diff --git a/src/app/globals.css b/src/app/globals.css
index 192d890..cdd3e96 100644
--- a/src/app/globals.css
+++ b/src/app/globals.css
@@ -32,6 +32,43 @@ html {
   animation: fadeInUp 0.5s ease-out forwards;
 }
 
+/* ─── Loading placeholders ─── */
+
+/* A light band sweeping left→right, in the spirit of the reveal animations
+   below — quieter than a pulsing opacity blink, and it reads as "typesetting
+   in progress" rather than "widget buffering". */
+@keyframes skeletonSweep {
+  from { background-position: 150% 0; }
+  to { background-position: -150% 0; }
+}
+
+/* Placeholder for a line of body text — light grey from the charcoal ramp,
+   one step lighter than --color-border-light so placeholders stay quieter
+   than the rules and frames around them. */
+.skeleton-bar {
+  background-color: var(--color-charcoal-200);
+  background-image: linear-gradient(
+    90deg,
+    transparent 20%,
+    var(--color-charcoal-100) 50%,
+    transparent 80%
+  );
+  background-size: 200% 100%;
+  background-repeat: no-repeat;
+  animation: skeletonSweep 2s ease-in-out infinite;
+}
+
+/* Heavier weight, for headings and other display type. */
+.skeleton-bar-strong {
+  background-color: var(--color-charcoal-300);
+}
+
+/* Staggers the sweep down a stack so it travels through the block instead of
+   every line flashing in unison. */
+.skeleton-delay-1 { animation-delay: 0.15s; }
+.skeleton-delay-2 { animation-delay: 0.3s; }
+.skeleton-delay-3 { animation-delay: 0.45s; }
+
 /* Draw stroke forward (dashoffset 1 → 0) */
 @keyframes drawIn {
   from { stroke-dashoffset: 1; }
diff --git a/src/app/memos/[slug]/MemoSkeleton.tsx b/src/app/memos/[slug]/MemoSkeleton.tsx
new file mode 100644
index 0000000..48dfc5d
--- /dev/null
+++ b/src/app/memos/[slug]/MemoSkeleton.tsx
@@ -0,0 +1,153 @@
+// The placeholder a memo route shows while its content streams in.
+//
+// It mirrors the real layout in page.tsx (hero → signpost → key messages →
+// body) at the same widths and spacing, so swapping in the real memo doesn't
+// shift anything on screen.
+//
+// Chrome that's identical on every memo — the Key Messages frame and its
+// eyebrow, the numbered indices, the Signpost's rail and Share block — is
+// rendered for real rather than faked as grey blocks. Only the parts that
+// differ per memo are placeholders, which keeps the page recognisably a memo
+// while it loads instead of a generic loading card.
+
+const KEY_MESSAGES_FILL = {
+  // The fills the real Key Messages boxes use (see page.tsx). Hardcoded there
+  // too — they predate the linen ramp.
+  default: "bg-[#f0e5dc]",
+  toronto: "bg-[#d7e4f3]",
+} as const;
+
+const DELAYS = ["", "skeleton-delay-1", "skeleton-delay-2", "skeleton-delay-3"];
+
+// One placeholder line. `i` staggers the sweep down a stack.
+function Line({
+  className,
+  strong = false,
+  i = 0,
+}: {
+  className: string;
+  strong?: boolean;
+  i?: number;
+}) {
+  return (
+    <div
+      className={`skeleton-bar ${strong ? "skeleton-bar-strong" : ""} ${
+        DELAYS[i % DELAYS.length]
+      } ${className}`}
+    />
+  );
+}
+
+export function MemoSkeleton({
+  brand = "default",
+  showBackLink = false,
+}: {
+  brand?: keyof typeof KEY_MESSAGES_FILL;
+  showBackLink?: boolean;
+}) {
+  return (
+    <div
+      className="mx-[10px] my-[10px] border border-border-light bg-bg"
+      role="status"
+      aria-busy="true"
+      aria-live="polite"
+    >
+      <span className="sr-only">Loading memo…</span>
+
+      <div aria-hidden="true">
+        {/* Hero — mirrors MemoHero: title, then author frame beside name/date.
+            Title lines are display-weight; the author frame uses the same
+            border-light square MemoHero shows before its photo loads. */}
+        <div className="max-w-[1400px] mx-auto w-full px-[5vw] py-10 md:px-[10vw]">
+          {showBackLink && <Line className="h-3 w-40 mb-6" />}
+
+          <div className="max-w-[720px] mb-4 space-y-3">
+            <Line className="h-8 md:h-10 w-full" strong />
+            <Line className="h-8 md:h-10 w-3/4" strong i={1} />
+          </div>
+
+          <div className="flex items-center gap-5 mb-6">
+            <div className="w-32 h-32 bg-border-light shrink-0" />
+            <div className="space-y-2.5">
+              <Line className="h-5 w-44" />
+              <Line className="h-3 w-32" i={1} />
+            </div>
+          </div>
+        </div>
+
+        <div className="max-w-[1400px] mx-auto px-[5vw] md:px-[10vw] pt-4 pb-[52px] 2xl-memo:grid 2xl-memo:grid-cols-[240px_minmax(0,1fr)] 2xl-memo:gap-12">
+          {/* Signpost — the desktop-only rail. Its accent top rule, Share
+              eyebrow, share buttons and dotted track are all real. */}
+          <div className="print-hide hidden 2xl-memo:block">
+            <div className="sticky top-[90px] border-accent border-t-[2px]">
+              <div className="pt-4 pb-4 mb-4 border-b border-border-light">
+                <span className="type-label text-text-secondary block mb-3">
+                  Share
+                </span>
+                <div className="flex gap-2">
+                  {[0, 1, 2].map((i) => (
+                    <div key={i} className="w-12 h-12 bg-dark" />
+                  ))}
+                </div>
+              </div>
+
+              <div className="relative">
+                {/* The rail's 2px track, matching Track's geometry. */}
+                <div className="absolute bottom-2 top-0 left-[11px] w-[2px] bg-border-light" />
+                <div className="space-y-4">
+                  {["w-full", "w-4/5", "w-11/12", "w-3/4", "w-5/6"].map(
+                    (w, i) => (
+                      <div key={i} className="flex items-start">
+                        <div className="flex w-[24px] shrink-0 justify-center">
+                          <div className="w-[11px] h-[11px] mt-1.5 rounded-full border-[2px] border-border-light bg-bg" />
+                        </div>
+                        <Line className={`h-3.5 mt-1.5 ${w}`} i={i} />
+                      </div>
+                    ),
+                  )}
+                </div>
+              </div>
+            </div>
+          </div>
+
+          <div className="max-w-[720px]">
+            {/* Key Messages — real frame, real eyebrow, real numerals. */}
+            <div
+              className={`mb-8 p-6 border-[3px] border-double border-border-light space-y-4 ${KEY_MESSAGES_FILL[brand]}`}
+            >
+              <span className="type-label block mb-3">Key Messages</span>
+              {["w-full", "w-11/12", "w-4/5"].map((w, i) => (
+                <div key={i} className="flex items-start gap-4">
+                  <span className="type-label mt-2 shrink-0 text-text-secondary">
+                    {String(i + 1).padStart(2, "0")}
+                  </span>
+                  <div className="flex-1 space-y-2.5">
+                    <Line className="h-4 w-full" i={i} />
+                    <Line className={`h-4 ${w}`} i={i + 1} />
+                  </div>
+                </div>
+              ))}
+            </div>
+
+            {/* Body — paragraphs broken by section headings, on the same
+                ~1.4 line-height rhythm as type-body prose. */}
+            <div className="space-y-10">
+              {[0, 1, 2].map((section) => (
+                <div key={section} className="space-y-3.5">
+                  {section > 0 && (
+                    <Line className="h-6 w-1/2 mb-6" strong />
+                  )}
+                  {["w-full", "w-full", "w-11/12", "w-full", "w-2/3"].map(
+                    (w, i) => (
+                      <Line key={i} className={`h-4 ${w}`} i={i} />
+                    ),
+                  )}
+                </div>
+              ))}
+            </div>
+          </div>
+        </div>
+      </div>
+    </div>
+  );
+}
diff --git a/src/app/memos/[slug]/loading.tsx b/src/app/memos/[slug]/loading.tsx
new file mode 100644
index 0000000..0e1195a
--- /dev/null
+++ b/src/app/memos/[slug]/loading.tsx
@@ -0,0 +1,9 @@
+import { MemoSkeleton } from "./MemoSkeleton";
+
+// This route reads cookies (draft preview + viewer state), so it renders
+// dynamically on every request and its prefetch payload is empty. Without a
+// loading boundary a click leaves the previous page on screen for the whole
+// round trip, which reads as a dead click.
+export default function Loading() {
+  return <MemoSkeleton />;
+}
diff --git a/src/app/memos/[slug]/page.tsx b/src/app/memos/[slug]/page.tsx
index e7f4b2d..c5c2554 100644
--- a/src/app/memos/[slug]/page.tsx
+++ b/src/app/memos/[slug]/page.tsx
@@ -80,10 +80,16 @@ export default async function MemoDetailPage({
   // engagement UI's signed-in / postal-code-ready states.
   const viewer = await getCurrentUser();
 
-  let memo;
-  try {
-    memo = await fetchMemo(slug);
-  } catch {
+  // The memo and the list backing "related memos" don't depend on each other,
+  // so they go out together rather than one after the other. Both must start
+  // after primeAdminPreviewToken, which seeds the token apiFetch reads.
+  // Related memos are decorative — if that list fails the memo still renders.
+  const [memo, allMemos] = await Promise.all([
+    fetchMemo(slug).catch(() => null),
+    fetchMemos().catch(() => []),
+  ]);
+
+  if (!memo) {
     notFound();
   }
 
@@ -142,7 +148,6 @@ export default async function MemoDetailPage({
     generateBreadcrumbSchema(`/memos/${memo.slug}`, memo.title, configData.siteUrl)
   );
 
-  const allMemos = await fetchMemos();
   const sameCategory = allMemos.filter(
     (m) => m.slug !== memo.slug && memo.category && m.category === memo.category,
   );
diff --git a/src/app/toronto/memos/[slug]/loading.tsx b/src/app/toronto/memos/[slug]/loading.tsx
new file mode 100644
index 0000000..3d95546
--- /dev/null
+++ b/src/app/toronto/memos/[slug]/loading.tsx
@@ -0,0 +1,5 @@
+import { MemoSkeleton } from "@/app/memos/[slug]/MemoSkeleton";
+
+export default function Loading() {
+  return <MemoSkeleton brand="toronto" showBackLink />;
+}
diff --git a/src/app/toronto/memos/[slug]/page.tsx b/src/app/toronto/memos/[slug]/page.tsx
index 7cd380e..320084e 100644
--- a/src/app/toronto/memos/[slug]/page.tsx
+++ b/src/app/toronto/memos/[slug]/page.tsx
@@ -72,10 +72,16 @@ export default async function TorontoMemoDetailPage({
   params: Promise<{ slug: string }>;
 }) {
   const { slug } = await params;
-  let memo;
-  try {
-    memo = await fetchMemo(slug, { publication: PUBLICATION });
-  } catch {
+
+  // The memo and the list backing "related memos" don't depend on each other,
+  // so they go out together rather than one after the other. Related memos are
+  // decorative — if that list fails the memo still renders.
+  const [memo, allMemos] = await Promise.all([
+    fetchMemo(slug, { publication: PUBLICATION }).catch(() => null),
+    fetchMemos({ publication: PUBLICATION }).catch(() => []),
+  ]);
+
+  if (!memo) {
     notFound();
   }
 
@@ -129,7 +135,6 @@ export default async function TorontoMemoDetailPage({
     )
   );
 
-  const allMemos = await fetchMemos({ publication: PUBLICATION });
   const sameCategory = allMemos.filter(
     (m) => m.slug !== memo.slug && memo.category && m.category === memo.category,
   );
diff --git a/src/lib/api/memos.ts b/src/lib/api/memos.ts
index 9965a30..06f1cbf 100644
--- a/src/lib/api/memos.ts
+++ b/src/lib/api/memos.ts
@@ -69,29 +69,37 @@ export async function fetchMemos(params?: {
 
   type MemoRow = YFMemo & { key_messages?: unknown[] };
 
-  const all: MemoRow[] = [];
-  let page = 1;
+  const fetchPage = (page: number) =>
+    apiFetch<YFPaginatedResponse<MemoRow>>("/memos", {
+      params: { ...queryParams, page: String(page) },
+      revalidate: 60,
+    });
 
-  while (true) {
-    queryParams.page = String(page);
-    const res = await apiFetch<YFPaginatedResponse<MemoRow>>(
-      "/memos",
-      { params: queryParams, revalidate: 60 }
-    );
-    all.push(...res.data);
-    if (page >= res.pagination.pages) break;
-    page++;
-  }
+  // Author titles don't depend on the memo pages, so this goes out alongside
+  // them rather than waiting for pagination to finish. Failing to resolve
+  // titles isn't fatal — memos still render without them.
+  const teamPromise = apiFetch<YFListResponse<YFTeamMember>>("/team", {
+    revalidate: 3600,
+  }).catch(() => null);
+
+  // Page 1 tells us how many pages there are; the rest are then fetched
+  // concurrently instead of one round trip at a time.
+  const first = await fetchPage(1);
+  const rest = await Promise.all(
+    Array.from({ length: Math.max(0, first.pagination.pages - 1) }, (_, i) =>
+      fetchPage(i + 2),
+    ),
+  );
+
+  const all: MemoRow[] = [first, ...rest].flatMap((res) => res.data);
 
   const authorTitles = new Map<string, string | null>();
-  try {
-    const team = await apiFetch<YFListResponse<YFTeamMember>>("/team", {
-      revalidate: 3600,
-    });
+  const team = await teamPromise;
+  if (team) {
     for (const t of team.data) {
       authorTitles.set(t.slug, t.title ?? null);
     }
-  } catch {}
+  }
 
   return all.map((m) => mapMemo(m, authorTitles));
 }