) => n.type === 'DeclarationTag')) {
+			fragment.metadata.transparent = false;
+		}
 		return this.stack.pop();
 	}
 
diff --git a/packages/svelte/src/compiler/phases/1-parse/state/tag.js b/packages/svelte/src/compiler/phases/1-parse/state/tag.js
index ff153128a5..7428c8660c 100644
--- a/packages/svelte/src/compiler/phases/1-parse/state/tag.js
+++ b/packages/svelte/src/compiler/phases/1-parse/state/tag.js
@@ -1,16 +1,18 @@
-/** @import { ArrowFunctionExpression, Expression, Identifier, Pattern } from 'estree' */
+/** @import { ArrowFunctionExpression, Expression, Identifier, Pattern, VariableDeclaration } from 'estree' */
 /** @import { AST } from '#compiler' */
 /** @import { Parser } from '../index.js' */
 import { walk } from 'zimmerframe';
 import * as e from '../../../errors.js';
 import { ExpressionMetadata } from '../../nodes.js';
-import { parse_expression_at } from '../acorn.js';
+import { parse_expression_at, parse_statement_at } from '../acorn.js';
 import read_pattern from '../read/context.js';
 import read_expression, { get_loose_identifier } from '../read/expression.js';
 import { create_fragment } from '../utils/create.js';
-import { match_bracket } from '../utils/bracket.js';
+import { find_matching_bracket, match_bracket } from '../utils/bracket.js';
 
 const regex_whitespace_with_closing_curly_brace = /\s*}/y;
+const regex_supported_declaration = /(?:let|const)\b/y;
+const regex_unsupported_declaration = /(?:var|function|class|type|interface|enum)\b/y;
 
 const pointy_bois = { '<': '>' };
 
@@ -31,6 +33,20 @@ export default function tag(parser) {
 		}
 	}
 
+	const declaration = read_declaration(parser);
+	if (declaration) {
+		parser.append({
+			type: 'DeclarationTag',
+			start,
+			end: parser.index,
+			declaration: /** @type {VariableDeclaration} */ (declaration),
+			metadata: {
+				expression: new ExpressionMetadata()
+			}
+		});
+		return;
+	}
+
 	const expression = read_expression(parser);
 
 	parser.allow_whitespace();
@@ -47,6 +63,76 @@ export default function tag(parser) {
 	});
 }
 
+/**
+ * @param {Parser} parser
+ * @returns {null | import('estree').VariableDeclaration}
+ */
+function read_declaration(parser) {
+	const start = parser.index;
+
+	const unsupported = parser.match_regex(regex_unsupported_declaration);
+	if (unsupported) {
+		e.declaration_tag_invalid_type({ start, end: start + unsupported.length });
+	}
+
+	if (!parser.match_regex(regex_supported_declaration)) {
+		return null;
+	}
+
+	/** @type {import('estree').Statement | import('estree').VariableDeclaration} */
+	let declaration;
+	try {
+		declaration = parse_statement_at(parser, parser.template, start);
+	} catch (error) {
+		if (!parser.loose) throw error;
+
+		const end = find_matching_bracket(parser.template, start, '{');
+		if (end === undefined) throw error;
+
+		parser.index = end;
+		const kind = parser.template.startsWith('const', start) ? 'const' : 'let';
+
+		declaration = {
+			type: 'VariableDeclaration',
+			kind,
+			declarations: [
+				{
+					type: 'VariableDeclarator',
+					id: {
+						type: 'Identifier',
+						name: '',
+						start: parser.index,
+						end: parser.index
+					},
+					init: null,
+					start: parser.index,
+					end: parser.index
+				}
+			],
+			start,
+			end
+		};
+	}
+
+	if (declaration.type !== 'VariableDeclaration') {
+		e.declaration_tag_invalid_type({
+			start: declaration.start ?? start,
+			end: declaration.end ?? parser.index
+		});
+	}
+
+	// TODO support using
+	if (declaration.kind !== 'let' && declaration.kind !== 'const') {
+		e.declaration_tag_invalid_type(declaration);
+	}
+
+	parser.index = /** @type {number} */ (declaration.end);
+	parser.allow_whitespace();
+	parser.eat('}', true);
+
+	return declaration;
+}
+
 /** @param {Parser} parser */
 function open(parser) {
 	let start = parser.index - 2;
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index dec0081aa9..ef20049697 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -36,6 +36,7 @@ import { ClassDeclaration } from './visitors/ClassDeclaration.js';
 import { ClassDirective } from './visitors/ClassDirective.js';
 import { Component } from './visitors/Component.js';
 import { ConstTag } from './visitors/ConstTag.js';
+import { DeclarationTag } from './visitors/DeclarationTag.js';
 import { DebugTag } from './visitors/DebugTag.js';
 import { EachBlock } from './visitors/EachBlock.js';
 import { ExportDefaultDeclaration } from './visitors/ExportDefaultDeclaration.js';
@@ -157,6 +158,7 @@ const visitors = {
 	ClassDirective,
 	Component,
 	ConstTag,
+	DeclarationTag,
 	DebugTag,
 	EachBlock,
 	ExportDefaultDeclaration,
@@ -312,6 +314,7 @@ export function analyze_module(source, options) {
 			options: /** @type {ValidatedCompileOptions} */ (options),
 			fragment: null,
 			parent_element: null,
+			in_declaration_tag: false,
 			reactive_statement: null,
 			derived_function_depth: -1
 		},
@@ -718,6 +721,7 @@ export function analyze_component(root, source, options) {
 				ast_type: ast === instance.ast ? 'instance' : ast === template.ast ? 'template' : 'module',
 				fragment: ast === template.ast ? ast : null,
 				parent_element: null,
+				in_declaration_tag: false,
 				has_props_rune: false,
 				component_slots: new Set(),
 				expression: null,
@@ -785,6 +789,7 @@ export function analyze_component(root, source, options) {
 				options,
 				fragment: ast === template.ast ? ast : null,
 				parent_element: null,
+				in_declaration_tag: false,
 				has_props_rune: false,
 				ast_type: ast === instance.ast ? 'instance' : ast === template.ast ? 'template' : 'module',
 				reactive_statement: null,
diff --git a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
index 354f1c0856..bd486a12ca 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
+++ b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
@@ -16,6 +16,8 @@ export interface AnalysisState {
 	 * Parent doesn't necessarily mean direct path predecessor because there could be `#each`, `#if` etc in-between.
 	 */
 	parent_element: string | null;
+	/** True if inside DeclarationTag */
+	in_declaration_tag: boolean;
 	has_props_rune: boolean;
 	/** Which slots the current parent component has */
 	component_slots: Set<string>;
@@ -35,7 +37,7 @@ export interface AnalysisState {
 	 */
 	derived_function_depth: number;
 
-	/** Collected info about async `{@const }` declarations */
+	/** Collected info about async `{@const }`/`{let/const ...}` declarations */
 	async_consts?: {
 		id: Identifier;
 		/** How many `$.run(...)` entries are already allocated in this scope */
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
index 52eba8c735..d3524af4db 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/CallExpression.js
@@ -255,6 +255,9 @@ export function CallExpression(node, context) {
 		if (expression.has_await) {
 			context.state.analysis.async_deriveds.add(node);
 		}
+
+		// Tell surrounding declaration tag about metadata for correct calculation of blockers etc
+		if (context.state.in_declaration_tag) context.state.expression?.merge(expression);
 	} else if (rune === '$inspect') {
 		context.next({ ...context.state, function_depth: context.state.function_depth + 1 });
 	} else {
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js
index 4f07249a39..64e93d3efe 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/ConstTag.js
@@ -1,8 +1,8 @@
 /** @import { AST } from '#compiler' */
 /** @import { Context } from '../types' */
 import * as e from '../../../errors.js';
-import * as b from '#compiler/builders';
 import { validate_opening_tag } from './shared/utils.js';
+import { mark_async_declaration } from './DeclarationTag.js';
 
 /**
  * @param {AST.ConstTag} node
@@ -44,28 +44,5 @@ export function ConstTag(node, context) {
 		derived_function_depth: context.state.function_depth + 1
 	});
 
-	const has_await = node.metadata.expression.has_await;
-	const blockers = [...node.metadata.expression.dependencies]
-		.map((dep) => dep.blocker)
-		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
-
-	if (has_await || context.state.async_consts || blockers.length > 0) {
-		const run = (context.state.async_consts ??= {
-			id: context.state.analysis.root.unique('promises'),
-			declaration_count: 0
-		});
-		node.metadata.promises_id = run.id;
-
-		const bindings = context.state.scope.get_bindings(declaration);
-
-		// keep the counter in sync with the number of thunks pushed in ConstTag in transform
-		// TODO 6.0 once non-async and non-runes mode is gone investigate making this more robust
-		// via something like the approach in https://github.com/sveltejs/svelte/pull/18032
-		const length = run.declaration_count + (blockers.length > 0 ? 1 : 0);
-		run.declaration_count += blockers.length > 0 ? 2 : 1;
-		const blocker = b.member(run.id, b.literal(length), true);
-		for (const binding of bindings) {
-			binding.blocker = blocker;
-		}
-	}
+	mark_async_declaration(context, node.metadata, [declaration]);
 }
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js
new file mode 100644
index 0000000000..e75c05f355
--- /dev/null
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/DeclarationTag.js
@@ -0,0 +1,58 @@
+/** @import { AST } from '#compiler' */
+/** @import { Context } from '../types' */
+import * as b from '#compiler/builders';
+import * as e from '../../../errors.js';
+import { validate_opening_tag } from './shared/utils.js';
+
+/**
+ * @param {AST.DeclarationTag} node
+ * @param {Context} context
+ */
+export function DeclarationTag(node, context) {
+	validate_opening_tag(node, context.state, node.declaration.kind[0]);
+	if (!context.state.analysis.runes && !context.state.analysis.maybe_runes) {
+		e.declaration_tag_no_legacy_mode(node);
+	}
+
+	context.visit(node.declaration, {
+		...context.state,
+		in_declaration_tag: true,
+		expression: node.metadata.expression
+	});
+
+	mark_async_declaration(context, node.metadata, node.declaration.declarations);
+}
+
+/**
+ * @param {Context} context
+ * @param {AST.ConstTag['metadata'] | AST.DeclarationTag['metadata']} metadata
+ * @param {import('estree').VariableDeclarator[]} declarations
+ */
+export function mark_async_declaration(context, metadata, declarations) {
+	const has_await = metadata.expression.has_await;
+	const blockers = [...metadata.expression.dependencies]
+		.map((dep) => dep.blocker)
+		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
+
+	if (has_await || context.state.async_consts || blockers.length > 0) {
+		const run = (context.state.async_consts ??= {
+			id: context.state.analysis.root.unique('promises'),
+			declaration_count: 0
+		});
+		metadata.promises_id = run.id;
+
+		const bindings = declarations.flatMap((declaration) =>
+			context.state.scope.get_bindings(declaration)
+		);
+
+		// keep the counter in sync with the number of thunks pushed in transform
+		// TODO 6.0 once non-async and non-runes mode is gone investigate making this more robust
+		// via something like the approach in https://github.com/sveltejs/svelte/pull/18032
+		const length = run.declaration_count + (blockers.length > 0 ? 1 : 0);
+		run.declaration_count += blockers.length > 0 ? 2 : 1;
+		const blocker = b.member(run.id, b.literal(length), true);
+		for (const binding of bindings) {
+			binding.blocker = blocker;
+		}
+	}
+}
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
index 5c1e8031b8..ebb2fc2b67 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
@@ -162,7 +162,7 @@ export function Identifier(node, context) {
 		if (binding.metadata?.is_template_declaration && context.state.options.experimental.async) {
 			let snippet_name;
 
-			// Find out if this references a {@const ...} declaration of an implicit children snippet
+			// Find out if this references a {@const ...}/{let/const ...} declaration of an implicit children snippet
 			// when it is itself inside a snippet block at the same level. If so, error.
 			for (let i = context.path.length - 1; i >= 0; i--) {
 				const parent = context.path[i];
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index 5cd837d08e..6a71a49601 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -4,7 +4,7 @@
 /** @import { Visitors, ComponentClientTransformState, ClientTransformState } from './types' */
 import { walk } from 'zimmerframe';
 import * as b from '#compiler/builders';
-import { build_getter, is_state_source } from './utils.js';
+import { build_getter, get_transform } from './utils.js';
 import { render_stylesheet } from '../css/index.js';
 import { dev, filename } from '../../../state.js';
 import { AnimateDirective } from './visitors/AnimateDirective.js';
@@ -22,6 +22,7 @@ import { ClassBody } from './visitors/ClassBody.js';
 import { Comment } from './visitors/Comment.js';
 import { Component } from './visitors/Component.js';
 import { ConstTag } from './visitors/ConstTag.js';
+import { DeclarationTag } from './visitors/DeclarationTag.js';
 import { DebugTag } from './visitors/DebugTag.js';
 import { EachBlock } from './visitors/EachBlock.js';
 import { ExportNamedDeclaration } from './visitors/ExportNamedDeclaration.js';
@@ -66,20 +67,7 @@ const visitors = {
 		const scope = state.scopes.get(node);
 
 		if (scope && scope !== state.scope) {
-			const transform = { ...state.transform };
-
-			for (const [name, binding] of scope.declarations) {
-				if (
-					binding.kind === 'normal' ||
-					// Reads of `$state(...)` declarations are not
-					// transformed if they are never reassigned
-					(binding.kind === 'state' && !is_state_source(binding, state.analysis))
-				) {
-					delete transform[name];
-				}
-			}
-
-			next({ ...state, transform, scope });
+			next({ ...state, transform: get_transform(scope, state), scope });
 		} else {
 			next();
 		}
@@ -99,6 +87,7 @@ const visitors = {
 	Comment,
 	Component,
 	ConstTag,
+	DeclarationTag,
 	DebugTag,
 	EachBlock,
 	ExportNamedDeclaration,
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/utils.js
index f21fb43fc1..d52b438d92 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/utils.js
@@ -179,3 +179,24 @@ export function create_derived(state, expression, async = false) {
 		return b.call(state.analysis.runes ? '$.derived' : '$.derived_safe_equal', thunk);
 	}
 }
+
+/**
+ * @param {Scope} scope
+ * @param {ClientTransformState} state
+ */
+export function get_transform(scope, state) {
+	const transform = { ...state.transform };
+
+	for (const [name, binding] of scope.declarations) {
+		if (
+			binding.kind === 'normal' ||
+			// Reads of `$state(...)` declarations are not
+			// transformed if they are never reassigned
+			(binding.kind === 'state' && !is_state_source(binding, state.analysis))
+		) {
+			delete transform[name];
+		}
+	}
+
+	return transform;
+}
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js
index bf559cd24d..d05d7a8ed9 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js
@@ -7,6 +7,7 @@ import * as b from '#compiler/builders';
 import { create_derived } from '../utils.js';
 import { get_value } from './shared/declarations.js';
 import { build_expression } from './shared/utils.js';
+import { add_async_declaration } from './DeclarationTag.js';
 
 /**
  * @param {AST.ConstTag} node
@@ -26,7 +27,7 @@ export function ConstTag(node, context) {
 
 		context.state.transform[declaration.id.name] = { read: get_value };
 
-		add_const_declaration(context.state, declaration.id, expression, node.metadata);
+		add_const_declaration(context, declaration.id, expression, node.metadata);
 	} else {
 		const identifiers = extract_identifiers(declaration.id);
 		const tmp = b.id(context.state.scope.generate('computed_const'));
@@ -63,7 +64,7 @@ export function ConstTag(node, context) {
 			expression = b.call('$.tag', expression, b.literal('[@const]'));
 		}
 
-		add_const_declaration(context.state, tmp, expression, node.metadata);
+		add_const_declaration(context, tmp, expression, node.metadata);
 
 		for (const node of identifiers) {
 			context.state.transform[node.name] = {
@@ -74,38 +75,26 @@ export function ConstTag(node, context) {
 }
 
 /**
- * @param {ComponentContext['state']} state
+ * @param {ComponentContext} context
  * @param {Identifier} id
  * @param {Expression} expression
  * @param {AST.ConstTag['metadata']} metadata
  */
-function add_const_declaration(state, id, expression, metadata) {
+function add_const_declaration(context, id, expression, metadata) {
 	// we need to eagerly evaluate the expression in order to hit any
 	// 'Cannot access x before initialization' errors
 	const after = dev ? [b.stmt(b.call('$.get', id))] : [];
 
-	const blockers = [...metadata.expression.dependencies]
-		.map((dep) => dep.blocker)
-		.filter((b) => b !== null && b.object !== state.async_consts?.id);
-
 	if (metadata.promises_id) {
-		const run = (state.async_consts ??= {
-			id: metadata.promises_id,
-			thunks: []
-		});
-
-		state.consts.push(b.let(id));
-
-		if (blockers.length === 1) {
-			run.thunks.push(b.thunk(b.member(/** @type {Expression} */ (blockers[0]), 'promise')));
-		} else if (blockers.length > 0) {
-			run.thunks.push(b.thunk(b.call('$.wait', b.array(blockers))));
-		}
-
-		// keep the number of thunks pushed in sync with ConstTag in analysis phase
-		const assignment = b.assignment('=', id, expression);
-		run.thunks.push(b.thunk(assignment, metadata.expression.has_await));
+		add_async_declaration(
+			context,
+			metadata,
+			[id],
+			[b.stmt(b.assignment('=', id, expression))],
+			'let'
+		);
 	} else {
+		const { state } = context;
 		state.consts.push(b.const(id, expression));
 		state.consts.push(...after);
 	}
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
new file mode 100644
index 0000000000..bff51b20dd
--- /dev/null
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/DeclarationTag.js
@@ -0,0 +1,87 @@
+/** @import { Expression, Identifier, Pattern, Statement, ExpressionStatement, VariableDeclaration } from 'estree' */
+/** @import { AST } from '#compiler' */
+/** @import { ComponentContext } from '../types' */
+import { extract_identifiers, has_await_expression } from '../../../../utils/ast.js';
+import * as b from '#compiler/builders';
+import { add_state_transformers } from './shared/declarations.js';
+
+/**
+ * @param {AST.DeclarationTag} node
+ * @param {ComponentContext} context
+ */
+export function DeclarationTag(node, context) {
+	const declaration = /** @type {Statement | undefined} */ (context.visit(node.declaration));
+	add_state_transformers(context);
+
+	if (
+		node.metadata.promises_id &&
+		node.declaration.type === 'VariableDeclaration' &&
+		declaration?.type === 'VariableDeclaration'
+	) {
+		const { ids, assignments } = build_async_declaration_parts(declaration);
+		add_async_declaration(context, node.metadata, ids, assignments, declaration.kind);
+	} else {
+		context.state.consts.push(declaration ?? node.declaration);
+	}
+}
+
+/**
+ * @param {VariableDeclaration} declaration
+ */
+export function build_async_declaration_parts(declaration) {
+	const ids = new Map();
+	for (const declarator of declaration.declarations) {
+		for (const id of extract_identifiers(declarator.id)) {
+			ids.set(id.name, id);
+		}
+	}
+
+	const assignments = declaration.declarations
+		.filter((declarator) => declarator.init !== null)
+		.map((declarator) =>
+			b.stmt(
+				b.assignment(
+					'=',
+					/** @type {Pattern} */ (declarator.id),
+					/** @type {Expression} */ (declarator.init)
+				)
+			)
+		);
+
+	return { ids: [...ids.values()], assignments };
+}
+
+/**
+ * @param {ComponentContext} context
+ * @param {AST.ConstTag['metadata'] | AST.DeclarationTag['metadata']} metadata
+ * @param {Identifier[]} ids
+ * @param {ExpressionStatement[]} assignments
+ * @param {VariableDeclaration['kind']} [kind]
+ */
+export function add_async_declaration(context, metadata, ids, assignments, kind = 'let') {
+	const run = (context.state.async_consts ??= {
+		id: /** @type {Identifier} */ (metadata.promises_id),
+		thunks: []
+	});
+
+	for (const id of ids) {
+		context.state.consts.push(kind === 'var' ? b.var(id.name) : b.let(id.name));
+	}
+
+	const blockers = [...metadata.expression.dependencies]
+		.map((dep) => dep.blocker)
+		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
+
+	if (blockers.length === 1) {
+		run.thunks.push(b.thunk(b.member(/** @type {Expression} */ (blockers[0]), 'promise')));
+	} else if (blockers.length > 0) {
+		run.thunks.push(b.thunk(b.call('$.wait', b.array(blockers))));
+	}
+
+	// keep the number of thunks pushed in sync with analysis phase
+	const has_await =
+		metadata.expression.has_await ||
+		assignments.some((assignment) => has_await_expression(assignment));
+	const body = assignments.length === 1 ? assignments[0].expression : b.block(assignments);
+	run.thunks.push(b.thunk(body, has_await));
+}
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js
index 1e6230a1f6..543f4aea17 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js
@@ -18,7 +18,7 @@ import {
 	is_customizable_select_element
 } from '../../../nodes.js';
 import { clean_nodes, determine_namespace_for_children } from '../../utils.js';
-import { build_getter } from '../utils.js';
+import { build_getter, get_transform } from '../utils.js';
 import {
 	get_attribute_name,
 	build_attribute_value,
@@ -300,11 +300,14 @@ export function RegularElement(node, context) {
 		}
 	}
 
+	const scope = /** @type {Scope} */ (context.state.scopes.get(node.fragment));
+
 	/** @type {ComponentClientTransformState} */
 	const state = {
 		...context.state,
 		metadata,
-		scope: /** @type {Scope} */ (context.state.scopes.get(node.fragment)),
+		scope,
+		transform: get_transform(scope, context.state),
 		preserve_whitespace: context.state.preserve_whitespace || name === 'pre' || name === 'textarea'
 	};
 
@@ -318,8 +321,19 @@ export function RegularElement(node, context) {
 		state.options.preserveComments
 	);
 
+	const has_declarations = !node.fragment.metadata.transparent;
+
 	/** @type {typeof state} */
-	const child_state = { ...state, init: [], update: [], after_update: [], snippets: [] };
+	const child_state = {
+		...state,
+		init: [],
+		update: [],
+		after_update: [],
+		snippets: [],
+		consts: has_declarations ? [] : state.consts,
+		async_consts: has_declarations ? undefined : state.async_consts,
+		memoizer: has_declarations ? new Memoizer() : state.memoizer
+	};
 
 	for (const node of hoisted) {
 		context.visit(node, child_state);
@@ -427,11 +441,21 @@ export function RegularElement(node, context) {
 		}
 	}
 
-	if (node.fragment.nodes.some((node) => node.type === 'SnippetBlock')) {
+	if (node.fragment.nodes.some((node) => node.type === 'SnippetBlock') || has_declarations) {
+		if (child_state.async_consts && child_state.async_consts.thunks.length > 0) {
+			child_state.consts.push(
+				b.var(
+					child_state.async_consts.id,
+					b.call('$.run', b.array(child_state.async_consts.thunks))
+				)
+			);
+		}
+
 		// Wrap children in `{...}` to avoid declaration conflicts
 		context.state.init.push(
 			b.block([
 				...child_state.snippets,
+				...child_state.consts,
 				...child_state.init,
 				...element_state.init,
 				child_state.update.length > 0 ? build_render_statement(child_state) : b.empty,
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/SvelteBoundary.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/SvelteBoundary.js
index f929a3bc47..eaffd15084 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/SvelteBoundary.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/SvelteBoundary.js
@@ -40,6 +40,7 @@ export function SvelteBoundary(node, context) {
 	const hoisted = [];
 
 	let has_const = false;
+	let has_declaration = false;
 
 	// const tags need to live inside the boundary, but might also be referenced in hoisted snippets.
 	// to resolve this we cheat: we duplicate const tags inside snippets
@@ -55,6 +56,10 @@ export function SvelteBoundary(node, context) {
 				});
 			}
 		}
+
+		if (child.type === 'DeclarationTag') {
+			has_declaration = true;
+		}
 	}
 
 	for (const child of node.fragment.nodes) {
@@ -68,10 +73,10 @@ export function SvelteBoundary(node, context) {
 		if (child.type === 'SnippetBlock') {
 			if (
 				context.state.options.experimental.async &&
-				has_const &&
+				(has_const || has_declaration) &&
 				!['failed', 'pending'].includes(child.expression.name)
 			) {
-				// we can't hoist snippets as they may reference const tags, so we just keep them in the fragment
+				// we can't hoist snippets as they may reference const/declaration tags, so we just keep them in the fragment
 				nodes.push(child);
 			} else {
 				/** @type {Statement[]} */
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
index 90a693b99a..24ca58bb41 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
@@ -15,6 +15,7 @@ import { CallExpression } from './visitors/CallExpression.js';
 import { ClassBody } from './visitors/ClassBody.js';
 import { Component } from './visitors/Component.js';
 import { ConstTag } from './visitors/ConstTag.js';
+import { DeclarationTag } from './visitors/DeclarationTag.js';
 import { DebugTag } from './visitors/DebugTag.js';
 import { EachBlock } from './visitors/EachBlock.js';
 import { ExpressionStatement } from './visitors/ExpressionStatement.js';
@@ -64,6 +65,7 @@ const template_visitors = {
 	AwaitBlock,
 	Component,
 	ConstTag,
+	DeclarationTag,
 	DebugTag,
 	EachBlock,
 	Fragment,
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts b/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts
index 4912728a1e..2863955786 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts
+++ b/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts
@@ -28,7 +28,7 @@ export interface ComponentServerTransformState extends ServerTransformState {
 	readonly preserve_whitespace: boolean;
 	/** True if the current node is a) a component or render tag and b) the sole child of a block  */
 	readonly is_standalone: boolean;
-	/** Transformed async `{@const }` declarations (if any) and those coming after them */
+	/** Transformed async `{@const }`/`{let/const ...}` declarations (if any) and those coming after them */
 	async_consts?: {
 		id: Identifier;
 		thunks: Expression[];
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/ConstTag.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/ConstTag.js
index 9420bdd6d2..cf56ef6910 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/ConstTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/ConstTag.js
@@ -1,8 +1,9 @@
-/** @import { Expression, Pattern, Statement } from 'estree' */
+/** @import { Expression, Pattern } from 'estree' */
 /** @import { AST } from '#compiler' */
 /** @import { ComponentContext } from '../types.js' */
 import * as b from '#compiler/builders';
 import { extract_identifiers } from '../../../../utils/ast.js';
+import { add_async_declaration } from './DeclarationTag.js';
 
 /**
  * @param {AST.ConstTag} node
@@ -12,31 +13,15 @@ export function ConstTag(node, context) {
 	const declaration = node.declaration.declarations[0];
 	const id = /** @type {Pattern} */ (context.visit(declaration.id));
 	const init = /** @type {Expression} */ (context.visit(declaration.init));
-	const blockers = [...node.metadata.expression.dependencies]
-		.map((dep) => dep.blocker)
-		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
 
 	if (node.metadata.promises_id) {
-		const run = (context.state.async_consts ??= {
-			id: node.metadata.promises_id,
-			thunks: []
-		});
-
-		const identifiers = extract_identifiers(declaration.id);
-
-		for (const identifier of identifiers) {
-			context.state.init.push(b.let(identifier.name));
-		}
-
-		if (blockers.length === 1) {
-			run.thunks.push(b.thunk(/** @type {Expression} */ (blockers[0])));
-		} else if (blockers.length > 0) {
-			run.thunks.push(b.thunk(b.call('Promise.all', b.array(blockers))));
-		}
-
-		// keep the number of thunks pushed in sync with ConstTag in analysis phase
-		const assignment = b.assignment('=', id, init);
-		run.thunks.push(b.thunk(assignment, node.metadata.expression.has_await));
+		add_async_declaration(
+			context,
+			node.metadata,
+			extract_identifiers(id),
+			[b.stmt(b.assignment('=', id, init))],
+			'let'
+		);
 	} else {
 		context.state.init.push(b.const(id, init));
 	}
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
new file mode 100644
index 0000000000..8338700c0b
--- /dev/null
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/DeclarationTag.js
@@ -0,0 +1,85 @@
+/** @import { Expression, Identifier, Pattern, Statement, ExpressionStatement, VariableDeclaration } from 'estree' */
+/** @import { AST } from '#compiler' */
+/** @import { ComponentContext } from '../types.js' */
+import { extract_identifiers, has_await_expression } from '../../../../utils/ast.js';
+import * as b from '#compiler/builders';
+
+/**
+ * @param {AST.DeclarationTag} node
+ * @param {ComponentContext} context
+ */
+export function DeclarationTag(node, context) {
+	const declaration = /** @type {Statement} */ (context.visit(node.declaration));
+
+	if (
+		node.metadata.promises_id &&
+		node.declaration.type === 'VariableDeclaration' &&
+		declaration.type === 'VariableDeclaration'
+	) {
+		const { ids, assignments } = build_async_declaration_parts(declaration);
+		add_async_declaration(context, node.metadata, ids, assignments, declaration.kind);
+	} else {
+		context.state.init.push(declaration);
+	}
+}
+
+/**
+ * @param {VariableDeclaration} declaration
+ */
+export function build_async_declaration_parts(declaration) {
+	const ids = new Map();
+	for (const declarator of declaration.declarations) {
+		for (const id of extract_identifiers(declarator.id)) {
+			ids.set(id.name, id);
+		}
+	}
+
+	const assignments = declaration.declarations
+		.filter((declarator) => declarator.init !== null)
+		.map((declarator) =>
+			b.stmt(
+				b.assignment(
+					'=',
+					/** @type {Pattern} */ (declarator.id),
+					/** @type {Expression} */ (declarator.init)
+				)
+			)
+		);
+
+	return { ids: [...ids.values()], assignments };
+}
+
+/**
+ * @param {ComponentContext} context
+ * @param {AST.ConstTag['metadata'] | AST.DeclarationTag['metadata']} metadata
+ * @param {Identifier[]} ids
+ * @param {ExpressionStatement[]} assignments
+ * @param {VariableDeclaration['kind']} [kind]
+ */
+export function add_async_declaration(context, metadata, ids, assignments, kind = 'let') {
+	const run = (context.state.async_consts ??= {
+		id: /** @type {Identifier} */ (metadata.promises_id),
+		thunks: []
+	});
+
+	for (const id of ids) {
+		context.state.init.push(kind === 'var' ? b.var(id.name) : b.let(id.name));
+	}
+
+	const blockers = [...metadata.expression.dependencies]
+		.map((dep) => dep.blocker)
+		.filter((b) => b !== null && b.object !== context.state.async_consts?.id);
+
+	if (blockers.length === 1) {
+		run.thunks.push(b.thunk(/** @type {Expression} */ (blockers[0])));
+	} else if (blockers.length > 0) {
+		run.thunks.push(b.thunk(b.call('Promise.all', b.array(blockers))));
+	}
+
+	// keep the number of thunks pushed in sync with analysis phase
+	const has_await =
+		metadata.expression.has_await ||
+		assignments.some((assignment) => has_await_expression(assignment));
+	const body = assignments.length === 1 ? assignments[0].expression : b.block(assignments);
+	run.thunks.push(b.thunk(body, has_await));
+}
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/RegularElement.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/RegularElement.js
index 42d9bcb667..90c34d7035 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/RegularElement.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/RegularElement.js
@@ -17,17 +17,23 @@ import { is_customizable_select_element } from '../../../nodes.js';
 export function RegularElement(node, context) {
 	const name = context.state.namespace === 'html' ? node.name.toLowerCase() : node.name;
 	const namespace = determine_namespace_for_children(node, context.state.namespace);
+	const has_child_declarations = !node.fragment.metadata.transparent;
 
 	/** @type {ComponentServerTransformState} */
 	const state = {
 		...context.state,
 		namespace,
+		scope: /** @type {Scope} */ (context.state.scopes.get(node.fragment)),
 		preserve_whitespace:
 			context.state.preserve_whitespace || node.name === 'pre' || node.name === 'textarea',
 		init: [],
-		template: []
+		template: [],
+		async_consts: undefined
 	};
 
+	/** @type {ComponentServerTransformState} */
+	const attribute_state = { ...state, scope: context.state.scope };
+
 	const node_is_void = is_void(name);
 
 	const optimiser = new PromiseOptimiser();
@@ -50,7 +56,11 @@ export function RegularElement(node, context) {
 	if (!is_special) {
 		// only open the tag in the non-special path
 		state.template.push(b.literal(`<${name}`));
-		body = build_element_attributes(node, { ...context, state }, optimiser.transform);
+		body = build_element_attributes(
+			node,
+			{ ...context, state: attribute_state },
+			optimiser.transform
+		);
 		state.template.push(b.literal(node_is_void ? '/>' : '>')); // add `/>` for XHTML compliance
 	}
 
@@ -72,10 +82,7 @@ export function RegularElement(node, context) {
 		node.fragment.nodes,
 		context.path,
 		namespace,
-		{
-			...state,
-			scope: /** @type {Scope} */ (state.scopes.get(node.fragment))
-		},
+		state,
 		state.preserve_whitespace,
 		state.options.preserveComments
 	);
@@ -205,7 +212,17 @@ export function RegularElement(node, context) {
 		state.template.push(b.stmt(b.call('$.pop_element')));
 	}
 
-	if (optimiser.is_async()) {
+	if (has_child_declarations && state.async_consts && state.async_consts.thunks.length > 0) {
+		state.init.push(
+			b.var(state.async_consts.id, b.call('$$renderer.run', b.array(state.async_consts.thunks)))
+		);
+	}
+
+	if (has_child_declarations) {
+		context.state.template.push(
+			...optimiser.render([b.block([...state.init, ...build_template(state.template)])])
+		);
+	} else if (optimiser.is_async()) {
 		context.state.template.push(
 			...optimiser.render([...state.init, ...build_template(state.template)])
 		);
diff --git a/packages/svelte/src/compiler/phases/3-transform/utils.js b/packages/svelte/src/compiler/phases/3-transform/utils.js
index f61b59f3bd..c7fce61ff9 100644
--- a/packages/svelte/src/compiler/phases/3-transform/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/utils.js
@@ -152,6 +152,7 @@ export function clean_nodes(
 
 		if (
 			node.type === 'ConstTag' ||
+			node.type === 'DeclarationTag' ||
 			node.type === 'DebugTag' ||
 			node.type === 'SvelteBody' ||
 			node.type === 'SvelteWindow' ||
diff --git a/packages/svelte/src/compiler/phases/nodes.js b/packages/svelte/src/compiler/phases/nodes.js
index 48ebacb50b..da7e73015b 100644
--- a/packages/svelte/src/compiler/phases/nodes.js
+++ b/packages/svelte/src/compiler/phases/nodes.js
@@ -217,6 +217,7 @@ function* find_descendants(fragment) {
 			case 'SnippetBlock':
 			case 'DebugTag':
 			case 'ConstTag':
+			case 'DeclarationTag':
 			case 'Comment':
 			case 'ExpressionTag':
 				break;
diff --git a/packages/svelte/src/compiler/print/index.js b/packages/svelte/src/compiler/print/index.js
index c511ee6da0..fbd7e86f12 100644
--- a/packages/svelte/src/compiler/print/index.js
+++ b/packages/svelte/src/compiler/print/index.js
@@ -603,6 +603,48 @@ const svelte_visitors = (comments) => ({
 		context.write('}');
 	},
 
+	DeclarationTag(node, context) {
+		context.write('{');
+
+		// This is duplicated from esrap's handling of VariableDeclaration,
+		// which we need to do in order to omit the trailing semicolon that esrap would add.
+		const open = context.new();
+		const join = context.new();
+		const child_context = context.new();
+
+		context.append(child_context);
+
+		child_context.write(`${node.declaration.kind} `);
+		child_context.append(open);
+
+		const declarations = node.declaration.declarations;
+		let first = true;
+
+		for (const d of declarations) {
+			if (!first) child_context.append(join);
+			first = false;
+
+			child_context.visit(d);
+		}
+
+		const length = child_context.measure() + 2 * (declarations.length - 1);
+
+		const multiline = child_context.multiline || (declarations.length > 1 && length > 50);
+
+		if (multiline) {
+			context.multiline = true;
+
+			if (declarations.length > 1) open.indent();
+			join.write(',');
+			join.newline();
+			if (declarations.length > 1) context.dedent();
+		} else {
+			join.write(', ');
+		}
+
+		context.write('}');
+	},
+
 	DebugTag(node, context) {
 		context.write('{@debug ');
 		let started = false;
diff --git a/packages/svelte/src/compiler/types/template.d.ts b/packages/svelte/src/compiler/types/template.d.ts
index 2964e46761..4d4b6fc21f 100644
--- a/packages/svelte/src/compiler/types/template.d.ts
+++ b/packages/svelte/src/compiler/types/template.d.ts
@@ -160,6 +160,18 @@ export namespace AST {
 		};
 	}
 
+	/** A `{let ...}` or `{const ...}` tag */
+	export interface DeclarationTag extends BaseNode {
+		type: 'DeclarationTag';
+		declaration: VariableDeclaration;
+		/** @internal */
+		metadata: {
+			expression: ExpressionMetadata;
+			/** If this declaration tag contains an await expression, or needs to wait on other async, this is set */
+			promises_id?: Identifier;
+		};
+	}
+
 	/** A `{@debug ...}` tag */
 	export interface DebugTag extends BaseNode {
 		type: 'DebugTag';
@@ -622,6 +634,7 @@ export namespace AST {
 	export type Tag =
 		| AST.AttachTag
 		| AST.ConstTag
+		| AST.DeclarationTag
 		| AST.DebugTag
 		| AST.ExpressionTag
 		| AST.HtmlTag
diff --git a/packages/svelte/tests/parser-modern/samples/loose-declaration-tag/input.svelte b/packages/svelte/tests/parser-modern/samples/loose-declaration-tag/input.svelte
new file mode 100644
index 0000000000..f222531638
--- /dev/null
+++ b/packages/svelte/tests/parser-modern/samples/loose-declaration-tag/input.svelte
@@ -0,0 +1,4 @@
+{#if true}
+	{let }
+	{const x = }
+{/if}
diff --git a/packages/svelte/tests/parser-modern/samples/loose-declaration-tag/output.json b/packages/svelte/tests/parser-modern/samples/loose-declaration-tag/output.json
new file mode 100644
index 0000000000..882e5f34f1
--- /dev/null
+++ b/packages/svelte/tests/parser-modern/samples/loose-declaration-tag/output.json
@@ -0,0 +1,113 @@
+{
+	"css": null,
+	"js": [],
+	"start": 0,
+	"end": 38,
+	"type": "Root",
+	"fragment": {
+		"type": "Fragment",
+		"nodes": [
+			{
+				"type": "IfBlock",
+				"elseif": false,
+				"start": 0,
+				"end": 38,
+				"test": {
+					"type": "Literal",
+					"start": 5,
+					"end": 9,
+					"loc": {
+						"start": {
+							"line": 1,
+							"column": 5
+						},
+						"end": {
+							"line": 1,
+							"column": 9
+						}
+					},
+					"value": true,
+					"raw": "true"
+				},
+				"consequent": {
+					"type": "Fragment",
+					"nodes": [
+						{
+							"type": "Text",
+							"start": 10,
+							"end": 12,
+							"raw": "\n\t",
+							"data": "\n\t"
+						},
+						{
+							"type": "DeclarationTag",
+							"start": 12,
+							"end": 18,
+							"declaration": {
+								"type": "VariableDeclaration",
+								"kind": "let",
+								"declarations": [
+									{
+										"type": "VariableDeclarator",
+										"id": {
+											"type": "Identifier",
+											"name": "",
+											"start": 17,
+											"end": 17
+										},
+										"init": null,
+										"start": 17,
+										"end": 17
+									}
+								],
+								"start": 13,
+								"end": 17
+							}
+						},
+						{
+							"type": "Text",
+							"start": 18,
+							"end": 20,
+							"raw": "\n\t",
+							"data": "\n\t"
+						},
+						{
+							"type": "DeclarationTag",
+							"start": 20,
+							"end": 32,
+							"declaration": {
+								"type": "VariableDeclaration",
+								"kind": "const",
+								"declarations": [
+									{
+										"type": "VariableDeclarator",
+										"id": {
+											"type": "Identifier",
+											"name": "",
+											"start": 31,
+											"end": 31
+										},
+										"init": null,
+										"start": 31,
+										"end": 31
+									}
+								],
+								"start": 21,
+								"end": 31
+							}
+						},
+						{
+							"type": "Text",
+							"start": 32,
+							"end": 33,
+							"raw": "\n",
+							"data": "\n"
+						}
+					]
+				},
+				"alternate": null
+			}
+		]
+	},
+	"options": null
+}
diff --git a/packages/svelte/tests/print/samples/declaration-tag/input.svelte b/packages/svelte/tests/print/samples/declaration-tag/input.svelte
new file mode 100644
index 0000000000..6dbb2af2dd
--- /dev/null
+++ b/packages/svelte/tests/print/samples/declaration-tag/input.svelte
@@ -0,0 +1,7 @@
+{#if visible}
+	{let count = 1}
+	{const doubled = count * 2}
+	{const label = 'count'}
+	{const format = (value) => `${label}: ${value}`}
+	<p>{format(doubled)}</p>
+{/if}
diff --git a/packages/svelte/tests/print/samples/declaration-tag/output.svelte b/packages/svelte/tests/print/samples/declaration-tag/output.svelte
new file mode 100644
index 0000000000..6dbb2af2dd
--- /dev/null
+++ b/packages/svelte/tests/print/samples/declaration-tag/output.svelte
@@ -0,0 +1,7 @@
+{#if visible}
+	{let count = 1}
+	{const doubled = count * 2}
+	{const label = 'count'}
+	{const format = (value) => `${label}: ${value}`}
+	<p>{format(doubled)}</p>
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-declaration-tag-2/_config.js b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag-2/_config.js
new file mode 100644
index 0000000000..0dd4b870d5
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag-2/_config.js
@@ -0,0 +1,13 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	mode: ['async-server', 'client', 'hydrate'],
+	ssrHtml: `<h1>Hello, world!</h1> 5 01234 5 sync 6 5 0 10`,
+
+	async test({ assert, target }) {
+		await tick();
+
+		assert.htmlEqual(target.innerHTML, `<h1>Hello, world!</h1> 5 01234 5 sync 6 5 0 10`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-declaration-tag-2/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag-2/main.svelte
new file mode 100644
index 0000000000..f15065e4db
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag-2/main.svelte
@@ -0,0 +1,31 @@
+<script>
+	let name = $state('world');
+</script>
+
+<svelte:boundary>
+	{const sync = 'sync'}
+	{const number = await Promise.resolve(5)}
+	{const after_async =number + 1}
+	{const { length, 0: first } = await '01234'}
+
+	{#snippet greet()}
+		{const greeting = $derived(await `Hello, ${name}!`)}
+		<h1>{greeting}</h1>
+		{number}
+		{#if number > 4 && after_async && greeting}
+			{const length = $derived(await number)}
+			{#each { length }, index}
+				{const i = $derived(await index)}
+				{i}
+			{/each}
+		{/if}
+	{/snippet}
+
+	{@render greet()}
+	{number} {sync} {after_async} {length} {first}
+
+	{#if sync}
+		{const double = $derived(number * 2)}
+		{double}
+	{/if}
+</svelte:boundary>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-declaration-tag/_config.js b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag/_config.js
new file mode 100644
index 0000000000..8fd2fc0976
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag/_config.js
@@ -0,0 +1,43 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [top, change] = target.querySelectorAll('button');
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>name</button>
+			<button>change name</button>
+			<p>Hello name</p>
+			<div><span>nested Hi name</span></div>
+		`
+		);
+
+		top.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>other</button>
+			<button>change name</button>
+			<p>Hello name</p>
+			<div><span>nested Hi name</span></div>
+		`
+		);
+
+		change.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>other</button>
+			<button>change name</button>
+			<p>Hello other</p>
+			<div><span>nested Hi other</span></div>
+		`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-declaration-tag/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag/main.svelte
new file mode 100644
index 0000000000..4521ea2e41
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-declaration-tag/main.svelte
@@ -0,0 +1,20 @@
+<script>
+	const id = 'name';
+	const top_id = await 'name';
+</script>
+
+{let name = $state(top_id)}
+<button onclick={() => name = 'other'}>{name}</button>
+
+{#if id}
+	{let name = $state(await id)}
+	{let greeting = $derived(await `Hello ${name}`)}
+
+	<button onclick={() => name = 'other'}>change name</button>
+	<p>{greeting}</p>
+	<div>
+		{const nested = 'nested'}
+		{const greeting2 = $derived(await `Hi ${name}`)}
+		<span>{nested} {greeting2}</span>
+	</div>
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/declaration-tags-no-script/_config.js b/packages/svelte/tests/runtime-runes/samples/declaration-tags-no-script/_config.js
new file mode 100644
index 0000000000..901df42df7
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/declaration-tags-no-script/_config.js
@@ -0,0 +1,13 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	html: '<button>0 | 0</button>',
+	async test({ assert, target }) {
+		const [increment] = target.querySelectorAll('button');
+
+		increment.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, '<button>1 | 2</button>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/declaration-tags-no-script/main.svelte b/packages/svelte/tests/runtime-runes/samples/declaration-tags-no-script/main.svelte
new file mode 100644
index 0000000000..da72bc69c6
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/declaration-tags-no-script/main.svelte
@@ -0,0 +1,3 @@
+{let count = $state(0)}
+{let doubled = $derived(count * 2)}
+<button onclick={() => (count += 1)}>{count} | {doubled}</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/declaration-tags/_config.js b/packages/svelte/tests/runtime-runes/samples/declaration-tags/_config.js
new file mode 100644
index 0000000000..54e390ec83
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/declaration-tags/_config.js
@@ -0,0 +1,37 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	html: `<button>top 2</button><button>toggle</button><button>2</button><p>4 total</p><div><span>nested</span></div><div><span>nested</span></div>`,
+	async test({ assert, target }) {
+		const [top, toggle, increment] = target.querySelectorAll('button');
+
+		top.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>top 4</button><button>toggle</button><button>2</button><p>4 total</p><div><span>nested</span></div><div><span>nested</span></div>`
+		);
+
+		increment.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>top 4</button><button>toggle</button><button>3</button><p>6 total</p><div><span>nested</span></div><div><span>nested</span></div>`
+		);
+
+		toggle.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>top 4</button><button>toggle</button><div><span>nested</span></div>`
+		);
+
+		toggle.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`<button>top 4</button><button>toggle</button><button>2</button><p>4 total</p><div><span>nested</span></div><div><span>nested</span></div>`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/declaration-tags/main.svelte b/packages/svelte/tests/runtime-runes/samples/declaration-tags/main.svelte
new file mode 100644
index 0000000000..5953104092
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/declaration-tags/main.svelte
@@ -0,0 +1,29 @@
+<script>
+	let visible = $state(true);
+	let initial = $state(2);
+</script>
+
+{let top = $state(1)}
+{let top_doubled = $derived(top * 2)}
+
+<button onclick={() => (top += 1)}>top {top_doubled}</button>
+<button onclick={() => (visible = !visible)}>toggle</button>
+
+{#if visible}
+	{let counter = $state({ value: initial })}
+	{let doubled = $derived(counter.value * 2)}
+	{const suffix = ' total'}
+	{const format = (value) => `${value}${suffix}`}
+
+	<button onclick={() => (counter.value += 1)}>{counter.value}</button>
+	<p>{format(doubled)}</p>
+	<div>
+		{const doubled = 'nested'}
+		<span>{doubled}</span>
+	</div>
+{/if}
+
+<div>
+	{const nested = 'nested'}
+	<span>{nested}</span>
+</div>
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-invalid-function/errors.json b/packages/svelte/tests/validator/samples/declaration-tag-invalid-function/errors.json
new file mode 100644
index 0000000000..bf0266225f
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-invalid-function/errors.json
@@ -0,0 +1,14 @@
+[
+	{
+		"code": "declaration_tag_invalid_type",
+		"message": "Declaration tags must be `let` or `const` declarations",
+		"start": {
+			"line": 2,
+			"column": 2
+		},
+		"end": {
+			"line": 2,
+			"column": 10
+		}
+	}
+]
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-invalid-function/input.svelte b/packages/svelte/tests/validator/samples/declaration-tag-invalid-function/input.svelte
new file mode 100644
index 0000000000..8cfdf59c0f
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-invalid-function/input.svelte
@@ -0,0 +1,3 @@
+{#if true}
+	{function foo() {}}
+{/if}
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-invalid-type/errors.json b/packages/svelte/tests/validator/samples/declaration-tag-invalid-type/errors.json
new file mode 100644
index 0000000000..2a9b3c0140
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-invalid-type/errors.json
@@ -0,0 +1,14 @@
+[
+	{
+		"code": "declaration_tag_invalid_type",
+		"message": "Declaration tags must be `let` or `const` declarations",
+		"start": {
+			"line": 2,
+			"column": 2
+		},
+		"end": {
+			"line": 2,
+			"column": 5
+		}
+	}
+]
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-invalid-type/input.svelte b/packages/svelte/tests/validator/samples/declaration-tag-invalid-type/input.svelte
new file mode 100644
index 0000000000..eb9fcd5e75
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-invalid-type/input.svelte
@@ -0,0 +1,3 @@
+{#if true}
+	{var foo = 1}
+{/if}
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-legacy-mode/errors.json b/packages/svelte/tests/validator/samples/declaration-tag-legacy-mode/errors.json
new file mode 100644
index 0000000000..6b89f2eab8
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-legacy-mode/errors.json
@@ -0,0 +1,14 @@
+[
+	{
+		"code": "declaration_tag_no_legacy_mode",
+		"message": "Declaration tags cannot be used in legacy mode",
+		"start": {
+			"line": 5,
+			"column": 0
+		},
+		"end": {
+			"line": 5,
+			"column": 19
+		}
+	}
+]
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-legacy-mode/input.svelte b/packages/svelte/tests/validator/samples/declaration-tag-legacy-mode/input.svelte
new file mode 100644
index 0000000000..026d4eff1e
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-legacy-mode/input.svelte
@@ -0,0 +1,5 @@
+<script>
+	export let name = 'world';
+</script>
+
+{const foo = 'foo'}
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-maybe-runes/errors.json b/packages/svelte/tests/validator/samples/declaration-tag-maybe-runes/errors.json
new file mode 100644
index 0000000000..fe51488c70
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-maybe-runes/errors.json
@@ -0,0 +1 @@
+[]
diff --git a/packages/svelte/tests/validator/samples/declaration-tag-maybe-runes/input.svelte b/packages/svelte/tests/validator/samples/declaration-tag-maybe-runes/input.svelte
new file mode 100644
index 0000000000..081f242a81
--- /dev/null
+++ b/packages/svelte/tests/validator/samples/declaration-tag-maybe-runes/input.svelte
@@ -0,0 +1,6 @@
+<script>
+	let name = 'world';
+</script>
+
+Usage when no explicit runes/legacy mode should be ok
+{const foo = world}
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index 3f71d44177..1c3795be80 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -1303,6 +1303,12 @@ declare module 'svelte/compiler' {
 			};
 		}
 
+		/** A `{let ...}` or `{const ...}` tag */
+		export interface DeclarationTag extends BaseNode {
+			type: 'DeclarationTag';
+			declaration: VariableDeclaration;
+		}
+
 		/** A `{@debug ...}` tag */
 		export interface DebugTag extends BaseNode {
 			type: 'DebugTag';
@@ -1613,6 +1619,7 @@ declare module 'svelte/compiler' {
 		export type Tag =
 			| AST.AttachTag
 			| AST.ConstTag
+			| AST.DeclarationTag
 			| AST.DebugTag
 			| AST.ExpressionTag
 			| AST.HtmlTag