fixes

packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js

@@ -1668,11 +1668,7 @@ export const template_visitors = {
 					state
 				});
 
-				body.push(
-					b.var(id, b.call('$.text', b.id('$$anchor'))),
-					...state.before_init,
-					...state.init
-				);
+				body.push(b.var(id, b.call('$.text')), ...state.before_init, ...state.init);
 				close = b.stmt(b.call('$.append', b.id('$$anchor'), id));
 			} else {
 				if (is_standalone) {

packages/svelte/src/compiler/phases/3-transform/server/transform-server.js

@@ -1143,7 +1143,7 @@ const template_visitors = {
 	},
 	HtmlTag(node, context) {
 		const expression = /** @type {import('estree').Expression} */ (context.visit(node.expression));
-		context.state.template.push(block_open, expression, block_close);
+		context.state.template.push(block_open, expression, b.literal('<!--/html-->'));
 	},
 	ConstTag(node, { state, visit }) {
 		const declaration = node.declaration.declarations[0];

packages/svelte/src/internal/client/dom/blocks/html.js

@@ -1,5 +1,6 @@
+/** @import { Effect, TemplateNode } from '#client' */
 import { block, branch, destroy_effect } from '../../reactivity/effects.js';
-import { get_start, hydrate_nodes, hydrating } from '../hydration.js';
+import { hydrate_next, hydrate_node, hydrating, set_hydrate_node } from '../hydration.js';
 import { create_fragment_from_html } from '../reconciler.js';
 import { assign_nodes } from '../template.js';
 
@@ -11,9 +12,13 @@ import { assign_nodes } from '../template.js';
  * @returns {void}
  */
 export function html(anchor, get_value, svg, mathml) {
+	if (hydrating) {
+		hydrate_next();
+	}
+
 	var value = '';
 
-	/** @type {import('#client').Effect | null} */
+	/** @type {Effect | null} */
 	var effect;
 
 	block(() => {
@@ -28,7 +33,12 @@ export function html(anchor, get_value, svg, mathml) {
 
 		effect = branch(() => {
 			if (hydrating) {
-				assign_nodes(get_start(), hydrate_nodes[hydrate_nodes.length - 1]);
+				var next = hydrate_node;
+				while (next.nodeType !== 8 || /** @type {Comment} */ (next).data !== '/html') {
+					next = /** @type {TemplateNode} */ (next.nextSibling);
+				}
+
+				assign_nodes(hydrate_node, set_hydrate_node(next));
 				return;
 			}
 
@@ -46,8 +56,8 @@ export function html(anchor, get_value, svg, mathml) {
 			}
 
 			assign_nodes(
-				/** @type {import('#client').TemplateNode} */ (node.firstChild),
-				/** @type {import('#client').TemplateNode} */ (node.lastChild)
+				/** @type {TemplateNode} */ (node.firstChild),
+				/** @type {TemplateNode} */ (node.lastChild)
 			);
 
 			if (svg || mathml) {
@@ -59,4 +69,8 @@ export function html(anchor, get_value, svg, mathml) {
 			}
 		});
 	});
+
+	if (hydrating) {
+		anchor = hydrate_node;
+	}
 }

packages/svelte/src/internal/client/dom/hydration.js

@@ -17,7 +17,7 @@ export let hydrate_node;
 
 /** @param {TemplateNode} node */
 export function set_hydrate_node(node) {
-	hydrate_node = node;
+	return (hydrate_node = node);
 }
 
 /**

packages/svelte/src/internal/client/dom/template.js

@@ -108,7 +108,6 @@ export function ns_template(content, flags, ns = 'svg') {
 	return () => {
 		if (hydrating) {
 			assign_nodes(get_start(), null);
-
 			return hydrate_node;
 		}
 
@@ -207,11 +206,8 @@ function run_scripts(node) {
 	}
 }
 
-/**
- * @param {Text | Comment | Element} anchor
- */
 /*#__NO_SIDE_EFFECTS__*/
-export function text(anchor) {
+export function text() {
 	if (!hydrating) {
 		var t = empty();
 		assign_nodes(t, t);