diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 65180e00e5..c33f94d168 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -560,8 +560,6 @@ export function get(signal) {
 		// we don't add the dependency, because that would create a memory leak
 		var destroyed = active_effect !== null && (active_effect.f & DESTROYED) !== 0;
 
-		first_time = (active_reaction.f & REACTION_RAN) === 0;
-
 		if (!destroyed && (current_sources === null || !current_sources.has(signal))) {
 			var deps = active_reaction.deps;
 
@@ -577,8 +575,10 @@ export function get(signal) {
 						skipped_deps++;
 					} else if (new_deps === null) {
 						new_deps = [signal];
+						first_time = true;
 					} else {
 						new_deps.push(signal);
+						first_time = true;
 					}
 				}
 			} else {
@@ -590,6 +590,7 @@ export function get(signal) {
 				active_reaction.deps ??= [];
 				if (!includes.call(active_reaction.deps, signal)) {
 					active_reaction.deps.push(signal);
+					first_time = true;
 				}
 
 				var reactions = signal.reactions;
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
new file mode 100644
index 0000000000..af066836b2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/_config.js
@@ -0,0 +1,36 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [x, y, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(
+			target.innerHTML,
+			'<p>0</p><button>x</button><button>y</button><button>shift</button>'
+		);
+		assert.deepEqual(logs, []);
+
+		// write x — the batch is pending on its async expression
+		x.click();
+		await tick();
+		assert.deepEqual(logs, []);
+
+		// 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 1 1']);
+
+		// 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 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-changed/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/main.svelte
new file mode 100644
index 0000000000..3a9323d8ce
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-changed/main.svelte
@@ -0,0 +1,23 @@
+<script>
+	let x = $state(0);
+	let y = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (y > 0) {
+			console.log(`effect ${x} ${y}`);
+		}
+	});
+</script>
+
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x += 1; }}>x</button>
+<button onclick={() => y++}>y</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-derived-equality/_config.js b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-derived-equality/_config.js
new file mode 100644
index 0000000000..58eab0f674
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-derived-equality/_config.js
@@ -0,0 +1,33 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>x</button><button>show</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [x, show, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>true</p><p>1</p>${buttons}`);
+		assert.deepEqual(logs, []);
+
+		// write x — the batch is pending on its async expression, and claims
+		// the `positive` derived (marked through x)
+		x.click();
+		await tick();
+		assert.deepEqual(logs, []);
+
+		// an independent batch runs the effect, which reads the claimed derived
+		// through the pending batch's overlay (x = 1, so `positive` is true)
+		show.click();
+		await tick();
+		assert.deepEqual(logs, ['positive true']);
+
+		// the pending batch settles and commits x = 2 — `positive` recomputes
+		// to the same value (true), so the effect should not re-run
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['positive true']);
+		assert.htmlEqual(target.innerHTML, `<p>true</p><p>2</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-derived-equality/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-derived-equality/main.svelte
new file mode 100644
index 0000000000..91214d6874
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-derived-equality/main.svelte
@@ -0,0 +1,26 @@
+<script>
+	let x = $state(1);
+	let show = $state(false);
+	let pend = false;
+
+	const deferred = [];
+
+	let positive = $derived(x > 0);
+
+	function delay(value) {
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (show) {
+			console.log(`positive ${positive}`);
+		}
+	});
+</script>
+
+<p>{positive}</p>
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x += 1; }}>x</button>
+<button onclick={() => (show = true)}>show</button>
+<button onclick={() => deferred.shift()?.()}>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
new file mode 100644
index 0000000000..4a7e6282fb
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/_config.js
@@ -0,0 +1,37 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [x, y, shift] = target.querySelectorAll('button');
+
+		assert.deepEqual(logs, ['effect _ 0']);
+
+		// write x — the batch is pending on its async expression
+		x.click();
+		await tick();
+		assert.deepEqual(logs, ['effect _ 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 1 1']);
+
+		// the effect re-runs and no longer depends on `x` at all
+		y.click();
+		await tick();
+		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 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-commit-stale-reader-dropped-dep/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/main.svelte
new file mode 100644
index 0000000000..4d9d616293
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-dropped-dep/main.svelte
@@ -0,0 +1,24 @@
+<script>
+	let x = $state(0);
+	let y = $state(0);
+
+	const deferred = [];
+
+	function delay(value) {
+		if (!value) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (y === 1) {
+			console.log(`effect ${x} ${y}`);
+		} else {
+			console.log(`effect _ ${y}`);
+		}
+	});
+</script>
+
+<p>{await delay(x)}</p>
+<button onclick={() => x++}>x</button>
+<button onclick={() => y++}>y</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-unchanged/_config.js b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-unchanged/_config.js
new file mode 100644
index 0000000000..4a6e2587d4
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-unchanged/_config.js
@@ -0,0 +1,33 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [revert, y, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(
+			target.innerHTML,
+			'<p>0</p><button>revert</button><button>y</button><button>shift</button>'
+		);
+		assert.deepEqual(logs, []);
+
+		// write x and revert it within the same batch — the batch is pending
+		// (its async expression re-runs), with previous === current for `x`
+		revert.click();
+		await tick();
+		assert.deepEqual(logs, []);
+
+		// an independent batch runs the effect, which now reads `x` through
+		// the pending batch's overlay (seeing the held-back value 0)
+		y.click();
+		await tick();
+		assert.deepEqual(logs, ['effect 0 1']);
+
+		// the pending batch settles and commits x === 0, i.e. exactly the value
+		// the effect already saw — it should not re-run
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['effect 0 1']);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-unchanged/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-unchanged/main.svelte
new file mode 100644
index 0000000000..2c95b4a2f8
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-commit-stale-reader-unchanged/main.svelte
@@ -0,0 +1,23 @@
+<script>
+	let x = $state(0);
+	let y = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (y > 0) {
+			console.log(`effect ${x} ${y}`);
+		}
+	});
+</script>
+
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x += 1; x -= 1; }}>revert</button>
+<button onclick={() => y++}>y</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-eager-effect-loop/_config.js b/packages/svelte/tests/runtime-runes/samples/async-eager-effect-loop/_config.js
new file mode 100644
index 0000000000..4dee4cc511
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-eager-effect-loop/_config.js
@@ -0,0 +1,16 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [increment] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, '<button>increment</button><p>0</p>');
+
+		increment.click();
+		await tick();
+
+		assert.htmlEqual(target.innerHTML, '<button>increment</button><p>2</p>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-eager-effect-loop/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-eager-effect-loop/main.svelte
new file mode 100644
index 0000000000..8ba1897206
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-eager-effect-loop/main.svelte
@@ -0,0 +1,14 @@
+<script>
+	let count = $state(0);
+	let runs = 0;
+
+	function delay(value, eager_value) {
+		if (runs++ > 10) throw new Error('infinite loop detected')
+		if (value === 0) return 0;
+		return Promise.resolve(value + eager_value);
+	}
+</script>
+
+<button onclick={() => count += 1}>increment</button>
+
+<p>{await delay(count, $state.eager(count))}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-eager-reestablish-no-refetch/_config.js b/packages/svelte/tests/runtime-runes/samples/async-eager-reestablish-no-refetch/_config.js
new file mode 100644
index 0000000000..b7177c7135
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-eager-reestablish-no-refetch/_config.js
@@ -0,0 +1,36 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>count</button><button>eager</button><button>shift</button>';
+
+export default test({
+	// running more than once per bump
+	async test({ assert, target, logs }) {
+		await tick();
+		const [count, eager, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>-1</p>${buttons}`);
+		assert.deepEqual(logs, []);
+
+		// count++ creates a pending batch; the inner block (containing the
+		// $state.eager expression) is created inside it and belongs to it.
+		// it does not depend on `count`
+		count.click();
+		await tick();
+		assert.deepEqual(logs, ['inner 0']);
+
+		// an eager version bump re-runs the inner block in the eager batch's
+		// world — since the block doesn't depend on the pending batch's
+		// changes, it sees exactly the same values the owner's world would
+		eager.click();
+		await tick();
+		assert.deepEqual(logs, ['inner 0', 'inner 1']);
+
+		// the pending batch settles — nothing the inner block sees has
+		// changed since its eager run, so it should not be re-run
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['inner 0', 'inner 1']);
+		assert.htmlEqual(target.innerHTML, `<p>0</p><span>1</span>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-eager-reestablish-no-refetch/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-eager-reestablish-no-refetch/main.svelte
new file mode 100644
index 0000000000..3e4bd83e93
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-eager-reestablish-no-refetch/main.svelte
@@ -0,0 +1,26 @@
+<script>
+	let count = $state(-1);
+	let eag = $state(0);
+
+	const deferred = [];
+
+	function delay(value) {
+		if (value < 0) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	function log(value) {
+		console.log(`inner ${value}`);
+		return value >= 0;
+	}
+</script>
+
+<p>{await delay(count)}</p>
+{#if count >= 0}
+	{#if log($state.eager(eag))}
+		<span>{eag}</span>
+	{/if}
+{/if}
+<button onclick={() => count++}>count</button>
+<button onclick={() => eag++}>eager</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-async-effect-replay/_config.js b/packages/svelte/tests/runtime-runes/samples/async-fork-async-effect-replay/_config.js
new file mode 100644
index 0000000000..1f9a10c5a1
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-async-effect-replay/_config.js
@@ -0,0 +1,41 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = `
+	<button>fork</button>
+	<button>update</button>
+	<button>resolve</button>
+	<button>discard</button>
+`;
+
+export default test({
+	async test({ assert, target, instance }) {
+		const [fork_button, update, resolve, discard] = target.querySelectorAll('button');
+
+		fork_button.click();
+		await tick();
+		assert.equal(instance.get_calls(), 1);
+		assert.htmlEqual(target.innerHTML, buttons);
+
+		// Transfer an invalidation into the fork while its async work is pending.
+		update.click();
+		await tick();
+		assert.equal(instance.get_calls(), 2); // can also be 1 at this point already, would also be ok
+
+		try {
+			resolve.click();
+			await tick();
+			assert.equal(instance.get_calls(), 2);
+
+			// Completing the replacement must not replay the same invalidation.
+			resolve.click();
+			await tick();
+			assert.equal(instance.get_calls(), 2);
+		} finally {
+			discard.click();
+			await tick();
+		}
+
+		assert.htmlEqual(target.innerHTML, buttons);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-async-effect-replay/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-fork-async-effect-replay/main.svelte
new file mode 100644
index 0000000000..814980d99b
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-async-effect-replay/main.svelte
@@ -0,0 +1,42 @@
+<script>
+	import { fork } from 'svelte';
+
+	let sharedState = $state(0);
+	let show = $state(false);
+	let f;
+	let calls = 0;
+
+	const resolvers = [];
+
+	// Only evaluated in the fork, with a fresh object on each evaluation.
+	const searchParams = $derived({ value: sharedState });
+
+	export function get_calls() {
+		return calls;
+	}
+
+	function load(value) {
+		calls += 1;
+		return new Promise((resolve) => resolvers.push(() => resolve(value)));
+	}
+</script>
+
+<button
+	onclick={() => {
+		f = fork(() => {
+			sharedState = 1;
+			show = true;
+		});
+	}}
+	>fork</button
+>
+<button onclick={() => sharedState++}>update</button>
+<button onclick={() => resolvers.shift()?.()}>resolve</button>
+<button onclick={() => f?.discard()}>discard</button>
+
+{#if show}
+	<svelte:boundary>
+		{#snippet pending()}loading{/snippet}
+		<p>{await load(searchParams.value)}</p>
+	</svelte:boundary>
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-branch-update/_config.js b/packages/svelte/tests/runtime-runes/samples/async-fork-branch-update/_config.js
new file mode 100644
index 0000000000..8b50ff2e19
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-branch-update/_config.js
@@ -0,0 +1,45 @@
+import { flushSync, tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = `
+	<button>preload</button>
+	<button>increment</button>
+	<button>commit</button>
+	<button>reveal</button>
+	<button>discard</button>
+	<button>preload second</button>
+	<button>commit second</button>
+	<button>reset</button>
+`;
+
+export default test({
+	async test({ assert, target }) {
+		const [preload, increment, commit, reveal, discard, preload_second, commit_second, reset] =
+			target.querySelectorAll('button');
+
+		for (const mode of ['commit', 'reveal', 'second-fork']) {
+			preload.click();
+			flushSync(() => increment.click());
+			assert.htmlEqual(target.innerHTML, buttons);
+
+			if (mode === 'commit') {
+				commit.click();
+				await tick();
+			} else if (mode === 'reveal') {
+				flushSync(() => reveal.click());
+				discard.click();
+			} else {
+				preload_second.click();
+				discard.click();
+				commit_second.click();
+				await tick();
+			}
+
+			assert.htmlEqual(target.innerHTML, `${buttons}<p>1 2</p>`);
+			flushSync(() => increment.click());
+			assert.htmlEqual(target.innerHTML, `${buttons}<p>2 4</p>`);
+			flushSync(() => reset.click());
+			assert.htmlEqual(target.innerHTML, buttons);
+		}
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-branch-update/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-fork-branch-update/main.svelte
new file mode 100644
index 0000000000..a0e98c1c4b
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-branch-update/main.svelte
@@ -0,0 +1,22 @@
+<script>
+	import { fork } from 'svelte';
+
+	let show = $state(false);
+	let count = $state(0);
+	let doubled = $derived(count * 2);
+	let f;
+	let other;
+</script>
+
+<button onclick={() => (f = fork(() => (show = true)))}>preload</button>
+<button onclick={() => count++}>increment</button>
+<button onclick={() => f.commit()}>commit</button>
+<button onclick={() => (show = true)}>reveal</button>
+<button onclick={() => f.discard()}>discard</button>
+<button onclick={() => (other = fork(() => (show = true)))}>preload second</button>
+<button onclick={() => other.commit()}>commit second</button>
+<button onclick={() => { show = false; count = 0; }}>reset</button>
+
+{#if show}
+	<p>{count} {doubled}</p>
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-commit-superseded-effect/_config.js b/packages/svelte/tests/runtime-runes/samples/async-fork-commit-superseded-effect/_config.js
new file mode 100644
index 0000000000..b7ace65f23
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-commit-superseded-effect/_config.js
@@ -0,0 +1,43 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons =
+	'<button>fork</button><button>y</button><button>shift</button><button>commit</button>';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [forkButton, y, shift, commit] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>0</p>${buttons}`);
+
+		// speculative world: x becomes 1, async expression runs with x + y = 1
+		forkButton.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>0</p>${buttons}`);
+
+		// real world: y becomes 1, async expression runs with x + y = 1
+		// (computed with the pre-fork x = 0) — this run supersedes the
+		// fork's validation of the effect
+		y.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>0</p>${buttons}`);
+
+		// commit the fork while the real batch is still pending — x = 1 is
+		// written, and the async expression must eventually re-run with the
+		// committed value, because its in-flight run used x = 0
+		commit.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>0</p>${buttons}`);
+
+		// resolve all in-flight runs (superseded ones are no-ops)
+		for (let i = 0; i < 4; i += 1) {
+			shift.click();
+			await tick();
+		}
+
+		// x = 1, y = 1 — anything else means the effect resolved with a value
+		// computed from stale inputs and was never re-run
+		assert.htmlEqual(target.innerHTML, `<p>2</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-commit-superseded-effect/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-fork-commit-superseded-effect/main.svelte
new file mode 100644
index 0000000000..3dba3d1004
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-commit-superseded-effect/main.svelte
@@ -0,0 +1,20 @@
+<script>
+	import { fork } from 'svelte';
+
+	let x = $state(0);
+	let y = $state(0);
+	let f;
+
+	const deferred = [];
+
+	function delay(value) {
+		if (!value) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+</script>
+
+<p>{await delay(x + y)}</p>
+<button onclick={() => { f = fork(() => x++); }}>fork</button>
+<button onclick={() => y++}>y</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
+<button onclick={() => f.commit()}>commit</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-effect-overlap-2/_config.js b/packages/svelte/tests/runtime-runes/samples/async-fork-effect-overlap-2/_config.js
new file mode 100644
index 0000000000..4aeeff78b2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-effect-overlap-2/_config.js
@@ -0,0 +1,34 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [x, y, shift, pop, commit] = target.querySelectorAll('button');
+		const [p] = target.querySelectorAll('p');
+		logs.length = 0;
+
+		y.click();
+		await tick();
+		assert.deepEqual(logs, ['called with 0,1']);
+		logs.length = 0;
+
+		x.click();
+		await tick();
+		assert.deepEqual(logs, ['called with 1,1']);
+		assert.htmlEqual(p.innerHTML, '0');
+		logs.length = 0;
+
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, []);
+		assert.htmlEqual(p.innerHTML, '1');
+
+		commit.click();
+		await tick();
+		pop.click();
+		await tick();
+		assert.deepEqual(logs, []);
+		assert.htmlEqual(p.innerHTML, '2');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-effect-overlap-2/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-fork-effect-overlap-2/main.svelte
new file mode 100644
index 0000000000..2e461cd884
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-effect-overlap-2/main.svelte
@@ -0,0 +1,23 @@
+<script>
+	import { fork } from 'svelte';
+
+	let x = $state(0);
+	let y = $state(0);
+	let f;
+
+	const deferred = [];
+
+	function delay(_, value) {
+		if (!value) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+ 
+</script>
+
+<button onclick={() => {f = fork(() => x++)}}>x</button>
+<button onclick={() => y++}>y</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
+<button onclick={() => deferred.pop()?.()}>pop</button>
+<button onclick={() => f.commit()}>commit</button>
+
+<p>{await delay(console.log('called with ' + x + ',' + y), x + y)}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-revalidation-no-refetch/_config.js b/packages/svelte/tests/runtime-runes/samples/async-fork-revalidation-no-refetch/_config.js
new file mode 100644
index 0000000000..31474640ef
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-revalidation-no-refetch/_config.js
@@ -0,0 +1,42 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [forkButton, real, shift, discard] = target.querySelectorAll('button');
+
+		assert.deepEqual(logs, ['b 0']);
+		logs.length = 0;
+
+		// speculative world: fork writes b and c, runs the async expression
+		forkButton.click();
+		await tick();
+		assert.deepEqual(logs, ['b 1']);
+
+		// real world: b++ re-runs the async expression for real
+		real.click();
+		await tick();
+		assert.deepEqual(logs, ['b 1', 'b 1']);
+
+		// resolve the fork's in-flight run — the fork is still speculative,
+		// nothing should be committed or re-run
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['b 1', 'b 1']);
+
+		// resolve the real run — the real batch commits b = 1. The fork's world
+		// value of `b` is also 1 (its own write, now also committed), so the
+		// fork's async expression sees unchanged inputs and should not re-run
+		shift.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<p>1 0</p><button>fork</button><button>real</button><button>shift</button><button>discard</button>'
+		);
+		assert.deepEqual(logs, ['b 1', 'b 1']);
+
+		discard.click();
+		await tick();
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-fork-revalidation-no-refetch/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-fork-revalidation-no-refetch/main.svelte
new file mode 100644
index 0000000000..f2a6df36d7
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-fork-revalidation-no-refetch/main.svelte
@@ -0,0 +1,20 @@
+<script>
+	import { fork } from 'svelte';
+
+	let b = $state(0);
+	let c = $state(0);
+	let f;
+
+	const deferred = [];
+
+	function delay(_, value) {
+		if (!value) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+</script>
+
+<p>{await delay(console.log(`b ${b}`), b)} {c}</p>
+<button onclick={() => { f = fork(() => { b += 1; c += 1; }); }}>fork</button>
+<button onclick={() => b++}>real</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
+<button onclick={() => f.discard()}>discard</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-read-pending-value-in-committed-batch/_config.js b/packages/svelte/tests/runtime-runes/samples/async-read-pending-value-in-committed-batch/_config.js
new file mode 100644
index 0000000000..6a65bb3c1a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-read-pending-value-in-committed-batch/_config.js
@@ -0,0 +1,61 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = `
+	<button>up</button>
+	<button>down</button>
+	<button>show1</button>
+	<button>show2</button>
+	<button>shift a</button>
+	<button>shift t</button>
+`;
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+
+		const [up, down, show1, show2, shift_a, shift_t] = target.querySelectorAll('button');
+
+		// batch B: reveals boundary 1 -> commits with pending snippet, stays live
+		show1.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons} <p>loading 1...</p>`);
+
+		// batch C: reveals boundary 2 -> commits with pending snippet, stays live
+		show2.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons} <p>loading 1...</p> <p>loading 2...</p>`);
+
+		// batch A: writes a=1; the async-a effect is owned by C, so A merges with
+		// C and stays pending. B remains separate
+		up.click();
+		await tick();
+
+		// B's continuation first-reads `a`, which is overlaid by the pending
+		// merged batch. B has already committed its UI, so it cannot entangle —
+		// it reads the latest value (1) instead
+		shift_t.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons} <p>late read: 1</p> <p>loading 2...</p>`);
+
+		// revert `a` to 0 inside the pending batch — its eventual commit leaves
+		// `a` unchanged. The write re-runs the late reader (it acquired `a` as a
+		// dependency), so it re-awaits a fresh deferred
+		down.click();
+		await tick();
+
+		// resolve the pending batch's async-a runs -> it commits
+		shift_a.click();
+		await tick();
+		shift_a.click();
+		await tick();
+		shift_a.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons} <p>late read: 1</p> <p>async a: 0</p>`);
+
+		// resolve the late reader's re-run -> it converges on the committed value
+		shift_t.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `${buttons} <p>late read: 0</p> <p>async a: 0</p>`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-read-pending-value-in-committed-batch/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-read-pending-value-in-committed-batch/main.svelte
new file mode 100644
index 0000000000..78ca377225
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-read-pending-value-in-committed-batch/main.svelte
@@ -0,0 +1,49 @@
+<script>
+	let a = $state(0);
+	let show1 = $state(false);
+	let show2 = $state(false);
+
+	let deferreds = [];
+
+	function push(key, v) {
+		const d = Promise.withResolvers();
+		deferreds.push({ key, v, d });
+		return d.promise;
+	}
+
+	function shift(key, override) {
+		const i = deferreds.findIndex((d) => d.key === key);
+		if (i === -1) return;
+		const [{ v, d }] = deferreds.splice(i, 1);
+		d.resolve(override ?? v);
+	}
+</script>
+
+<button onclick={() => a++}>up</button>
+<button onclick={() => a--}>down</button>
+<button onclick={() => (show1 = true)}>show1</button>
+<button onclick={() => (show2 = true)}>show2</button>
+<button onclick={() => shift('a')}>shift a</button>
+<button onclick={() => shift('t', 1)}>shift t</button>
+
+{#if show1}
+	<svelte:boundary>
+		<!-- no state deps initially; reads `a` for the first time only when
+		     the awaited value (controlled by the test) says so -->
+		<p>late read: {(await push('t', 0)) > 0 ? a : -1}</p>
+
+		{#snippet pending()}
+			<p>loading 1...</p>
+		{/snippet}
+	</svelte:boundary>
+{/if}
+
+{#if show2}
+	<svelte:boundary>
+		<p>async a: {await push('a', a)}</p>
+
+		{#snippet pending()}
+			<p>loading 2...</p>
+		{/snippet}
+	</svelte:boundary>
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-source-only-overlap/_config.js b/packages/svelte/tests/runtime-runes/samples/async-source-only-overlap/_config.js
new file mode 100644
index 0000000000..a65c8a6fba
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-source-only-overlap/_config.js
@@ -0,0 +1,30 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [a_b, b, resolve] = target.querySelectorAll('button');
+
+		a_b.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<button>a_b 0_0</button> <button>b 0</button> <button>resolve</button> 0'
+		);
+
+		b.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<button>a_b 0_0</button> <button>b 0</button> <button>resolve</button> 0'
+		);
+
+		resolve.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			'<button>a_b 1_2</button> <button>b 2</button> <button>resolve</button> 1'
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-source-only-overlap/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-source-only-overlap/main.svelte
new file mode 100644
index 0000000000..1e107c0374
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-source-only-overlap/main.svelte
@@ -0,0 +1,18 @@
+<script>
+	let a = $state(0);
+	let b = $state(0);
+	let deferreds = [];
+	const value = () => (`${a}_${b}`);
+
+	function push(value) {
+		if (!value) return value;
+		return new Promise((resolve) => {
+			deferreds.push(() => resolve(value));
+		});
+	}
+</script>
+
+<button onclick={() => {a++;b++}}>a_b {value()}</button>
+<button onclick={() => (b++)}>b {b}</button>
+<button onclick={() => (deferreds.shift()?.())}>resolve</button>
+{await push(a)}
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..9e3e4369a4
--- /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 reads `x`, which the pending batch has written, as a new
+		// dependency — the two batches entangle, so the new branch is held back
+		// until the async work completes. Its $effect is deferred, but the
+		// init-time console.log necessarily runs eagerly (with the latest value)
+		assert.deepEqual(logs, ['universe', 'universe']);
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>x</button>
+			<button>y++</button>
+			<button>resolve</button>
+		`
+		);
+
+		resolve.click();
+		await tick();
+		// both branches commit together, fully consistent
+		assert.deepEqual(logs, ['universe', 'universe', '$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-5/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-5/_config.js
new file mode 100644
index 0000000000..28b8229839
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-5/_config.js
@@ -0,0 +1,51 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const [x, y, resolve] = target.querySelectorAll('button');
+
+		x.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>x</button>
+			<button>y++</button>
+			<button>resolve</button>
+			<h1>WORLD</h1>
+		`
+		);
+
+		y.click();
+		await tick();
+		// the new branch reads `upper` — a derived owned by the pending batch — as
+		// a new dependency. The two batches entangle, so the new branch is held
+		// back until the async work completes (rather than rendering with the
+		// derived's pre-write value, 'WORLD')
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>x</button>
+			<button>y++</button>
+			<button>resolve</button>
+			<h1>WORLD</h1>
+		`
+		);
+
+		resolve.click();
+		await tick();
+		// both branches commit together, fully consistent
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+			<button>x</button>
+			<button>y++</button>
+			<button>resolve</button>
+			<h1>UNIVERSE</h1>
+			universe
+			<p>UNIVERSE</p>
+		`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-5/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-5/main.svelte
new file mode 100644
index 0000000000..aa95730425
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-new-branch-5/main.svelte
@@ -0,0 +1,29 @@
+<script>
+	let x = $state({ x: 'world' });
+	let y = $state(0);
+	let deferred = [];
+
+	const upper = $derived(x.x.toUpperCase());
+
+	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>
+
+<h1>{upper}</h1>
+
+{#if x.x === 'universe'}
+	{await delay(x.x)}
+{/if}
+
+{#if y > 0}
+	<p>{upper}</p>
+{/if}
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency-continuation/_config.js b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency-continuation/_config.js
new file mode 100644
index 0000000000..f0d530cf10
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency-continuation/_config.js
@@ -0,0 +1,63 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const [a, t, shift_a, shift_t] = target.querySelectorAll('button');
+
+		shift_a.click();
+		shift_t.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>a</button>
+				<button>t</button>
+				<button>shift a</button>
+				<button>shift t</button>
+				<p>async a: 0</p>
+				<p>late read: -1</p>
+			`
+		);
+
+		// batch A: writes `a`, stays pending (its promise is unresolved)
+		a.click();
+		await tick();
+
+		// batch B: writes `t`; resolve its promise so the continuation
+		// reads `a` for the first time while A is still pending. This
+		// entangles B with A — both worlds are held back and commit together
+		t.click();
+		await tick();
+		shift_t.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>a</button>
+				<button>t</button>
+				<button>shift a</button>
+				<button>shift t</button>
+				<p>async a: 0</p>
+				<p>late read: -1</p>
+			`
+		);
+
+		// commit the merged batch
+		shift_a.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>a</button>
+				<button>t</button>
+				<button>shift a</button>
+				<button>shift t</button>
+				<p>async a: 1</p>
+				<p>late read: 1</p>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency-continuation/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency-continuation/main.svelte
new file mode 100644
index 0000000000..428dd4c774
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-state-read-new-dependency-continuation/main.svelte
@@ -0,0 +1,35 @@
+<script>
+	let a = $state(0);
+	let t = $state(0);
+
+	let deferreds = [];
+
+	function push(key, v) {
+		const d = Promise.withResolvers();
+		deferreds.push({ key, v, d });
+		return d.promise;
+	}
+
+	function shift(key) {
+		const i = deferreds.findIndex((d) => d.key === key);
+		if (i === -1) return;
+		const [{ v, d }] = deferreds.splice(i, 1);
+		d.resolve(v);
+	}
+</script>
+
+<button onclick={() => a++}>a</button>
+<button onclick={() => t++}>t</button>
+<button onclick={() => shift('a')}>shift a</button>
+<button onclick={() => shift('t')}>shift t</button>
+
+<svelte:boundary>
+	<p>async a: {await push('a', a)}</p>
+
+	<!-- reads `a` after an await, but only once t > 0 -->
+	<p>late read: {(await push('t', t), t > 0 ? a : -1)}</p>
+
+	{#snippet pending()}
+		<p>loading...</p>
+	{/snippet}
+</svelte:boundary>
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 = $state(false);
+	const deferred = Promise.withResolvers();
+
+	function wait(value) {
+		return value === undefined ? '' : deferred.promise;
+	}
+</script>
+
+<button onclick={() => (value = { x: 1 })}>update</button>
+<button onclick={() => (show = true)}>show</button>
+<button onclick={() => deferred.resolve('')}>resolve</button>
+
+{await wait(value)}
+
+<p>{show ? value.x : ''}</p>
\ No newline at end of file
diff --git a/packages/svelte/tests/runtime-runes/samples/async-template-expression-entangle/_config.js b/packages/svelte/tests/runtime-runes/samples/async-template-expression-entangle/_config.js
new file mode 100644
index 0000000000..d7f844881b
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-template-expression-entangle/_config.js
@@ -0,0 +1,31 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>a</button><button>b</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target }) {
+		await tick();
+		const [a, b, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>0</p>${buttons}`);
+
+		// batch A writes `a` and pends on its async expression
+		a.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>0</p>${buttons}`);
+
+		// batch B writes `b` — it only shares the `{add(a, b)}` template expression
+		// (a leaf) with batch A, so the two are independent: B commits right away,
+		// rendering its own view of the world (in which `a` is still 0)
+		b.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>1</p>${buttons}`);
+
+		// the async expression settles — A commits and brings the shared
+		// template expression up to date
+		shift.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>2</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-template-expression-entangle/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-template-expression-entangle/main.svelte
new file mode 100644
index 0000000000..a56fe9b0d8
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-template-expression-entangle/main.svelte
@@ -0,0 +1,23 @@
+<script>
+	let a = $state(0);
+	let b = $state(0);
+	const c = $derived(add(a, b))
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	function add(x, y) {
+		return x + y;
+	}
+</script>
+
+<p>{await delay(a)}</p>
+<p>{c}</p>
+<button onclick={() => { pend = true; a++; }}>a</button>
+<button onclick={() => b++}>b</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-template-expression-equality-cut/_config.js b/packages/svelte/tests/runtime-runes/samples/async-template-expression-equality-cut/_config.js
new file mode 100644
index 0000000000..7206812832
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-template-expression-equality-cut/_config.js
@@ -0,0 +1,38 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>z</button><button>w</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [z, w, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>true</p><p>0</p>${buttons}`);
+		assert.deepEqual(logs, ['eval true']);
+
+		// with no other batch pending, the equality cut-off works: `c`
+		// recomputes to the same value, the template expression is not
+		// re-evaluated
+		z.click();
+		await tick();
+		assert.deepEqual(logs, ['eval true']);
+
+		// write w — the batch is pending on its async expression
+		w.click();
+		await tick();
+		assert.deepEqual(logs, ['eval true']);
+
+		// z++ recomputes `c` to the same value again — the template expression
+		// should still not be re-evaluated, even though another batch is pending
+		z.click();
+		await tick();
+		assert.deepEqual(logs, ['eval true']);
+
+		// the pending batch settles — nothing `c` depends on changed
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['eval true']);
+		assert.htmlEqual(target.innerHTML, `<p>true</p><p>1</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-template-expression-equality-cut/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-template-expression-equality-cut/main.svelte
new file mode 100644
index 0000000000..9c54dd79d6
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-template-expression-equality-cut/main.svelte
@@ -0,0 +1,25 @@
+<script>
+	let z = $state(1);
+	let w = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	let c = $derived(z > 0);
+
+	function delay(value) {
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	function log(value) {
+		console.log(`eval ${value}`);
+		return value;
+	}
+</script>
+
+<p>{log(c)}</p>
+<p>{await delay(w)}</p>
+<button onclick={() => z++}>z</button>
+<button onclick={() => { pend = true; w += 1; }}>w</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/_config.js b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/_config.js
new file mode 100644
index 0000000000..be2a3bcfd3
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/_config.js
@@ -0,0 +1,36 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>b</button><button>z</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [b, z, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>a</p>${buttons}`);
+		assert.deepEqual(logs, ['fetch a']);
+
+		// write x = 'b' — the batch is pending on its async expression
+		b.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+
+		// an independent batch runs the effect, which writes x = 'b' — the
+		// real value is already 'b', so this is a no-op: the async expression
+		// must not re-run (no needless refetch), and the batch must not be
+		// entangled with the pending one (z commits immediately)
+		z.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>a</p>${buttons}`);
+
+		// the pending batch settles
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>b</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/main.svelte
new file mode 100644
index 0000000000..22276aba5a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-real-value/main.svelte
@@ -0,0 +1,25 @@
+<script>
+	let x = $state('a');
+	let z = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		console.log(`fetch ${value}`);
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (z > 0) {
+			x = 'b';
+		}
+	});
+</script>
+
+<p>{z}</p>
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x = 'b'; }}>b</button>
+<button onclick={() => z++}>z</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/_config.js b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/_config.js
new file mode 100644
index 0000000000..b1b6c717af
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/_config.js
@@ -0,0 +1,33 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+const buttons = '<button>b</button><button>reset</button><button>shift</button>';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+		const [b, reset, shift] = target.querySelectorAll('button');
+
+		assert.htmlEqual(target.innerHTML, `<p>0</p><p>a</p>${buttons}`);
+		assert.deepEqual(logs, ['fetch a']);
+
+		// write x = 'b' — the batch is pending on its async expression
+		b.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b']);
+
+		// an independent batch runs the effect, which resets x = 'a'. The real
+		// (pending) value is 'b', so this is a genuine change and must not be
+		// swallowed just because the effect's world still shows 'a'
+		reset.click();
+		await tick();
+		assert.deepEqual(logs, ['fetch a', 'fetch b', 'fetch a']);
+
+		// resolve all in-flight runs — the reset must win
+		shift.click();
+		await tick();
+		shift.click();
+		await tick();
+		assert.htmlEqual(target.innerHTML, `<p>1</p><p>a</p>${buttons}`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/main.svelte
new file mode 100644
index 0000000000..fe70fd762b
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-write-equals-visible-value/main.svelte
@@ -0,0 +1,25 @@
+<script>
+	let x = $state('a');
+	let z = $state(0);
+	let pend = false;
+
+	const deferred = [];
+
+	function delay(value) {
+		console.log(`fetch ${value}`);
+		if (!pend) return value;
+		return new Promise((resolve) => deferred.push(() => resolve(value)));
+	}
+
+	$effect(() => {
+		if (z > 0) {
+			x = 'a';
+		}
+	});
+</script>
+
+<p>{z}</p>
+<p>{await delay(x)}</p>
+<button onclick={() => { pend = true; x = 'b'; }}>b</button>
+<button onclick={() => z++}>reset</button>
+<button onclick={() => deferred.shift()?.()}>shift</button>