diff --git a/.changeset/big-cars-serve.md b/.changeset/big-cars-serve.md
new file mode 100644
index 0000000000..ada0f61ba9
--- /dev/null
+++ b/.changeset/big-cars-serve.md
@@ -0,0 +1,5 @@
+---
+"svelte": patch
+---
+
+fix: transform textarea and contenteditable binding expressions
diff --git a/.changeset/forty-peaches-unite.md b/.changeset/forty-peaches-unite.md
new file mode 100644
index 0000000000..b24993deb2
--- /dev/null
+++ b/.changeset/forty-peaches-unite.md
@@ -0,0 +1,5 @@
+---
+"svelte": patch
+---
+
+fix: ensure unstate() only deeply applies to plain objects and arrays
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 d94e1f9fe6..85bf8dd278 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
@@ -29,9 +29,8 @@ export interface ComponentClientTransformState extends ClientTransformState {
 	readonly hoisted: Array<Statement | ModuleDeclaration>;
 	readonly events: Set<string>;
 
-	/** Stuff that happens before the render effect */
+	/** Stuff that happens before the render effect(s) */
 	readonly init: Statement[];
-
 	/** Stuff that happens inside separate render effects (due to call expressions) */
 	readonly update_effects: Statement[];
 	/** Stuff that happens inside the render effect */
@@ -42,7 +41,7 @@ export interface ComponentClientTransformState extends ClientTransformState {
 		/** Used if condition for singular prop is false (see comment above) */
 		grouped: Statement;
 	}[];
-	/** Stuff that happens after the render effect (bindings, actions) */
+	/** Stuff that happens after the render effect (control blocks, dynamic elements, bindings, actions, etc) */
 	readonly after_update: Statement[];
 	/** The HTML template string */
 	readonly template: string[];
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
index 4c9115f09a..cf028e5130 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/template.js
@@ -1802,11 +1802,11 @@ export const template_visitors = {
 		}
 
 		if (is_reactive) {
-			context.state.init.push(
+			context.state.after_update.push(
 				b.stmt(b.call('$.snippet_effect', b.thunk(snippet_function), ...args))
 			);
 		} else {
-			context.state.init.push(b.stmt(b.call(snippet_function, ...args)));
+			context.state.after_update.push(b.stmt(b.call(snippet_function, ...args)));
 		}
 	},
 	AnimateDirective(node, { state, visit }) {
@@ -2604,16 +2604,14 @@ export const template_visitors = {
 			);
 		}
 
-		const getter = b.thunk(
-			/** @type {import('estree').Expression} */ (context.visit(node.expression))
-		);
+		const getter = b.thunk(/** @type {import('estree').Expression} */ (visit(node.expression)));
 		const assignment = b.assignment('=', node.expression, b.id('$$value'));
 		const setter = b.arrow(
 			[b.id('$$value')],
 			serialize_set_binding(
 				assignment,
 				context,
-				() => /** @type {import('estree').Expression} */ (context.visit(assignment)),
+				() => /** @type {import('estree').Expression} */ (visit(assignment)),
 				{
 					skip_proxy_and_freeze: true
 				}
@@ -2776,9 +2774,7 @@ export const template_visitors = {
 							group_getter = b.thunk(
 								b.block([
 									b.stmt(serialize_attribute_value(value, context)[1]),
-									b.return(
-										/** @type {import('estree').Expression} */ (context.visit(node.expression))
-									)
+									b.return(/** @type {import('estree').Expression} */ (visit(node.expression)))
 								])
 							);
 						}
@@ -2987,7 +2983,7 @@ export const template_visitors = {
 			: b.member(b.member(b.id('$$props'), b.id('$$slots')), name, true, true);
 
 		const slot = b.call('$.slot', context.state.node, expression, props_expression, fallback);
-		context.state.init.push(b.stmt(slot));
+		context.state.after_update.push(b.stmt(slot));
 	},
 	SvelteHead(node, context) {
 		// TODO attributes?
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
index f6fab25b9c..680d73d96d 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
@@ -1445,9 +1445,6 @@ const template_visitors = {
 			context.state.init.push(b.stmt(b.call('$.add_snippet_symbol', node.expression)));
 		}
 	},
-	BindDirective(node, context) {
-		// TODO
-	},
 	Component(node, context) {
 		const state = context.state;
 		const [dec, id] = serialize_anchor(state);
@@ -1687,9 +1684,19 @@ function serialize_element_attributes(node, context) {
 			if (binding?.omit_in_ssr) continue;
 
 			if (ContentEditableBindings.includes(attribute.name)) {
-				content = { escape: false, expression: attribute.expression };
+				content = {
+					escape: false,
+					expression: /** @type {import('estree').Expression} */ (
+						context.visit(attribute.expression)
+					)
+				};
 			} else if (attribute.name === 'value' && node.name === 'textarea') {
-				content = { escape: true, expression: attribute.expression };
+				content = {
+					escape: true,
+					expression: /** @type {import('estree').Expression} */ (
+						context.visit(attribute.expression)
+					)
+				};
 			} else if (attribute.name === 'group') {
 				const value_attribute = /** @type {import('#compiler').Attribute | undefined} */ (
 					node.attributes.find((attr) => attr.type === 'Attribute' && attr.name === 'value')
diff --git a/packages/svelte/src/internal/client/proxy/proxy.js b/packages/svelte/src/internal/client/proxy/proxy.js
index ae993267d6..d0bb285e10 100644
--- a/packages/svelte/src/internal/client/proxy/proxy.js
+++ b/packages/svelte/src/internal/client/proxy/proxy.js
@@ -11,11 +11,15 @@ import {
 	batch_inspect
 } from '../runtime.js';
 import {
+	array_prototype,
 	define_property,
 	get_descriptor,
 	get_descriptors,
+	get_prototype_of,
 	is_array,
-	object_keys
+	is_frozen,
+	object_keys,
+	object_prototype
 } from '../utils.js';
 
 /** @typedef {{ s: Map<string | symbol, import('../types.js').SourceSignal<any>>; v: import('../types.js').SourceSignal<number>; a: boolean, i: boolean, p: StateObject }} Metadata */
@@ -23,12 +27,6 @@ import {
 
 export const STATE_SYMBOL = Symbol('$state');
 export const READONLY_SYMBOL = Symbol('readonly');
-
-const object_prototype = Object.prototype;
-const array_prototype = Array.prototype;
-const get_prototype_of = Object.getPrototypeOf;
-const is_frozen = Object.isFrozen;
-
 /**
  * @template {StateObject} T
  * @param {T} value
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index b4ef2f3e7f..de37dcdae9 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -1,7 +1,16 @@
 import { DEV } from 'esm-env';
 import { subscribe_to_store } from '../../store/utils.js';
 import { EMPTY_FUNC, run_all } from '../common.js';
-import { get_descriptor, get_descriptors, is_array, is_frozen, object_freeze } from './utils.js';
+import {
+	array_prototype,
+	get_descriptor,
+	get_descriptors,
+	get_prototype_of,
+	is_array,
+	is_frozen,
+	object_freeze,
+	object_prototype
+} from './utils.js';
 import {
 	PROPS_IS_LAZY_INITIAL,
 	PROPS_IS_IMMUTABLE,
@@ -1975,19 +1984,23 @@ function deep_unstate(value, visited = new Map()) {
 			visited.set(value, unstated);
 			return unstated;
 		}
-
-		let contains_unstated = false;
-		/** @type {any} */
-		const nested_unstated = Array.isArray(value) ? [] : {};
-		for (let key in value) {
-			const result = deep_unstate(value[key], visited);
-			nested_unstated[key] = result;
-			if (result !== value[key]) {
-				contains_unstated = true;
+		const prototype = get_prototype_of(value);
+		// Only deeply unstate plain objects and arrays
+		if (prototype === object_prototype || prototype === array_prototype) {
+			let contains_unstated = false;
+			/** @type {any} */
+			const nested_unstated = Array.isArray(value) ? [] : {};
+			for (let key in value) {
+				const result = deep_unstate(value[key], visited);
+				nested_unstated[key] = result;
+				if (result !== value[key]) {
+					contains_unstated = true;
+				}
 			}
+			visited.set(value, contains_unstated ? nested_unstated : value);
+		} else {
+			visited.set(value, value);
 		}
-
-		visited.set(value, contains_unstated ? nested_unstated : value);
 	}
 
 	return visited.get(value) ?? value;
diff --git a/packages/svelte/src/internal/client/utils.js b/packages/svelte/src/internal/client/utils.js
index 7c1b01515e..1da6f2fb39 100644
--- a/packages/svelte/src/internal/client/utils.js
+++ b/packages/svelte/src/internal/client/utils.js
@@ -10,6 +10,9 @@ export var object_freeze = Object.freeze;
 export var define_property = Object.defineProperty;
 export var get_descriptor = Object.getOwnPropertyDescriptor;
 export var get_descriptors = Object.getOwnPropertyDescriptors;
+export var object_prototype = Object.prototype;
+export var array_prototype = Array.prototype;
+export var get_prototype_of = Object.getPrototypeOf;
 
 /**
  * @param {any} thing
diff --git a/packages/svelte/tests/runtime-legacy/samples/binding-store/_config.js b/packages/svelte/tests/runtime-legacy/samples/binding-store/_config.js
index 81c83d73de..b8c4ab1f9a 100644
--- a/packages/svelte/tests/runtime-legacy/samples/binding-store/_config.js
+++ b/packages/svelte/tests/runtime-legacy/samples/binding-store/_config.js
@@ -4,11 +4,15 @@ export default test({
 	html: `
 		<input>
 		<p>hello world</p>
+		<textarea></textarea>
+		<div contenteditable="true">world</div>
 	`,
 
 	ssrHtml: `
 		<input value="world">
 		<p>hello world</p>
+		<textarea>world</textarea>
+		<div contenteditable="true">world</div>
 	`,
 
 	async test({ assert, component, target, window }) {
@@ -34,6 +38,8 @@ export default test({
 			`
 			<input>
 			<p>hello everybody</p>
+			<textarea></textarea>
+			<div contenteditable="true">everybody</div>
 		`
 		);
 
@@ -44,6 +50,8 @@ export default test({
 			`
 			<input>
 			<p>hello goodbye</p>
+			<textarea></textarea>
+			<div contenteditable="true">goodbye</div>
 		`
 		);
 
diff --git a/packages/svelte/tests/runtime-legacy/samples/binding-store/main.svelte b/packages/svelte/tests/runtime-legacy/samples/binding-store/main.svelte
index fd022a34b3..2bcf939af5 100644
--- a/packages/svelte/tests/runtime-legacy/samples/binding-store/main.svelte
+++ b/packages/svelte/tests/runtime-legacy/samples/binding-store/main.svelte
@@ -6,4 +6,6 @@
 </script>
 
 <input bind:value={$name}>
-<p>hello {$name}</p>
\ No newline at end of file
+<p>hello {$name}</p>
+<textarea bind:value={$name} />
+<div contenteditable="true" bind:innerHTML={$name}></div>