diff --git a/.changeset/dull-donkeys-smell.md b/.changeset/dull-donkeys-smell.md
new file mode 100644
index 0000000000..31b1ac319d
--- /dev/null
+++ b/.changeset/dull-donkeys-smell.md
@@ -0,0 +1,5 @@
+---
+"svelte": patch
+---
+
+fix: `$state.is` missing second argument on the server
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
index 83bfc17d4e..0ac79f6655 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/transform-server.js
@@ -791,7 +791,8 @@ const javascript_visitors_runes = {
 		if (rune === '$state.is') {
 			return b.call(
 				'Object.is',
-				/** @type {import('estree').Expression} */ (context.visit(node.arguments[0]))
+				/** @type {import('estree').Expression} */ (context.visit(node.arguments[0])),
+				/** @type {import('estree').Expression} */ (context.visit(node.arguments[1]))
 			);
 		}
 
diff --git a/packages/svelte/tests/server-side-rendering/samples/state-is/_expected.html b/packages/svelte/tests/server-side-rendering/samples/state-is/_expected.html
new file mode 100644
index 0000000000..f9f47bcf0a
--- /dev/null
+++ b/packages/svelte/tests/server-side-rendering/samples/state-is/_expected.html
@@ -0,0 +1,4 @@
+<p>true</p>
+<p>true</p>
+<p>true</p>
+<p>true</p>
\ No newline at end of file
diff --git a/packages/svelte/tests/server-side-rendering/samples/state-is/main.svelte b/packages/svelte/tests/server-side-rendering/samples/state-is/main.svelte
new file mode 100644
index 0000000000..17a859cd87
--- /dev/null
+++ b/packages/svelte/tests/server-side-rendering/samples/state-is/main.svelte
@@ -0,0 +1,10 @@
+<script>
+	const obj = {};
+	const a = $state(obj)
+	const b= $state(obj)
+</script>
+
+<p>{a === obj}</p>
+<p>{$state.is(a, obj)}</p>
+<p>{a === b}</p>
+<p>{$state.is(a, b)}</p>