diff --git a/.changeset/spicy-ears-join.md b/.changeset/spicy-ears-join.md
new file mode 100644
index 0000000000..ee29e77afe
--- /dev/null
+++ b/.changeset/spicy-ears-join.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: associate batch with boundary
diff --git a/packages/svelte/src/internal/client/dom/blocks/boundary.js b/packages/svelte/src/internal/client/dom/blocks/boundary.js
index 1866931ef2..b7fd9a856c 100644
--- a/packages/svelte/src/internal/client/dom/blocks/boundary.js
+++ b/packages/svelte/src/internal/client/dom/blocks/boundary.js
@@ -59,6 +59,18 @@ export class Boundary {
 	/** @type {Boundary | null} */
 	parent;
 
+	/**
+	 * The associated batch to this boundary while the boundary pending; set by the one interacting with the boundary when entering pending state.
+	 * Will be `null` once the boundary is no longer pending.
+	 *
+	 * Needed because `current_batch` isn't guaranteed to exist: E.g. when component A has top level await, then renders component B
+	 * which also has top level await, `current_batch` can be null when a flush from component A happens before
+	 * suspend() in component B is called. We hence save it on the boundary instead.
+	 *
+	 * @type {Batch | null}
+	 */
+	batch = null;
+
 	/** @type {TemplateNode} */
 	#anchor;
 
@@ -231,6 +243,7 @@ export class Boundary {
 
 		if (this.#pending_count === 0) {
 			this.pending = false;
+			this.batch = null;
 
 			if (this.#pending_effect) {
 				pause_effect(this.#pending_effect, () => {
diff --git a/packages/svelte/src/internal/client/reactivity/batch.js b/packages/svelte/src/internal/client/reactivity/batch.js
index 123bc95d16..b3a3bef731 100644
--- a/packages/svelte/src/internal/client/reactivity/batch.js
+++ b/packages/svelte/src/internal/client/reactivity/batch.js
@@ -664,7 +664,7 @@ export function schedule_effect(signal) {
 
 export function suspend() {
 	var boundary = get_pending_boundary();
-	var batch = /** @type {Batch} */ (current_batch);
+	var batch = (boundary.batch ??= /** @type {Batch} */ (current_batch));
 	var pending = boundary.pending;
 
 	boundary.update_pending_count(1);
diff --git a/packages/svelte/src/internal/client/reactivity/deriveds.js b/packages/svelte/src/internal/client/reactivity/deriveds.js
index 7f730e365e..0ac8582933 100644
--- a/packages/svelte/src/internal/client/reactivity/deriveds.js
+++ b/packages/svelte/src/internal/client/reactivity/deriveds.js
@@ -131,7 +131,7 @@ export function async_derived(fn, location) {
 
 		prev = promise;
 
-		var batch = /** @type {Batch} */ (current_batch);
+		var batch = (boundary.batch ??= /** @type {Batch} */ (current_batch));
 		var pending = boundary.pending;
 
 		if (should_suspend) {
diff --git a/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/Bar.svelte b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/Bar.svelte
new file mode 100644
index 0000000000..f1ac9ab760
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/Bar.svelte
@@ -0,0 +1,7 @@
+<script lang="ts">
+	import { resolve } from './main.svelte';
+
+	const bar = await new Promise((r) => resolve.push(() => r('bar')));
+</script>
+
+<p>bar: {bar}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/Foo.svelte b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/Foo.svelte
new file mode 100644
index 0000000000..e2029a3033
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/Foo.svelte
@@ -0,0 +1,10 @@
+<script lang="ts">
+	import { resolve } from './main.svelte';
+	import Bar from './Bar.svelte';
+
+	const foo = await new Promise((r) => resolve.push(() => r('foo')));
+</script>
+
+<p>foo: {foo}</p>
+
+<Bar/>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/_config.js b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/_config.js
new file mode 100644
index 0000000000..ca7965bf79
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/_config.js
@@ -0,0 +1,42 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const [show, resolve] = target.querySelectorAll('button');
+
+		show.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>show</button>
+				<button>resolve</button>
+				<p>pending...</p>
+			`
+		);
+
+		resolve.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>show</button>
+				<button>resolve</button>
+				<p>pending...</p>
+			`
+		);
+
+		resolve.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>show</button>
+				<button>resolve</button>
+				<p>foo: foo</p>
+				<p>bar: bar</p>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/main.svelte
new file mode 100644
index 0000000000..bd0efaa4f8
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-nested-top-level/main.svelte
@@ -0,0 +1,31 @@
+<script module>
+	export let resolve = [];
+</script>
+
+<script>
+	import Foo from './Foo.svelte';
+	
+	let show = $state(false);
+</script>
+
+<button onclick={() => show = true}>
+	show
+</button>
+
+<button onclick={() => resolve.shift()()}>
+	resolve
+</button>
+
+<svelte:boundary>
+	{#if show}
+		<Foo/>
+	{/if}
+
+	{#if $effect.pending()}
+		<p>pending...</p>
+	{/if}
+
+	{#snippet pending()}
+		<p>initializing...</p>
+	{/snippet}
+</svelte:boundary>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/Foo.svelte b/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/Foo.svelte
new file mode 100644
index 0000000000..e8a7c84137
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/Foo.svelte
@@ -0,0 +1,8 @@
+<script lang="ts">
+	import { resolve } from './main.svelte';
+
+	const foo = $derived(await new Promise((r) => resolve.push(() => r('foo'))));
+	const bar = $derived(await new Promise((r) => resolve.push(() => r('bar'))));
+</script>
+
+<p>{foo} {bar}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/_config.js b/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/_config.js
new file mode 100644
index 0000000000..2c7ffd3952
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/_config.js
@@ -0,0 +1,41 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const [show, resolve] = target.querySelectorAll('button');
+
+		show.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>show</button>
+				<button>resolve</button>
+				<p>pending...</p>
+			`
+		);
+
+		resolve.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>show</button>
+				<button>resolve</button>
+				<p>pending...</p>
+			`
+		);
+
+		resolve.click();
+		await tick();
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>show</button>
+				<button>resolve</button>
+				<p>foo bar</p>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/main.svelte
new file mode 100644
index 0000000000..bd0efaa4f8
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-top-level-deriveds/main.svelte
@@ -0,0 +1,31 @@
+<script module>
+	export let resolve = [];
+</script>
+
+<script>
+	import Foo from './Foo.svelte';
+	
+	let show = $state(false);
+</script>
+
+<button onclick={() => show = true}>
+	show
+</button>
+
+<button onclick={() => resolve.shift()()}>
+	resolve
+</button>
+
+<svelte:boundary>
+	{#if show}
+		<Foo/>
+	{/if}
+
+	{#if $effect.pending()}
+		<p>pending...</p>
+	{/if}
+
+	{#snippet pending()}
+		<p>initializing...</p>
+	{/snippet}
+</svelte:boundary>