diff --git a/packages/svelte/package.json b/packages/svelte/package.json
index 5808876234..c2fd676a1b 100644
--- a/packages/svelte/package.json
+++ b/packages/svelte/package.json
@@ -175,13 +175,12 @@
     "aria-query": "^5.3.1",
     "axobject-query": "^4.1.0",
     "clsx": "^2.1.1",
-    "devalue": "^5.3.2",
+    "devalue": "^5.4.0",
     "esm-env": "^1.2.1",
     "esrap": "^2.1.0",
     "is-reference": "^3.0.3",
     "locate-character": "^3.0.0",
     "magic-string": "^0.30.11",
-    "path-to-regexp": "^8.3.0",
     "zimmerframe": "^1.1.2"
   }
 }
diff --git a/packages/svelte/src/internal/client/context.js b/packages/svelte/src/internal/client/context.js
index d7586515dd..0e516f48b6 100644
--- a/packages/svelte/src/internal/client/context.js
+++ b/packages/svelte/src/internal/client/context.js
@@ -1,4 +1,5 @@
 /** @import { ComponentContext, DevStackEntry, Effect } from '#client' */
+/** @import { Hydratable, Transport } from '#shared' */
 import { DEV } from 'esm-env';
 import * as e from './errors.js';
 import { active_effect, active_reaction } from './runtime.js';
@@ -197,16 +198,12 @@ export function is_runes() {
 
 /**
  * @template T
- * @param {string} key
- * @param {() => Promise<T>} fn
- * @returns {Promise<T>}
+ * @type {Hydratable<T>}
  */
-export function hydratable(key, fn) {
+export function hydratable(key, fn, { transport } = {}) {
 	if (!hydrating) {
-		return fn();
+		return Promise.resolve(fn());
 	}
-	/** @type {Map<string, unknown> | undefined} */
-	// @ts-expect-error
 	var store = window.__svelte?.h;
 	if (store === undefined) {
 		throw new Error('TODO this should be impossible?');
@@ -216,7 +213,9 @@ export function hydratable(key, fn) {
 			`TODO Expected hydratable key "${key}" to exist during hydration, but it does not`
 		);
 	}
-	return /** @type {Promise<T>} */ (store.get(key));
+	const entry = /** @type {string} */ (store.get(key));
+	const parse = transport?.parse ?? ((val) => new Function(`return (${val})`)());
+	return Promise.resolve(/** @type {T} */ (parse(entry)));
 }
 
 /**
diff --git a/packages/svelte/src/internal/client/types.d.ts b/packages/svelte/src/internal/client/types.d.ts
index d24218c4d3..b4780b44e4 100644
--- a/packages/svelte/src/internal/client/types.d.ts
+++ b/packages/svelte/src/internal/client/types.d.ts
@@ -1,6 +1,15 @@
 import type { Store } from '#shared';
 import { STATE_SYMBOL } from './constants.js';
-import type { Effect, Source, Value, Reaction } from './reactivity/types.js';
+import type { Effect, Source, Value } from './reactivity/types.js';
+
+declare global {
+	interface Window {
+		__svelte?: {
+			/** hydratables */
+			h?: Map<string, string>;
+		};
+	}
+}
 
 type EventCallback = (event: Event) => boolean;
 export type EventCallbackMap = Record<string, EventCallback | EventCallback[]>;
diff --git a/packages/svelte/src/internal/server/context.js b/packages/svelte/src/internal/server/context.js
index 09d29d195f..2b3e142ec1 100644
--- a/packages/svelte/src/internal/server/context.js
+++ b/packages/svelte/src/internal/server/context.js
@@ -1,4 +1,6 @@
-/** @import { SSRContext } from '#server' */
+/** @import { ALSContext, SSRContext } from '#server' */
+/** @import { AsyncLocalStorage } from 'node:async_hooks' */
+/** @import { Hydratable } from '#shared' */
 import { DEV } from 'esm-env';
 import * as e from './errors.js';
 
@@ -103,26 +105,88 @@ function get_parent_context(ssr_context) {
  */
 export async function save(promise) {
 	var previous_context = ssr_context;
+	var previous_sync_store = sync_store;
 	var value = await promise;
 
 	return () => {
 		ssr_context = previous_context;
+		sync_store = previous_sync_store;
 		return value;
 	};
 }
 
 /**
  * @template T
- * @param {string} key
+ * @type {Hydratable<T>}
+ */
+export async function hydratable(key, fn, { transport } = {}) {
+	const store = await get_render_store();
+
+	if (store.hydratables.has(key)) {
+		// TODO error
+		throw new Error("can't have two hydratables with the same key");
+	}
+
+	const result = fn();
+	store.hydratables.set(key, { value: result, transport });
+	return result;
+}
+
+/** @type {ALSContext | null} */
+export let sync_store = null;
+
+/** @param {ALSContext | null} store */
+export function set_sync_store(store) {
+	sync_store = store;
+}
+
+/** @type {Promise<AsyncLocalStorage<ALSContext | null> | null>} */
+const als = import('node:async_hooks')
+	.then((hooks) => new hooks.AsyncLocalStorage())
+	.catch(() => {
+		// can't use ALS but can still use manual context preservation
+		return null;
+	});
+
+/** @returns {Promise<ALSContext | null>} */
+async function try_get_render_store() {
+	return sync_store ?? (await als)?.getStore() ?? null;
+}
+
+/** @returns {Promise<ALSContext>} */
+export async function get_render_store() {
+	const store = await try_get_render_store();
+
+	if (!store) {
+		// TODO make this a proper e.error
+		let message = 'Could not get rendering context.';
+
+		if (await als) {
+			message += ' This is an internal error.';
+		} else {
+			message +=
+				' In environments without `AsyncLocalStorage`, `hydratable` must be accessed synchronously, not after an `await`.' +
+				' If it was accessed synchronously then this is an internal error.';
+		}
+
+		throw new Error(message);
+	}
+
+	return store;
+}
+
+/**
+ * @template T
+ * @param {ALSContext} store
  * @param {() => Promise<T>} fn
  * @returns {Promise<T>}
  */
-export function hydratable(key, fn) {
-	if (ssr_context === null || ssr_context.r === null) {
-		// TODO probably should make this a different error like await_reactivity_loss
-		// also when can context be defined but r be null? just when context isn't used at all?
-		e.lifecycle_outside_component('hydratable');
+export async function with_render_store(store, fn) {
+	try {
+		sync_store = store;
+		const storage = await als;
+		return storage ? storage.run(store, fn) : fn();
+	} finally {
+		sync_store = null;
 	}
-
-	return ssr_context.r.register_hydratable(key, fn);
 }
diff --git a/packages/svelte/src/internal/server/renderer.js b/packages/svelte/src/internal/server/renderer.js
index b2f1f45363..ed759a6503 100644
--- a/packages/svelte/src/internal/server/renderer.js
+++ b/packages/svelte/src/internal/server/renderer.js
@@ -1,8 +1,18 @@
 /** @import { Component } from 'svelte' */
 /** @import { RenderOutput, SSRContext, SyncRenderOutput } from './types.js' */
+/** @import { MaybePromise } from '#shared' */
 import { async_mode_flag } from '../flags/index.js';
 import { abort } from './abort-signal.js';
-import { pop, push, set_ssr_context, ssr_context } from './context.js';
+import {
+	get_render_store,
+	pop,
+	push,
+	set_ssr_context,
+	set_sync_store,
+	ssr_context,
+	sync_store,
+	with_render_store
+} from './context.js';
 import * as e from './errors.js';
 import * as w from './warnings.js';
 import { BLOCK_CLOSE, BLOCK_OPEN } from './hydration.js';
@@ -11,10 +21,6 @@ import { uneval } from 'devalue';
 
 /** @typedef {'head' | 'body'} RendererType */
 /** @typedef {{ [key in RendererType]: string }} AccumulatedContent */
-/**
- * @template T
- * @typedef {T | Promise<T>} MaybePromise<T>
- */
 /**
  * @typedef {string | Renderer} RendererItem
  */
@@ -267,25 +273,6 @@ export class Renderer {
 		}
 	}
 
-	/**
-	 * @template T
-	 * @param {string} key
-	 * @param {() => Promise<T>} fn
-	 */
-	register_hydratable(key, fn) {
-		if (this.global.mode === 'sync') {
-			// TODO
-			throw new Error('no no');
-		}
-		if (this.global.hydratables.has(key)) {
-			// TODO error
-			throw new Error("can't have two hydratables with the same key");
-		}
-		const result = fn();
-		this.global.hydratables.set(key, { blocking: true, value: result });
-		return result;
-	}
-
 	/**
 	 * @param {() => void} fn
 	 */
@@ -390,7 +377,9 @@ export class Renderer {
 							});
 							return Promise.resolve(user_result);
 						}
-						async ??= Renderer.#render_async(component, options);
+						async ??= with_render_store({ hydratables: new Map() }, () =>
+							Renderer.#render_async(component, options)
+						);
 						return async.then((result) => {
 							Object.defineProperty(result, 'html', {
 								// eslint-disable-next-line getter-return
@@ -483,6 +472,8 @@ export class Renderer {
 	 */
 	static async #render_async(component, options) {
 		var previous_context = ssr_context;
+		var previous_sync_store = sync_store;
+
 		try {
 			const renderer = Renderer.#open_render('async', component, options);
 
@@ -492,6 +483,7 @@ export class Renderer {
 		} finally {
 			abort();
 			set_ssr_context(previous_context);
+			set_sync_store(previous_sync_store);
 		}
 	}
 
@@ -533,20 +525,19 @@ export class Renderer {
 	}
 
 	async #collect_hydratables() {
-		const map = this.global.hydratables;
-		if (!map) return '';
+		const map = (await get_render_store()).hydratables;
+		/** @type {(value: unknown) => string} */
+		let default_stringify;
 
-		// TODO add namespacing for multiple apps, nonce, csp, whatever -- not sure what we need to do there
-		/** @type {string} */
-		let resolved = '<script>(window.__svelte ??= {}).h = ';
-		let resolved_map = new Map();
+		/** @type {[string, string][]} */
+		let entries = [];
 		for (const [k, v] of map) {
-			if (!v.blocking) continue;
+			const serialize =
+				v.transport?.stringify ?? (default_stringify ??= new MemoizedUneval().uneval);
 			// sequential await is okay here -- all the work is already kicked off
-			resolved_map.set(k, await v.value);
+			entries.push([k, serialize(await v.value)]);
 		}
-		resolved += uneval(resolved_map) + '</script>';
-		return resolved;
+		return Renderer.#hydratable_block(JSON.stringify(entries));
 	}
 
 	/**
@@ -602,6 +593,27 @@ export class Renderer {
 			body
 		};
 	}
+
+	/** @param {string} serialized */
+	static #hydratable_block(serialized) {
+		// TODO csp?
+		// TODO how can we communicate this error better? Is there a way to not just send it to the console?
+		// (it is probably very rare so... not too worried)
+		return `
+<script>
+	var store = (window.__svelte ??= {}).h ??= new Map();
+	for (const [k,v] of ${serialized}) {
+		if (!store.has(k)) {
+			store.set(k, v);
+			continue;
+		}
+		var stored_val = store.get(k);
+		if (stored_val.value !== v) {
+			throw new Error('TODO tried to populate the same hydratable key twice with different values');
+		}
+	}
+</script>`;
+	}
 }
 
 export class SSRState {
@@ -614,9 +626,6 @@ export class SSRState {
 	/** @readonly @type {Set<{ hash: string; code: string }>} */
 	css = new Set();
 
-	/** @type {Map<string, { blocking: boolean, value: Promise<unknown> }>} */
-	hydratables = new Map();
-
 	/** @type {{ path: number[], value: string }} */
 	#title = { path: [], value: '' };
 
@@ -661,3 +670,36 @@ export class SSRState {
 		}
 	}
 }
+
+class MemoizedUneval {
+	/** @type {Map<unknown, { value?: string }>} */
+	#cache = new Map();
+
+	/**
+	 * @param {unknown} value
+	 * @returns {string}
+	 */
+	uneval = (value) => {
+		return uneval(value, (value, uneval) => {
+			const cached = this.#cache.get(value);
+			if (cached) {
+				// this breaks my brain a bit, but:
+				// - when the entry is defined but its value is `undefined`, calling `uneval` below will cause the custom replacer to be called again
+				// - because the custom replacer returns this, which is `undefined`, it will fall back to the default serialization
+				// - ...which causes it to return a string
+				// - ...which is then added to this cache before being returned
+				return cached.value;
+			}
+
+			const stub = {};
+			this.#cache.set(value, stub);
+
+			const result = uneval(value);
+			// TODO upgrade uneval, this should always be a string
+			if (typeof result === 'string') {
+				stub.value = result;
+				return result;
+			}
+		});
+	};
+}
diff --git a/packages/svelte/src/internal/server/types.d.ts b/packages/svelte/src/internal/server/types.d.ts
index 53cefabc69..d8698fd4a4 100644
--- a/packages/svelte/src/internal/server/types.d.ts
+++ b/packages/svelte/src/internal/server/types.d.ts
@@ -1,3 +1,4 @@
+import type { MaybePromise, Transport } from '#shared';
 import type { Element } from './dev';
 import type { Renderer } from './renderer';
 
@@ -14,6 +15,16 @@ export interface SSRContext {
 	element?: Element;
 }
 
+export interface ALSContext {
+	hydratables: Map<
+		string,
+		{
+			value: MaybePromise<unknown>;
+			transport: Transport<any> | undefined;
+		}
+	>;
+}
+
 export interface SyncRenderOutput {
 	/** HTML that goes into the `<head>` */
 	head: string;
diff --git a/packages/svelte/src/internal/shared/types.d.ts b/packages/svelte/src/internal/shared/types.d.ts
index 4deeb76b2f..3823eec5c9 100644
--- a/packages/svelte/src/internal/shared/types.d.ts
+++ b/packages/svelte/src/internal/shared/types.d.ts
@@ -8,3 +8,16 @@ export type Getters<T> = {
 };
 
 export type Snapshot<T> = ReturnType<typeof $state.snapshot<T>>;
+
+export type MaybePromise<T> = T | Promise<T>;
+
+export type Hydratable<T> = (
+	key: string,
+	fn: () => T,
+	options?: { transport?: Transport<T> }
+) => Promise<T>;
+
+export type Transport<T> = {
+	stringify: (value: T) => string;
+	parse: (value: string) => T;
+};
diff --git a/packages/svelte/types/index.d.ts b/packages/svelte/types/index.d.ts
index f0dee993ae..2aedd1d923 100644
--- a/packages/svelte/types/index.d.ts
+++ b/packages/svelte/types/index.d.ts
@@ -448,6 +448,8 @@ declare module 'svelte' {
 	}): Snippet<Params>;
 	/** Anything except a function */
 	type NotFunction<T> = T extends Function ? never : T;
+
+	type MaybePromise<T> = T | Promise<T>;
 	/**
 	 * Retrieves the context that belongs to the closest parent component with the specified `key`.
 	 * Must be called during component initialisation.
@@ -477,7 +479,7 @@ declare module 'svelte' {
 	 * */
 	export function getAllContexts<T extends Map<any, any> = Map<any, any>>(): T;
 
-	export function hydratable<T>(key: string, fn: () => Promise<T>): Promise<T>;
+	export function hydratable<T>(key: string, fn: () => T): MaybePromise<T>;
 	/**
 	 * Mounts a component to the given target and returns the exports and potentially the props (if compiled with `accessors: true`) of the component.
 	 * Transitions will play during the initial render unless the `intro` option is set to `false`.
diff --git a/playgrounds/sandbox/ssr-dev.js b/playgrounds/sandbox/ssr-dev.js
index 9486d2304e..0ad2e5b2b8 100644
--- a/playgrounds/sandbox/ssr-dev.js
+++ b/playgrounds/sandbox/ssr-dev.js
@@ -27,7 +27,6 @@ polka()
 		const { default: App } = await vite.ssrLoadModule('/src/App.svelte');
 
 		const { head, body } = await render(App);
-		console.log(head);
 		const html = transformed_template
 			.replace(`<!--ssr-head-->`, head)
 			.replace(`<!--ssr-body-->`, body)
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index e58abc0696..ebf900a9b8 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -93,8 +93,8 @@ importers:
         specifier: ^2.1.1
         version: 2.1.1
       devalue:
-        specifier: ^5.3.2
-        version: 5.3.2
+        specifier: ^5.4.0
+        version: 5.4.0
       esm-env:
         specifier: ^1.2.1
         version: 1.2.1
@@ -110,9 +110,6 @@ importers:
       magic-string:
         specifier: ^0.30.11
         version: 0.30.17
-      path-to-regexp:
-        specifier: ^8.3.0
-        version: 8.3.0
       zimmerframe:
         specifier: ^1.1.2
         version: 1.1.2
@@ -1248,8 +1245,8 @@ packages:
     engines: {node: '>=0.10'}
     hasBin: true
 
-  devalue@5.3.2:
-    resolution: {integrity: sha512-UDsjUbpQn9kvm68slnrs+mfxwFkIflOhkanmyabZ8zOYk8SMEIbJ3TK+88g70hSIeytu4y18f0z/hYHMTrXIWw==}
+  devalue@5.4.0:
+    resolution: {integrity: sha512-n0h6iYbR4IyHe4SdGzm0yV0q4v1aD/maadVkjZC+wICyhWrf1fyNEJTaF7BhlDcKar46tCn5wIMRgTLrrPgmQQ==}
 
   dir-glob@3.0.1:
     resolution: {integrity: sha512-WkrWp9GR4KXfKGYzOLmTuGVi1UWFfws377n9cc55/tb6DuqyF6pcQ5AbiHEshaDpY9v6oaSr2XCDidGmMwdzIA==}
@@ -1930,9 +1927,6 @@ packages:
     resolution: {integrity: sha512-Xa4Nw17FS9ApQFJ9umLiJS4orGjm7ZzwUrwamcGQuHSzDyth9boKDaycYdDcZDuqYATXw4HFXgaqWTctW/v1HA==}
     engines: {node: '>=16 || 14 >=14.18'}
 
-  path-to-regexp@8.3.0:
-    resolution: {integrity: sha512-7jdwVIRtsP8MYpdXSwOS0YdD0Du+qOoF/AEPIt88PcCFrZCzx41oxku1jD88hZBwbNUIEfpqvuhjFaMAqMTWnA==}
-
   path-type@4.0.0:
     resolution: {integrity: sha512-gDKb8aZMDeD/tZWs9P6+q0J9Mwkdl6xMV8TjnGP3qJVJ06bdMgkbBlLU8IdfOsIsFz2BW1rNVT3XuNEl8zPAvw==}
     engines: {node: '>=8'}
@@ -3566,7 +3560,7 @@ snapshots:
   detect-libc@1.0.3:
     optional: true
 
-  devalue@5.3.2: {}
+  devalue@5.4.0: {}
 
   dir-glob@3.0.1:
     dependencies:
@@ -4297,8 +4291,6 @@ snapshots:
       lru-cache: 10.4.3
       minipass: 7.1.2
 
-  path-to-regexp@8.3.0: {}
-
   path-type@4.0.0: {}
 
   pathe@1.1.2: {}