diff --git a/.changeset/async-store-sub-blocker.md b/.changeset/async-store-sub-blocker.md
new file mode 100644
index 0000000000..0222dac846
--- /dev/null
+++ b/.changeset/async-store-sub-blocker.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: block template store subscriptions on the promise that assigns the store
diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index 1fd83e65b9..45f703901d 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -1228,6 +1228,23 @@ function calculate_blockers(instance, analysis) {
 
 	flush_sync_group();
 
+	// a store subscription must wait on whatever blocks the store itself; this must happen
+	// before function tracing so that functions reading `$store` inherit the blocker
+	for (const [name, binding] of instance.scope.declarations) {
+		if (binding.kind !== 'store_sub') continue;
+
+		const store_blocker = instance.scope.get(name.slice(1))?.blocker;
+		if (!store_blocker) continue;
+
+		if (
+			!binding.blocker ||
+			/** @type {ESTree.SimpleLiteral & { value: number }} */ (binding.blocker.property).value <
+				/** @type {ESTree.SimpleLiteral & { value: number }} */ (store_blocker.property).value
+		) {
+			binding.blocker = store_blocker;
+		}
+	}
+
 	for (const fn of functions) {
 		/** @type {Set<Binding>} */
 		const reads_writes = new Set();
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 0a533aec37..44690a1efe 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
@@ -210,14 +210,25 @@ export function server_component(analysis, options) {
 		];
 	}
 
-	if (
-		[...analysis.instance.scope.declarations.values()].some(
-			(binding) => binding.kind === 'store_sub'
-		)
-	) {
+	const store_subs = [...analysis.instance.scope.declarations.values()].filter(
+		(binding) => binding.kind === 'store_sub'
+	);
+
+	// a blocked subscription is only created once its promise resolves, so its teardown must wait until the render is done
+	const defer_store_teardown = store_subs.some((binding) => binding.blocker);
+
+	if (store_subs.length > 0) {
 		instance.body.unshift(b.var('$$store_subs'));
+
+		const unsubscribe = b.if(
+			b.id('$$store_subs'),
+			b.stmt(b.call('$.unsubscribe_stores', b.id('$$store_subs')))
+		);
+
 		template.body.push(
-			b.if(b.id('$$store_subs'), b.stmt(b.call('$.unsubscribe_stores', b.id('$$store_subs'))))
+			defer_store_teardown
+				? b.stmt(b.call('$$renderer.on_destroy', b.arrow([], b.block([unsubscribe]))))
+				: unsubscribe
 		);
 	}
 
@@ -257,7 +268,7 @@ export function server_component(analysis, options) {
 		);
 	}
 
-	let should_inject_context = dev || analysis.needs_context;
+	let should_inject_context = dev || analysis.needs_context || defer_store_teardown;
 
 	if (should_inject_context) {
 		component_block = b.block([
diff --git a/packages/svelte/tests/runtime-runes/samples/async-store-sub-blocker/_config.js b/packages/svelte/tests/runtime-runes/samples/async-store-sub-blocker/_config.js
new file mode 100644
index 0000000000..896385e609
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-store-sub-blocker/_config.js
@@ -0,0 +1,14 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+// Tests that a store subscription only present in the template waits for the
+// promise that assigns the store instead of subscribing to `undefined`,
+// including when the subscription is read through a function.
+export default test({
+	mode: ['client', 'hydrate', 'async-server'],
+	ssrHtml: '<p>hello</p> <p>hello</p>',
+	async test({ assert, target }) {
+		await tick();
+		assert.htmlEqual(target.innerHTML, '<p>hello</p> <p>hello</p>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-store-sub-blocker/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-store-sub-blocker/main.svelte
new file mode 100644
index 0000000000..04c707c66d
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-store-sub-blocker/main.svelte
@@ -0,0 +1,16 @@
+<script>
+	import { writable } from 'svelte/store';
+
+	async function get_store() {
+		return writable('hello');
+	}
+
+	const store = await get_store();
+
+	function read() {
+		return $store;
+	}
+</script>
+
+<p>{$store}</p>
+<p>{read()}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/_config.js b/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/_config.js
new file mode 100644
index 0000000000..ac60694648
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/_config.js
@@ -0,0 +1,18 @@
+import { test } from '../../test';
+import { counts, reset } from './store.js';
+
+// A blocked store subscription is created after the synchronous part of the
+// render has finished, so the teardown must wait for the async work.
+export default test({
+	mode: ['async-server'],
+
+	before_test() {
+		reset();
+	},
+
+	ssrHtml: '<p>hello</p>',
+
+	test_ssr({ assert }) {
+		assert.deepEqual(counts, { subscribes: 1, unsubscribes: 1 });
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/main.svelte
new file mode 100644
index 0000000000..8d17e701d3
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/main.svelte
@@ -0,0 +1,11 @@
+<script>
+	import { store } from './store.js';
+
+	async function get_store() {
+		return store;
+	}
+
+	const s = await get_store();
+</script>
+
+<p>{$s}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/store.js b/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/store.js
new file mode 100644
index 0000000000..4922c1b027
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-store-sub-teardown/store.js
@@ -0,0 +1,23 @@
+import { writable } from 'svelte/store';
+
+export const counts = { subscribes: 0, unsubscribes: 0 };
+
+const inner = writable('hello');
+
+export const store = {
+	/** @param {(value: string) => void} fn */
+	subscribe(fn) {
+		counts.subscribes += 1;
+		const unsubscribe = inner.subscribe(fn);
+
+		return () => {
+			counts.unsubscribes += 1;
+			unsubscribe();
+		};
+	}
+};
+
+export function reset() {
+	counts.subscribes = 0;
+	counts.unsubscribes = 0;
+}