diff --git a/packages/svelte/src/compiler/phases/2-analyze/index.js b/packages/svelte/src/compiler/phases/2-analyze/index.js
index cd44fd998a..7c0943bf7c 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/index.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/index.js
@@ -37,6 +37,7 @@ import { ExportNamedDeclaration } from './visitors/ExportNamedDeclaration.js';
 import { ExportSpecifier } from './visitors/ExportSpecifier.js';
 import { ExpressionStatement } from './visitors/ExpressionStatement.js';
 import { ExpressionTag } from './visitors/ExpressionTag.js';
+import { Fragment } from './visitors/Fragment.js';
 import { FunctionDeclaration } from './visitors/FunctionDeclaration.js';
 import { FunctionExpression } from './visitors/FunctionExpression.js';
 import { HtmlTag } from './visitors/HtmlTag.js';
@@ -156,6 +157,7 @@ const visitors = {
 	ExportSpecifier,
 	ExpressionStatement,
 	ExpressionTag,
+	Fragment,
 	FunctionDeclaration,
 	FunctionExpression,
 	HtmlTag,
@@ -300,6 +302,10 @@ export function analyze_module(source, options) {
 			function_depth: 0,
 			has_props_rune: false,
 			options: /** @type {ValidatedCompileOptions} */ (options),
+			fragment: {
+				has_await: false,
+				node: null
+			},
 			parent_element: null,
 			reactive_statement: null
 		},
@@ -688,6 +694,10 @@ export function analyze_component(root, source, options) {
 				analysis,
 				options,
 				ast_type: ast === instance.ast ? 'instance' : ast === template.ast ? 'template' : 'module',
+				fragment: {
+					has_await: false,
+					node: ast === template.ast ? template.ast : null
+				},
 				parent_element: null,
 				has_props_rune: false,
 				component_slots: new Set(),
@@ -753,6 +763,10 @@ export function analyze_component(root, source, options) {
 				scopes,
 				analysis,
 				options,
+				fragment: {
+					has_await: false,
+					node: ast === template.ast ? template.ast : null
+				},
 				parent_element: null,
 				has_props_rune: false,
 				ast_type: ast === instance.ast ? 'instance' : ast === template.ast ? 'template' : 'module',
diff --git a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
index 080239bac0..7f7dfa3c14 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
+++ b/packages/svelte/src/compiler/phases/2-analyze/types.d.ts
@@ -8,6 +8,7 @@ export interface AnalysisState {
 	analysis: ComponentAnalysis;
 	options: ValidatedCompileOptions;
 	ast_type: 'instance' | 'template' | 'module';
+	fragment: FragmentAnalysis;
 	/**
 	 * Tag name of the parent element. `null` if the parent is `svelte:element`, `#snippet`, a component or the root.
 	 * Parent doesn't necessarily mean direct path predecessor because there could be `#each`, `#if` etc in-between.
@@ -28,6 +29,11 @@ export interface AnalysisState {
 	reactive_statement: null | ReactiveStatement;
 }
 
+export interface FragmentAnalysis {
+	has_await: boolean;
+	node: AST.Fragment | null;
+}
+
 export type Context<State extends AnalysisState = AnalysisState> = import('zimmerframe').Context<
 	AST.SvelteNode,
 	State
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 af7d0307e9..6e9052a028 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/AwaitExpression.js
@@ -11,6 +11,9 @@ export function AwaitExpression(node, context) {
 
 	if (context.state.expression) {
 		context.state.expression.has_await = true;
+		if (context.state.fragment.node) {
+			context.state.fragment.has_await = true;
+		}
 		suspend = true;
 	}
 
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/Fragment.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/Fragment.js
new file mode 100644
index 0000000000..4916c8910e
--- /dev/null
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/Fragment.js
@@ -0,0 +1,29 @@
+/** @import { AST } from '#compiler' */
+/** @import { Context } from '../types.js' */
+
+/**
+ * @param {AST.Fragment} node
+ * @param {Context} context
+ */
+export function Fragment(node, context) {
+	const parent = /** @type {AST.TemplateNode} */ (context.path.at(-1));
+	if (
+		!parent ||
+		parent.type === 'Component' ||
+		parent.type === 'Root' ||
+		parent.type === 'IfBlock' ||
+		parent.type === 'KeyBlock' ||
+		parent.type === 'EachBlock' ||
+		parent.type === 'SnippetBlock' ||
+		parent.type === 'AwaitBlock'
+	) {
+		const fragment_metadata = {
+			has_await: false,
+			node
+		};
+		context.next({ ...context.state, fragment: fragment_metadata });
+		node.metadata.has_await = fragment_metadata.has_await;
+	} else {
+		context.next();
+	}
+}
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
index a56aca9c5f..560d6c67b7 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/transform-client.js
@@ -170,6 +170,7 @@ export function client_component(analysis, options) {
 
 		// these are set inside the `Fragment` visitor, and cannot be used until then
 		init: /** @type {any} */ (null),
+		consts: /** @type {any} */ (null),
 		update: /** @type {any} */ (null),
 		after_update: /** @type {any} */ (null),
 		template: /** @type {any} */ (null),
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 e691be169b..30ad2c29e8 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
@@ -6,7 +6,8 @@ import type {
 	Expression,
 	AssignmentExpression,
 	UpdateExpression,
-	VariableDeclaration
+	VariableDeclaration,
+	Declaration
 } from 'estree';
 import type { AST, Namespace, ValidatedCompileOptions } from '#compiler';
 import type { TransformState } from '../types.js';
@@ -57,6 +58,8 @@ export interface ComponentClientTransformState extends ClientTransformState {
 	readonly update: Statement[];
 	/** Stuff that happens after the render effect (control blocks, dynamic elements, bindings, actions, etc) */
 	readonly after_update: Statement[];
+	/** Transformed `{#const }` declarations */
+	readonly consts: Statement[];
 	/** Memoized expressions */
 	readonly memoizer: Memoizer;
 	/** The HTML template string */
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/utils.js
index 6d9dac8a33..ff3d439d59 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/utils.js
@@ -290,7 +290,19 @@ export function should_proxy(node, scope) {
  * Svelte legacy mode should use safe equals in most places, runes mode shouldn't
  * @param {ComponentClientTransformState} state
  * @param {Expression} arg
+ * @param {boolean} [async]
  */
-export function create_derived(state, arg) {
-	return b.call(state.analysis.runes ? '$.derived' : '$.derived_safe_equal', arg);
+export function create_derived(state, arg, async = false) {
+	if (async) {
+		return b.call(
+			b.await(
+				b.call(
+					'$.save',
+					b.call('$.async_derived', arg.type === 'ArrowFunctionExpression' ? b.async(arg) : arg)
+				)
+			)
+		);
+	} else {
+		return b.call(state.analysis.runes ? '$.derived' : '$.derived_safe_equal', arg);
+	}
 }
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitExpression.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitExpression.js
index 803d317ad4..7acd5aaaae 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitExpression.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitExpression.js
@@ -15,7 +15,11 @@ export function AwaitExpression(node, context) {
 	// preserve context for
 	//   a) top-level await and
 	//   b) awaits that precede other expressions in template or `$derived(...)`
-	if (tla || (is_reactive_expression(context) && !is_last_evaluated_expression(context, node))) {
+	if (
+		tla ||
+		(is_reactive_expression(context) &&
+			(!is_last_evaluated_expression(context, node) || context.path.at(-1)?.type === 'ConstTag'))
+	) {
 		return b.call(b.await(b.call('$.save', argument)));
 	}
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js
index 34acdd6bb9..d5c5b2ea41 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/ConstTag.js
@@ -16,21 +16,29 @@ export function ConstTag(node, context) {
 	const declaration = node.declaration.declarations[0];
 	// TODO we can almost certainly share some code with $derived(...)
 	if (declaration.id.type === 'Identifier') {
-		const init = build_expression(context, declaration.init, node.metadata.expression);
-		let expression = create_derived(context.state, b.thunk(init));
+		const init = build_expression(
+			{ ...context, state: { ...context.state, in_derived: true } },
+			declaration.init,
+			node.metadata.expression
+		);
+		let expression = create_derived(
+			context.state,
+			b.thunk(init),
+			node.metadata.expression.has_await
+		);
 
 		if (dev) {
 			expression = b.call('$.tag', expression, b.literal(declaration.id.name));
 		}
 
-		context.state.init.push(b.const(declaration.id, expression));
+		context.state.consts.push(b.const(declaration.id, expression));
 
 		context.state.transform[declaration.id.name] = { read: get_value };
 
 		// we need to eagerly evaluate the expression in order to hit any
 		// 'Cannot access x before initialization' errors
 		if (dev) {
-			context.state.init.push(b.stmt(b.call('$.get', declaration.id)));
+			context.state.consts.push(b.stmt(b.call('$.get', declaration.id)));
 		}
 	} else {
 		const identifiers = extract_identifiers(declaration.id);
@@ -44,7 +52,11 @@ export function ConstTag(node, context) {
 			delete transform[node.name];
 		}
 
-		const child_state = { ...context.state, transform };
+		const child_state = /** @type {ComponentContext['state']} */ ({
+			...context.state,
+			transform,
+			in_derived: true
+		});
 
 		// TODO optimise the simple `{ x } = y` case — we can just return `y`
 		// instead of destructuring it only to return a new object
@@ -61,18 +73,18 @@ export function ConstTag(node, context) {
 			])
 		);
 
-		let expression = create_derived(context.state, fn);
+		let expression = create_derived(context.state, fn, node.metadata.expression.has_await);
 
 		if (dev) {
 			expression = b.call('$.tag', expression, b.literal('[@const]'));
 		}
 
-		context.state.init.push(b.const(tmp, expression));
+		context.state.consts.push(b.const(tmp, expression));
 
 		// we need to eagerly evaluate the expression in order to hit any
 		// 'Cannot access x before initialization' errors
 		if (dev) {
-			context.state.init.push(b.stmt(b.call('$.get', tmp)));
+			context.state.consts.push(b.stmt(b.call('$.get', tmp)));
 		}
 
 		for (const node of identifiers) {
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js
index 0b10c02ffb..abda1c1644 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Fragment.js
@@ -48,8 +48,10 @@ export function Fragment(node, context) {
 	const is_single_child_not_needing_template =
 		trimmed.length === 1 &&
 		(trimmed[0].type === 'SvelteFragment' || trimmed[0].type === 'TitleElement');
+	const has_await = context.state.init !== null && (node.metadata.has_await || false);
 
 	const template_name = context.state.scope.root.unique('root'); // TODO infer name from parent
+	const unsuspend = b.id('$$unsuspend');
 
 	/** @type {Statement[]} */
 	const body = [];
@@ -61,6 +63,7 @@ export function Fragment(node, context) {
 	const state = {
 		...context.state,
 		init: [],
+		consts: [],
 		update: [],
 		after_update: [],
 		memoizer: new Memoizer(),
@@ -78,7 +81,7 @@ export function Fragment(node, context) {
 
 	if (is_text_first) {
 		// skip over inserted comment
-		body.push(b.stmt(b.call('$.next')));
+		state.init.unshift(b.stmt(b.call('$.next')));
 	}
 
 	if (is_single_element) {
@@ -96,13 +99,13 @@ export function Fragment(node, context) {
 		const template = transform_template(state, namespace, flags);
 		state.hoisted.push(b.var(template_name, template));
 
-		body.push(b.var(id, b.call(template_name)));
+		state.init.unshift(b.var(id, b.call(template_name)));
 		close = b.stmt(b.call('$.append', b.id('$$anchor'), id));
 	} else if (is_single_child_not_needing_template) {
 		context.visit(trimmed[0], state);
 	} else if (trimmed.length === 1 && trimmed[0].type === 'Text') {
 		const id = b.id(context.state.scope.generate('text'));
-		body.push(b.var(id, b.call('$.text', b.literal(trimmed[0].data))));
+		state.init.unshift(b.var(id, b.call('$.text', b.literal(trimmed[0].data))));
 		close = b.stmt(b.call('$.append', b.id('$$anchor'), id));
 	} else if (trimmed.length > 0) {
 		const id = b.id(context.state.scope.generate('fragment'));
@@ -120,7 +123,7 @@ export function Fragment(node, context) {
 				state
 			});
 
-			body.push(b.var(id, b.call('$.text')));
+			state.init.unshift(b.var(id, b.call('$.text')));
 			close = b.stmt(b.call('$.append', b.id('$$anchor'), id));
 		} else {
 			if (is_standalone) {
@@ -140,12 +143,12 @@ export function Fragment(node, context) {
 
 				if (state.template.nodes.length === 1 && state.template.nodes[0].type === 'comment') {
 					// special case — we can use `$.comment` instead of creating a unique template
-					body.push(b.var(id, b.call('$.comment')));
+					state.init.unshift(b.var(id, b.call('$.comment')));
 				} else {
 					const template = transform_template(state, namespace, flags);
 					state.hoisted.push(b.var(template_name, template));
 
-					body.push(b.var(id, b.call(template_name)));
+					state.init.unshift(b.var(id, b.call(template_name)));
 				}
 
 				close = b.stmt(b.call('$.append', b.id('$$anchor'), id));
@@ -153,6 +156,16 @@ export function Fragment(node, context) {
 		}
 	}
 
+	if (has_await) {
+		body.push(b.var(unsuspend, b.call('$.suspend')));
+	}
+
+	body.push(...state.consts);
+
+	if (has_await) {
+		body.push(b.if(b.call('$.aborted'), b.return()));
+	}
+
 	body.push(...state.init);
 
 	if (state.update.length > 0) {
@@ -168,5 +181,9 @@ export function Fragment(node, context) {
 		body.push(close);
 	}
 
+	if (has_await) {
+		body.push(b.stmt(b.call(unsuspend)));
+	}
+
 	return b.block(body);
 }
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/SnippetBlock.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/SnippetBlock.js
index 203cf62b37..98894780e1 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/SnippetBlock.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/SnippetBlock.js
@@ -14,6 +14,7 @@ export function SnippetBlock(node, context) {
 	// TODO hoist where possible
 	/** @type {(Identifier | AssignmentPattern)[]} */
 	const args = [b.id('$$anchor')];
+	const has_await = node.body.metadata.has_await || false;
 
 	/** @type {BlockStatement} */
 	let body;
@@ -21,10 +22,6 @@ export function SnippetBlock(node, context) {
 	/** @type {Statement[]} */
 	const declarations = [];
 
-	if (dev) {
-		declarations.push(b.stmt(b.call('$.validate_snippet_args', b.spread(b.id('arguments')))));
-	}
-
 	const transform = { ...context.state.transform };
 	const child_state = { ...context.state, transform };
 
@@ -72,16 +69,21 @@ export function SnippetBlock(node, context) {
 			}
 		}
 	}
-
+	const block = /** @type {BlockStatement} */ (context.visit(node.body, child_state)).body;
 	body = b.block([
+		dev ? b.stmt(b.call('$.validate_snippet_args', b.spread(b.id('arguments')))) : b.empty,
 		...declarations,
-		.../** @type {BlockStatement} */ (context.visit(node.body, child_state)).body
+		...block
 	]);
 
 	// in dev we use a FunctionExpression (not arrow function) so we can use `arguments`
 	let snippet = dev
-		? b.call('$.wrap_snippet', b.id(context.state.analysis.name), b.function(null, args, body))
-		: b.arrow(args, body);
+		? b.call(
+				'$.wrap_snippet',
+				b.id(context.state.analysis.name),
+				has_await ? b.async(b.function(null, args, body)) : b.function(null, args, body)
+			)
+		: b.arrow(args, body, has_await);
 
 	const declaration = b.const(node.expression, snippet);
 
diff --git a/packages/svelte/src/compiler/types/template.d.ts b/packages/svelte/src/compiler/types/template.d.ts
index 058a1a8e66..8cb3657a5a 100644
--- a/packages/svelte/src/compiler/types/template.d.ts
+++ b/packages/svelte/src/compiler/types/template.d.ts
@@ -19,6 +19,9 @@ import type {
 } from 'estree';
 import type { Scope } from '../phases/scope';
 import type { _CSS } from './css';
+import type { FragmentAnalysis } from '../phases/2-analyze/types';
+
+type FragmentMetadata = Omit<FragmentAnalysis, 'node'>;
 
 /**
  * - `html`    — the default, for e.g. `<div>` or `<span>`
@@ -45,7 +48,7 @@ export namespace AST {
 		type: 'Fragment';
 		nodes: Array<Text | Tag | ElementLike | Block | Comment>;
 		/** @internal */
-		metadata: {
+		metadata: Partial<FragmentMetadata> & {
 			/**
 			 * Fragments declare their own scopes. A transparent fragment is one whose scope
 			 * is not represented by a scope in the resulting JavaScript (e.g. an element scope),