diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
index 97da435d0a..b78aa6880c 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
@@ -7,9 +7,27 @@
  */
 export function AwaitExpression(node, context) {
 	const tla = context.state.ast_type === 'instance' && context.state.function_depth === 1;
-	const blocking = tla || !!context.state.expression;
+	let suspend = tla;
 
-	if (blocking) {
+	if (context.state.expression) {
+		// wrap the expression in `(await $.suspend(...)).exit()` if necessary,
+		// i.e. whether anything could potentially be read _after_ the await
+		let i = context.path.length;
+		while (i--) {
+			const parent = context.path[i];
+
+			// @ts-expect-error we could probably use a neater/more robust mechanism
+			if (parent.metadata?.expression === context.state.expression) {
+				break;
+			}
+
+			// TODO make this more accurate — we don't need to call suspend
+			// if this is the last thing that could be read
+			suspend = true;
+		}
+	}
+
+	if (suspend) {
 		if (!context.state.analysis.runes) {
 			throw new Error('TODO runes mode only');
 		}
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 a33b07d2b9..51c6f428d4 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
@@ -53,7 +53,7 @@ export interface ComponentClientTransformState extends ClientTransformState {
 	/** Stuff that happens after the render effect (control blocks, dynamic elements, bindings, actions, etc) */
 	readonly after_update: Statement[];
 	/** Expressions used inside the render effect */
-	readonly expressions: Expression[];
+	readonly expressions: Array<{ id: Identifier; expression: Expression; is_async: boolean }>;
 	/** The HTML template string */
 	readonly template: Array<string | Expression>;
 	readonly locations: SourceLocation[];
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js
index 21a78de032..32ff9d530e 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RegularElement.js
@@ -364,7 +364,11 @@ export function RegularElement(node, context) {
 	// (e.g. `<span>{location}</span>`), set `textContent` programmatically
 	const use_text_content =
 		trimmed.every((node) => node.type === 'Text' || node.type === 'ExpressionTag') &&
-		trimmed.every((node) => node.type === 'Text' || !node.metadata.expression.has_state) &&
+		trimmed.every(
+			(node) =>
+				node.type === 'Text' ||
+				(!node.metadata.expression.has_state && !node.metadata.expression.is_async)
+		) &&
 		trimmed.some((node) => node.type === 'ExpressionTag');
 
 	if (use_text_content) {
@@ -537,8 +541,8 @@ function build_element_attribute_update_assignment(
 	const is_svg = context.state.metadata.namespace === 'svg' || element.name === 'svg';
 	const is_mathml = context.state.metadata.namespace === 'mathml';
 
-	let { value, has_state } = build_attribute_value(attribute.value, context, (value) =>
-		get_expression_id(state, value)
+	let { value, has_state } = build_attribute_value(attribute.value, context, (value, is_async) =>
+		get_expression_id(state, value, is_async)
 	);
 
 	if (name === 'autofocus') {
@@ -665,8 +669,8 @@ function build_custom_element_attribute_update_assignment(node_id, attribute, co
  */
 function build_element_special_value_attribute(element, node_id, attribute, context) {
 	const state = context.state;
-	const { value, has_state } = build_attribute_value(attribute.value, context, (value) =>
-		get_expression_id(state, value)
+	const { value, has_state } = build_attribute_value(attribute.value, context, (value, is_async) =>
+		get_expression_id(state, value, is_async)
 	);
 
 	const inner_assignment = b.assignment(
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js
index 8fb6b8bdde..2e126004ae 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/element.js
@@ -35,8 +35,10 @@ export function build_set_attributes(
 
 	for (const attribute of attributes) {
 		if (attribute.type === 'Attribute') {
-			const { value, has_state } = build_attribute_value(attribute.value, context, (value) =>
-				get_expression_id(context.state, value)
+			const { value, has_state } = build_attribute_value(
+				attribute.value,
+				context,
+				(value, is_async) => get_expression_id(context.state, value, is_async)
 			);
 
 			if (
@@ -111,8 +113,8 @@ export function build_style_directives(
 		let value =
 			directive.value === true
 				? build_getter({ name: directive.name, type: 'Identifier' }, context.state)
-				: build_attribute_value(directive.value, context, (value) =>
-						get_expression_id(context.state, value)
+				: build_attribute_value(directive.value, context, (value, is_async) =>
+						get_expression_id(context.state, value, is_async)
 					).value;
 
 		const update = b.stmt(
@@ -149,11 +151,11 @@ export function build_class_directives(
 ) {
 	const state = context.state;
 	for (const directive of class_directives) {
-		const { has_state, has_call } = directive.metadata.expression;
+		const { has_state, has_call, is_async } = directive.metadata.expression;
 		let value = /** @type {Expression} */ (context.visit(directive.expression));
 
-		if (has_call) {
-			value = get_expression_id(state, value);
+		if (has_call || is_async) {
+			value = get_expression_id(state, value, is_async);
 		}
 
 		const update = b.stmt(b.call('$.toggle_class', element_id, b.literal(directive.name), value));
@@ -169,7 +171,7 @@ export function build_class_directives(
 /**
  * @param {AST.Attribute['value']} value
  * @param {ComponentContext} context
- * @param {(value: Expression) => Expression} memoize
+ * @param {(value: Expression, is_async: boolean) => Expression} memoize
  * @returns {{ value: Expression, has_state: boolean }}
  */
 export function build_attribute_value(value, context, memoize = (value) => value) {
@@ -187,7 +189,10 @@ export function build_attribute_value(value, context, memoize = (value) => value
 		let expression = /** @type {Expression} */ (context.visit(chunk.expression));
 
 		return {
-			value: chunk.metadata.expression.has_call ? memoize(expression) : expression,
+			value:
+				chunk.metadata.expression.has_call || chunk.metadata.expression.is_async
+					? memoize(expression, chunk.metadata.expression.is_async)
+					: expression,
 			has_state: chunk.metadata.expression.has_state
 		};
 	}
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
index c4f81274d9..ac33e9686c 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
@@ -23,16 +23,20 @@ export function memoize_expression(state, value) {
 /**
  *
  * @param {ComponentClientTransformState} state
- * @param {Expression} value
+ * @param {Expression} expression
+ * @param {boolean} is_async
  */
-export function get_expression_id(state, value) {
+export function get_expression_id(state, expression, is_async) {
 	for (let i = 0; i < state.expressions.length; i += 1) {
-		if (compare_expressions(state.expressions[i], value)) {
-			return b.id(`$${i}`);
+		if (compare_expressions(state.expressions[i].expression, expression)) {
+			return state.expressions[i].id;
 		}
 	}
 
-	return b.id(`$${state.expressions.push(value) - 1}`);
+	const id = b.id(''); // filled in later
+	state.expressions.push({ id, expression, is_async });
+
+	return id;
 }
 
 /**
@@ -79,14 +83,14 @@ function compare_expressions(a, b) {
  * @param {Array<AST.Text | AST.ExpressionTag>} values
  * @param {(node: AST.SvelteNode, state: any) => any} visit
  * @param {ComponentClientTransformState} state
- * @param {(value: Expression) => Expression} memoize
- * @returns {{ value: Expression, has_state: boolean }}
+ * @param {(value: Expression, is_async: boolean) => Expression} memoize
+ * @returns {{ value: Expression, has_state: boolean, is_async: boolean }}
  */
 export function build_template_chunk(
 	values,
 	visit,
 	state,
-	memoize = (value) => get_expression_id(state, value)
+	memoize = (value, is_async) => get_expression_id(state, value, is_async)
 ) {
 	/** @type {Expression[]} */
 	const expressions = [];
@@ -95,6 +99,7 @@ export function build_template_chunk(
 	const quasis = [quasi];
 
 	let has_state = false;
+	let is_async = false;
 
 	for (let i = 0; i < values.length; i++) {
 		const node = values[i];
@@ -108,16 +113,17 @@ export function build_template_chunk(
 		} else {
 			let value = /** @type {Expression} */ (visit(node.expression, state));
 
-			has_state ||= node.metadata.expression.has_state;
+			is_async ||= node.metadata.expression.is_async;
+			has_state ||= is_async || node.metadata.expression.has_state;
 
-			if (node.metadata.expression.has_call) {
-				value = memoize(value);
+			if (node.metadata.expression.has_call || node.metadata.expression.is_async) {
+				value = memoize(value, node.metadata.expression.is_async);
 			}
 
 			if (values.length === 1) {
 				// If we have a single expression, then pass that in directly to possibly avoid doing
 				// extra work in the template_effect (instead we do the work in set_text).
-				return { value, has_state };
+				return { value, has_state, is_async };
 			} else {
 				let expression = value;
 				// only add nullish coallescence if it hasn't been added already
@@ -148,25 +154,34 @@ export function build_template_chunk(
 
 	const value = b.template(quasis, expressions);
 
-	return { value, has_state };
+	return { value, has_state, is_async };
 }
 
 /**
  * @param {ComponentClientTransformState} state
  */
 export function build_render_statement(state) {
+	const sync = state.expressions.filter(({ is_async }) => !is_async);
+	const async = state.expressions.filter(({ is_async }) => is_async);
+
+	const all = [...sync, ...async];
+
+	for (let i = 0; i < all.length; i += 1) {
+		all[i].id.name = `$${i}`;
+	}
+
 	return b.stmt(
 		b.call(
 			'$.template_effect',
 			b.arrow(
-				state.expressions.map((_, i) => b.id(`$${i}`)),
+				all.map(({ id }) => id),
 				state.update.length === 1 && state.update[0].type === 'ExpressionStatement'
 					? state.update[0].expression
 					: b.block(state.update)
 			),
-			state.expressions.length > 0 &&
-				b.array(state.expressions.map((expression) => b.thunk(expression))),
-			state.expressions.length > 0 && !state.analysis.runes && b.id('$.derived_safe_equal')
+			all.length > 0 && b.array(sync.map(({ expression }) => b.thunk(expression))),
+			async.length > 0 && b.array(async.map(({ expression }) => b.thunk(expression, true))),
+			!state.analysis.runes && sync.length > 0 && b.id('$.derived_safe_equal')
 		)
 	);
 }
diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index eb0fdba469..8638ed9ee6 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -1,4 +1,4 @@
-/** @import { Derived, Effect } from '#client' */
+/** @import { Derived, Effect, Source } from '#client' */
 import { DEV } from 'esm-env';
 import {
 	CLEAN,
@@ -80,10 +80,10 @@ export function derived(fn) {
 /**
  * @template V
  * @param {() => Promise<V>} fn
- * @returns {Promise<() => V>}
+ * @returns {Promise<Source<V>>}
  */
 /*#__NO_SIDE_EFFECTS__*/
-export async function async_derived(fn) {
+export function async_derived(fn) {
 	if (!active_effect) {
 		throw new Error('TODO cannot create unowned async derived');
 	}
@@ -103,10 +103,7 @@ export async function async_derived(fn) {
 		// TODO what happens when the promise rejects?
 	});
 
-	// wait for the initial promise
-	(await suspend(promise)).exit();
-
-	return () => get(value);
+	return promise.then(() => value);
 }
 
 /**
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index 1cd390d17a..cb09ca06ac 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -1,4 +1,4 @@
-/** @import { ComponentContext, ComponentContextLegacy, Derived, Effect, TemplateNode, TransitionManager } from '#client' */
+/** @import { ComponentContext, ComponentContextLegacy, Derived, Effect, TemplateNode, TransitionManager, Value } from '#client' */
 import {
 	check_dirtiness,
 	component_context,
@@ -44,7 +44,8 @@ import * as e from '../errors.js';
 import { DEV } from 'esm-env';
 import { define_property } from '../../shared/utils.js';
 import { get_next_sibling } from '../dom/operations.js';
-import { derived, destroy_derived } from './deriveds.js';
+import { async_derived, derived, destroy_derived } from './deriveds.js';
+import { suspend } from '../dom/blocks/boundary.js';
 
 /**
  * @param {'$effect' | '$effect.pre' | '$inspect'} rune
@@ -345,11 +346,18 @@ export function render_effect(fn) {
 
 /**
  * @param {(...expressions: any) => void | (() => void)} fn
- * @param {Array<() => any>} thunks
- * @returns {Effect}
+ * @param {Array<() => any>} sync
+ * @param {Array<() => Promise<any>>} async
  */
-export function template_effect(fn, thunks = [], d = derived) {
-	const deriveds = thunks.map(d);
+export async function template_effect(fn, sync = [], async = [], d = derived) {
+	/** @type {Value[]} */
+	const deriveds = sync.map(d);
+
+	if (async.length > 0) {
+		const async_deriveds = (await suspend(Promise.all(async.map(async_derived)))).exit();
+		deriveds.push(...async_deriveds);
+	}
+
 	const effect = () => fn(...deriveds.map(get));
 
 	if (DEV) {
@@ -358,7 +366,7 @@ export function template_effect(fn, thunks = [], d = derived) {
 		});
 	}
 
-	return block(effect);
+	block(effect);
 }
 
 /**
diff --git a/packages/svelte/tests/runtime-runes/samples/async-expression/_config.js b/packages/svelte/tests/runtime-runes/samples/async-expression/_config.js
index 5f85050d9b..26333c05fc 100644
--- a/packages/svelte/tests/runtime-runes/samples/async-expression/_config.js
+++ b/packages/svelte/tests/runtime-runes/samples/async-expression/_config.js
@@ -19,6 +19,8 @@ export default test({
 	async test({ assert, target }) {
 		d.resolve('hello');
 		await Promise.resolve();
+		await Promise.resolve();
+		await Promise.resolve();
 		await tick();
 		assert.htmlEqual(target.innerHTML, '<p>hello</p>');
 	}