diff --git a/.changeset/friendly-rice-confess.md b/.changeset/friendly-rice-confess.md
new file mode 100644
index 0000000000..c3fd4f1f58
--- /dev/null
+++ b/.changeset/friendly-rice-confess.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+feat: adds $state.link rune
diff --git a/packages/svelte/src/ambient.d.ts b/packages/svelte/src/ambient.d.ts
index 63a3873d3f..d894900334 100644
--- a/packages/svelte/src/ambient.d.ts
+++ b/packages/svelte/src/ambient.d.ts
@@ -125,6 +125,27 @@ declare namespace $state {
 	 */
 	export function frozen<T>(initial: T): Readonly<T>;
 	export function frozen<T>(): Readonly<T> | undefined;
+
+	/**
+	 * Declares reactive state that is linked to another value. Local mutations will override the linked value
+	 * until the linked value changes.
+	 *
+	 * Example:
+	 * ```ts
+	 * <script>
+	 *   let { text } = $props();
+	 *   let local_text = $state.link(text);
+	 * </script>
+	 *
+	 * <input type="text" bind:value={local_text} />
+	 * ```
+	 *
+	 * https://svelte-5-preview.vercel.app/docs/runes#$state-link
+	 *
+	 * @param value The linked value
+	 */
+	export function link<T>(value: T): T;
+
 	/**
 	 * To take a static snapshot of a deeply reactive `$state` proxy, use `$state.snapshot`:
 	 *
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index a064a457d0..3548fc3ff5 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -911,6 +911,7 @@ const runes_scope_js_tweaker = {
 
 		if (
 			rune !== '$state' &&
+			rune !== '$state.link' &&
 			rune !== '$state.frozen' &&
 			rune !== '$derived' &&
 			rune !== '$derived.by'
@@ -921,7 +922,13 @@ const runes_scope_js_tweaker = {
 			// @ts-ignore this fails in CI for some insane reason
 			const binding = /** @type {import('#compiler').Binding} */ (state.scope.get(path.node.name));
 			binding.kind =
-				rune === '$state' ? 'state' : rune === '$state.frozen' ? 'frozen_state' : 'derived';
+				rune === '$state'
+					? 'state'
+					: rune === '$state.link'
+						? 'link_state'
+						: rune === '$state.frozen'
+							? 'frozen_state'
+							: 'derived';
 		}
 	}
 };
@@ -948,6 +955,7 @@ const runes_scope_tweaker = {
 		if (
 			rune !== '$state' &&
 			rune !== '$state.frozen' &&
+			rune !== '$state.link' &&
 			rune !== '$derived' &&
 			rune !== '$derived.by' &&
 			rune !== '$props'
@@ -962,11 +970,13 @@ const runes_scope_tweaker = {
 					? 'state'
 					: rune === '$state.frozen'
 						? 'frozen_state'
-						: rune === '$derived' || rune === '$derived.by'
-							? 'derived'
-							: path.is_rest
-								? 'rest_prop'
-								: 'prop';
+						: rune === '$state.link'
+							? 'link_state'
+							: rune === '$derived' || rune === '$derived.by'
+								? 'derived'
+								: path.is_rest
+									? 'rest_prop'
+									: 'prop';
 		}
 
 		if (rune === '$props') {
@@ -1279,7 +1289,7 @@ const common_visitors = {
 				context.state.function_depth === binding.scope.function_depth &&
 				// If we have $state that can be proxied or frozen and isn't re-assigned, then that means
 				// it's likely not using a primitive value and thus this warning isn't that helpful.
-				((binding.kind === 'state' &&
+				(((binding.kind === 'state' || binding.kind === 'link_state') &&
 					(binding.reassigned ||
 						(binding.initial?.type === 'CallExpression' &&
 							binding.initial.arguments.length === 1 &&
@@ -1297,6 +1307,7 @@ const common_visitors = {
 		}
 	},
 	CallExpression(node, context) {
+		debugger;
 		const { expression, render_tag } = context.state;
 		if (
 			(expression?.type === 'ExpressionTag' || expression?.type === 'SpreadAttribute') &&
@@ -1339,6 +1350,16 @@ const common_visitors = {
 			}
 		}
 
+		if (rune === '$state.link') {
+			// Similar to $derived above, $state is treated as `$state(() => foo)`
+			context.next({
+				...context.state,
+				function_depth: context.state.function_depth + 1
+			});
+
+			return;
+		}
+
 		if (rune === '$effect' || rune === '$effect.pre') {
 			// `$effect` needs context because Svelte needs to know whether it should re-run
 			// effects that invalidate themselves, and that's determined by whether we're in runes mode
diff --git a/packages/svelte/src/compiler/phases/2-analyze/validation.js b/packages/svelte/src/compiler/phases/2-analyze/validation.js
index 29758b6b2f..5650b665b0 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/validation.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/validation.js
@@ -391,6 +391,7 @@ const validation = {
 				!binding ||
 				(binding.kind !== 'state' &&
 					binding.kind !== 'frozen_state' &&
+					binding.kind !== 'link_state' &&
 					binding.kind !== 'prop' &&
 					binding.kind !== 'bindable_prop' &&
 					binding.kind !== 'each' &&
@@ -868,7 +869,12 @@ function validate_export(node, scope, name) {
 		e.derived_invalid_export(node);
 	}
 
-	if ((binding.kind === 'state' || binding.kind === 'frozen_state') && binding.reassigned) {
+	if (
+		(binding.kind === 'state' ||
+			binding.kind === 'frozen_state' ||
+			binding.kind === 'link_state') &&
+		binding.reassigned
+	) {
 		e.state_invalid_export(node);
 	}
 }
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/types.d.ts b/packages/svelte/src/compiler/phases/3-transform/client/types.d.ts
index 3dbf5dc292..e0aae8f3cb 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/types.d.ts
+++ b/packages/svelte/src/compiler/phases/3-transform/client/types.d.ts
@@ -67,7 +67,7 @@ export interface ComponentClientTransformState extends ClientTransformState {
 }
 
 export interface StateField {
-	kind: 'state' | 'frozen_state' | 'derived' | 'derived_call';
+	kind: 'state' | 'frozen_state' | 'link_state' | 'derived' | 'derived_call';
 	id: PrivateIdentifier;
 }
 
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 5cc0f5c91b..7e450d8ea1 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/utils.js
@@ -100,6 +100,10 @@ export function serialize_get_binding(node, state) {
 		return b.member(b.id('$$props'), node);
 	}
 
+	if (binding.kind === 'link_state') {
+		return b.call(node);
+	}
+
 	if (binding.kind === 'legacy_reactive_import') {
 		return b.call('$$_import_' + node.name);
 	}
@@ -282,6 +286,7 @@ export function serialize_set_binding(node, context, fallback, prefix, options)
 	if (
 		binding.kind !== 'state' &&
 		binding.kind !== 'frozen_state' &&
+		binding.kind !== 'link_state' &&
 		binding.kind !== 'prop' &&
 		binding.kind !== 'bindable_prop' &&
 		binding.kind !== 'each' &&
@@ -302,7 +307,12 @@ export function serialize_set_binding(node, context, fallback, prefix, options)
 					/**@type {import("estree").Expression}*/ (binding.initial),
 					context.state.scope
 				);
-			if ((binding.kind === 'prop' || binding.kind === 'bindable_prop') && !is_initial_proxy) {
+			if (
+				(binding.kind === 'prop' ||
+					binding.kind === 'bindable_prop' ||
+					binding.kind === 'link_state') &&
+				!is_initial_proxy
+			) {
 				return b.call(left, value);
 			} else if (is_store) {
 				return b.call('$.store_set', serialize_get_binding(b.id(left_name), state), value);
@@ -329,7 +339,9 @@ export function serialize_set_binding(node, context, fallback, prefix, options)
 							: value
 					);
 				} else if (
-					(binding.kind === 'prop' || binding.kind === 'bindable_prop') &&
+					(binding.kind === 'prop' ||
+						binding.kind === 'bindable_prop' ||
+						binding.kind === 'link_state') &&
 					is_initial_proxy
 				) {
 					call = b.call(
@@ -337,7 +349,7 @@ export function serialize_set_binding(node, context, fallback, prefix, options)
 						context.state.analysis.runes &&
 							!options?.skip_proxy_and_freeze &&
 							should_proxy_or_freeze(value, context.state.scope) &&
-							binding.kind === 'bindable_prop'
+							(binding.kind === 'bindable_prop' || binding.kind === 'link_state')
 							? serialize_proxy_reassignment(value, left_name, state)
 							: value
 					);
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/global.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/global.js
index a640fb01b0..30a315e91d 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/global.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/global.js
@@ -68,6 +68,7 @@ export const global_visitors = {
 			if (
 				binding?.kind === 'state' ||
 				binding?.kind === 'frozen_state' ||
+				binding?.kind === 'link_state' ||
 				binding?.kind === 'each' ||
 				binding?.kind === 'legacy_reactive' ||
 				binding?.kind === 'prop' ||
@@ -85,6 +86,7 @@ export const global_visitors = {
 					args.push(serialize_get_binding(b.id(name), state), b.call('$' + name));
 				} else {
 					if (binding.kind === 'prop' || binding.kind === 'bindable_prop') fn += '_prop';
+					if (binding.kind === 'link_state') fn += '_link';
 					args.push(b.id(name));
 				}
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js
index 71524b539a..298c95b6de 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/javascript-runes.js
@@ -43,6 +43,7 @@ export const javascript_visitors_runes = {
 					if (
 						rune === '$state' ||
 						rune === '$state.frozen' ||
+						rune === '$state.link' ||
 						rune === '$derived' ||
 						rune === '$derived.by'
 					) {
@@ -53,9 +54,11 @@ export const javascript_visitors_runes = {
 									? 'state'
 									: rune === '$state.frozen'
 										? 'frozen_state'
-										: rune === '$derived.by'
-											? 'derived_call'
-											: 'derived',
+										: rune === '$state.link'
+											? 'link_state'
+											: rune === '$derived.by'
+												? 'derived_call'
+												: 'derived',
 							// @ts-expect-error this is set in the next pass
 							id: is_private ? definition.key : null
 						};
@@ -114,14 +117,21 @@ export const javascript_visitors_runes = {
 										'$.source',
 										should_proxy_or_freeze(init, state.scope) ? b.call('$.proxy', init) : init
 									)
-								: field.kind === 'frozen_state'
+								: field.kind === 'link_state'
 									? b.call(
-											'$.source',
-											should_proxy_or_freeze(init, state.scope) ? b.call('$.freeze', init) : init
+											'$.source_link',
+											should_proxy_or_freeze(init, state.scope)
+												? b.thunk(b.call('$.proxy', init))
+												: b.thunk(init)
 										)
-									: field.kind === 'derived_call'
-										? b.call('$.derived', init)
-										: b.call('$.derived', b.thunk(init));
+									: field.kind === 'frozen_state'
+										? b.call(
+												'$.source',
+												should_proxy_or_freeze(init, state.scope) ? b.call('$.freeze', init) : init
+											)
+										: field.kind === 'derived_call'
+											? b.call('$.derived', init)
+											: b.call('$.derived', b.thunk(init));
 					} else {
 						// if no arguments, we know it's state as `$derived()` is a compile error
 						value = b.call('$.source');
@@ -134,8 +144,24 @@ export const javascript_visitors_runes = {
 						const member = b.member(b.this, field.id);
 						body.push(b.prop_def(field.id, value));
 
-						// get foo() { return this.#foo; }
-						body.push(b.method('get', definition.key, [], [b.return(b.call('$.get', member))]));
+						if (field.kind === 'link_state') {
+							// get foo() { return this.#foo; }
+							body.push(b.method('get', definition.key, [], [b.return(b.call(member))]));
+
+							// set foo(value) { this.#foo = value; }
+							const value = b.id('value');
+							body.push(
+								b.method(
+									'set',
+									definition.key,
+									[value],
+									[b.stmt(b.call(member, serialize_proxy_reassignment(value, field.id, state)))]
+								)
+							);
+						} else {
+							// get foo() { return this.#foo; }
+							body.push(b.method('get', definition.key, [], [b.return(b.call('$.get', member))]));
+						}
 
 						if (field.kind === 'state') {
 							// set foo(value) { this.#foo = value; }
@@ -314,7 +340,7 @@ export const javascript_visitors_runes = {
 					? b.id('undefined')
 					: /** @type {import('estree').Expression} */ (visit(args[0]));
 
-			if (rune === '$state' || rune === '$state.frozen') {
+			if (rune === '$state' || rune === '$state.frozen' || rune === '$state.link') {
 				/**
 				 * @param {import('estree').Identifier} id
 				 * @param {import('estree').Expression} value
@@ -322,7 +348,13 @@ export const javascript_visitors_runes = {
 				const create_state_declarator = (id, value) => {
 					const binding = /** @type {import('#compiler').Binding} */ (state.scope.get(id.name));
 					if (should_proxy_or_freeze(value, state.scope)) {
-						value = b.call(rune === '$state' ? '$.proxy' : '$.freeze', value);
+						value = b.call(
+							rune === '$state' || rune === '$state.link' ? '$.proxy' : '$.freeze',
+							value
+						);
+					}
+					if (binding.kind === 'link_state') {
+						return b.call('$.source_link', b.thunk(value));
 					}
 					if (is_state_source(binding, state)) {
 						value = b.call('$.source', value);
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 1d0695b5f0..5f7c3aebb5 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
@@ -559,7 +559,12 @@ const javascript_visitors_runes = {
 		if (node.value != null && node.value.type === 'CallExpression') {
 			const rune = get_rune(node.value, state.scope);
 
-			if (rune === '$state' || rune === '$state.frozen' || rune === '$derived') {
+			if (
+				rune === '$state' ||
+				rune === '$state.frozen' ||
+				rune === '$state.link' ||
+				rune === '$derived'
+			) {
 				return {
 					...node,
 					value:
diff --git a/packages/svelte/src/compiler/phases/constants.js b/packages/svelte/src/compiler/phases/constants.js
index 898a77c4bf..8ac0e8118c 100644
--- a/packages/svelte/src/compiler/phases/constants.js
+++ b/packages/svelte/src/compiler/phases/constants.js
@@ -31,6 +31,7 @@ export const PassiveEvents = ['wheel', 'touchstart', 'touchmove', 'touchend', 't
 
 export const Runes = /** @type {const} */ ([
 	'$state',
+	'$state.link',
 	'$state.frozen',
 	'$state.snapshot',
 	'$state.is',
diff --git a/packages/svelte/src/compiler/types/index.d.ts b/packages/svelte/src/compiler/types/index.d.ts
index 47616f9905..576fad72d6 100644
--- a/packages/svelte/src/compiler/types/index.d.ts
+++ b/packages/svelte/src/compiler/types/index.d.ts
@@ -278,6 +278,7 @@ export interface Binding {
 		| 'rest_prop'
 		| 'state'
 		| 'frozen_state'
+		| 'link_state'
 		| 'derived'
 		| 'each'
 		| 'snippet'
diff --git a/packages/svelte/src/internal/client/index.js b/packages/svelte/src/internal/client/index.js
index 859e85f22c..1489d30df0 100644
--- a/packages/svelte/src/internal/client/index.js
+++ b/packages/svelte/src/internal/client/index.js
@@ -104,7 +104,14 @@ export {
 	user_effect,
 	user_pre_effect
 } from './reactivity/effects.js';
-export { mutable_source, mutate, source, set } from './reactivity/sources.js';
+export {
+	mutable_source,
+	mutate,
+	source,
+	source_link,
+	set,
+	update_link
+} from './reactivity/sources.js';
 export {
 	prop,
 	rest_props,
diff --git a/packages/svelte/src/internal/client/reactivity/sources.js b/packages/svelte/src/internal/client/reactivity/sources.js
index 8fa229d56f..f429cc295b 100644
--- a/packages/svelte/src/internal/client/reactivity/sources.js
+++ b/packages/svelte/src/internal/client/reactivity/sources.js
@@ -25,6 +25,7 @@ import {
 	MAYBE_DIRTY
 } from '../constants.js';
 import * as e from '../errors.js';
+import { derived } from './deriveds.js';
 
 let inspect_effects = new Set();
 
@@ -44,6 +45,47 @@ export function source(v) {
 	};
 }
 
+/**
+ * @param {() => any} get_value
+ */
+export function source_link(get_value) {
+	var was_local = false;
+	var local_source = source(undefined);
+	var linked_derived = derived(() => {
+		var local_value = get(local_source);
+		var linked_value = get_value();
+
+		if (was_local) {
+			was_local = false;
+			return local_value;
+		}
+
+		return linked_value;
+	});
+
+	return function (/** @type {any} */ value) {
+		var linked_value = get(linked_derived);
+		if (arguments.length > 0) {
+			was_local = true;
+			set(local_source, value);
+			get(linked_derived);
+			return value;
+		}
+		return linked_value;
+	};
+}
+
+/**
+ * @param {((value?: number) => number)} fn
+ * @param {1 | -1} [d]
+ * @returns {number}
+ */
+export function update_link(fn, d = 1) {
+	const value = fn();
+	fn(value + d);
+	return value;
+}
+
 /**
  * @template V
  * @param {V} initial_value
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index 86f33588a6..b483c3dab0 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -918,6 +918,7 @@ declare module 'svelte/compiler' {
 			| 'rest_prop'
 			| 'state'
 			| 'frozen_state'
+			| 'link_state'
 			| 'derived'
 			| 'each'
 			| 'snippet'
@@ -2855,6 +2856,27 @@ declare namespace $state {
 	 */
 	export function frozen<T>(initial: T): Readonly<T>;
 	export function frozen<T>(): Readonly<T> | undefined;
+
+	/**
+	 * Declares reactive state that is linked to another value. Local mutations will override the linked value
+	 * until the linked value changes.
+	 *
+	 * Example:
+	 * ```ts
+	 * <script>
+	 *   let { text } = $props();
+	 *   let local_text = $state.link(text);
+	 * </script>
+	 *
+	 * <input type="text" bind:value={local_text} />
+	 * ```
+	 *
+	 * https://svelte-5-preview.vercel.app/docs/runes#$state-link
+	 *
+	 * @param value The linked value
+	 */
+		export function link<T>(value: T): T;
+
 	/**
 	 * To take a static snapshot of a deeply reactive `$state` proxy, use `$state.snapshot`:
 	 *
diff --git a/sites/svelte-5-preview/src/lib/autocomplete.js b/sites/svelte-5-preview/src/lib/autocomplete.js
index 750b9f2e7c..edb8be6f84 100644
--- a/sites/svelte-5-preview/src/lib/autocomplete.js
+++ b/sites/svelte-5-preview/src/lib/autocomplete.js
@@ -118,6 +118,7 @@ const runes = [
 	{ snippet: '$bindable()', test: is_bindable },
 	{ snippet: '$effect.root(() => {\n\t${}\n})' },
 	{ snippet: '$state.snapshot(${})' },
+	{ snippet: '$state.link(${})' },
 	{ snippet: '$state.is(${})' },
 	{ snippet: '$effect.tracking()' },
 	{ snippet: '$inspect(${});', test: is_statement }
diff --git a/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md b/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md
index 5f0ee7c0ea..76007ae96c 100644
--- a/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md
+++ b/sites/svelte-5-preview/src/routes/docs/content/01-api/02-runes.md
@@ -64,6 +64,10 @@ Only plain objects and arrays [are made deeply reactive](/#H4sIAAAAAAAAE42QwWrDM
 
 In non-runes mode, a `let` declaration is treated as reactive state if it is updated at some point. Unlike `$state(...)`, which works anywhere in your app, `let` only behaves this way at the top level of a component.
 
+## `$state.link`
+
+TODO
+
 ## `$state.frozen`
 
 State declared with `$state.frozen` cannot be mutated; it can only be _reassigned_. In other words, rather than assigning to a property of an object, or using an array method like `push`, replace the object or array altogether if you'd like to update it: