diff --git a/crates/next-core/src/next_client/context.rs b/crates/next-core/src/next_client/context.rs
index 78f7be7eb64a..f5ba83d631a1 100644
--- a/crates/next-core/src/next_client/context.rs
+++ b/crates/next-core/src/next_client/context.rs
@@ -374,6 +374,7 @@ pub async fn get_client_module_options_context(
             infer_module_side_effects: *next_config.turbopack_infer_module_side_effects().await?,
             cjs_tree_shaking: *next_config.turbopack_cjs_tree_shaking().await?,
             cjs_scope_hoisting: *next_config.turbopack_cjs_scope_hoisting().await?,
+            cross_module_constants: *next_config.turbopack_cross_module_constants().await?,
             preset_env_config,
             ..Default::default()
         },
diff --git a/crates/next-core/src/next_config.rs b/crates/next-core/src/next_config.rs
index 8bda61f7b412..be73ae1f64b8 100644
--- a/crates/next-core/src/next_config.rs
+++ b/crates/next-core/src/next_config.rs
@@ -1443,6 +1443,8 @@ pub struct ExperimentalConfig {
     turbopack_cjs_tree_shaking: Option<bool>,
     /// Enable scope hoisting of static CommonJS modules. Defaults to false.
     turbopack_cjs_scope_hoisting: Option<bool>,
+    /// Enable cross-module constant inlining. Defaults to false.
+    turbopack_cross_module_constants: Option<bool>,
     /// Devtool option for the segment explorer.
     devtool_segment_explorer: Option<bool>,
     /// Whether to report inlined system environment variables as warnings or errors.
@@ -2576,6 +2578,15 @@ impl NextConfig {
         )
     }
 
+    #[turbo_tasks::function]
+    pub fn turbopack_cross_module_constants(&self) -> Vc<bool> {
+        Vc::cell(
+            self.experimental
+                .turbopack_cross_module_constants
+                .unwrap_or(false),
+        )
+    }
+
     #[turbo_tasks::function]
     pub fn turbopack_plugin_runtime_strategy(&self) -> Vc<TurbopackPluginRuntimeStrategy> {
         #[cfg(feature = "process_pool")]
diff --git a/crates/next-core/src/next_server/context.rs b/crates/next-core/src/next_server/context.rs
index ab5b57a9405c..f5948109002f 100644
--- a/crates/next-core/src/next_server/context.rs
+++ b/crates/next-core/src/next_server/context.rs
@@ -549,6 +549,7 @@ pub async fn get_server_module_options_context(
             infer_module_side_effects: *next_config.turbopack_infer_module_side_effects().await?,
             cjs_tree_shaking: *next_config.turbopack_cjs_tree_shaking().await?,
             cjs_scope_hoisting: *next_config.turbopack_cjs_scope_hoisting().await?,
+            cross_module_constants: *next_config.turbopack_cross_module_constants().await?,
             ..Default::default()
         },
         execution_context: Some(execution_context),
diff --git a/docs/01-app/02-guides/streaming.mdx b/docs/01-app/02-guides/streaming.mdx
index a25bbaea0490..4f65f0a32b0e 100644
--- a/docs/01-app/02-guides/streaming.mdx
+++ b/docs/01-app/02-guides/streaming.mdx
@@ -36,7 +36,7 @@ When a browser requests a page, two streams work together during the initial pag
 
 ### The HTML stream
 
-React's server renderer produces progressive HTML chunks. The static parts of your page (layouts, navigation, Suspense fallbacks) render first and are sent immediately. When an async [Server Component](/docs/app/glossary#server-component) resolves, React streams its completed HTML along with inline `<script>` tags: one that swaps the fallback DOM node with the new content, and another carrying the [component payload](#the-component-payload) so React can later hydrate it. The browser executes the swap instantly, without waiting for the page's JavaScript bundle to load or hydration to complete. This is what the user _sees_: the page painting progressively, section by section.
+React's server renderer produces progressive HTML chunks. The static parts of your page (layouts, navigation, Suspense fallbacks) render first and are sent immediately. When a `<Suspense>` boundary's content is ready, for example when an async [Server Component](/docs/app/glossary#server-component) resolves, React streams its completed HTML along with inline `<script>` tags: one that swaps the fallback DOM node with the new content, and another carrying the [component payload](#the-component-payload) so React can later hydrate it. The browser executes the swap instantly, without waiting for the page's JavaScript bundle to load or hydration to complete. This is what the user _sees_: the page painting progressively, section by section.
 
 ### The component payload
 
@@ -579,11 +579,17 @@ Without streaming, the server waits for all data before sending any HTML, so TTF
 
 ### LCP (Largest Contentful Paint)
 
-If your LCP element (a hero image, a main heading, a product photo) is inside a Suspense boundary, it can't paint until that boundary resolves. To keep LCP fast:
+If your LCP element (a hero image, a main heading, a product photo) is inside a Suspense boundary, it can't paint until that boundary's content is swapped in. The element then depends on the work the server does to render it, not on your initial server response time. Revealing it costs something on the client too, because React streams a small inline script alongside the boundary's HTML and the content only appears once that script runs.
+
+Data fetching is not the only reason a boundary delays your LCP element. React also holds back a large boundary, because sending its HTML takes time. See [what activates a Suspense boundary](https://react.dev/reference/react/Suspense#what-activates-a-suspense-boundary).
+
+> **Good to know:** As a rule of thumb, if there's a Suspense boundary, React might use it. Under a slow network or a busy CPU, concurrent rendering can fall back to it even when you didn't expect it. Adding a boundary means accepting that, so don't add one you don't need.
+
+To keep LCP fast:
 
 - Keep LCP elements **outside** or **above** Suspense boundaries so they render as part of the static shell.
-- Use the [`preload`](/docs/app/api-reference/components/image#preload) prop on `next/image` for LCP images. This injects a `<link rel="preload">` into the `<head>`, so the browser starts fetching the image from the very first chunk, before the `<img>` tag even appears in the HTML.
-- For non-image LCP elements (text, headings), make sure they are not wrapped in a Suspense boundary that depends on slow data.
+- Use the [`preload`](/docs/app/api-reference/components/image#preload) prop on `next/image` for LCP images. This injects a `<link rel="preload">` into the `<head>`, so the browser starts fetching the image from the very first chunk, before the `<img>` tag even appears in the HTML. It controls when the image is fetched, not when it paints. An image inside a boundary still waits for the swap.
+- For non-image LCP elements (text, headings), render them outside Suspense boundaries.
 
 ### CLS (Cumulative Layout Shift)
 
diff --git a/packages/next/src/server/config-schema.ts b/packages/next/src/server/config-schema.ts
index 57d99b717a8a..3fd0c238c99d 100644
--- a/packages/next/src/server/config-schema.ts
+++ b/packages/next/src/server/config-schema.ts
@@ -421,6 +421,7 @@ export const experimentalSchema = {
   turbopackInferModuleSideEffects: z.boolean().optional(),
   turbopackCjsTreeShaking: z.boolean().optional(),
   turbopackCjsScopeHoisting: z.boolean().optional(),
+  turbopackCrossModuleConstants: z.boolean().optional(),
   turbopackServerFastRefresh: z.boolean().optional(),
   optimizePackageImports: z.array(z.string()).optional(),
   optimizeServerReact: z.boolean().optional(),
diff --git a/packages/next/src/server/config-shared.ts b/packages/next/src/server/config-shared.ts
index 1800304f747d..644df33842e1 100644
--- a/packages/next/src/server/config-shared.ts
+++ b/packages/next/src/server/config-shared.ts
@@ -993,6 +993,14 @@ export interface ExperimentalConfig {
    */
   turbopackCjsScopeHoisting?: boolean
 
+  /**
+   * Enable cross-module constant inlining in Turbopack. Constants exported from other
+   * modules are inlined at their use sites, which enables dead code elimination.
+   *
+   * Defaults to `false`
+   */
+  turbopackCrossModuleConstants?: boolean
+
   /**
    * Set this to `false` to disable the automatic configuration of the babel loader when a Babel
    * configuration file is present. This option is enabled by default.
diff --git a/packages/next/src/server/use-cache/use-cache-wrapper.ts b/packages/next/src/server/use-cache/use-cache-wrapper.ts
index 1f8f423ce227..63f482e681c3 100644
--- a/packages/next/src/server/use-cache/use-cache-wrapper.ts
+++ b/packages/next/src/server/use-cache/use-cache-wrapper.ts
@@ -1412,8 +1412,13 @@ async function generateCacheEntryImpl(
       )
 
       clearTimeout(timer)
+      const didTimeout = timeoutAbortController.signal.aborted
+      if (dynamicAccessAbortSignal) {
+        // Release React's listener from the composite signal.
+        timeoutAbortController.abort()
+      }
 
-      if (timeoutAbortController.signal.aborted) {
+      if (didTimeout) {
         // When the timeout is reached we always error the stream. Even for
         // fallback shell prerenders we don't want to return a hanging promise,
         // which would allow the function to become a dynamic hole. Because that
diff --git a/test/development/app-dir/concurrent-install/concurrent-install.test.ts b/test/development/app-dir/concurrent-install/concurrent-install.test.ts
index 67f12c8386c4..7064fd2e2a35 100644
--- a/test/development/app-dir/concurrent-install/concurrent-install.test.ts
+++ b/test/development/app-dir/concurrent-install/concurrent-install.test.ts
@@ -14,24 +14,23 @@ import path from 'path'
  *   - NOT crash with a `TurbopackInternalError` / "FATAL" log
  *   - recover once `node_modules/next` is restored
  */
-const describeMaybe = process.env.NEXT_SKIP_ISOLATE ? describe.skip : describe
+const describeMaybe =
+  process.env.NEXT_SKIP_ISOLATE || !process.env.IS_TURBOPACK_TEST
+    ? describe.skip
+    : describe
 
 describeMaybe('concurrent-install', () => {
-  const { next, isTurbopack } = nextTestSetup({
-    files: __dirname,
-  })
-
-  const itTurbopack = isTurbopack ? it : it.skip
-
-  async function getNextPath(): Promise<string> {
+  async function getNextPath(next): Promise<string> {
     const nextPath = path.join(next.testDir, 'node_modules', 'next')
     // sanity check
     await fs.lstat(nextPath)
     return nextPath
   }
 
-  async function moveNextAside(): Promise<{ original: string; stash: string }> {
-    const original = await getNextPath()
+  async function moveNextAside(
+    next
+  ): Promise<{ original: string; stash: string }> {
+    const original = await getNextPath(next)
     const stash = `${original}.stash-${Date.now()}`
     await fs.rename(original, stash)
     return { original, stash }
@@ -47,13 +46,16 @@ describeMaybe('concurrent-install', () => {
     await fs.rename(stash, original)
   }
 
-  itTurbopack(
-    'does not crash when node_modules/next is moved mid-session',
-    async () => {
+  describe('does not crash when node_modules/next is moved mid-session', () => {
+    const { next } = nextTestSetup({
+      files: __dirname,
+    })
+
+    it('works', async () => {
       await next.browser('/')
 
       const getOutput = next.getCliOutputFromHere()
-      const stashInfo = await moveNextAside()
+      const stashInfo = await moveNextAside(next)
       try {
         // Force a recompile while next is missing. Not strickly necessary, but important to ensure
         // we do recover with the new content eventually
@@ -86,16 +88,19 @@ describeMaybe('concurrent-install', () => {
         'FATAL: An unexpected Turbopack error occurred'
       )
       expect(getOutput()).not.toContain('TurbopackInternalError')
-    }
-  )
+    })
+  })
 
-  itTurbopack(
-    'surfaces a friendly issue when node_modules/next is missing',
-    async () => {
+  describe('surfaces a friendly issue when node_modules/next is missing', () => {
+    const { next } = nextTestSetup({
+      files: __dirname,
+    })
+
+    it('works', async () => {
       await next.browser('/')
 
       const getOutput = next.getCliOutputFromHere()
-      const stashInfo = await moveNextAside()
+      const stashInfo = await moveNextAside(next)
       try {
         await next.patchFile(
           'app/page.tsx',
@@ -127,17 +132,20 @@ describeMaybe('concurrent-install', () => {
       } finally {
         await restoreNext(stashInfo)
       }
-    }
-  )
+    })
+  })
 
-  itTurbopack(
-    'does not crash when navigating to an uncompiled route while node_modules/next is missing',
-    async () => {
+  describe('does not crash when navigating to an uncompiled route while node_modules/next is missing', () => {
+    const { next } = nextTestSetup({
+      files: __dirname,
+    })
+
+    it('works', async () => {
       // Compile `/` so the harness has at least one warm chunk.
       await next.browser('/')
 
       const getOutput = next.getCliOutputFromHere()
-      const stashInfo = await moveNextAside()
+      const stashInfo = await moveNextAside(next)
       try {
         // Navigating to `/late-route` (never compiled in this session) forces
         // a fresh `hmr_version_state` evaluation for that chunk. That path
@@ -175,6 +183,6 @@ describeMaybe('concurrent-install', () => {
         15000,
         500
       )
-    }
-  )
+    })
+  })
 })
diff --git a/test/e2e/app-dir/error-on-next-codemod-comment/error-on-next-codemod-comment.test.ts b/test/e2e/app-dir/error-on-next-codemod-comment/error-on-next-codemod-comment.test.ts
index a6b4b4886665..cee1c0a1462a 100644
--- a/test/e2e/app-dir/error-on-next-codemod-comment/error-on-next-codemod-comment.test.ts
+++ b/test/e2e/app-dir/error-on-next-codemod-comment/error-on-next-codemod-comment.test.ts
@@ -71,21 +71,20 @@ describe('app-dir - error-on-next-codemod-comment', () => {
     })
 
     it('should error with inline comment as well', async () => {
-      let originFileContent
-      await next.patchFile('app/page.tsx', (code) => {
-        originFileContent = code
-        return code.replace(
-          '// @next-codemod-error remove jsx of next line',
-          '/* @next-codemod-error remove jsx of next line */'
-        )
-      })
-
-      const browser = await next.browser('/')
-
-      await waitForRedbox(browser)
-
-      // Recover the original file content
-      await next.patchFile('app/page.tsx', originFileContent)
+      await next.patchFile(
+        'app/page.tsx',
+        (code) =>
+          code.replace(
+            '// @next-codemod-error remove jsx of next line',
+            '/* @next-codemod-error remove jsx of next line */'
+          ),
+        async () => {
+          const browser = await next.browser('/')
+          await retry(async () => {
+            await waitForRedbox(browser)
+          }, 10000)
+        }
+      )
     })
 
     it('should disappear the error when you rre the codemod comment', async () => {
@@ -93,21 +92,16 @@ describe('app-dir - error-on-next-codemod-comment', () => {
 
       await waitForRedbox(browser)
 
-      let originFileContent
-      await next.patchFile('app/page.tsx', (code) => {
-        originFileContent = code
-        return code.replace(
-          '// @next-codemod-error remove jsx of next line',
-          ''
-        )
-      })
-
-      await retry(async () => {
-        await waitForNoRedbox(browser)
-      })
-
-      // Recover the original file content
-      await next.patchFile('app/page.tsx', originFileContent)
+      await next.patchFile(
+        'app/page.tsx',
+        (code) =>
+          code.replace('// @next-codemod-error remove jsx of next line', ''),
+        async () => {
+          await retry(async () => {
+            await waitForNoRedbox(browser)
+          }, 10000)
+        }
+      )
     })
 
     it('should disappear the error when you replace with bypass comment', async () => {
@@ -115,18 +109,15 @@ describe('app-dir - error-on-next-codemod-comment', () => {
 
       await waitForRedbox(browser)
 
-      let originFileContent
-      await next.patchFile('app/page.tsx', (code) => {
-        originFileContent = code
-        return code.replace('@next-codemod-error', '@next-codemod-bypass')
-      })
-
-      await retry(async () => {
-        await waitForNoRedbox(browser)
-      })
-
-      // Recover the original file content
-      await next.patchFile('app/page.tsx', originFileContent)
+      await next.patchFile(
+        'app/page.tsx',
+        (code) => code.replace('@next-codemod-error', '@next-codemod-bypass'),
+        async () => {
+          await retry(async () => {
+            await waitForNoRedbox(browser)
+          }, 10000)
+        }
+      )
     })
   } else {
     it('should fail the build with next build', async () => {
diff --git a/test/production/next-image-legacy/basic/basic.test.ts b/test/production/next-image-legacy/basic/basic.test.ts
index 869ff2354c5a..16f9ce7e7e95 100644
--- a/test/production/next-image-legacy/basic/basic.test.ts
+++ b/test/production/next-image-legacy/basic/basic.test.ts
@@ -1,21 +1,9 @@
 import { nextTestSetup, type Playwright } from 'e2e-utils'
 import { retry } from 'next-test-utils'
-import type { Page } from 'playwright'
 
 const emptyImage =
   'data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7'
 
-const browserOptions = {
-  beforePageLoad(page: Page) {
-    // Block all image requests to external hosts immediately so we are not introducing flakes due
-    // to long DNS timeouts
-    page.route(
-      /^https:\/\/(?:example\.com|arbitraryurl\.com|example\.vercel\.sh|www\.otherhost\.com)\//,
-      (route) => route.abort()
-    )
-  },
-}
-
 describe('Image Component Tests', () => {
   const { next } = nextTestSetup({
     files: __dirname,
@@ -69,21 +57,21 @@ describe('Image Component Tests', () => {
       expect(
         await browser().elementById('basic-image').getAttribute('src')
       ).toBe(
-        'https://example.com/myaccount/foo.jpg?auto=format&fit=max&w=1024&q=60'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?auto=format&fit=max&w=1024&q=60'
       )
     })
     it('should correctly generate src even if preceding slash is included in prop', async () => {
       expect(
         await browser().elementById('preceding-slash-image').getAttribute('src')
       ).toBe(
-        'https://example.com/myaccount/fooslash.jpg?auto=format&fit=max&w=1024'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/fooslash.jpg?auto=format&fit=max&w=1024'
       )
     })
     it('should add a srcset based on the loader', async () => {
       expect(
         await browser().elementById('basic-image').getAttribute('srcset')
       ).toBe(
-        'https://example.com/myaccount/foo.jpg?auto=format&fit=max&w=480&q=60 1x, https://example.com/myaccount/foo.jpg?auto=format&fit=max&w=1024&q=60 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?auto=format&fit=max&w=480&q=60 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?auto=format&fit=max&w=1024&q=60 2x'
       )
     })
     it('should add a srcset even with preceding slash in prop', async () => {
@@ -92,31 +80,37 @@ describe('Image Component Tests', () => {
           .elementById('preceding-slash-image')
           .getAttribute('srcset')
       ).toBe(
-        'https://example.com/myaccount/fooslash.jpg?auto=format&fit=max&w=480 1x, https://example.com/myaccount/fooslash.jpg?auto=format&fit=max&w=1024 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/fooslash.jpg?auto=format&fit=max&w=480 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/fooslash.jpg?auto=format&fit=max&w=1024 2x'
       )
     })
     it('should use imageSizes when width matches, not deviceSizes from next.config.js', async () => {
       expect(
         await browser().elementById('icon-image-16').getAttribute('src')
-      ).toBe('https://example.com/myaccount/icon.png?auto=format&fit=max&w=32')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/icon.png?auto=format&fit=max&w=32'
+      )
       expect(
         await browser().elementById('icon-image-16').getAttribute('srcset')
       ).toBe(
-        'https://example.com/myaccount/icon.png?auto=format&fit=max&w=16 1x, https://example.com/myaccount/icon.png?auto=format&fit=max&w=32 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/icon.png?auto=format&fit=max&w=16 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/icon.png?auto=format&fit=max&w=32 2x'
       )
       expect(
         await browser().elementById('icon-image-32').getAttribute('src')
-      ).toBe('https://example.com/myaccount/icon.png?auto=format&fit=max&w=64')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/icon.png?auto=format&fit=max&w=64'
+      )
       expect(
         await browser().elementById('icon-image-32').getAttribute('srcset')
       ).toBe(
-        'https://example.com/myaccount/icon.png?auto=format&fit=max&w=32 1x, https://example.com/myaccount/icon.png?auto=format&fit=max&w=64 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/icon.png?auto=format&fit=max&w=32 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/icon.png?auto=format&fit=max&w=64 2x'
       )
     })
     it('should support the unoptimized attribute', async () => {
       expect(
         await browser().elementById('unoptimized-image').getAttribute('src')
-      ).toBe('https://arbitraryurl.com/foo.jpg')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg'
+      )
     })
     it('should not add a srcset if unoptimized attribute present', async () => {
       expect(
@@ -127,7 +121,7 @@ describe('Image Component Tests', () => {
       expect(
         await browser().elementById('image-with-param-auto').getAttribute('src')
       ).toBe(
-        'https://example.com/myaccount/foo.png?auto=compress&fit=max&w=1024'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.png?auto=compress&fit=max&w=1024'
       )
     })
     it('should keep width parameter if already set', async () => {
@@ -135,13 +129,15 @@ describe('Image Component Tests', () => {
         await browser()
           .elementById('image-with-param-width')
           .getAttribute('src')
-      ).toBe('https://example.com/myaccount/foo.png?auto=format&w=500&fit=max')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.png?auto=format&w=500&fit=max'
+      )
     })
     it('should keep fit parameter if already set', async () => {
       expect(
         await browser().elementById('image-with-param-fit').getAttribute('src')
       ).toBe(
-        'https://example.com/myaccount/foo.png?auto=format&fit=crop&w=300&h=300'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.png?auto=format&fit=crop&w=300&h=300'
       )
     })
   }
@@ -149,12 +145,12 @@ describe('Image Component Tests', () => {
   function lazyLoadingTests(browser: () => Browser) {
     it('should have loaded the first image immediately', async () => {
       expect(await browser().elementById('lazy-top').getAttribute('src')).toBe(
-        'https://example.com/myaccount/lazy1.jpg?auto=format&fit=max&w=2000'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy1.jpg?auto=format&fit=max&w=2000'
       )
       expect(
         await browser().elementById('lazy-top').getAttribute('srcset')
       ).toBe(
-        'https://example.com/myaccount/lazy1.jpg?auto=format&fit=max&w=1024 1x, https://example.com/myaccount/lazy1.jpg?auto=format&fit=max&w=2000 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy1.jpg?auto=format&fit=max&w=1024 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy1.jpg?auto=format&fit=max&w=2000 2x'
       )
     })
     it('should not have loaded the second image immediately', async () => {
@@ -183,13 +179,13 @@ describe('Image Component Tests', () => {
 
       await retry(async () => {
         expect(await b.elementById('lazy-mid').getAttribute('src')).toBe(
-          'https://example.com/myaccount/lazy2.jpg?auto=format&fit=max&w=1024'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy2.jpg?auto=format&fit=max&w=1024'
         )
       })
 
       await retry(async () => {
         expect(await b.elementById('lazy-mid').getAttribute('srcset')).toBe(
-          'https://example.com/myaccount/lazy2.jpg?auto=format&fit=max&w=480 1x, https://example.com/myaccount/lazy2.jpg?auto=format&fit=max&w=1024 2x'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy2.jpg?auto=format&fit=max&w=480 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy2.jpg?auto=format&fit=max&w=1024 2x'
         )
       })
     })
@@ -213,7 +209,7 @@ describe('Image Component Tests', () => {
       )
       await new Promise((r) => setTimeout(r, 200))
       expect(await b.elementById('lazy-bottom').getAttribute('src')).toBe(
-        'https://www.otherhost.com/lazy3.jpg'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy3.jpg'
       )
       expect(
         await b.elementById('lazy-bottom').getAttribute('srcset')
@@ -239,12 +235,12 @@ describe('Image Component Tests', () => {
       expect(
         await b.elementById('lazy-without-attribute').getAttribute('src')
       ).toBe(
-        'https://example.com/myaccount/lazy4.jpg?auto=format&fit=max&w=1600'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy4.jpg?auto=format&fit=max&w=1600'
       )
       expect(
         await b.elementById('lazy-without-attribute').getAttribute('srcset')
       ).toBe(
-        'https://example.com/myaccount/lazy4.jpg?auto=format&fit=max&w=1024 1x, https://example.com/myaccount/lazy4.jpg?auto=format&fit=max&w=1600 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy4.jpg?auto=format&fit=max&w=1024 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy4.jpg?auto=format&fit=max&w=1600 2x'
       )
     })
 
@@ -252,7 +248,7 @@ describe('Image Component Tests', () => {
       expect(
         await browser().elementById('eager-loading').getAttribute('src')
       ).toBe(
-        'https://example.com/myaccount/lazy5.jpg?auto=format&fit=max&w=2000'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy5.jpg?auto=format&fit=max&w=2000'
       )
       expect(
         await browser().elementById('eager-loading').getAttribute('srcset')
@@ -282,7 +278,7 @@ describe('Image Component Tests', () => {
             'document.querySelector("#lazy-boundary").getAttribute("src")'
           )
         ).toBe(
-          'https://example.com/myaccount/lazy6.jpg?auto=format&fit=max&w=1600'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy6.jpg?auto=format&fit=max&w=1600'
         )
       })
 
@@ -292,7 +288,7 @@ describe('Image Component Tests', () => {
             'document.querySelector("#lazy-boundary").getAttribute("srcset")'
           )
         ).toBe(
-          'https://example.com/myaccount/lazy6.jpg?auto=format&fit=max&w=1024 1x, https://example.com/myaccount/lazy6.jpg?auto=format&fit=max&w=1600 2x'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy6.jpg?auto=format&fit=max&w=1024 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy6.jpg?auto=format&fit=max&w=1600 2x'
         )
       })
     })
@@ -301,7 +297,7 @@ describe('Image Component Tests', () => {
   describe('SSR Image Component Tests', () => {
     let browser: Playwright
     beforeAll(async () => {
-      browser = await next.browser('/', browserOptions)
+      browser = await next.browser('/')
     })
     runTests(() => browser)
 
@@ -309,7 +305,7 @@ describe('Image Component Tests', () => {
       expect(
         await hasPreloadLinkMatchingUrl(
           browser,
-          'https://example.com/myaccount/withpriority.png?auto=format&fit=max&w=1024&q=60'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/withpriority.png?auto=format&fit=max&w=1024&q=60'
         )
       ).toBe(true)
     })
@@ -317,7 +313,7 @@ describe('Image Component Tests', () => {
       expect(
         await hasPreloadLinkMatchingUrl(
           browser,
-          'https://example.com/myaccount/fooslash.jpg?auto=format&fit=max&w=1024'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/fooslash.jpg?auto=format&fit=max&w=1024'
         )
       ).toBe(true)
     })
@@ -325,7 +321,7 @@ describe('Image Component Tests', () => {
       expect(
         await hasPreloadLinkMatchingUrl(
           browser,
-          'https://arbitraryurl.com/withpriority3.png'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/withpriority3.png'
         )
       ).toBe(true)
     })
@@ -333,7 +329,7 @@ describe('Image Component Tests', () => {
       expect(
         await hasPreloadLinkMatchingUrl(
           browser,
-          'https://example.com/myaccount/withpriority.png?auto=format&fit=max&w=1024&q=60'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/withpriority.png?auto=format&fit=max&w=1024&q=60'
         )
       ).toBe(true)
     })
@@ -349,16 +345,18 @@ describe('Image Component Tests', () => {
       ).toBe('intrinsic')
     })
     it('should not pass config to custom loader prop', async () => {
-      const loaderBrowser = await next.browser('/loader-prop', browserOptions)
+      const loaderBrowser = await next.browser('/loader-prop')
       expect(
         await loaderBrowser.elementById('loader-prop-img').getAttribute('src')
-      ).toBe('https://example.vercel.sh/success/foo.jpg?width=1024')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?width=1024'
+      )
       expect(
         await loaderBrowser
           .elementById('loader-prop-img')
           .getAttribute('srcset')
       ).toBe(
-        'https://example.vercel.sh/success/foo.jpg?width=480 1x, https://example.vercel.sh/success/foo.jpg?width=1024 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?width=480 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?width=1024 2x'
       )
     })
   })
@@ -366,7 +364,7 @@ describe('Image Component Tests', () => {
   describe('Client-side Image Component Tests', () => {
     let browser: Playwright
     beforeAll(async () => {
-      browser = await next.browser('/', browserOptions)
+      browser = await next.browser('/')
       await browser.waitForElementByCss('#clientlink').click()
     })
     runTests(() => browser)
@@ -376,7 +374,7 @@ describe('Image Component Tests', () => {
       expect(
         await hasPreloadLinkMatchingUrl(
           browser,
-          'https://example.com/myaccount/withpriorityclient.png?auto=format&fit=max'
+          'https://next-data-api-endpoint.vercel.app/next-image-legacy/withpriorityclient.png?auto=format&fit=max'
         )
       ).toBe(false)
     })
@@ -414,7 +412,7 @@ describe('Image Component Tests', () => {
   describe('SSR Lazy Loading Tests', () => {
     let browser: Playwright
     beforeAll(async () => {
-      browser = await next.browser('/lazy', browserOptions)
+      browser = await next.browser('/lazy')
     })
     lazyLoadingTests(() => browser)
   })
@@ -422,7 +420,7 @@ describe('Image Component Tests', () => {
   describe('Client-side Lazy Loading Tests', () => {
     let browser: Playwright
     beforeAll(async () => {
-      browser = await next.browser('/', browserOptions)
+      browser = await next.browser('/')
       await browser.waitForElementByCss('#lazylink').click()
       await new Promise((r) => setTimeout(r, 500))
     })
diff --git a/test/production/next-image-legacy/basic/next.config.js b/test/production/next-image-legacy/basic/next.config.js
index 5d8fb97cde54..31449d615af6 100644
--- a/test/production/next-image-legacy/basic/next.config.js
+++ b/test/production/next-image-legacy/basic/next.config.js
@@ -2,7 +2,7 @@ module.exports = {
   images: {
     deviceSizes: [480, 1024, 1600, 2000],
     imageSizes: [16, 32, 48, 64],
-    path: 'https://example.com/myaccount/',
+    path: 'https://next-data-api-endpoint.vercel.app/next-image-legacy/',
     loader: 'imgix',
   },
 }
diff --git a/test/production/next-image-legacy/basic/pages/client-side.js b/test/production/next-image-legacy/basic/pages/client-side.js
index 619199b64b26..bd1fa2cfb66c 100644
--- a/test/production/next-image-legacy/basic/pages/client-side.js
+++ b/test/production/next-image-legacy/basic/pages/client-side.js
@@ -34,7 +34,7 @@ const ClientSide = () => {
       <Image
         id="unoptimized-image"
         unoptimized
-        src="https://arbitraryurl.com/foo.jpg"
+        src="https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg"
         loading="eager"
         width={300}
         height={400}
diff --git a/test/production/next-image-legacy/basic/pages/index.js b/test/production/next-image-legacy/basic/pages/index.js
index a0edc5cd0e00..0b37b1ab2cb3 100644
--- a/test/production/next-image-legacy/basic/pages/index.js
+++ b/test/production/next-image-legacy/basic/pages/index.js
@@ -42,7 +42,7 @@ const Page = () => {
       <Image
         id="unoptimized-image"
         unoptimized
-        src="https://arbitraryurl.com/foo.jpg"
+        src="https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg"
         loading="eager"
         width={300}
         height={400}
@@ -59,7 +59,7 @@ const Page = () => {
         id="priority-image"
         priority
         unoptimized
-        src="https://arbitraryurl.com/withpriority3.png"
+        src="https://next-data-api-endpoint.vercel.app/next-image-legacy/withpriority3.png"
         width={300}
         height={400}
       />
diff --git a/test/production/next-image-legacy/basic/pages/lazy.js b/test/production/next-image-legacy/basic/pages/lazy.js
index ecd652686fd1..4a4efb5c8e01 100644
--- a/test/production/next-image-legacy/basic/pages/lazy.js
+++ b/test/production/next-image-legacy/basic/pages/lazy.js
@@ -24,7 +24,7 @@ const Lazy = () => {
       <div style={{ height: '2000px' }}></div>
       <Image
         id="lazy-bottom"
-        src="https://www.otherhost.com/lazy3.jpg"
+        src="https://next-data-api-endpoint.vercel.app/next-image-legacy/lazy3.jpg"
         height={400}
         width={300}
         unoptimized
diff --git a/test/production/next-image-legacy/basic/pages/loader-prop.js b/test/production/next-image-legacy/basic/pages/loader-prop.js
index 5647ea048910..9f15bc8112fc 100644
--- a/test/production/next-image-legacy/basic/pages/loader-prop.js
+++ b/test/production/next-image-legacy/basic/pages/loader-prop.js
@@ -11,9 +11,9 @@ const LoaderExample = () => {
         height={400}
         loader={({ config, src, width }) => {
           if (config) {
-            return 'https://example.vercel.sh/error-unexpected-config'
+            return 'https://next-data-api-endpoint.vercel.app/next-image-legacy/error-unexpected-config'
           }
-          return `https://example.vercel.sh/success/${src}?width=${width}`
+          return `https://next-data-api-endpoint.vercel.app/next-image-legacy/${src}?width=${width}`
         }}
       />
     </div>
diff --git a/test/production/next-image-legacy/custom-resolver/custom-resolver.test.ts b/test/production/next-image-legacy/custom-resolver/custom-resolver.test.ts
index 8d590b0260f9..e2f998e1ca8c 100644
--- a/test/production/next-image-legacy/custom-resolver/custom-resolver.test.ts
+++ b/test/production/next-image-legacy/custom-resolver/custom-resolver.test.ts
@@ -1,16 +1,4 @@
 import { nextTestSetup, type Playwright } from 'e2e-utils'
-import type { Page } from 'playwright'
-
-const browserOptions = {
-  beforePageLoad(page: Page) {
-    // Block all image requests to external hosts immediately so we are not introducing flakes due
-    // to long DNS timeouts
-    page.route(
-      /^https:\/\/(?:customresolver\.com|arbitraryurl\.com)\//,
-      (route) => route.abort()
-    )
-  },
-}
 
 describe('Custom Resolver Tests', () => {
   const { next } = nextTestSetup({
@@ -22,26 +10,30 @@ describe('Custom Resolver Tests', () => {
     it('Should use a custom resolver for image URL', async () => {
       expect(
         await browser().elementById('basic-image').getAttribute('src')
-      ).toBe('https://customresolver.com/foo.jpg?w~~1024,q~~60')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?w~~1024,q~~60'
+      )
     })
     it('should add a srcset based on the custom resolver', async () => {
       expect(
         await browser().elementById('basic-image').getAttribute('srcset')
       ).toBe(
-        'https://customresolver.com/foo.jpg?w~~480,q~~60 1x, https://customresolver.com/foo.jpg?w~~1024,q~~60 2x'
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?w~~480,q~~60 1x, https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg?w~~1024,q~~60 2x'
       )
     })
     it('should support the unoptimized attribute', async () => {
       expect(
         await browser().elementById('unoptimized-image').getAttribute('src')
-      ).toBe('https://arbitraryurl.com/foo.jpg')
+      ).toBe(
+        'https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg'
+      )
     })
   }
 
   describe('SSR Custom Loader Tests', () => {
     let browser: Playwright
     beforeAll(async () => {
-      browser = await next.browser('/', browserOptions)
+      browser = await next.browser('/')
     })
     runTests(() => browser)
   })
@@ -49,7 +41,7 @@ describe('Custom Resolver Tests', () => {
   describe('Client-side Custom Loader Tests', () => {
     let browser: Playwright
     beforeAll(async () => {
-      browser = await next.browser('/client-side', browserOptions)
+      browser = await next.browser('/client-side')
     })
     runTests(() => browser)
   })
diff --git a/test/production/next-image-legacy/custom-resolver/next.config.js b/test/production/next-image-legacy/custom-resolver/next.config.js
index 6a4a688ab4c8..31449d615af6 100644
--- a/test/production/next-image-legacy/custom-resolver/next.config.js
+++ b/test/production/next-image-legacy/custom-resolver/next.config.js
@@ -2,7 +2,7 @@ module.exports = {
   images: {
     deviceSizes: [480, 1024, 1600, 2000],
     imageSizes: [16, 32, 48, 64],
-    path: 'https://globalresolver.com/myaccount/',
+    path: 'https://next-data-api-endpoint.vercel.app/next-image-legacy/',
     loader: 'imgix',
   },
 }
diff --git a/test/production/next-image-legacy/custom-resolver/pages/client-side.js b/test/production/next-image-legacy/custom-resolver/pages/client-side.js
index 73e75f8fac51..eec740d9ec18 100644
--- a/test/production/next-image-legacy/custom-resolver/pages/client-side.js
+++ b/test/production/next-image-legacy/custom-resolver/pages/client-side.js
@@ -2,7 +2,7 @@ import React from 'react'
 import Image from 'next/legacy/image'
 
 const myLoader = ({ src, width, quality }) => {
-  return `https://customresolver.com/${src}?w~~${width},q~~${quality}`
+  return `https://next-data-api-endpoint.vercel.app/next-image-legacy/${src}?w~~${width},q~~${quality}`
 }
 
 const MyImage = (props) => {
@@ -24,7 +24,7 @@ const Page = () => {
       <Image
         id="unoptimized-image"
         unoptimized
-        src="https://arbitraryurl.com/foo.jpg"
+        src="https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg"
         loading="eager"
         width={300}
         height={400}
diff --git a/test/production/next-image-legacy/custom-resolver/pages/index.js b/test/production/next-image-legacy/custom-resolver/pages/index.js
index c01664570a97..c2f2eb206f30 100644
--- a/test/production/next-image-legacy/custom-resolver/pages/index.js
+++ b/test/production/next-image-legacy/custom-resolver/pages/index.js
@@ -3,7 +3,7 @@ import Image from 'next/legacy/image'
 import Link from 'next/link'
 
 const myLoader = ({ src, width, quality }) => {
-  return `https://customresolver.com/${src}?w~~${width},q~~${quality}`
+  return `https://next-data-api-endpoint.vercel.app/next-image-legacy/${src}?w~~${width},q~~${quality}`
 }
 
 const MyImage = (props) => {
@@ -25,7 +25,7 @@ const Page = () => {
       <Image
         id="unoptimized-image"
         unoptimized
-        src="https://arbitraryurl.com/foo.jpg"
+        src="https://next-data-api-endpoint.vercel.app/next-image-legacy/foo.jpg"
         loading="eager"
         width={300}
         height={400}
diff --git a/turbopack/crates/turbopack-core/src/module_graph/chunk_group_info.rs b/turbopack/crates/turbopack-core/src/module_graph/chunk_group_info.rs
index 876e1eb58b3f..927d931a894e 100644
--- a/turbopack/crates/turbopack-core/src/module_graph/chunk_group_info.rs
+++ b/turbopack/crates/turbopack-core/src/module_graph/chunk_group_info.rs
@@ -1,6 +1,7 @@
 use std::{
     hash::Hash,
     ops::{Deref, DerefMut},
+    sync::LazyLock,
 };
 
 use anyhow::{Context, Result, bail};
@@ -777,51 +778,47 @@ pub async fn compute_chunk_group_info(graph: &ModuleGraph) -> Result<Vc<ChunkGro
         span.record("visit_count", visit_count);
         span.record("chunk_group_count", chunk_groups_map.len());
 
-        #[cfg(debug_assertions)]
-        {
-            use std::sync::LazyLock;
-            static PRINT_CHUNK_GROUP_INFO: LazyLock<bool> =
-                LazyLock::new(|| match std::env::var_os("TURBOPACK_PRINT_CHUNK_GROUPS") {
-                    Some(v) => v == "1",
-                    None => false,
-                });
-            if *PRINT_CHUNK_GROUP_INFO {
-                use std::{
-                    collections::{BTreeMap, BTreeSet},
-                    path::absolute,
-                };
+        static PRINT_CHUNK_GROUP_INFO: LazyLock<bool> =
+            LazyLock::new(|| match std::env::var_os("TURBOPACK_PRINT_CHUNK_GROUPS") {
+                Some(v) => v == "1",
+                None => false,
+            });
+        if *PRINT_CHUNK_GROUP_INFO {
+            use std::{
+                collections::{BTreeMap, BTreeSet},
+                path::absolute,
+            };
 
-                let mut buckets = BTreeMap::default();
-                for (module, key) in &module_chunk_groups {
-                    if !key.is_empty() {
-                        buckets
-                            .entry(key.iter().collect::<Vec<_>>())
-                            .or_insert(BTreeSet::new())
-                            .insert(module.ident().to_string().await?);
-                    }
+            let mut buckets = BTreeMap::default();
+            for (module, key) in &module_chunk_groups {
+                if !key.is_empty() {
+                    buckets
+                        .entry(key.iter().collect::<Vec<_>>())
+                        .or_insert(BTreeSet::new())
+                        .insert(module.ident().to_string().await?);
                 }
+            }
 
-                let mut result = vec![];
-                result.push("Chunk Groups:".to_string());
-                for (i, (key, _)) in chunk_groups_map.iter().enumerate() {
-                    result.push(format!(
-                        "  {:?}: {}",
-                        i,
-                        key.debug_str(chunk_groups_map.keys()).await?
-                    ));
-                }
-                result.push("# Module buckets:".to_string());
-                for (key, modules) in buckets.iter() {
-                    result.push(format!("## {:?}:", key.iter().collect::<Vec<_>>()));
-                    for module in modules {
-                        result.push(format!("  {module}"));
-                    }
-                    result.push("".to_string());
+            let mut result = vec![];
+            result.push("Chunk Groups:".to_string());
+            for (i, (key, _)) in chunk_groups_map.iter().enumerate() {
+                result.push(format!(
+                    "  {:?}: {}",
+                    i,
+                    key.debug_str(chunk_groups_map.keys()).await?
+                ));
+            }
+            result.push("# Module buckets:".to_string());
+            for (key, modules) in buckets.iter() {
+                result.push(format!("## {:?}:", key.iter().collect::<Vec<_>>()));
+                for module in modules {
+                    result.push(format!("  {module}"));
                 }
-                let f = absolute("chunk_group_info.log")?;
-                println!("written to {}", f.display());
-                std::fs::write(f, result.join("\n"))?;
+                result.push("".to_string());
             }
+            let f = absolute(format!("chunk_group_info_{}.log", visit_count))?;
+            println!("Wrote Chunk Group Info to {}", f.display());
+            std::fs::write(f, result.join("\n"))?;
         }
 
         // Resolve per-chunk-group chunking heuristics. Entry
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/builtin.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/builtin.rs
index b6339521c034..90e2b05c9252 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/builtin.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/builtin.rs
@@ -135,7 +135,7 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
             &mut JsValue::Array {
                 ref mut items,
                 mutable,
-                ..
+                total_nodes: _,
             } => {
                 fn items_to_alternatives<'a>(
                     arena: &'a Bump,
@@ -205,8 +205,8 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
             // matching property access on an object like `{a: 1, b: 2}.a`
             &mut JsValue::Object {
                 ref mut parts,
-                mutable,
-                ..
+                mutability,
+                total_nodes: _,
             } => {
                 fn parts_to_alternatives<'a>(
                     arena: &'a Bump,
@@ -301,7 +301,7 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
                                                     false,
                                                 );
                                             }
-                                            if mutable {
+                                            if mutability.is_mutable() {
                                                 value.add_unknown_mutations(arena, true);
                                             }
                                             return Modified::Yes;
@@ -317,7 +317,11 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
                             }
                         }
                         if potential_values.is_empty() {
-                            *value = JsValue::Constant(ConstantValue::Undefined);
+                            if mutability.is_missing_unknown() {
+                                *value = JsValue::unknown_empty(false, rcstr!("missing object property"));
+                            } else {
+                                *value = JsValue::Constant(ConstantValue::Undefined);
+                            }
                         } else {
                             *value = potential_values_to_alternatives(
                                 arena,
@@ -327,7 +331,7 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
                                 true,
                             );
                         }
-                        if mutable {
+                        if mutability.is_mutable() {
                             value.add_unknown_mutations(arena, true);
                         }
                         Modified::Yes
@@ -509,7 +513,11 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
             Modified::Yes
         }
         // match object literals
-        JsValue::Object { parts, mutable, .. }
+        JsValue::Object {
+            parts,
+            mutability,
+            total_nodes: _,
+        }
             // If the object contains any spread, we might be able to flatten that
             if parts
                 .iter()
@@ -519,12 +527,12 @@ pub fn replace_builtin<'a>(arena: &'a Bump, value: &mut JsValue<'a>) -> Modified
                 for part in old_parts {
                     if let ObjectPart::Spread(JsValue::Object {
                         parts: inner_parts,
-                        mutable: inner_mutable,
+                        mutability: inner_mutability,
                         ..
                     }) = part
                     {
                         parts.extend(arena, inner_parts);
-                        *mutable |= inner_mutable;
+                        mutability.merge_with(inner_mutability);
                     } else {
                         parts.push(arena, part);
                     }
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/eval_context.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/eval_context.rs
index 91f5fe1a8663..a386458d96a5 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/eval_context.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/eval_context.rs
@@ -13,7 +13,7 @@ use crate::{
     SpecifiedModuleType,
     analyzer::{
         Bump, BumpVec, ConstantNumber, ConstantValue, ImportMap, JsValue, ObjectPart,
-        WellKnownObjectKind, is_unresolved,
+        WellKnownObjectKind, is_unresolved, is_unresolved_id,
     },
     references::constant_value::parse_single_expr_lit,
     utils::unparen,
@@ -126,19 +126,18 @@ impl EvalContext {
         }
     }
 
-    pub(super) fn eval_ident<'a>(&self, arena: &'a Bump, i: &Ident) -> JsValue<'a> {
-        let id = i.to_id();
+    pub fn eval_id<'a>(&self, arena: &'a Bump, id: Id) -> JsValue<'a> {
         if let Some(imported) = self.imports.get_import(arena, &id) {
             return imported;
         }
-        if is_unresolved(i, self.unresolved_mark) || self.force_free_values.contains(&id) {
+        if is_unresolved_id(&id, self.unresolved_mark) || self.force_free_values.contains(&id) {
             // These are special globals that we shouldn't consider to be free variables and we can
             // model their values mostly useful for truthy/falsy checks.
-            match i.sym.as_str() {
+            match id.0.as_str() {
                 "undefined" => JsValue::Constant(ConstantValue::Undefined),
                 "NaN" => JsValue::Constant(ConstantValue::Num(f64::NAN.into())),
                 "Infinity" => JsValue::Constant(ConstantValue::Num(f64::INFINITY.into())),
-                _ => JsValue::FreeVar(i.sym.clone()),
+                _ => JsValue::FreeVar(id.0.clone()),
             }
         } else {
             JsValue::Variable(id)
@@ -170,8 +169,7 @@ impl EvalContext {
         match e {
             Expr::Paren(e) => self.eval(arena, &e.expr),
             Expr::Lit(e) => JsValue::Constant(e.clone().into()),
-            Expr::Ident(i) => self.eval_ident(arena, i),
-
+            Expr::Ident(i) => self.eval_id(arena, i.to_id()),
             Expr::Unary(UnaryExpr {
                 op: op!("void"),
                 // Only treat literals as constant undefined, allowing arbitrary values inside here
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/visitor.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/visitor.rs
index a18b93eeffcb..8e7c4a3fe439 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/visitor.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/graph/visitor.rs
@@ -2425,7 +2425,7 @@ impl VisitAstPath for Analyzer<'_, '_> {
 
         // If this identifier is free, produce an effect so we can potentially replace it later.
         if self.analyze_mode.is_code_gen()
-            && let JsValue::FreeVar(var) = self.eval_context.eval_ident(self.arena, ident)
+            && let JsValue::FreeVar(var) = self.eval_context.eval_id(self.arena, ident.to_id())
         {
             // TODO(lukesandberg): we should consider filtering effects here, e.g. there is no
             // benefit in an Effect for `window` or `Math`
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/imports.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/imports.rs
index b15916aac322..970bbd948a7a 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/imports.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/imports.rs
@@ -31,7 +31,7 @@ use super::{JsValue, ModuleValue, top_level_await::has_top_level_await};
 use crate::{
     SpecifiedModuleType,
     analyzer::{
-        Bump, ConstantValue, ObjectPart,
+        Bump, ConstantString, ConstantValue, ObjectPart,
         cjs_ast::is_global,
         graph::{AssignmentScope, AssignmentScopes, EvalContext},
         is_unresolved, is_unresolved_id,
@@ -39,6 +39,7 @@ use crate::{
     magic_identifier::{MAGIC_IDENTIFIER_DEFAULT_EXPORT, MAGIC_IDENTIFIER_DEFAULT_EXPORT_ATOM},
     module_fragments::{PartId, find_turbopack_part_id_in_asserts},
     references::{
+        cross_module_constants::is_import_name_eligible_for_exports,
         esm::{EsmAssetReference, EsmExport, Liveness},
         util::{SpecifiedChunkingType, parse_chunking_type_annotation},
     },
@@ -52,6 +53,7 @@ pub struct ImportAnnotations {
     #[turbo_tasks(trace_ignore)]
     #[bincode(with_serde)]
     map: BTreeMap<Wtf8Atom, Wtf8Atom>,
+
     /// Parsed turbopack loader configuration from import attributes.
     /// e.g. `import "file" with { turbopackLoader: "raw-loader" }`
     #[turbo_tasks(trace_ignore)]
@@ -60,6 +62,8 @@ pub struct ImportAnnotations {
     turbopack_rename_as: Option<RcStr>,
     turbopack_module_type: Option<RcStr>,
     chunking_type: Option<SpecifiedChunkingType>,
+
+    turbopack_constants: Option<bool>,
 }
 
 /// Enables a specified transition for the annotated import
@@ -80,7 +84,7 @@ impl ImportAnnotations {
         let mut turbopack_rename_as: Option<RcStr> = None;
         let mut turbopack_module_type: Option<RcStr> = None;
         let mut chunking_type: Option<SpecifiedChunkingType> = None;
-
+        let mut turbopack_constants: Option<bool> = None;
         for prop in &with.props {
             let Some(kv) = prop.as_prop().and_then(|p| p.as_key_value()) else {
                 continue;
@@ -129,6 +133,11 @@ impl ImportAnnotations {
                         );
                     }
                 }
+                "turbopackConstants" => {
+                    if let Some(Lit::Str(s)) = kv.value.as_lit() {
+                        turbopack_constants = Some(s.value.to_string_lossy() == "true");
+                    }
+                }
                 _ => {
                     // For all other keys, only accept string values (per spec)
                     if let Some(Lit::Str(str)) = kv.value.as_lit() {
@@ -153,6 +162,7 @@ impl ImportAnnotations {
             || turbopack_rename_as.is_some()
             || turbopack_module_type.is_some()
             || chunking_type.is_some()
+            || turbopack_constants.is_some()
         {
             Some(ImportAnnotations {
                 map,
@@ -160,6 +170,7 @@ impl ImportAnnotations {
                 turbopack_rename_as,
                 turbopack_module_type,
                 chunking_type,
+                turbopack_constants,
             })
         } else {
             None
@@ -198,6 +209,7 @@ impl ImportAnnotations {
                 turbopack_rename_as: None,
                 turbopack_module_type: None,
                 chunking_type: None,
+                turbopack_constants: None,
             })
         } else {
             None
@@ -240,6 +252,11 @@ impl ImportAnnotations {
         self.turbopack_loader.is_some()
     }
 
+    /// Returns true if there is a turbopackConstants attribute
+    pub fn turbopack_constants(&self) -> Option<bool> {
+        self.turbopack_constants
+    }
+
     pub fn get(&self, key: &Wtf8Atom) -> Option<&Wtf8Atom> {
         self.map.get(key)
     }
@@ -390,7 +407,7 @@ pub(crate) struct ImportMap {
     namespace_imports: FxIndexMap<Id, usize>,
 
     /// Map from exported name to the export
-    exports: BTreeMap<RcStr, Export>,
+    pub(crate) exports: BTreeMap<RcStr, Export>,
 
     /// List of namespace re-exports
     reexport_namespaces: Vec<usize>,
@@ -431,7 +448,7 @@ pub(crate) struct ImportMap {
     pub(crate) import_usage: FxHashMap<usize, ImportUsage>,
 
     /// Map from exported name to local binding id (includes the syntax context).
-    pub(crate) exports_ids: FxHashMap<RcStr, Id>,
+    pub(crate) exports_ids: FxHashMap<RcStr, (Id, Span)>,
 
     /// CommonJS imports: stores the "resolved" imports (eg. `const { a } = require("m")`)
     /// and the generic whole-module imports (eg. `const x = require("m")`).
@@ -564,24 +581,40 @@ impl ImportMap {
         !self.is_esm(specified_type)
     }
 
-    pub fn get_import<'a>(&self, arena: &'a Bump, id: &Id) -> Option<JsValue<'a>> {
-        if let Some((i, i_sym)) = self.imports.get(id) {
-            let r = &self.references[*i];
-            return Some(JsValue::member(
+    pub fn get_import_for_idx<'a>(
+        &self,
+        arena: &'a Bump,
+        esm_reference_idx: usize,
+        export: Option<ConstantString>,
+    ) -> JsValue<'a> {
+        let r = &self.references[esm_reference_idx];
+        if let Some(export) = export {
+            JsValue::member(
                 arena,
                 JsValue::Module(ModuleValue {
                     module: r.module_path.clone(),
                     annotations: r.annotations.clone(),
+                    reference: Some((esm_reference_idx as u32).into()),
+                    analyze_for_constants: is_import_name_eligible_for_exports(export.as_str()),
                 }),
-                i_sym.clone().into(),
-            ));
-        }
-        if let Some(i) = self.namespace_imports.get(id) {
-            let r = &self.references[*i];
-            return Some(JsValue::Module(ModuleValue {
+                JsValue::Constant(ConstantValue::Str(export)),
+            )
+        } else {
+            JsValue::Module(ModuleValue {
                 module: r.module_path.clone(),
                 annotations: r.annotations.clone(),
-            }));
+                reference: Some((esm_reference_idx as u32).into()),
+                analyze_for_constants: false,
+            })
+        }
+    }
+
+    pub fn get_import<'a>(&self, arena: &'a Bump, id: &Id) -> Option<JsValue<'a>> {
+        if let Some((i, i_sym)) = self.imports.get(id) {
+            return Some(self.get_import_for_idx(arena, *i, Some(i_sym.clone().into())));
+        }
+        if let Some(i) = self.namespace_imports.get(id) {
+            return Some(self.get_import_for_idx(arena, *i, None));
         }
         None
     }
@@ -590,6 +623,12 @@ impl ImportMap {
         self.attributes.get(&span.lo).unwrap_or_default()
     }
 
+    pub fn get_annotations(&self, idx: usize) -> Option<&Arc<ImportAnnotations>> {
+        self.references
+            .get_index(idx)
+            .and_then(|r| r.annotations.as_ref())
+    }
+
     pub fn get_binding(&self, id: &Id) -> Option<(usize, Option<&Atom>)> {
         if let Some((i, i_sym)) = self.imports.get(id) {
             return Some((*i, Some(i_sym)));
@@ -631,9 +670,15 @@ impl ImportMap {
                                 Liveness::Mutable
                             } else {
                                 eval_context.imports.get_export_ident_liveness(
-                                    self.exports_ids.get(name).cloned().with_context(|| {
-                                        format!("Exported binding {name} not found in exports_ids")
-                                    })?,
+                                    self.exports_ids
+                                        .get(name)
+                                        .cloned()
+                                        .with_context(|| {
+                                            format!(
+                                                "Exported binding {name} not found in exports_ids"
+                                            )
+                                        })?
+                                        .0,
                                     eval_context.unresolved_mark,
                                 )
                             },
@@ -1111,7 +1156,9 @@ impl Visit for Analyzer<'_> {
                 self.data
                     .exports
                     .insert(name.clone(), Export::LocalBinding(name.clone(), false));
-                self.data.exports_ids.insert(name.clone(), n.ident.to_id());
+                self.data
+                    .exports_ids
+                    .insert(name.clone(), (n.ident.to_id(), n.ident.span));
                 self.program_decl_usage
                     .exports
                     .insert(name, n.ident.to_id());
@@ -1121,7 +1168,9 @@ impl Visit for Analyzer<'_> {
                 self.data
                     .exports
                     .insert(name.clone(), Export::LocalBinding(name.clone(), false));
-                self.data.exports_ids.insert(name.clone(), n.ident.to_id());
+                self.data
+                    .exports_ids
+                    .insert(name.clone(), (n.ident.to_id(), n.ident.span));
                 self.program_decl_usage
                     .exports
                     .insert(name, n.ident.to_id());
@@ -1133,7 +1182,9 @@ impl Visit for Analyzer<'_> {
                     self.data
                         .exports
                         .insert(name.clone(), Export::LocalBinding(name.clone(), false));
-                    self.data.exports_ids.insert(name.clone(), id.clone());
+                    self.data
+                        .exports_ids
+                        .insert(name.clone(), (id.clone(), n.span));
                     self.program_decl_usage.exports.insert(name, id);
                 }
             }
@@ -1180,7 +1231,9 @@ impl Visit for Analyzer<'_> {
             rcstr!("default"),
             Export::LocalBinding(RcStr::from(id.0.as_str()), false),
         );
-        self.data.exports_ids.insert(rcstr!("default"), id.clone());
+        self.data
+            .exports_ids
+            .insert(rcstr!("default"), (id.clone(), n.span));
         self.program_decl_usage
             .exports
             .insert(rcstr!("default"), id);
@@ -1199,9 +1252,17 @@ impl Visit for Analyzer<'_> {
             rcstr!("default"),
             Export::LocalBinding(MAGIC_IDENTIFIER_DEFAULT_EXPORT.clone(), false),
         );
-        self.data
-            .exports_ids
-            .insert(rcstr!("default"), default_id.clone());
+        self.data.exports_ids.insert(
+            rcstr!("default"),
+            (
+                (
+                    // `EsmModuleItem::code_generation` inserts this variable.
+                    MAGIC_IDENTIFIER_DEFAULT_EXPORT_ATOM.clone(),
+                    SyntaxContext::empty(),
+                ),
+                n.span,
+            ),
+        );
 
         self.register_assignment_scope(default_id);
         n.visit_children_with(self);
@@ -1216,7 +1277,7 @@ impl Visit for Analyzer<'_> {
         let exported = RcStr::from(n.exported.as_ref().unwrap_or(&n.orig).atom().as_str());
         self.data
             .exports_ids
-            .insert(exported.clone(), local.to_id());
+            .insert(exported.clone(), (local.to_id(), n.span));
         self.program_decl_usage
             .exports
             .insert(exported, local.to_id());
@@ -1228,7 +1289,7 @@ impl Visit for Analyzer<'_> {
 
         self.data
             .exports_ids
-            .insert(rcstr!("default"), n.exported.to_id());
+            .insert(rcstr!("default"), (n.exported.to_id(), n.exported.span));
         n.visit_children_with(self);
     }
 
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/constants.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/constants.rs
index f585e078a6e4..28a030021943 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/constants.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/constants.rs
@@ -2,9 +2,17 @@ use std::{
     borrow::Cow,
     fmt::{Display, Formatter},
     hash::{Hash, Hasher},
+    num::NonZeroU32,
     sync::Arc,
 };
 
+use bincode::{
+    Decode, Encode,
+    de::Decoder,
+    enc::Encoder,
+    error::{DecodeError, EncodeError},
+    impl_borrow_decode,
+};
 use num_bigint::BigInt;
 use num_traits::Zero;
 use swc_core::{
@@ -12,6 +20,7 @@ use swc_core::{
     ecma::{ast::Lit, atoms::Atom},
 };
 use turbo_rcstr::RcStr;
+use turbo_tasks::{NonLocalValue, trace::TraceRawVcs};
 
 use crate::{
     analyzer::{Bump, JsValue, imports::ImportAnnotations},
@@ -42,7 +51,7 @@ impl<'a> ObjectPart<'a> {
     }
 }
 
-#[derive(Debug, Clone, PartialEq)]
+#[derive(Debug, Clone, PartialEq, Encode, Decode, TraceRawVcs)]
 pub struct ConstantNumber(pub f64);
 
 impl ConstantNumber {
@@ -64,11 +73,27 @@ impl From<f64> for ConstantNumber {
     }
 }
 
-#[derive(Debug, Clone)]
+#[derive(Debug, Clone, TraceRawVcs)]
 pub enum ConstantString {
-    Atom(Atom),
+    Atom(#[turbo_tasks(trace_ignore)] Atom),
     RcStr(RcStr),
 }
+// SAFETY: ConstantString doesn't contain any Vcs
+unsafe impl NonLocalValue for ConstantString {}
+impl Encode for ConstantString {
+    fn encode<E: Encoder>(&self, encoder: &mut E) -> Result<(), EncodeError> {
+        match self {
+            ConstantString::Atom(s) => s.as_str().encode(encoder),
+            ConstantString::RcStr(s) => s.as_str().encode(encoder),
+        }
+    }
+}
+impl<Context> Decode<Context> for ConstantString {
+    fn decode<D: Decoder<Context = Context>>(decoder: &mut D) -> Result<Self, DecodeError> {
+        Ok(Self::RcStr(Decode::decode(decoder)?))
+    }
+}
+impl_borrow_decode!(ConstantString);
 
 impl ConstantString {
     pub fn as_str(&self) -> &str {
@@ -141,7 +166,7 @@ impl From<RcStr> for ConstantString {
     }
 }
 
-#[derive(Debug, Clone, PartialEq, Default, Hash)]
+#[derive(Debug, Clone, PartialEq, Default, Hash, TraceRawVcs, Encode, Decode)]
 pub enum ConstantValue {
     #[default]
     Undefined,
@@ -150,9 +175,18 @@ pub enum ConstantValue {
     True,
     False,
     Null,
-    BigInt(Box<BigInt>),
-    Regex(Box<(Atom, Atom)>),
-}
+    BigInt(
+        #[turbo_tasks(trace_ignore)]
+        #[bincode(with_serde)]
+        Box<BigInt>,
+    ),
+    Regex(
+        #[turbo_tasks(trace_ignore)]
+        #[bincode(with_serde)]
+        Box<(Atom, Atom)>,
+    ),
+}
+unsafe impl NonLocalValue for ConstantValue {}
 
 impl ConstantValue {
     pub fn as_str(&self) -> Option<&str> {
@@ -260,6 +294,29 @@ impl Display for ConstantValue {
 pub struct ModuleValue {
     pub module: Wtf8Atom,
     pub annotations: Option<Arc<ImportAnnotations>>,
+    /// Whether to analyze this module for constants
+    // TODO this is a hack: ideally we'd have truly "bidirectional linking" instead of the current
+    // `early_visitor` plus `visitor` setup. Then this could just be implemented with a rewrite
+    // rule for `Member(ModuleValue, prop) if prop.as_str().is_upper_case() => { ... }`
+    pub analyze_for_constants: bool,
+    // This is an Option<NonZeroU32> to JsValue to only be 32 bytes in size.
+    pub reference: Option<ModuleReferenceIndex>,
+}
+
+#[derive(Copy, Debug, Clone, Hash, PartialEq, Eq)]
+pub struct ModuleReferenceIndex(NonZeroU32);
+
+impl From<u32> for ModuleReferenceIndex {
+    fn from(value: u32) -> Self {
+        // The only way this can overflow is if value == u32::MAX, which is unlikely since it would
+        // require us to have that many module references.
+        ModuleReferenceIndex(NonZeroU32::new(value + 1).unwrap())
+    }
+}
+impl ModuleReferenceIndex {
+    pub fn get(&self) -> usize {
+        (self.0.get() - 1) as usize
+    }
 }
 
 #[derive(Debug, Clone, Copy, Hash, PartialEq, Eq)]
@@ -367,3 +424,40 @@ impl Display for LogicalProperty {
         }
     }
 }
+
+#[derive(Debug, Clone, Copy, Hash, PartialEq, Eq, PartialOrd, Ord)]
+pub enum ObjectMutability {
+    // Don't reorder these variants, as their order is used in `merge_with`.
+    /// Known properties: frozen (= <value>)
+    /// Missing properties: frozen (= Undefined)
+    Frozen,
+    /// Known properties: frozen (= <value>)
+    /// Missing properties: mutable (= Unknown)
+    FrozenSubset,
+    /// Known properties: mutable (= <value> | Unknown)
+    /// Missing properties: mutable (= Unknown)
+    Mutable,
+}
+
+impl ObjectMutability {
+    pub fn merge_with(&mut self, other: Self) {
+        *self = std::cmp::max(*self, other)
+    }
+
+    pub fn is_mutable(&self) -> bool {
+        matches!(self, ObjectMutability::Mutable)
+    }
+    pub fn is_missing_unknown(&self) -> bool {
+        matches!(self, ObjectMutability::FrozenSubset)
+    }
+}
+
+impl Display for ObjectMutability {
+    fn fmt(&self, f: &mut std::fmt::Formatter<'_>) -> std::fmt::Result {
+        match self {
+            ObjectMutability::Frozen => write!(f, "frozen"),
+            ObjectMutability::FrozenSubset => write!(f, "frozen subset"),
+            ObjectMutability::Mutable => write!(f, ""),
+        }
+    }
+}
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/display.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/display.rs
index f43397725571..405123576447 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/display.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/display.rs
@@ -28,10 +28,12 @@ impl Display for JsValue<'_> {
                     .collect::<Vec<_>>()
                     .join(", ")
             ),
-            JsValue::Object { parts, mutable, .. } => write!(
+            JsValue::Object {
+                parts, mutability, ..
+            } => write!(
                 f,
                 "{}{{{}}}",
-                if *mutable { "" } else { "frozen " },
+                mutability,
                 parts
                     .iter()
                     .map(|v| v.to_string())
@@ -129,15 +131,22 @@ impl Display for JsValue<'_> {
             JsValue::Module(ModuleValue {
                 module: name,
                 annotations,
+                analyze_for_constants,
+                reference: _,
             }) => {
                 write!(
                     f,
-                    "Module({}, {})",
+                    "Module({}, {}{})",
                     name.to_string_lossy(),
                     if let Some(annotations) = annotations {
                         Either::Left(annotations)
                     } else {
                         Either::Right("{}")
+                    },
+                    if *analyze_for_constants {
+                        ", analyze for constants"
+                    } else {
+                        ""
                     }
                 )
             }
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/explain.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/explain.rs
index 61c93e701107..af79bce83ec2 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/explain.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/explain.rs
@@ -91,9 +91,11 @@ impl JsValue<'_> {
                     ""
                 )
             ),
-            JsValue::Object { parts, mutable, .. } => format!(
+            JsValue::Object {
+                parts, mutability, ..
+            } => format!(
                 "{}{{{}}}",
-                if *mutable { "" } else { "frozen " },
+                mutability,
                 pretty_join(
                     &parts
                         .iter()
@@ -352,14 +354,21 @@ impl JsValue<'_> {
             JsValue::Module(ModuleValue {
                 module: name,
                 annotations,
+                analyze_for_constants,
+                reference: _,
             }) => {
                 format!(
-                    "module<{}, {}>",
+                    "module<{}, {}{}>",
                     name.to_string_lossy(),
                     if let Some(annotations) = annotations {
                         Either::Left(annotations)
                     } else {
                         Either::Right("{}")
+                    },
+                    if *analyze_for_constants {
+                        ", analyze for constants"
+                    } else {
+                        ""
                     }
                 )
             }
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/mod.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/mod.rs
index 6ec4c637b0d6..1e2b5e11bce3 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/mod.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/mod.rs
@@ -130,7 +130,7 @@ pub enum JsValue<'a> {
     Object {
         total_nodes: u32,
         parts: BumpVec<'a, ObjectPart<'a>>,
-        mutable: bool,
+        mutability: ObjectMutability,
     },
     /// A list of alternative values
     Alternatives {
@@ -577,7 +577,7 @@ impl<'a> JsValue<'a> {
                 let mut js_value = JsValue::Object {
                     total_nodes: m.len() as u32,
                     parts,
-                    mutable: false,
+                    mutability: ObjectMutability::Frozen,
                 };
                 js_value.update_total_nodes();
                 return Ok(js_value);
@@ -859,11 +859,14 @@ impl<'a> JsValue<'a> {
                 })
                 .sum::<u32>(),
             parts: list,
-            mutable: true,
+            mutability: ObjectMutability::Mutable,
         }
     }
 
-    pub fn frozen_object(list: BumpVec<'a, ObjectPart<'a>>) -> Self {
+    pub fn object_with_mutability(
+        list: BumpVec<'a, ObjectPart<'a>>,
+        mutability: ObjectMutability,
+    ) -> Self {
         Self::Object {
             total_nodes: 1 + list
                 .iter()
@@ -873,7 +876,7 @@ impl<'a> JsValue<'a> {
                 })
                 .sum::<u32>(),
             parts: list,
-            mutable: false,
+            mutability,
         }
     }
 
@@ -1115,7 +1118,7 @@ impl JsValue<'_> {
             JsValue::Object {
                 total_nodes: c,
                 parts,
-                mutable: _,
+                mutability: _,
             } => {
                 *c = 1 + parts
                     .iter()
@@ -1319,11 +1322,11 @@ impl<'a> JsValue<'a> {
             JsValue::Object {
                 total_nodes,
                 parts,
-                mutable,
+                mutability,
             } => JsValue::Object {
                 total_nodes: *total_nodes,
                 parts: BumpVec::from_iter_in(arena, parts.iter().map(|p| p.clone_in(arena))),
-                mutable: *mutable,
+                mutability: *mutability,
             },
             JsValue::Alternatives {
                 total_nodes,
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/similar.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/similar.rs
index a8f259101db1..a1e213a53381 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/similar.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/jsvalue/similar.rs
@@ -47,12 +47,12 @@ impl<'a> JsValue<'a> {
                 JsValue::Object {
                     total_nodes: lc,
                     parts: lp,
-                    mutable: lm,
+                    mutability: lm,
                 },
                 JsValue::Object {
                     total_nodes: rc,
                     parts: rp,
-                    mutable: rm,
+                    mutability: rm,
                 },
             ) => lc == rc && lm == rm && all_parts_similar(lp, rp, depth - 1),
             (JsValue::Url(l, kl), JsValue::Url(r, kr)) => l == r && kl == kr,
@@ -100,12 +100,16 @@ impl<'a> JsValue<'a> {
                 JsValue::Module(ModuleValue {
                     module: l,
                     annotations: la,
+                    analyze_for_constants: lc,
+                    reference: lr,
                 }),
                 JsValue::Module(ModuleValue {
                     module: r,
                     annotations: ra,
+                    analyze_for_constants: rc,
+                    reference: rr,
                 }),
-            ) => l == r && la == ra,
+            ) => l == r && la == ra && lc == rc && lr == rr,
             (JsValue::WellKnownObject(l), JsValue::WellKnownObject(r)) => l == r,
             (JsValue::WellKnownFunction(l), JsValue::WellKnownFunction(r)) => l == r,
             (
@@ -223,9 +227,13 @@ impl<'a> JsValue<'a> {
             JsValue::Module(ModuleValue {
                 module: v,
                 annotations: a,
+                analyze_for_constants: c,
+                reference: r,
             }) => {
                 Hash::hash(v, state);
                 Hash::hash(a, state);
+                Hash::hash(c, state);
+                Hash::hash(r, state);
             }
             JsValue::WellKnownObject(v) => Hash::hash(v, state),
             JsValue::WellKnownFunction(v) => Hash::hash(v, state),
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/mod.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/mod.rs
index 93621175704f..cca8511e48b1 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/mod.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/mod.rs
@@ -106,6 +106,8 @@ pub mod test_utils {
                         JsValue::Module(ModuleValue {
                             module: v.as_atom().into_owned().into(),
                             annotations: None,
+                            analyze_for_constants: false,
+                            reference: None,
                         }),
                     ),
                     _ => v.into_unknown(true, rcstr!("import() non constant")),
diff --git a/turbopack/crates/turbopack-ecmascript/src/analyzer/well_known/mod.rs b/turbopack/crates/turbopack-ecmascript/src/analyzer/well_known/mod.rs
index 83e37d4df487..cd0459a6b473 100644
--- a/turbopack/crates/turbopack-ecmascript/src/analyzer/well_known/mod.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/analyzer/well_known/mod.rs
@@ -192,15 +192,17 @@ pub async fn well_known_function_call<'a>(
 fn object_assign<'a>(arena: &'a Bump, args: BumpVec<'a, JsValue<'a>>) -> JsValue<'a> {
     if args.iter().all(|arg| matches!(arg, JsValue::Object { .. })) {
         if let Some(mut merged_object) = args.into_iter().reduce(|mut acc, cur| {
-            if let JsValue::Object { parts, mutable, .. } = &mut acc
+            if let JsValue::Object {
+                parts, mutability, ..
+            } = &mut acc
                 && let JsValue::Object {
                     parts: next_parts,
-                    mutable: next_mutable,
+                    mutability: next_mutability,
                     ..
                 } = &cur
             {
                 parts.extend(arena, next_parts.iter().map(|p| p.clone_in(arena)));
-                *mutable |= *next_mutable;
+                mutability.merge_with(*next_mutability);
             }
             acc
         }) {
@@ -410,6 +412,8 @@ pub fn import<'a>(arena: &'a Bump, args: BumpVec<'a, JsValue<'a>>) -> JsValue<'a
             JsValue::Module(ModuleValue {
                 module: v.as_atom().into_owned().into(),
                 annotations: None,
+                analyze_for_constants: false,
+                reference: None,
             }),
         ),
         _ => JsValue::unknown(
@@ -432,6 +436,8 @@ fn require<'a>(arena: &'a Bump, args: BumpVec<'a, JsValue<'a>>) -> JsValue<'a> {
             JsValue::Module(ModuleValue {
                 module: s.into(),
                 annotations: None,
+                analyze_for_constants: false,
+                reference: None,
             })
         } else {
             JsValue::unknown(
@@ -509,6 +515,8 @@ fn require_context_require<'a>(
     Ok(JsValue::Module(ModuleValue {
         module: m.to_string().into(),
         annotations: None,
+        analyze_for_constants: false,
+        reference: None,
     }))
 }
 
diff --git a/turbopack/crates/turbopack-ecmascript/src/directive.rs b/turbopack/crates/turbopack-ecmascript/src/directive.rs
new file mode 100644
index 000000000000..58c21eb0a750
--- /dev/null
+++ b/turbopack/crates/turbopack-ecmascript/src/directive.rs
@@ -0,0 +1,51 @@
+use either::Either;
+use swc_core::ecma::{
+    ast::{Expr, Lit, ModuleItem, Program, Stmt, Str},
+    utils::IsDirective,
+};
+
+#[derive(Default, Debug)]
+pub struct TurbopackDirectives {
+    pub no_side_effects: bool,
+    pub constants_module: bool,
+}
+
+pub fn parse_module_turbopack_directives(program: &Program) -> TurbopackDirectives {
+    let mut result = TurbopackDirectives::default();
+
+    let directives = match program {
+        Program::Module(module) => Either::Left(
+            module
+                .body
+                .iter()
+                .take_while(|i| match i {
+                    ModuleItem::Stmt(stmt) => stmt.directive_continue(),
+                    ModuleItem::ModuleDecl(_) => false,
+                })
+                .filter_map(|i| i.as_stmt()),
+        ),
+        Program::Script(script) => Either::Right(
+            script
+                .body
+                .iter()
+                .take_while(|stmt| stmt.directive_continue()),
+        ),
+    };
+
+    for directive in directives {
+        if let Stmt::Expr(expr) = directive
+            && let Expr::Lit(Lit::Str(Str { value, .. })) = &*expr.expr
+        {
+            match &*value.to_string_lossy() {
+                "use turbopack no side effects" => result.no_side_effects = true,
+                "use turbopack: constants" => result.constants_module = true,
+                v if v.starts_with("use turbopack ") => {
+                    // TODO error for unknown directive
+                }
+                _ => {}
+            }
+        }
+    }
+
+    result
+}
diff --git a/turbopack/crates/turbopack-ecmascript/src/lib.rs b/turbopack/crates/turbopack-ecmascript/src/lib.rs
index 69608ecd0437..11792cb32a39 100644
--- a/turbopack/crates/turbopack-ecmascript/src/lib.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/lib.rs
@@ -14,6 +14,7 @@ pub mod bytes_source_transform;
 pub mod chunk;
 pub mod chunk_list;
 pub mod code_gen;
+mod directive;
 pub mod embed_js;
 mod errors;
 pub mod hmr;
@@ -239,7 +240,10 @@ pub struct EcmascriptOptions {
     pub infer_module_side_effects: bool,
     /// Whether to tree shake unused exports from static CommonJS modules. Defaults to false.
     pub cjs_tree_shaking: bool,
+    /// Whether to scope hoist static CommonJS modules. Defaults to false.
     pub cjs_scope_hoisting: bool,
+    /// Whether to enable cross-module constant inlining. Defaults to false.
+    pub cross_module_constants: bool,
 }
 
 #[turbo_tasks::value(task_input)]
@@ -1307,10 +1311,12 @@ async fn merge_modules(
         /// The export syntax contexts in the current AST, which will be mapped to merged_ctxts
         reverse_module_contexts:
             FxHashMap<SyntaxContext, ResolvedVc<Box<dyn EcmascriptChunkPlaceable>>>,
-        /// For a given module, the `eval_context.imports.exports`. So for a given export, this
+        /// For a given module, the `eval_context.imports.exports_ids`. So for a given export, this
         /// allows looking up the corresponding local binding's name and context.
-        export_contexts:
-            &'a FxHashMap<ResolvedVc<Box<dyn EcmascriptChunkPlaceable>>, &'a FxHashMap<RcStr, Id>>,
+        export_contexts: &'a FxHashMap<
+            ResolvedVc<Box<dyn EcmascriptChunkPlaceable>>,
+            &'a FxHashMap<RcStr, (Id, Span)>,
+        >,
         /// A fresh global SyntaxContext for each module-local context, so that we can merge them
         /// into a single global AST.
         unique_contexts_cache: &'a mut FxHashMap<
@@ -1351,7 +1357,7 @@ async fn merge_modules(
                 // TODO looking up an Atom in a Map<RcStr, _>, would ideally work without creating a
                 // RcStr every time.
                 let sym_rc_str: RcStr = sym.as_str().into();
-                let (local, local_ctxt) = if let Some((local, local_ctxt)) =
+                let (local, local_ctxt) = if let Some(((local, local_ctxt), _)) =
                     eval_context_exports.get(&sym_rc_str)
                 {
                     (Some(local), *local_ctxt)
@@ -1783,10 +1789,10 @@ struct CodeGenResult {
     original_source_map: CodeGenResultOriginalSourceMap,
     minify: MinifyType,
     #[allow(clippy::type_complexity)]
-    /// (Map<Module, corresponding context for imports>, `eval_context.imports.exports`)
+    /// (Map<Module, corresponding context for imports>, `eval_context.imports.exports_ids`)
     scope_hoisting_syntax_contexts: Option<(
         FxDashMap<ResolvedVc<Box<dyn EcmascriptChunkPlaceable + 'static>>, SyntaxContext>,
-        FxHashMap<RcStr, Id>,
+        FxHashMap<RcStr, (Id, Span)>,
     )>,
 }
 
@@ -1865,7 +1871,7 @@ async fn process_parse_result(
                                 .iter()
                                 .filter(|(_, e)| matches!(e, export::EsmExport::LocalBinding(_, _)))
                                 .map(|(name, e)| {
-                                    if let Some((sym, ctxt)) = export_contexts.get(name) {
+                                    if let Some(((sym, ctxt), _)) = export_contexts.get(name) {
                                         Ok((sym.clone(), *ctxt))
                                     } else {
                                         bail!("Couldn't find export {} for binding {:?}", name, e);
diff --git a/turbopack/crates/turbopack-ecmascript/src/references/cross_module_constants.rs b/turbopack/crates/turbopack-ecmascript/src/references/cross_module_constants.rs
new file mode 100644
index 000000000000..1246b3c09157
--- /dev/null
+++ b/turbopack/crates/turbopack-ecmascript/src/references/cross_module_constants.rs
@@ -0,0 +1,459 @@
+use std::hash::Hash;
+
+use anyhow::{Context, Result, bail};
+use async_trait::async_trait;
+use bincode::{Decode, Encode};
+use num_bigint::BigInt;
+use parking_lot::Mutex;
+use rustc_hash::FxHashMap;
+use swc_core::common::{GLOBALS, source_map::SmallPos};
+use thread_local::ThreadLocal;
+use tracing::instrument;
+use turbo_rcstr::{RcStr, rcstr};
+use turbo_tasks::{NonLocalValue, ResolvedVc, TryJoinIterExt, Vc, trace::TraceRawVcs};
+use turbo_tasks_fs::FileSystemPath;
+use turbopack_core::{
+    compile_time_info::CompileTimeInfo,
+    issue::{Issue, IssueExt, IssueSeverity, IssueSource, IssueStage, StyledString},
+    module::Module,
+    reference::ModuleReference,
+};
+
+use crate::{
+    AnalyzeMode, EcmascriptParsable, SpecifiedModuleType,
+    analyzer::{
+        Bump, BumpVec, ConstantValue, JsValue, Modified, ModuleValue, ObjectMutability, ObjectPart,
+        builtin::replace_builtin, graph::create_graph, linker::link,
+        well_known::replace_well_known,
+    },
+    directive::parse_module_turbopack_directives,
+    parse::ParseResult,
+    references::{early_value_visitor, esm::EsmAssetReference},
+};
+
+const STRING_INLINE_THRESHOLD: usize = 6;
+const NUMBER_INLINE_THRESHOLD: f64 = 1_000_000.0;
+const BIGINT_INLINE_THRESHOLD: i64 = 1_000_000;
+
+/// Import names that are all-uppercase and contain at least one letter are eligible for automatic
+/// constant inlining, even without an import attribute.
+pub fn is_import_name_eligible_for_exports(name: &str) -> bool {
+    let mut seen_alphabetic = false;
+    for c in name.chars() {
+        if !(c.is_ascii() && (!c.is_ascii_alphabetic() || c.is_uppercase())) {
+            return false;
+        }
+        seen_alphabetic |= c.is_ascii_alphabetic();
+    }
+    seen_alphabetic
+}
+
+#[instrument(level = "info", skip_all, name = "determine cross-module constants")]
+pub async fn module_value_to_constants_module<'a>(
+    arena: &'a ThreadLocal<Bump>,
+    module_value: &ModuleValue,
+    compile_time_info: Vc<CompileTimeInfo>,
+    import_references: &[ResolvedVc<EsmAssetReference>],
+) -> Result<Option<JsValue<'a>>> {
+    let Some(reference_idx) = module_value.reference else {
+        bail!("missing reference for constant value");
+    };
+
+    let reference_idx = reference_idx.get();
+    let import_reference = import_references
+        .get(reference_idx)
+        .with_context(|| format!("couldn't find import reference at index {reference_idx}"))?;
+
+    // We are reusing the exact resolve options from EsmAssetReference here, which is good and gives
+    // us side-effect-free barrel file resolving for free.
+    let resolved = import_reference.resolve_reference().await?;
+    let Some(module) = resolved.first_module().await? else {
+        // failed to resolve, issue was already emitted by resolve_reference
+        return Ok(None);
+    };
+
+    let constants = get_constants(*module, compile_time_info).await?;
+
+    Ok(constants.as_ref().map(|constants| {
+        constants.as_js_value(
+            arena.get_or_default(),
+            module_value
+                .annotations
+                .as_ref()
+                .and_then(|a| a.turbopack_constants()),
+        )
+    }))
+}
+
+#[derive(Debug, Clone, Eq, PartialEq, NonLocalValue, TraceRawVcs, Encode, Decode)]
+enum ConstantsModuleExport {
+    Constant(ConstantValueBitEquality),
+    NonConstant(ResolvedVc<NonConstantIssue>),
+}
+
+#[turbo_tasks::value]
+#[derive(Debug)]
+struct ConstantsModule {
+    exports: Vec<(RcStr, ConstantsModuleExport)>,
+    has_directive: bool,
+}
+
+#[turbo_tasks::value(transparent)]
+#[derive(Debug)]
+struct OptionConstantsModule(Option<ConstantsModule>);
+
+impl ConstantsModule {
+    pub fn as_js_value<'a>(
+        &self,
+        arena: &'a Bump,
+        constant_annotation: Option<bool>,
+    ) -> JsValue<'a> {
+        let has_opt_in = constant_annotation.unwrap_or(self.has_directive);
+
+        // This has to be
+        // - mutable:false, otherwise nothing would ever be inlined, because all property accesses
+        //   would be receive a `|unknown` alternative
+        // - frozen:true, otherwise mutable:false would cause accesses of missing properties to be
+        //   `undefined`. Because we return a JsValue::Object even if the module has only some
+        //   constants exports, this would cause `import {NON_CONSTANT_EXPORT}` to be incorrectly
+        //   replaced with `undefined`.
+        JsValue::object_with_mutability(
+            BumpVec::from_iter_in(
+                arena,
+                self.exports.iter().map(|(key, value)| {
+                    ObjectPart::KeyValue(
+                        JsValue::Constant(ConstantValue::Str(key.clone().into())),
+                        match value {
+                            ConstantsModuleExport::Constant(value) => {
+                                if !has_opt_in {
+                                    // when not having opt in, only inline short literals
+                                    match &value.0 {
+                                        ConstantValue::Str(s)
+                                            if s.as_str().len() > STRING_INLINE_THRESHOLD =>
+                                        {
+                                            JsValue::unknown_empty(
+                                                false,
+                                                rcstr!("constant too long"),
+                                            )
+                                        }
+                                        ConstantValue::Num(n)
+                                            if n.0.abs() > NUMBER_INLINE_THRESHOLD =>
+                                        {
+                                            JsValue::unknown_empty(
+                                                false,
+                                                rcstr!("constant too long"),
+                                            )
+                                        }
+                                        ConstantValue::BigInt(n)
+                                            if **n > BigInt::from(BIGINT_INLINE_THRESHOLD)
+                                                || **n < BigInt::from(-BIGINT_INLINE_THRESHOLD) =>
+                                        {
+                                            JsValue::unknown_empty(
+                                                false,
+                                                rcstr!("constant too long"),
+                                            )
+                                        }
+                                        ConstantValue::Regex(_) => {
+                                            // Regexes are literals, but they are also objects, so
+                                            // have identity and aren't inlined without opt in.
+                                            JsValue::unknown_empty(
+                                                false,
+                                                rcstr!("regex not inlined"),
+                                            )
+                                        }
+                                        v => JsValue::Constant(v.clone()),
+                                    }
+                                } else {
+                                    JsValue::Constant(value.0.clone())
+                                }
+                            }
+                            ConstantsModuleExport::NonConstant(issue) => {
+                                if constant_annotation == Some(true) {
+                                    // If self.has_directive, then we already emitted the issue in
+                                    // get_constants.
+                                    issue.emit();
+                                }
+                                JsValue::unknown_empty(false, rcstr!("not a constant"))
+                            }
+                        },
+                    )
+                }),
+            ),
+            // TODO ideally this would just use ObjectMutability::Frozen.
+            //
+            // When not opted in, this has to stay FrozenSubset though, because when importing a
+            // non-constant export, it should not be replaced with `undefined` (which is what
+            // Frozen) would do.
+            ObjectMutability::FrozenSubset,
+        )
+    }
+}
+
+#[turbo_tasks::function]
+pub async fn get_constants(
+    module: ResolvedVc<Box<dyn Module>>,
+    compile_time_info: Vc<CompileTimeInfo>,
+) -> Result<Vc<OptionConstantsModule>> {
+    let Some(parseable) = ResolvedVc::try_sidecast::<Box<dyn EcmascriptParsable>>(module) else {
+        // should never actually happen, there should be a "imported module is not chunkable" error
+        // somewhere as well if it's truly not an Ecmascript module
+        return Ok(Vc::cell(None));
+    };
+
+    let parsed = parseable.failsafe_parse().await?;
+    let ParseResult::Ok {
+        program,
+        eval_context,
+        globals,
+        ..
+    } = &*parsed
+    else {
+        // The `parse` call has already emitted parse issues in case of `ParseResult::Unparsable`
+        return Ok(Vc::cell(None));
+    };
+
+    let directives = parse_module_turbopack_directives(program);
+
+    let arena = ThreadLocal::new();
+
+    let var_graph = {
+        let supports_block_scoping = *compile_time_info
+            .environment()
+            .runtime_versions()
+            .supports_block_scoping()
+            .await?;
+        let _span = tracing::trace_span!("analyze variable values").entered();
+        GLOBALS.set(globals, || {
+            create_graph(
+                arena.get_or_default(),
+                program,
+                eval_context,
+                AnalyzeMode::Tracing,
+                supports_block_scoping,
+                // This is currently ignored with cjs_tree_shaking:false
+                SpecifiedModuleType::Automatic,
+                // TODO enable CJS tree shaking here
+                false,
+                // TODO enable CJS scope hoisting here
+                false,
+            )
+        })
+    };
+
+    let fun_args_values = Mutex::new(FxHashMap::default());
+    let var_cache = Mutex::new(FxHashMap::default());
+
+    let compile_time_info_ref = compile_time_info.await?;
+
+    let exports = eval_context
+        .imports
+        .exports_ids
+        .iter()
+        .map(async |(export_name, (binding, span))| {
+            let value = GLOBALS.set(globals, || {
+                eval_context.eval_id(arena.get_or_default(), binding.clone())
+            });
+
+            let linked_value = link(
+                &arena,
+                &var_graph,
+                value.clone_in(arena.get_or_default()),
+                &|value| early_value_visitor(&arena, value),
+                &async |v| {
+                    if let Some((name, _)) = v.get_definable_name(Some(&var_graph))
+                        && let Some(value) = compile_time_info_ref.defines.get(&name).await?
+                    {
+                        return Ok((
+                            JsValue::from_compile_time_define_value_in(
+                                arena.get_or_default(),
+                                &value,
+                            )?,
+                            Modified::Yes,
+                        ));
+                    }
+
+                    // This is basically what's necessary to support imports in constant modules.
+                    // It's just that you'd need `get_constants_inner` which is not a turbotask (and
+                    // contains the logic of the current get_constants function). So that would redo
+                    // a small amount of work but would allow imports.
+                    //
+                    // TODO when opted in, also resolve imports
+                    // if directives.constants_module
+                    //     && let JsValue::Module(module) = &v
+                    // {
+                    //     // We can't do a recursive turbotask call here, to prevent deadlocks.
+                    //     if let Some(constants) =
+                    //         get_constants(resolve_somehow(module), compile_time_info)
+                    //             .await?
+                    //             .as_ref()
+                    //     {
+                    //         return Ok((constants.as_js_value(false), true));
+                    //     }
+                    // }
+
+                    let (mut v, mut modified) =
+                        replace_well_known(&arena, v, compile_time_info, false).await?;
+                    if replace_builtin(arena.get_or_default(), &mut v).is_modified() {
+                        modified = Modified::Yes;
+                    }
+                    if !modified.is_modified() {
+                        modified = Modified::from(v.make_nested_operations_unknown());
+                    }
+                    Ok((v, modified))
+                },
+                &fun_args_values,
+                &var_cache,
+            )
+            .await?;
+
+            if let JsValue::Constant(constant) = linked_value.0 {
+                Ok((
+                    export_name.as_str().into(),
+                    ConstantsModuleExport::Constant(ConstantValueBitEquality(constant)),
+                ))
+            } else {
+                let explained = linked_value.0.explain(10, 5);
+                let issue = NonConstantIssue::new(
+                    export_name.as_str().into(),
+                    module.ident().await?.path.clone(),
+                    module.source().await?.map(|source| {
+                        IssueSource::from_swc_offsets(source, span.lo.to_u32(), span.hi.to_u32())
+                    }),
+                    (explained.0.into(), explained.1.into()),
+                )
+                .to_resolved()
+                .await?;
+                if directives.constants_module {
+                    issue.emit();
+                }
+                Ok((
+                    export_name.as_str().into(),
+                    ConstantsModuleExport::NonConstant(issue),
+                ))
+            }
+        })
+        .try_join()
+        .await?;
+
+    Ok(Vc::cell(Some(ConstantsModule {
+        exports,
+        has_directive: directives.constants_module,
+    })))
+}
+
+#[turbo_tasks::value]
+struct NonConstantIssue {
+    export: RcStr,
+    file_path: FileSystemPath,
+    source: Option<IssueSource>,
+    value: (RcStr, RcStr),
+}
+
+#[turbo_tasks::value_impl]
+impl NonConstantIssue {
+    #[turbo_tasks::function]
+    fn new(
+        export: RcStr,
+        file_path: FileSystemPath,
+        source: Option<IssueSource>,
+        value: (RcStr, RcStr),
+    ) -> Vc<Self> {
+        Self {
+            export,
+            file_path,
+            source,
+            value,
+        }
+        .cell()
+    }
+}
+
+#[async_trait]
+#[turbo_tasks::value_impl]
+impl Issue for NonConstantIssue {
+    fn severity(&self) -> IssueSeverity {
+        IssueSeverity::Error
+    }
+
+    async fn title(&self) -> Result<StyledString> {
+        Ok(StyledString::Line(vec![
+            StyledString::Text(rcstr!("Export ")),
+            StyledString::Code(self.export.clone()),
+            StyledString::Text(rcstr!(" is not a constant")),
+        ]))
+    }
+
+    fn stage(&self) -> IssueStage {
+        IssueStage::Analysis
+    }
+
+    async fn file_path(&self) -> Result<FileSystemPath> {
+        Ok(self.file_path.clone())
+    }
+
+    async fn description(&self) -> Result<Option<StyledString>> {
+        Ok(Some(StyledString::Stack(
+            [
+                Some(StyledString::Line(vec![
+                    StyledString::Text(rcstr!("It was analyzed to be ")),
+                    StyledString::Code(self.value.0.clone()),
+                ])),
+                (!self.value.1.is_empty())
+                    .then(|| StyledString::Line(vec![StyledString::Code(self.value.1.clone())])),
+                Some(StyledString::Line(vec![
+                    StyledString::Text(rcstr!(
+                        "It has to be a constant because the module contains "
+                    )),
+                    StyledString::Code(rcstr!("use turbopack: constants")),
+                    StyledString::Text(rcstr!(" or was imported with ")),
+                    StyledString::Code(rcstr!("with {turbopackConstants: 'true'}")),
+                ])),
+            ]
+            .into_iter()
+            .flatten()
+            .collect(),
+        )))
+    }
+
+    fn source(&self) -> Option<IssueSource> {
+        self.source
+    }
+}
+
+#[derive(Debug, Clone, Default, TraceRawVcs, Encode, Decode, NonLocalValue)]
+struct ConstantValueBitEquality(ConstantValue);
+
+impl PartialEq for ConstantValueBitEquality {
+    fn eq(&self, other: &Self) -> bool {
+        match (&self.0, &other.0) {
+            (ConstantValue::Undefined, ConstantValue::Undefined)
+            | (ConstantValue::Null, ConstantValue::Null)
+            | (ConstantValue::True, ConstantValue::True)
+            | (ConstantValue::False, ConstantValue::False) => true,
+            (ConstantValue::Num(l), ConstantValue::Num(r)) => {
+                l.0.to_le_bytes() == r.0.to_le_bytes()
+            }
+            (ConstantValue::BigInt(l), ConstantValue::BigInt(r)) => l == r,
+            (ConstantValue::Str(l), ConstantValue::Str(r)) => l == r,
+            (ConstantValue::Regex(l), ConstantValue::Regex(r)) => l == r,
+            _ => false,
+        }
+    }
+}
+impl Eq for ConstantValueBitEquality {}
+
+impl Hash for ConstantValueBitEquality {
+    fn hash<H: std::hash::Hasher>(&self, state: &mut H) {
+        std::mem::discriminant(&self.0).hash(state);
+        match &self.0 {
+            ConstantValue::Undefined => {}
+            ConstantValue::Null => {}
+            ConstantValue::True => {}
+            ConstantValue::False => {}
+            ConstantValue::Num(n) => n.0.to_le_bytes().hash(state),
+            ConstantValue::BigInt(n) => n.hash(state),
+            ConstantValue::Str(s) => s.hash(state),
+            ConstantValue::Regex(r) => r.hash(state),
+        }
+    }
+}
diff --git a/turbopack/crates/turbopack-ecmascript/src/references/esm/export.rs b/turbopack/crates/turbopack-ecmascript/src/references/esm/export.rs
index 2605a83c52f0..2f032e3a5b3c 100644
--- a/turbopack/crates/turbopack-ecmascript/src/references/esm/export.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/references/esm/export.rs
@@ -706,8 +706,11 @@ impl EsmExports {
                     // TODO ideally, this information would just be stored in
                     // EsmExport::LocalBinding and we wouldn't have to re-correlated this
                     // information with eval_context.imports.exports to get the syntax context.
-                    let binding = if let Some((local, ctxt)) =
-                        eval_context.imports.exports_ids.get(exported)
+                    let binding = if let Some((local, ctxt)) = eval_context
+                        .imports
+                        .exports_ids
+                        .get(exported)
+                        .map(|(id, _)| id)
                     {
                         Some((local.clone(), *ctxt))
                     } else {
diff --git a/turbopack/crates/turbopack-ecmascript/src/references/mod.rs b/turbopack/crates/turbopack-ecmascript/src/references/mod.rs
index 715cdba300aa..b4e896815001 100644
--- a/turbopack/crates/turbopack-ecmascript/src/references/mod.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/references/mod.rs
@@ -3,6 +3,7 @@ pub mod async_module;
 pub mod cjs;
 pub mod constant_condition;
 pub mod constant_value;
+pub mod cross_module_constants;
 pub mod dynamic_expression;
 pub mod esm;
 pub mod exports;
@@ -35,7 +36,6 @@ use bincode::{Decode, Encode};
 use bumpalo::boxed::Box as BumpBox;
 use constant_condition::{ConstantConditionCodeGen, ConstantConditionValue};
 use constant_value::ConstantValueCodeGen;
-use either::Either;
 use indexmap::map::Entry;
 use num_traits::Zero;
 use parking_lot::Mutex;
@@ -53,7 +53,6 @@ use swc_core::{
     },
     ecma::{
         ast::*,
-        utils::IsDirective,
         visit::{
             AstParentKind,
             fields::{
@@ -101,7 +100,7 @@ use crate::{
     ModuleTypeResult, TypeofWindow,
     analyzer::{
         Bump, BumpVec, ConstantNumber, ConstantString, ConstantValue as JsConstantValue, JsValue,
-        JsValueUrlKind, Modified, ObjectPart, RequireContextValue, ThreadLocal,
+        JsValueUrlKind, Modified, ModuleValue, ObjectPart, RequireContextValue, ThreadLocal,
         WellKnownFunctionKind, WellKnownObjectKind,
         builtin::{early_replace_builtin, replace_builtin},
         graph::{ConditionalKind, Effect, EffectArg, VarGraph, create_graph},
@@ -113,6 +112,7 @@ use crate::{
     },
     chunk::CjsStaticExports,
     code_gen::{CodeGen, CodeGens, IntoCodeGenReference},
+    directive::parse_module_turbopack_directives,
     errors,
     module_fragments::{part_of_module, split_module},
     parse::ParseResult,
@@ -126,6 +126,9 @@ use crate::{
             CjsAssetReference, CjsRequireAssetReference, CjsRequireCacheAccess,
             CjsRequireResolveAssetReference,
         },
+        cross_module_constants::{
+            is_import_name_eligible_for_exports, module_value_to_constants_module,
+        },
         dynamic_expression::DynamicExpression,
         esm::{
             EsmAssetReference, EsmAsyncAssetReference, EsmBinding, ImportMetaBinding,
@@ -458,7 +461,10 @@ struct AnalysisState<'a> {
     /// This is the current state of known values of function
     /// arguments.
     fun_args_values: Mutex<FxHashMap<u32, BumpVec<'a, JsValue<'a>>>>,
+    /// A cache for the linked value of variables, to prevent exponential retraversals.
     var_cache: Mutex<FxHashMap<Id, JsValue<'a>>>,
+    /// A cache for the linked value of imported constants.
+    constants_cache: Mutex<FxHashMap<ModuleValue, Option<JsValue<'a>>>>,
     // There can be many references to import.meta, but only the first should hoist
     // the object allocation.
     first_import_meta: bool,
@@ -467,6 +473,7 @@ struct AnalysisState<'a> {
     first_webpack_exports_info: bool,
     module_fragments_enabled: bool,
     cjs_tree_shaking: bool,
+    cross_module_constants: bool,
     import_externals: bool,
     ignore_dynamic_requests: bool,
     url_rewrite_behavior: Option<UrlRewriteBehavior>,
@@ -509,6 +516,9 @@ impl<'a> AnalysisState<'a> {
                     &self.var_graph,
                     attributes,
                     self.allow_project_root_tracing,
+                    &self.constants_cache,
+                    self.import_references,
+                    self.cross_module_constants,
                 )
             },
             &self.fun_args_values,
@@ -666,32 +676,13 @@ async fn analyze_ecmascript_module_internal(
         analysis.add_esm_evaluation_reference(*i);
     }
 
-    let has_side_effect_free_directive = match program {
-        Program::Module(module) => Either::Left(
-            module
-                .body
-                .iter()
-                .take_while(|i| match i {
-                    ModuleItem::Stmt(stmt) => stmt.directive_continue(),
-                    ModuleItem::ModuleDecl(_) => false,
-                })
-                .filter_map(|i| i.as_stmt()),
-        ),
-        Program::Script(script) => Either::Right(
-            script
-                .body
-                .iter()
-                .take_while(|stmt| stmt.directive_continue()),
-        ),
-    }
-    .any(|f| match f {
-        Stmt::Expr(ExprStmt { expr, .. }) => match &**expr {
-            Expr::Lit(Lit::Str(Str { value, .. })) => value == "use turbopack no side effects",
-            _ => false,
-        },
-        _ => false,
-    });
-    analysis.set_side_effects_mode(if has_side_effect_free_directive {
+    let directives = parse_module_turbopack_directives(program);
+    analysis.set_side_effects_mode(if directives.no_side_effects {
+        ModuleSideEffects::SideEffectFree
+    } else if directives.constants_module && options.cross_module_constants {
+        // If the module is marked as a constants module, it must be side effect free, otherwise
+        // the constant folding would not be safe. This makes a difference when doing `import *
+        // as foo from 'constants-module'`
         ModuleSideEffects::SideEffectFree
     } else if options.infer_module_side_effects {
         // Analyze the AST to infer side effects
@@ -867,10 +858,12 @@ async fn analyze_ecmascript_module_internal(
             allow_project_root_tracing: !source.ident().await?.path.is_in_node_modules(),
             fun_args_values: Default::default(),
             var_cache: Default::default(),
+            constants_cache: Default::default(),
             first_import_meta: true,
             first_webpack_exports_info: true,
             module_fragments_enabled: options.module_fragments_enabled,
             cjs_tree_shaking: options.cjs_tree_shaking,
+            cross_module_constants: options.cross_module_constants,
             import_externals: options.import_externals,
             ignore_dynamic_requests: options.ignore_dynamic_requests,
             url_rewrite_behavior: options.url_rewrite_behavior,
@@ -1334,7 +1327,35 @@ async fn analyze_ecmascript_module_internal(
                         continue;
                     };
 
-                    if let Some("__turbopack_module_id__") = export.as_deref() {
+                    if options.cross_module_constants
+                        && (eval_context
+                            .imports
+                            .get_annotations(esm_reference_index)
+                            .and_then(|a| a.turbopack_constants())
+                            .unwrap_or_else(|| {
+                                export
+                                    .as_ref()
+                                    .is_some_and(|v| is_import_name_eligible_for_exports(v))
+                            }))
+                        && let JsValue::Constant(c) = analysis_state
+                            .link_value(
+                                eval_context.imports.get_import_for_idx(
+                                    arena.get_or_default(),
+                                    esm_reference_index,
+                                    export.clone().map(Into::into),
+                                ),
+                                ImportAttributes::empty_ref(),
+                            )
+                            .await?
+                        && let Ok(c) = CompileTimeDefineValue::try_from(&c)
+                    // We can only inline values that are supported by CompileTimeDefineValue. So
+                    // currently not NaN and Infinity.
+                    {
+                        // This is a constant import, we can inline it directly without creating
+                        // a reference
+                        analysis
+                            .add_code_gen(ConstantValueCodeGen::new(c, ast_path.to_vec().into()));
+                    } else if let Some("__turbopack_module_id__") = export.as_deref() {
                         let chunking_type = r.await?.chunking_type();
                         analysis.add_reference_code_gen(
                             EsmModuleIdAssetReference::new(*r, chunking_type),
@@ -3713,6 +3734,9 @@ async fn value_visitor<'a>(
     var_graph: &VarGraph<'a>,
     attributes: &ImportAttributes,
     allow_project_root_tracing: bool,
+    constants_cache: &Mutex<FxHashMap<ModuleValue, Option<JsValue<'a>>>>,
+    import_references: &[ResolvedVc<EsmAssetReference>],
+    cross_module_constants: bool,
 ) -> Result<(JsValue<'a>, Modified)> {
     let (mut v, modified) = value_visitor_inner(
         arena,
@@ -3724,6 +3748,9 @@ async fn value_visitor<'a>(
         var_graph,
         attributes,
         allow_project_root_tracing,
+        constants_cache,
+        import_references,
+        cross_module_constants,
     )
     .await?;
     v.normalize_shallow(arena.get_or_default());
@@ -3740,6 +3767,9 @@ async fn value_visitor_inner<'a>(
     var_graph: &VarGraph<'a>,
     attributes: &ImportAttributes,
     allow_project_root_tracing: bool,
+    constants_cache: &Mutex<FxHashMap<ModuleValue, Option<JsValue<'a>>>>,
+    import_references: &[ResolvedVc<EsmAssetReference>],
+    cross_module_constants: bool,
 ) -> Result<(JsValue<'a>, Modified)> {
     if let JsValue::In(_, left, right) = &v
         && let Some(left) = left.as_str()
@@ -3904,16 +3934,50 @@ async fn value_visitor_inner<'a>(
             "navigator" => JsValue::WellKnownObject(WellKnownObjectKind::Navigator),
             _ => return Ok((v, Modified::No)),
         },
-        JsValue::Module(ref mv) => compile_time_info
-            .environment()
-            .node_externals()
-            .await?
-            // TODO check externals
-            .then(|| module_value_to_well_known_object(mv))
-            .flatten()
-            .unwrap_or_else(|| {
+
+        JsValue::Module(ref mv) => {
+            if *compile_time_info.environment().node_externals().await?
+                && let Some(external) = module_value_to_well_known_object(mv)
+            {
+                external
+            } else if cross_module_constants
+                && (mv
+                    .annotations
+                    .as_ref()
+                    .and_then(|a| a.turbopack_constants())
+                    .unwrap_or(mv.analyze_for_constants))
+                && let cache = {
+                    // Without this inline block, constants_cache.lock() is held across the await
+                    // point below.
+                    let constants_cache = constants_cache.lock();
+                    constants_cache
+                        .get(mv)
+                        .as_ref()
+                        .map(|v| v.as_ref().map(|v| v.clone_in(arena.get_or_default())))
+                }
+                && let cache_entry = (if let Some(cache_entry) = cache {
+                    cache_entry
+                } else {
+                    let module = module_value_to_constants_module(
+                        arena,
+                        mv,
+                        compile_time_info,
+                        import_references,
+                    )
+                    .await?;
+                    constants_cache.lock().insert(
+                        mv.clone(),
+                        module.as_ref().map(|v| v.clone_in(arena.get_or_default())),
+                    );
+                    module
+                })
+                && let Some(module) = cache_entry
+            {
+                module
+            } else {
                 v.into_unknown(true, rcstr!("cross module analyzing is not yet supported"))
-            }),
+            }
+        }
         JsValue::Argument(..) => v.into_unknown(
             true,
             rcstr!("cross function analyzing is not yet supported"),
diff --git a/turbopack/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs b/turbopack/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs
index a00eabccab87..ac7320b27517 100644
--- a/turbopack/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs
+++ b/turbopack/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs
@@ -11,16 +11,18 @@ use turbopack_core::{
     module_graph::ModuleGraph,
     reference::ModuleReferences,
     resolve::ModulePart,
+    source::OptionSource,
 };
 
 use crate::{
     AnalyzeEcmascriptModuleResult, EcmascriptAnalyzable, EcmascriptAnalyzableExt,
     EcmascriptModuleAsset, EcmascriptModuleContent, EcmascriptModuleContentOptions,
-    MergedEcmascriptModule,
+    EcmascriptParsable, MergedEcmascriptModule,
     chunk::{
         EcmascriptChunkItemContent, EcmascriptChunkPlaceable, EcmascriptExports,
         ecmascript_chunk_item,
     },
+    parse::ParseResult,
     references::{
         async_module::OptionAsyncModule,
         esm::{EsmExport, EsmExports},
@@ -59,8 +61,8 @@ impl Module for EcmascriptModuleLocalsModule {
     }
 
     #[turbo_tasks::function]
-    fn source(&self) -> Vc<turbopack_core::source::OptionSource> {
-        Vc::cell(None)
+    fn source(&self) -> Vc<OptionSource> {
+        ResolvedVc::upcast::<Box<dyn Module>>(self.module).source()
     }
 
     #[turbo_tasks::function]
@@ -86,6 +88,14 @@ impl Module for EcmascriptModuleLocalsModule {
     }
 }
 
+#[turbo_tasks::value_impl]
+impl EcmascriptParsable for EcmascriptModuleLocalsModule {
+    #[turbo_tasks::function]
+    fn failsafe_parse(&self) -> Vc<ParseResult> {
+        self.module.failsafe_parse()
+    }
+}
+
 #[turbo_tasks::value_impl]
 impl EcmascriptAnalyzable for EcmascriptModuleLocalsModule {
     #[turbo_tasks::function]
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/class_super/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/class_super/graph-effects.snapshot
index 8721bbe73f6d..c5ea2ffcb960 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/class_super/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/class_super/graph-effects.snapshot
@@ -122,6 +122,12 @@
                                     ModuleValue {
                                         module: "./module.js",
                                         annotations: None,
+                                        analyze_for_constants: false,
+                                        reference: Some(
+                                            ModuleReferenceIndex(
+                                                2,
+                                            ),
+                                        ),
                                     },
                                 ),
                                 Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph-effects.snapshot
index cd7a05e6a955..9185fc419a74 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph-effects.snapshot
@@ -96,6 +96,12 @@
             ModuleValue {
                 module: "node:module",
                 annotations: None,
+                analyze_for_constants: false,
+                reference: Some(
+                    ModuleReferenceIndex(
+                        2,
+                    ),
+                ),
             },
         ),
         prop: Constant(
@@ -304,6 +310,12 @@
             ModuleValue {
                 module: "node:module",
                 annotations: None,
+                analyze_for_constants: false,
+                reference: Some(
+                    ModuleReferenceIndex(
+                        2,
+                    ),
+                ),
             },
         ),
         prop: Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph.snapshot
index 539d46005ab8..ddd4b140ca30 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/createRequire/graph.snapshot
@@ -59,6 +59,12 @@
                 ModuleValue {
                     module: "node:module",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/default-args/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/default-args/graph.snapshot
index dd8e5cd9164c..93c7f99136b9 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/default-args/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/default-args/graph.snapshot
@@ -59,6 +59,12 @@
                         ModuleValue {
                             module: "./module.js",
                             annotations: None,
+                            analyze_for_constants: false,
+                            reference: Some(
+                                ModuleReferenceIndex(
+                                    2,
+                                ),
+                            ),
                         },
                     ),
                     Constant(
@@ -98,6 +104,12 @@
                         ModuleValue {
                             module: "./module.js",
                             annotations: None,
+                            analyze_for_constants: false,
+                            reference: Some(
+                                ModuleReferenceIndex(
+                                    2,
+                                ),
+                            ),
                         },
                     ),
                     Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild-reduced/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild-reduced/graph.snapshot
index 8c86e734b966..e6984e3927a9 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild-reduced/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild-reduced/graph.snapshot
@@ -141,7 +141,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -275,7 +275,7 @@
                         ),
                     ),
                 ],
-                mutable: true,
+                mutability: Mutable,
             },
         ),
     ),
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild/graph.snapshot
index 892bfd99872e..418ffc6e45cc 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/esbuild/graph.snapshot
@@ -667,7 +667,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -724,7 +724,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -894,7 +894,7 @@
                         ),
                     ),
                 ],
-                mutable: true,
+                mutability: Mutable,
             },
         ),
     ),
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph-effects.snapshot
index 5780c5dc560c..a11afde52a69 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph-effects.snapshot
@@ -1662,7 +1662,7 @@
                         Object {
                             total_nodes: 1,
                             parts: [],
-                            mutable: true,
+                            mutability: Mutable,
                         },
                     ],
                 ),
@@ -1841,19 +1841,19 @@
                                                     Object {
                                                         total_nodes: 1,
                                                         parts: [],
-                                                        mutable: true,
+                                                        mutability: Mutable,
                                                     },
                                                 ),
                                             ],
-                                            mutable: true,
+                                            mutability: Mutable,
                                         },
                                     ),
                                 ],
-                                mutable: true,
+                                mutability: Mutable,
                             },
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ),
             Value(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph.snapshot
index f9349cc0008d..bdd97762b8c0 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/iife-2/graph.snapshot
@@ -110,7 +110,7 @@
         Object {
             total_nodes: 1,
             parts: [],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
 ]
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/imports/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/imports/graph.snapshot
index 1eb1a4ccae3c..d1a611796009 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/imports/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/imports/graph.snapshot
@@ -7,6 +7,12 @@
                 ModuleValue {
                     module: "x2",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            4,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -26,6 +32,12 @@
                 ModuleValue {
                     module: "x1",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -43,6 +55,12 @@
             ModuleValue {
                 module: "x3",
                 annotations: None,
+                analyze_for_constants: false,
+                reference: Some(
+                    ModuleReferenceIndex(
+                        7,
+                    ),
+                ),
             },
         ),
     ),
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph-effects.snapshot
index da274880791e..e2ae9ec2c5f4 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph-effects.snapshot
@@ -72,6 +72,12 @@
                 ModuleValue {
                     module: "react",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            4,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -575,6 +581,12 @@
                 ModuleValue {
                     module: "https://esm.sh/preact/jsx-runtime",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -631,7 +643,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ),
         ],
@@ -949,6 +961,12 @@
                                     ModuleValue {
                                         module: "./external",
                                         annotations: None,
+                                        analyze_for_constants: false,
+                                        reference: Some(
+                                            ModuleReferenceIndex(
+                                                6,
+                                            ),
+                                        ),
                                     },
                                 ),
                                 Constant(
@@ -1070,6 +1088,12 @@
                                                 ModuleValue {
                                                     module: "./external",
                                                     annotations: None,
+                                                    analyze_for_constants: false,
+                                                    reference: Some(
+                                                        ModuleReferenceIndex(
+                                                            6,
+                                                        ),
+                                                    ),
                                                 },
                                             ),
                                             Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph.snapshot
index 71b6fe1bcf90..d20bd71866d4 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-75938/graph.snapshot
@@ -71,6 +71,12 @@
                         ModuleValue {
                             module: "https://esm.sh/preact/jsx-runtime",
                             annotations: None,
+                            analyze_for_constants: false,
+                            reference: Some(
+                                ModuleReferenceIndex(
+                                    2,
+                                ),
+                            ),
                         },
                     ),
                     Constant(
@@ -124,7 +130,7 @@
                                 ),
                             ),
                         ],
-                        mutable: true,
+                        mutability: Mutable,
                     },
                 ],
             ),
@@ -147,6 +153,12 @@
                     ModuleValue {
                         module: "react",
                         annotations: None,
+                        analyze_for_constants: false,
+                        reference: Some(
+                            ModuleReferenceIndex(
+                                4,
+                            ),
+                        ),
                     },
                 ),
                 Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-77083/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-77083/graph-effects.snapshot
index 1d779d964698..44c3ef92129c 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-77083/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/issue-77083/graph-effects.snapshot
@@ -84,6 +84,12 @@
                                 ModuleValue {
                                     module: "./assert",
                                     annotations: None,
+                                    analyze_for_constants: false,
+                                    reference: Some(
+                                        ModuleReferenceIndex(
+                                            2,
+                                        ),
+                                    ),
                                 },
                             ),
                             Constant(
@@ -366,6 +372,12 @@
                 ModuleValue {
                     module: "./assert",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -509,6 +521,12 @@
                 ModuleValue {
                     module: "./assert",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/non-root-assignments/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/non-root-assignments/graph.snapshot
index 23b88cfd3a58..ed4baf6072a4 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/non-root-assignments/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/non-root-assignments/graph.snapshot
@@ -57,7 +57,7 @@
                     },
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/object/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/object/graph.snapshot
index 5e90618cfd7d..908acc55124e 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/object/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/object/graph.snapshot
@@ -585,7 +585,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -666,7 +666,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -715,7 +715,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -761,7 +761,7 @@
                     ),
                 ),
             ],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
 ]
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/op-assign/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/op-assign/graph.snapshot
index 5c960bbff040..f26b33c2c4d1 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/op-assign/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/op-assign/graph.snapshot
@@ -130,7 +130,7 @@
                         ),
                     ),
                 ],
-                mutable: true,
+                mutability: Mutable,
             },
         ),
     ),
@@ -190,7 +190,7 @@
                         ),
                     ),
                 ],
-                mutable: true,
+                mutability: Mutable,
             },
         ),
     ),
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2236/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2236/graph.snapshot
index 5b94fdfb1d31..d4ca5a33ec2d 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2236/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2236/graph.snapshot
@@ -41,6 +41,12 @@
                     ModuleValue {
                         module: "@upstash/redis",
                         annotations: None,
+                        analyze_for_constants: false,
+                        reference: Some(
+                            ModuleReferenceIndex(
+                                3,
+                            ),
+                        ),
                     },
                 ),
                 Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph-effects.snapshot
index ca08c718a22a..fbc1ab3bef7d 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph-effects.snapshot
@@ -702,7 +702,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ),
         ],
@@ -829,7 +829,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ),
         ],
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph.snapshot
index f24d67793159..b6fc791b6bae 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pack-2682/graph.snapshot
@@ -90,7 +90,7 @@
                                 ),
                             ),
                         ],
-                        mutable: true,
+                        mutability: Mutable,
                     },
                 ],
             ),
@@ -136,7 +136,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ],
         ),
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph-effects.snapshot
index 4ca9616f85ab..823af389c32e 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph-effects.snapshot
@@ -1029,6 +1029,12 @@
                 ModuleValue {
                     module: "path",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph.snapshot
index 233a7b4fedf9..25d0a141265d 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/path-join/graph.snapshot
@@ -82,6 +82,12 @@
                     ModuleValue {
                         module: "path",
                         annotations: None,
+                        analyze_for_constants: false,
+                        reference: Some(
+                            ModuleReferenceIndex(
+                                2,
+                            ),
+                        ),
                     },
                 ),
                 Constant(
@@ -109,6 +115,12 @@
                 ModuleValue {
                     module: "path",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            4,
+                        ),
+                    ),
                 },
             ),
             Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pattern-assignment/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pattern-assignment/graph.snapshot
index c31b8183bcc1..a87df9b73b4e 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pattern-assignment/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/pattern-assignment/graph.snapshot
@@ -45,7 +45,7 @@
                                     },
                                 ),
                             ],
-                            mutable: true,
+                            mutability: Mutable,
                         },
                         Constant(
                             Str(
@@ -89,7 +89,7 @@
                                     },
                                 ),
                             ],
-                            mutable: true,
+                            mutability: Mutable,
                         },
                         Constant(
                             Str(
@@ -134,7 +134,7 @@
                                 ),
                             ),
                         ],
-                        mutable: true,
+                        mutability: Mutable,
                     },
                     Constant(
                         Str(
@@ -162,7 +162,7 @@
                                 ),
                             ),
                         ],
-                        mutable: true,
+                        mutability: Mutable,
                     },
                     Constant(
                         Str(
@@ -196,7 +196,7 @@
                         ),
                     ),
                 ],
-                mutable: true,
+                mutability: Mutable,
             },
             Constant(
                 Str(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/unreachable-break/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/unreachable-break/graph-effects.snapshot
index 0c376c4d41db..b601baf82e74 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/unreachable-break/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/unreachable-break/graph-effects.snapshot
@@ -61,6 +61,12 @@
                 ModuleValue {
                     module: "foo",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            2,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -226,6 +232,12 @@
                 ModuleValue {
                     module: "foo",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            8,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -356,6 +368,12 @@
                 ModuleValue {
                     module: "foo",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            9,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -535,6 +553,12 @@
                 ModuleValue {
                     module: "foo",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            3,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -665,6 +689,12 @@
                 ModuleValue {
                     module: "foo",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            4,
+                        ),
+                    ),
                 },
             ),
             Constant(
@@ -844,6 +874,12 @@
                 ModuleValue {
                     module: "foo",
                     annotations: None,
+                    analyze_for_constants: false,
+                    reference: Some(
+                        ModuleReferenceIndex(
+                            5,
+                        ),
+                    ),
                 },
             ),
             Constant(
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph-effects.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph-effects.snapshot
index c0975573c801..e4885d4d872d 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph-effects.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph-effects.snapshot
@@ -648,7 +648,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ),
         ],
@@ -1867,7 +1867,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ),
         ],
diff --git a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph.snapshot b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph.snapshot
index d95ae888d1fe..b7c3fc05be62 100644
--- a/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph.snapshot
+++ b/turbopack/crates/turbopack-ecmascript/tests/analyzer/graph/webpack-target-node/graph.snapshot
@@ -126,7 +126,7 @@
         Object {
             total_nodes: 1,
             parts: [],
-            mutable: true,
+            mutability: Mutable,
         },
     ),
     (
@@ -237,7 +237,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
                 Object {
                     total_nodes: 3,
@@ -259,7 +259,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
                 Object {
                     total_nodes: 3,
@@ -281,7 +281,7 @@
                             ),
                         ),
                     ],
-                    mutable: true,
+                    mutability: Mutable,
                 },
             ],
             mutable: true,
diff --git a/turbopack/crates/turbopack-resolve/src/ecmascript.rs b/turbopack/crates/turbopack-resolve/src/ecmascript.rs
index 7ad4ae7246ab..8671cc324dcc 100644
--- a/turbopack/crates/turbopack-resolve/src/ecmascript.rs
+++ b/turbopack/crates/turbopack-resolve/src/ecmascript.rs
@@ -1,6 +1,6 @@
 use anyhow::Result;
 use turbo_rcstr::rcstr;
-use turbo_tasks::{ResolvedVc, TraitRef, Vc};
+use turbo_tasks::{TraitRef, Vc};
 use turbopack_core::{
     context::AssetContext,
     issue::IssueSource,
@@ -127,8 +127,8 @@ pub async fn cjs_resolve(
 
 #[turbo_tasks::function]
 pub async fn cjs_resolve_source(
-    origin: ResolvedVc<Box<dyn ResolveOrigin>>,
-    request: ResolvedVc<Request>,
+    origin: Vc<Box<dyn ResolveOrigin>>,
+    request: Vc<Request>,
     ty: CommonJsReferenceSubType,
     issue_source: Option<IssueSource>,
     error_mode: ResolveErrorMode,
@@ -139,13 +139,13 @@ pub async fn cjs_resolve_source(
         .to_resolved()
         .await?;
     let origin_path = origin_ref.origin_path();
-    let result = resolve(origin_path.parent(), ty.clone(), *request, options);
+    let result = resolve(origin_path.parent(), ty.clone(), request, options);
 
     handle_resolve_source_error(
         result,
         ty,
         origin_path,
-        *request,
+        request,
         options,
         error_mode,
         issue_source,
diff --git a/turbopack/crates/turbopack-tests/tests/execution.rs b/turbopack/crates/turbopack-tests/tests/execution.rs
index 05e4e1135447..667f275f3597 100644
--- a/turbopack/crates/turbopack-tests/tests/execution.rs
+++ b/turbopack/crates/turbopack-tests/tests/execution.rs
@@ -278,6 +278,8 @@ struct TestOptions {
     scope_hoisting: bool,
     #[serde(default)]
     cjs_tree_shaking: bool,
+    #[serde(default = "default_true")]
+    cross_module_constants: bool,
     #[serde(default)]
     cjs_scope_hoisting: bool,
     #[serde(default)]
@@ -304,6 +306,7 @@ impl Default for TestOptions {
             scope_hoisting: default_true(),
             cjs_tree_shaking: false,
             cjs_scope_hoisting: false,
+            cross_module_constants: true,
             minify: false,
             production_chunking: false,
             side_effect_free_packages: Vec::new(),
@@ -469,6 +472,7 @@ async fn run_test_operation(prepared_test: ResolvedVc<PreparedTest>) -> Result<V
                 infer_module_side_effects: true,
                 cjs_tree_shaking: options.cjs_tree_shaking,
                 cjs_scope_hoisting: options.cjs_scope_hoisting,
+                cross_module_constants: options.cross_module_constants,
                 ..Default::default()
             },
             environment: Some(env),
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot.rs b/turbopack/crates/turbopack-tests/tests/snapshot.rs
index 312861836872..9a6e3cfc1a8e 100644
--- a/turbopack/crates/turbopack-tests/tests/snapshot.rs
+++ b/turbopack/crates/turbopack-tests/tests/snapshot.rs
@@ -98,6 +98,8 @@ struct SnapshotOptions {
     #[serde(default)]
     cjs_scope_hoisting: bool,
     #[serde(default)]
+    cross_module_constants: bool,
+    #[serde(default)]
     scope_hoisting: bool,
     #[serde(default)]
     shared_runtime: bool,
@@ -144,6 +146,7 @@ impl Default for SnapshotOptions {
             remove_unused_exports: false,
             cjs_tree_shaking: false,
             cjs_scope_hoisting: false,
+            cross_module_constants: false,
             scope_hoisting: false,
             shared_runtime: false,
             production_chunking: false,
@@ -420,6 +423,7 @@ async fn run_test_operation(resource: RcStr) -> Result<Vc<FileSystemPath>> {
                 infer_module_side_effects: true,
                 cjs_tree_shaking: options.cjs_tree_shaking,
                 cjs_scope_hoisting: options.cjs_scope_hoisting,
+                cross_module_constants: options.cross_module_constants,
                 enable_exports_info_inlining: true,
                 enable_rust_react_compiler: options
                     .enable_rust_react_compiler
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js
new file mode 100644
index 000000000000..8ec8f3a2b521
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js
@@ -0,0 +1,24 @@
+import { lower } from './other' with { turbopackConstants: 'true' }
+
+if (lower === 'lowercase') {
+  console.log('x')
+} else {
+  require('./dead-code')
+}
+console.log(lower)
+
+import { UPPER } from './other' with { turbopackConstants: 'false' }
+if (UPPER === 'UPPER') {
+  console.log('x')
+} else {
+  require('./correct-not-inlined')
+}
+console.log(UPPER)
+
+import { nonConstant } from './non-constant' with { turbopackConstants: 'true' }
+if (nonConstant.v === 1234) {
+  console.log('x')
+} else {
+  require('./correct-not-inlined')
+}
+console.log(nonConstant)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js
new file mode 100644
index 000000000000..3983697c463b
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js
@@ -0,0 +1 @@
+export const nonConstant = { v: 1234 }
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/other.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/other.js
new file mode 100644
index 000000000000..734e4ab67bab
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/other.js
@@ -0,0 +1,3 @@
+export const lower = 'lowercase'
+
+export const UPPER = 'UPPER'
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l_Export __c_nonConstant__ is not a constant__-dd2aa2.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l_Export __c_nonConstant__ is not a constant__-dd2aa2.txt
new file mode 100644
index 000000000000..7f3366704390
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l_Export __c_nonConstant__ is not a constant__-dd2aa2.txt	
@@ -0,0 +1,17 @@
+error - [analysis] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js:1:0  Export nonConstant is not a constant
+  
+         + v------------------------------------v
+       1 + export const nonConstant = { v: 1234 }
+         + ^------------------------------------^
+       2 | 
+  
+  It was analyzed to be {"v": 1234}
+  
+  It has to be a constant because the module contains use turbopack: constants or was imported with with {turbopackConstants: 'true'}
+  
+  
+  
+  Import trace:
+    test:
+      ./turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js
+      ./turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l___Module not found____c__ Can't resolve __c_'.-89fbc5.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l___Module not found____c__ Can't resolve __c_'.-89fbc5.txt
new file mode 100644
index 000000000000..85d970fb6e19
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l___Module not found____c__ Can't resolve __c_'.-89fbc5.txt	
@@ -0,0 +1,21 @@
+error - [resolve] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js:14:2  Module not found: Can't resolve './correct-not-inlined'
+  
+      10 | import { UPPER } from './other' with { turbopackConstants: 'false' }
+      11 | if (UPPER === 'UPPER') {
+      12 |   console.log('x')
+      13 | } else {
+         +   v------------------------------v
+      14 +   require('./correct-not-inlined')
+         +   ^------------------------------^
+      15 | }
+      16 | console.log(UPPER)
+      17 | 
+      18 | import { nonConstant } from './non-constant' with { turbopackConstants: 'true' }
+  
+  
+  
+  | It was not possible to find the requested file.
+  | Parsed request as written in source code: relative './correct-not-inlined'
+  | Path where resolving has started: [project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js
+  | Type of request: commonjs request
+  |
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l___Module not found____c__ Can't resolve __c_'.-aa361e.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l___Module not found____c__ Can't resolve __c_'.-aa361e.txt
new file mode 100644
index 000000000000..65aecf94fca1
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/issues/__l___Module not found____c__ Can't resolve __c_'.-aa361e.txt	
@@ -0,0 +1,20 @@
+error - [resolve] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js:22:2  Module not found: Can't resolve './correct-not-inlined'
+  
+      18 | import { nonConstant } from './non-constant' with { turbopackConstants: 'true' }
+      19 | if (nonConstant.v === 1234) {
+      20 |   console.log('x')
+      21 | } else {
+         +   v------------------------------v
+      22 +   require('./correct-not-inlined')
+         +   ^------------------------------^
+      23 | }
+      24 | console.log(nonConstant)
+      25 | 
+  
+  
+  
+  | It was not possible to find the requested file.
+  | Parsed request as written in source code: relative './correct-not-inlined'
+  | Path where resolving has started: [project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js
+  | Type of request: commonjs request
+  |
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js
new file mode 100644
index 000000000000..248e6e1f578e
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js
@@ -0,0 +1,62 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$attribute$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/other.js [test] (ecmascript)");
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$attribute$2f$input$2f$non$2d$constant$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js [test] (ecmascript)");
+;
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('x');
+} else //TURBOPACK unreachable
+;
+console.log(("TURBOPACK compile-time value", "lowercase"));
+;
+if (__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$attribute$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["UPPER"] === 'UPPER') {
+    console.log('x');
+} else {
+    (()=>{
+        const e = new Error("Cannot find module './correct-not-inlined'");
+        e.code = 'MODULE_NOT_FOUND';
+        throw e;
+    })();
+}
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$attribute$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["UPPER"]);
+;
+if (__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$attribute$2f$input$2f$non$2d$constant$2e$js__$5b$test$5d$__$28$ecmascript$29$__["nonConstant"].v === 1234) {
+    console.log('x');
+} else {
+    (()=>{
+        const e = new Error("Cannot find module './correct-not-inlined'");
+        e.code = 'MODULE_NOT_FOUND';
+        throw e;
+    })();
+}
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$attribute$2f$input$2f$non$2d$constant$2e$js__$5b$test$5d$__$28$ecmascript$29$__["nonConstant"]);
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "nonConstant",
+    ()=>nonConstant
+]);
+const nonConstant = {
+    v: 1234
+};
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/other.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "UPPER",
+    ()=>UPPER,
+    "lower",
+    ()=>lower
+]);
+const lower = 'lowercase';
+const UPPER = 'UPPER';
+}),
+]);
+
+//# sourceMappingURL=0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js.map
new file mode 100644
index 000000000000..040c73e5378e
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js.map
@@ -0,0 +1,8 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js"],"sourcesContent":["import { lower } from './other' with { turbopackConstants: 'true' }\n\nif (lower === 'lowercase') {\n  console.log('x')\n} else {\n  require('./dead-code')\n}\nconsole.log(lower)\n\nimport { UPPER } from './other' with { turbopackConstants: 'false' }\nif (UPPER === 'UPPER') {\n  console.log('x')\n} else {\n  require('./correct-not-inlined')\n}\nconsole.log(UPPER)\n\nimport { nonConstant } from './non-constant' with { turbopackConstants: 'true' }\nif (nonConstant.v === 1234) {\n  console.log('x')\n} else {\n  require('./correct-not-inlined')\n}\nconsole.log(nonConstant)\n"],"names":["console","log","v"],"mappings":";AASA;AAQA;;AAfA,wCAA2B;IACzBA,QAAQC,GAAG,CAAC;AACd;;AAGAD,QAAQC,GAAG;;AAGX,IAAI,+NAAK,KAAK,SAAS;IACrBD,QAAQC,GAAG,CAAC;AACd,OAAO;;;;;;AAEP;AACAD,QAAQC,GAAG,CAAC,+NAAK;;AAGjB,IAAI,+OAAW,CAACC,CAAC,KAAK,MAAM;IAC1BF,QAAQC,GAAG,CAAC;AACd,OAAO;;;;;;AAEP;AACAD,QAAQC,GAAG,CAAC,+OAAW"}},
+    {"offset": {"line": 39, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/non-constant.js"],"sourcesContent":["export const nonConstant = { v: 1234 }\n"],"names":["nonConstant","v"],"mappings":";;;;AAAO,MAAMA,cAAc;IAAEC,GAAG;AAAK"}},
+    {"offset": {"line": 50, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/other.js"],"sourcesContent":["export const lower = 'lowercase'\n\nexport const UPPER = 'UPPER'\n"],"names":["lower","UPPER"],"mappings":";;;;;;AAAO,MAAMA,QAAQ;AAEd,MAAMC,QAAQ"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/1ece_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/1ece_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js
new file mode 100644
index 000000000000..60fa06671170
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/1ece_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/1ece_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js",
+    {"otherChunks":["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-attribute_input_0scutbf._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/1jsg_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/1jsg_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-attribute/output/1jsg_tests_snapshot_comptime_cross-module-attribute_input_index_07ixya8.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/index.js
new file mode 100644
index 000000000000..6ab8210dd2a2
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/index.js
@@ -0,0 +1,17 @@
+import { SOME_VALUE, BARREL_VALUE, foo } from './library'
+
+if (SOME_VALUE === 'x') {
+  console.log('x')
+} else {
+  require('./dead-code')
+}
+console.log(SOME_VALUE)
+
+console.log(foo())
+
+if (BARREL_VALUE === 'barrel') {
+  console.log('x')
+} else {
+  require('./dead-code')
+}
+console.log(BARREL_VALUE)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/constants.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/constants.js
new file mode 100644
index 000000000000..e3dfcc032933
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/constants.js
@@ -0,0 +1 @@
+export const SOME_VALUE = 'x'
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/index.js
new file mode 100644
index 000000000000..276bcfa74618
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/index.js
@@ -0,0 +1,4 @@
+export * from './constants'
+export * from './runtime'
+
+export const BARREL_VALUE = 'barrel'
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/package.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/package.json
new file mode 100644
index 000000000000..a43829151e14
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/package.json
@@ -0,0 +1,3 @@
+{
+  "sideEffects": false
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/runtime.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/runtime.js
new file mode 100644
index 000000000000..d65cbae3814e
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/runtime.js
@@ -0,0 +1,3 @@
+export function foo() {
+  return 123
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js
new file mode 100644
index 000000000000..90efb5b4004a
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js
@@ -0,0 +1,33 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$barrel$2f$input$2f$library$2f$runtime$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/runtime.js [test] (ecmascript)");
+;
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('x');
+} else //TURBOPACK unreachable
+;
+console.log(("TURBOPACK compile-time value", "x"));
+console.log((0, __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$barrel$2f$input$2f$library$2f$runtime$2e$js__$5b$test$5d$__$28$ecmascript$29$__["foo"])());
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('x');
+} else //TURBOPACK unreachable
+;
+console.log(("TURBOPACK compile-time value", "barrel"));
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/runtime.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "foo",
+    ()=>foo
+]);
+function foo() {
+    return 123;
+}
+}),
+]);
+
+//# sourceMappingURL=0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js.map
new file mode 100644
index 000000000000..d6c6bf766d84
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js.map
@@ -0,0 +1,7 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/index.js"],"sourcesContent":["import { SOME_VALUE, BARREL_VALUE, foo } from './library'\n\nif (SOME_VALUE === 'x') {\n  console.log('x')\n} else {\n  require('./dead-code')\n}\nconsole.log(SOME_VALUE)\n\nconsole.log(foo())\n\nif (BARREL_VALUE === 'barrel') {\n  console.log('x')\n} else {\n  require('./dead-code')\n}\nconsole.log(BARREL_VALUE)\n"],"names":["console","log"],"mappings":";AAAA;;AAEA,wCAAwB;IACtBA,QAAQC,GAAG,CAAC;AACd;;AAGAD,QAAQC,GAAG;AAEXD,QAAQC,GAAG,CAAC,IAAA,uOAAG;AAEf,wCAA+B;IAC7BD,QAAQC,GAAG,CAAC;AACd;;AAGAD,QAAQC,GAAG"}},
+    {"offset": {"line": 22, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/library/runtime.js"],"sourcesContent":["export function foo() {\n  return 123\n}\n"],"names":["foo"],"mappings":";;;;AAAO,SAASA;IACd,OAAO;AACT"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js
new file mode 100644
index 000000000000..b8aebf50f6e5
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_index_1ith8fs.js",
+    {"otherChunks":["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-barrel_input_0pg1--7._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-barrel/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/index.js
new file mode 100644
index 000000000000..b637f25d6002
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/index.js
@@ -0,0 +1,3 @@
+import { ONE } from './multiple-1.js'
+
+console.log(ONE)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js
new file mode 100644
index 000000000000..49ffebd5a958
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js
@@ -0,0 +1,3 @@
+import { TWO } from './multiple-2.js'
+
+export const ONE = '1' + TWO
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-2.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-2.js
new file mode 100644
index 000000000000..c2d33fac8439
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-2.js
@@ -0,0 +1,3 @@
+import { ONE } from './multiple-1.js'
+
+export const TWO = '2' + ONE
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1ece_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1ece_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js
new file mode 100644
index 000000000000..98fde0548507
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1ece_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/1ece_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js",
+    {"otherChunks":["output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js
new file mode 100644
index 000000000000..6e2ee88dc8fe
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js
@@ -0,0 +1,34 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$constant$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js [test] (ecmascript)");
+;
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$constant$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__["ONE"]);
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "ONE",
+    ()=>ONE
+]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$constant$2f$input$2f$multiple$2d$2$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-2.js [test] (ecmascript)");
+;
+const ONE = '1' + __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$constant$2f$input$2f$multiple$2d$2$2e$js__$5b$test$5d$__$28$ecmascript$29$__["TWO"];
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-2.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "TWO",
+    ()=>TWO
+]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$constant$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js [test] (ecmascript)");
+;
+const TWO = '2' + __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$constant$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__["ONE"];
+}),
+]);
+
+//# sourceMappingURL=1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js.map
new file mode 100644
index 000000000000..8fe233e2906d
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_13shj11._.js.map
@@ -0,0 +1,8 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/index.js"],"sourcesContent":["import { ONE } from './multiple-1.js'\n\nconsole.log(ONE)\n"],"names":["console","log"],"mappings":";AAAA;;AAEAA,QAAQC,GAAG,CAAC,6OAAG"}},
+    {"offset": {"line": 12, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-1.js"],"sourcesContent":["import { TWO } from './multiple-2.js'\n\nexport const ONE = '1' + TWO\n"],"names":["ONE"],"mappings":";;;;AAAA;;AAEO,MAAMA,MAAM,MAAM,6OAAG"}},
+    {"offset": {"line": 23, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/input/multiple-2.js"],"sourcesContent":["import { ONE } from './multiple-1.js'\n\nexport const TWO = '2' + ONE\n"],"names":["TWO"],"mappings":";;;;AAAA;;AAEO,MAAMA,MAAM,MAAM,6OAAG"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-constant/output/1jsg_tests_snapshot_comptime_cross-module-cycle-constant_input_index_1ji7b-z.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/index.js
new file mode 100644
index 000000000000..12ef3a0ee132
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/index.js
@@ -0,0 +1,4 @@
+import { FOO as FOO_SINGLE } from './single.js'
+import { FOO as FOO_MULTIPLE } from './multiple-1.js'
+
+console.log(FOO_SINGLE, FOO_MULTIPLE)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js
new file mode 100644
index 000000000000..0ddeb30af9b6
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js
@@ -0,0 +1,6 @@
+import { FOO as foo } from './multiple-2.js'
+function foo1(left, right) {
+  // might be an infinite loop at runtime, but shouldn't hang the build
+  return foo(left, right)
+}
+export { foo1 as FOO }
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-2.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-2.js
new file mode 100644
index 000000000000..443f6b942a1f
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-2.js
@@ -0,0 +1,6 @@
+import { FOO as foo } from './multiple-1.js'
+function foo2(left, right) {
+  // might be an infinite loop at runtime, but shouldn't hang the build
+  return foo(left, right)
+}
+export { foo2 as FOO }
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js
new file mode 100644
index 000000000000..79ea5d1f628b
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js
@@ -0,0 +1,6 @@
+import { FOO as foo } from './single.js'
+function foo1(left, right) {
+  // might be an infinite loop at runtime, but shouldn't hang the build
+  return foo(left, right)
+}
+export { foo1 as FOO }
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1ece_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1ece_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js
new file mode 100644
index 000000000000..80a26425df0a
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1ece_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/1ece_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js",
+    {"otherChunks":["output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js
new file mode 100644
index 000000000000..eb73ecf76bc2
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js
@@ -0,0 +1,59 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$single$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js [test] (ecmascript)");
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js [test] (ecmascript)");
+;
+;
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$single$2e$js__$5b$test$5d$__$28$ecmascript$29$__["FOO"], __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__["FOO"]);
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "FOO",
+    ()=>foo1
+]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$multiple$2d$2$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-2.js [test] (ecmascript)");
+;
+function foo1(left, right) {
+    // might be an infinite loop at runtime, but shouldn't hang the build
+    return (0, __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$multiple$2d$2$2e$js__$5b$test$5d$__$28$ecmascript$29$__["FOO"])(left, right);
+}
+;
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-2.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "FOO",
+    ()=>foo2
+]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js [test] (ecmascript)");
+;
+function foo2(left, right) {
+    // might be an infinite loop at runtime, but shouldn't hang the build
+    return (0, __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$multiple$2d$1$2e$js__$5b$test$5d$__$28$ecmascript$29$__["FOO"])(left, right);
+}
+;
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "FOO",
+    ()=>foo1
+]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$single$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js [test] (ecmascript)");
+;
+function foo1(left, right) {
+    // might be an infinite loop at runtime, but shouldn't hang the build
+    return (0, __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$cycle$2d$dynamic$2f$input$2f$single$2e$js__$5b$test$5d$__$28$ecmascript$29$__["FOO"])(left, right);
+}
+;
+}),
+]);
+
+//# sourceMappingURL=1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js.map
new file mode 100644
index 000000000000..b1f583b4597c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_0y6rllf._.js.map
@@ -0,0 +1,9 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/index.js"],"sourcesContent":["import { FOO as FOO_SINGLE } from './single.js'\nimport { FOO as FOO_MULTIPLE } from './multiple-1.js'\n\nconsole.log(FOO_SINGLE, FOO_MULTIPLE)\n"],"names":["console","log"],"mappings":";AAAA;AACA;;;AAEAA,QAAQC,GAAG,CAAC,qOAAU,EAAE,4OAAY"}},
+    {"offset": {"line": 14, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-1.js"],"sourcesContent":["import { FOO as foo } from './multiple-2.js'\nfunction foo1(left, right) {\n  // might be an infinite loop at runtime, but shouldn't hang the build\n  return foo(left, right)\n}\nexport { foo1 as FOO }\n"],"names":["foo1","left","right"],"mappings":";;;;AAAA;;AACA,SAASA,KAAKC,IAAI,EAAEC,KAAK;IACvB,qEAAqE;IACrE,OAAO,IAAA,4OAAG,EAACD,MAAMC;AACnB"}},
+    {"offset": {"line": 29, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/multiple-2.js"],"sourcesContent":["import { FOO as foo } from './multiple-1.js'\nfunction foo2(left, right) {\n  // might be an infinite loop at runtime, but shouldn't hang the build\n  return foo(left, right)\n}\nexport { foo2 as FOO }\n"],"names":["foo2","left","right"],"mappings":";;;;AAAA;;AACA,SAASA,KAAKC,IAAI,EAAEC,KAAK;IACvB,qEAAqE;IACrE,OAAO,IAAA,4OAAG,EAACD,MAAMC;AACnB"}},
+    {"offset": {"line": 44, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/input/single.js"],"sourcesContent":["import { FOO as foo } from './single.js'\nfunction foo1(left, right) {\n  // might be an infinite loop at runtime, but shouldn't hang the build\n  return foo(left, right)\n}\nexport { foo1 as FOO }\n"],"names":["foo1","left","right"],"mappings":";;;;AAAA;;AACA,SAASA,KAAKC,IAAI,EAAEC,KAAK;IACvB,qEAAqE;IACrE,OAAO,IAAA,qOAAG,EAACD,MAAMC;AACnB"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-cycle-dynamic/output/1jsg_tests_snapshot_comptime_cross-module-cycle-dynamic_input_index_1_1s2n_.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/index.js
new file mode 100644
index 000000000000..ebbf349d7d39
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/index.js
@@ -0,0 +1,20 @@
+import {
+  SOME_VALUE,
+  IMPORTED_EXPORTED,
+  REEXPORTED,
+  USING_IMPORTED_EXPORTED,
+} from './other'
+
+if (SOME_VALUE === 'x') {
+  console.log('x')
+} else {
+  require('./dead-code')
+}
+console.log(SOME_VALUE)
+
+// --------------------------------------------------------------------------
+
+// These aren't considered to be constants
+console.log(IMPORTED_EXPORTED)
+console.log(REEXPORTED)
+console.log(USING_IMPORTED_EXPORTED)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/other.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/other.js
new file mode 100644
index 000000000000..748517fbc918
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/other.js
@@ -0,0 +1,7 @@
+export const SOME_VALUE = 'x'
+
+import { IMPORTED_EXPORTED } from './third'
+export { IMPORTED_EXPORTED }
+export { REEXPORTED } from './third'
+
+export const USING_IMPORTED_EXPORTED = 'x' + IMPORTED_EXPORTED
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js
new file mode 100644
index 000000000000..dc9a5e72d785
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js
@@ -0,0 +1,2 @@
+export const REEXPORTED = 'reexported'
+export const IMPORTED_EXPORTED = 'imported exported'
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js
new file mode 100644
index 000000000000..1ea346599dc0
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js
@@ -0,0 +1,50 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__$3c$locals$3e$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/other.js [test] (ecmascript) <locals>");
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$third$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js [test] (ecmascript)");
+;
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('x');
+} else //TURBOPACK unreachable
+;
+console.log(("TURBOPACK compile-time value", "x"));
+// --------------------------------------------------------------------------
+// These aren't considered to be constants
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$third$2e$js__$5b$test$5d$__$28$ecmascript$29$__["IMPORTED_EXPORTED"]);
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$third$2e$js__$5b$test$5d$__$28$ecmascript$29$__["REEXPORTED"]);
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__$3c$locals$3e$__["USING_IMPORTED_EXPORTED"]);
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/other.js [test] (ecmascript) <locals>", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "SOME_VALUE",
+    ()=>SOME_VALUE,
+    "USING_IMPORTED_EXPORTED",
+    ()=>USING_IMPORTED_EXPORTED
+]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$third$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js [test] (ecmascript)");
+const SOME_VALUE = 'x';
+;
+;
+;
+const USING_IMPORTED_EXPORTED = 'x' + __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$imported$2f$input$2f$third$2e$js__$5b$test$5d$__$28$ecmascript$29$__["IMPORTED_EXPORTED"];
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "IMPORTED_EXPORTED",
+    ()=>IMPORTED_EXPORTED,
+    "REEXPORTED",
+    ()=>REEXPORTED
+]);
+const REEXPORTED = 'reexported';
+const IMPORTED_EXPORTED = 'imported exported';
+}),
+]);
+
+//# sourceMappingURL=0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js.map
new file mode 100644
index 000000000000..36be09252741
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js.map
@@ -0,0 +1,8 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/index.js"],"sourcesContent":["import {\n  SOME_VALUE,\n  IMPORTED_EXPORTED,\n  REEXPORTED,\n  USING_IMPORTED_EXPORTED,\n} from './other'\n\nif (SOME_VALUE === 'x') {\n  console.log('x')\n} else {\n  require('./dead-code')\n}\nconsole.log(SOME_VALUE)\n\n// --------------------------------------------------------------------------\n\n// These aren't considered to be constants\nconsole.log(IMPORTED_EXPORTED)\nconsole.log(REEXPORTED)\nconsole.log(USING_IMPORTED_EXPORTED)\n"],"names":["console","log"],"mappings":";AAAA;AAAA;;AAOA,wCAAwB;IACtBA,QAAQC,GAAG,CAAC;AACd;;AAGAD,QAAQC,GAAG;AAEX,6EAA6E;AAE7E,0CAA0C;AAC1CD,QAAQC,GAAG,CAAC,0OAAiB;AAC7BD,QAAQC,GAAG,CAAC,mOAAU;AACtBD,QAAQC,GAAG,CAAC,gQAAuB"}},
+    {"offset": {"line": 22, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/other.js"],"sourcesContent":["export const SOME_VALUE = 'x'\n\nimport { IMPORTED_EXPORTED } from './third'\nexport { IMPORTED_EXPORTED }\nexport { REEXPORTED } from './third'\n\nexport const USING_IMPORTED_EXPORTED = 'x' + IMPORTED_EXPORTED\n"],"names":["SOME_VALUE","USING_IMPORTED_EXPORTED"],"mappings":";;;;;;AAEA;AAFO,MAAMA,aAAa;;;;AAMnB,MAAMC,0BAA0B,MAAM,0OAAiB"}},
+    {"offset": {"line": 38, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/third.js"],"sourcesContent":["export const REEXPORTED = 'reexported'\nexport const IMPORTED_EXPORTED = 'imported exported'\n"],"names":["REEXPORTED","IMPORTED_EXPORTED"],"mappings":";;;;;;AAAO,MAAMA,aAAa;AACnB,MAAMC,oBAAoB"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/1ece_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/1ece_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js
new file mode 100644
index 000000000000..0527713414e3
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/1ece_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/1ece_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js",
+    {"otherChunks":["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-imported_input_1h-za4-._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/1jsg_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/1jsg_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-imported/output/1jsg_tests_snapshot_comptime_cross-module-imported_input_index_0_hosiw.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js
new file mode 100644
index 000000000000..e42986cc6790
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js
@@ -0,0 +1,25 @@
+import {
+  LONG_STRING,
+  LONG_NUMBER,
+  LONG_BIG_NUMBER,
+  REGEX,
+  NAN,
+  INFINITY,
+} from './other'
+
+// shouldn't inline
+console.log(LONG_STRING, LONG_NUMBER, LONG_BIG_NUMBER, REGEX)
+
+// TODO ideally would still use for evaluation even though not inlined
+if (LONG_STRING && LONG_NUMBER && LONG_BIG_NUMBER && REGEX) {
+  console.log('ok')
+} else {
+  require('./dead-code')
+}
+
+// TODO ideally would inline NaN and Infinity, but currently doesn't
+if (NAN != undefined && INFINITY) {
+  console.log('ok')
+} else {
+  require('./dead-code')
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/other.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/other.js
new file mode 100644
index 000000000000..9a60ecf9e550
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/other.js
@@ -0,0 +1,12 @@
+export const LONG_STRING =
+  'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789'
+
+export const LONG_NUMBER = 21345672345678345678901234567890
+
+export const LONG_BIG_NUMBER = 21345672345678345678901234567890n
+
+export const REGEX = /ab/i
+
+export const NAN = NaN
+
+export const INFINITY = Infinity
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/issues/__l___Module not found____c__ Can't resolve __c_'.-30dfda.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/issues/__l___Module not found____c__ Can't resolve __c_'.-30dfda.txt
new file mode 100644
index 000000000000..9684532be74a
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/issues/__l___Module not found____c__ Can't resolve __c_'.-30dfda.txt	
@@ -0,0 +1,21 @@
+error - [resolve] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js:17:2  Module not found: Can't resolve './dead-code'
+  
+      13 | // TODO ideally would still use for evaluation even though not inlined
+      14 | if (LONG_STRING && LONG_NUMBER && LONG_BIG_NUMBER && REGEX) {
+      15 |   console.log('ok')
+      16 | } else {
+         +   v--------------------v
+      17 +   require('./dead-code')
+         +   ^--------------------^
+      18 | }
+      19 | 
+      20 | // TODO ideally would inline NaN and Infinity, but currently doesn't
+      21 | if (NAN != undefined && INFINITY) {
+  
+  
+  
+  | It was not possible to find the requested file.
+  | Parsed request as written in source code: relative './dead-code'
+  | Path where resolving has started: [project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js
+  | Type of request: commonjs request
+  |
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/issues/__l___Module not found____c__ Can't resolve __c_'.-c4dcae.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/issues/__l___Module not found____c__ Can't resolve __c_'.-c4dcae.txt
new file mode 100644
index 000000000000..3332289aacf5
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/issues/__l___Module not found____c__ Can't resolve __c_'.-c4dcae.txt	
@@ -0,0 +1,19 @@
+error - [resolve] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js:24:2  Module not found: Can't resolve './dead-code'
+  
+      20 | // TODO ideally would inline NaN and Infinity, but currently doesn't
+      21 | if (NAN != undefined && INFINITY) {
+      22 |   console.log('ok')
+      23 | } else {
+         +   v--------------------v
+      24 +   require('./dead-code')
+         +   ^--------------------^
+      25 | }
+      26 | 
+  
+  
+  
+  | It was not possible to find the requested file.
+  | Parsed request as written in source code: relative './dead-code'
+  | Path where resolving has started: [project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js
+  | Type of request: commonjs request
+  |
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1ece_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1ece_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js
new file mode 100644
index 000000000000..42c649575b4b
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1ece_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/1ece_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js",
+    {"otherChunks":["output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js
new file mode 100644
index 000000000000..072f17568c36
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js
@@ -0,0 +1,57 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/other.js [test] (ecmascript)");
+;
+// shouldn't inline
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["LONG_STRING"], __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["LONG_NUMBER"], __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["LONG_BIG_NUMBER"], __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["REGEX"]);
+// TODO ideally would still use for evaluation even though not inlined
+if (__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["LONG_STRING"] && __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["LONG_NUMBER"] && __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["LONG_BIG_NUMBER"] && __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["REGEX"]) {
+    console.log('ok');
+} else {
+    (()=>{
+        const e = new Error("Cannot find module './dead-code'");
+        e.code = 'MODULE_NOT_FOUND';
+        throw e;
+    })();
+}
+// TODO ideally would inline NaN and Infinity, but currently doesn't
+if (__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["NAN"] != undefined && __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$long$2d$literals$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["INFINITY"]) {
+    console.log('ok');
+} else {
+    (()=>{
+        const e = new Error("Cannot find module './dead-code'");
+        e.code = 'MODULE_NOT_FOUND';
+        throw e;
+    })();
+}
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/other.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "INFINITY",
+    ()=>INFINITY,
+    "LONG_BIG_NUMBER",
+    ()=>LONG_BIG_NUMBER,
+    "LONG_NUMBER",
+    ()=>LONG_NUMBER,
+    "LONG_STRING",
+    ()=>LONG_STRING,
+    "NAN",
+    ()=>NAN,
+    "REGEX",
+    ()=>REGEX
+]);
+const LONG_STRING = 'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789';
+const LONG_NUMBER = 21345672345678345678901234567890;
+const LONG_BIG_NUMBER = 21345672345678345678901234567890n;
+const REGEX = /ab/i;
+const NAN = NaN;
+const INFINITY = Infinity;
+}),
+]);
+
+//# sourceMappingURL=1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js.map
new file mode 100644
index 000000000000..26d14bbced0c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_1dlt5gz._.js.map
@@ -0,0 +1,7 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/index.js"],"sourcesContent":["import {\n  LONG_STRING,\n  LONG_NUMBER,\n  LONG_BIG_NUMBER,\n  REGEX,\n  NAN,\n  INFINITY,\n} from './other'\n\n// shouldn't inline\nconsole.log(LONG_STRING, LONG_NUMBER, LONG_BIG_NUMBER, REGEX)\n\n// TODO ideally would still use for evaluation even though not inlined\nif (LONG_STRING && LONG_NUMBER && LONG_BIG_NUMBER && REGEX) {\n  console.log('ok')\n} else {\n  require('./dead-code')\n}\n\n// TODO ideally would inline NaN and Infinity, but currently doesn't\nif (NAN != undefined && INFINITY) {\n  console.log('ok')\n} else {\n  require('./dead-code')\n}\n"],"names":["console","log","undefined"],"mappings":";AAAA;;AASA,mBAAmB;AACnBA,QAAQC,GAAG,CAAC,4OAAW,EAAE,4OAAW,EAAE,gPAAe,EAAE,sOAAK;AAE5D,sEAAsE;AACtE,IAAI,4OAAW,IAAI,4OAAW,IAAI,gPAAe,IAAI,sOAAK,EAAE;IAC1DD,QAAQC,GAAG,CAAC;AACd,OAAO;;;;;;AAEP;AAEA,oEAAoE;AACpE,IAAI,oOAAG,IAAIC,aAAa,yOAAQ,EAAE;IAChCF,QAAQC,GAAG,CAAC;AACd,OAAO;;;;;;AAEP"}},
+    {"offset": {"line": 33, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/input/other.js"],"sourcesContent":["export const LONG_STRING =\n  'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789'\n\nexport const LONG_NUMBER = 21345672345678345678901234567890\n\nexport const LONG_BIG_NUMBER = 21345672345678345678901234567890n\n\nexport const REGEX = /ab/i\n\nexport const NAN = NaN\n\nexport const INFINITY = Infinity\n"],"names":["LONG_STRING","LONG_NUMBER","LONG_BIG_NUMBER","REGEX","NAN","NaN","INFINITY","Infinity"],"mappings":";;;;;;;;;;;;;;AAAO,MAAMA,cACX;AAEK,MAAMC,cAAc;AAEpB,MAAMC,kBAAkB,iCAAiC;AAEzD,MAAMC,QAAQ;AAEd,MAAMC,MAAMC;AAEZ,MAAMC,WAAWC"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-long-literals/output/1jsg_tests_snapshot_comptime_cross-module-long-literals_input_index_1hoi_yr.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js
new file mode 100644
index 000000000000..63d96dd97e27
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js
@@ -0,0 +1,31 @@
+import { SOME_VALUE, NO_CONSTANT, MISSING } from './other'
+
+if (SOME_VALUE === 'x') {
+  console.log('x')
+} else {
+  require('./dead-code')
+}
+
+// --------------------------------------------------------------------------
+
+if (NO_CONSTANT) {
+  console.log('NO_CONSTANT 1')
+} else {
+  console.log('NO_CONSTANT 2')
+}
+console.log(NO_CONSTANT)
+
+// --------------------------------------------------------------------------
+
+if (MISSING) {
+  console.log('MISSING 1')
+} else {
+  console.log('MISSING 2')
+}
+console.log(MISSING)
+
+// --------------------------------------------------------------------------
+
+import { LONG_STRING, LONG_NUMBER, LONG_BIG_NUMBER, LONG_REGEX } from './other'
+
+console.log(LONG_STRING, LONG_NUMBER, LONG_BIG_NUMBER, LONG_REGEX)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js
new file mode 100644
index 000000000000..bc61154a53e1
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js
@@ -0,0 +1,15 @@
+'use turbopack: constants'
+
+export const SOME_VALUE = 'x'
+
+export const NO_CONSTANT = globalThis.foo
+
+export const LONG_STRING =
+  'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789'
+
+export const LONG_NUMBER = 21345672345678345678901234567890
+
+export const LONG_BIG_NUMBER = 21345672345678345678901234567890n
+
+export const LONG_REGEX =
+  /abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789/i
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/issues/__l_Export __c_MISSING__ doesn't exist in target m-8c1c1e.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/issues/__l_Export __c_MISSING__ doesn't exist in target m-8c1c1e.txt
new file mode 100644
index 000000000000..8b531ea5e8ce
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/issues/__l_Export __c_MISSING__ doesn't exist in target m-8c1c1e.txt	
@@ -0,0 +1,20 @@
+error - [bindings] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js:1:0  Export MISSING doesn't exist in target module
+  
+         + v--------------------------------------------------------v
+       1 + import { SOME_VALUE, NO_CONSTANT, MISSING } from './other'
+         + ^--------------------------------------------------------^
+       2 | 
+       3 | if (SOME_VALUE === 'x') {
+       4 |   console.log('x')
+       5 | } else {
+  
+  The export MISSING was not found in module [project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js [test] (ecmascript).
+  
+  Did you mean to import LONG_REGEX?
+  
+  All exports of the module are statically known (It doesn't have dynamic exports). So it's known statically that the requested export doesn't exist.
+  
+  
+  | These are the exports of the module:
+  | LONG_BIG_NUMBER, LONG_NUMBER, LONG_REGEX, LONG_STRING, NO_CONSTANT, SOME_VALUE
+  |
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/issues/__l_Export __c_NO_CONSTANT__ is not a constant__-0e68c7.txt b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/issues/__l_Export __c_NO_CONSTANT__ is not a constant__-0e68c7.txt
new file mode 100644
index 000000000000..d19f73f26657
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/issues/__l_Export __c_NO_CONSTANT__ is not a constant__-0e68c7.txt	
@@ -0,0 +1,24 @@
+error - [analysis] /turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js:5:0  Export NO_CONSTANT is not a constant
+  
+       1 | 'use turbopack: constants'
+       2 | 
+       3 | export const SOME_VALUE = 'x'
+       4 | 
+         + v---------------------------------------v
+       5 + export const NO_CONSTANT = globalThis.foo
+         + ^---------------------------------------^
+       6 | 
+       7 | export const LONG_STRING =
+       8 |   'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789'
+       9 | 
+  
+  It was analyzed to be FreeVar(globalThis)["foo"]
+  
+  It has to be a constant because the module contains use turbopack: constants or was imported with with {turbopackConstants: 'true'}
+  
+  
+  
+  Import trace:
+    test:
+      ./turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js
+      ./turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js
new file mode 100644
index 000000000000..dc4c35d9ba45
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js
@@ -0,0 +1,56 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+var __TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$strict$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__ = __turbopack_context__.i("[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js [test] (ecmascript)");
+;
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('x');
+} else //TURBOPACK unreachable
+;
+// --------------------------------------------------------------------------
+if (__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$strict$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["NO_CONSTANT"]) {
+    console.log('NO_CONSTANT 1');
+} else {
+    console.log('NO_CONSTANT 2');
+}
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$strict$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["NO_CONSTANT"]);
+// --------------------------------------------------------------------------
+if (__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$strict$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["MISSING"]) {
+    console.log('MISSING 1');
+} else {
+    console.log('MISSING 2');
+}
+console.log(__TURBOPACK__imported__module__$5b$project$5d2f$turbopack$2f$crates$2f$turbopack$2d$tests$2f$tests$2f$snapshot$2f$comptime$2f$cross$2d$module$2d$strict$2f$input$2f$other$2e$js__$5b$test$5d$__$28$ecmascript$29$__["MISSING"]);
+;
+console.log(("TURBOPACK compile-time value", "abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789"), ("TURBOPACK compile-time value", 2.1345672345678348e+31), ("TURBOPACK compile-time value", 21345672345678345678901234567890n), ("TURBOPACK compile-time value", /abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789/i));
+}),
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([
+    "LONG_BIG_NUMBER",
+    ()=>LONG_BIG_NUMBER,
+    "LONG_NUMBER",
+    ()=>LONG_NUMBER,
+    "LONG_REGEX",
+    ()=>LONG_REGEX,
+    "LONG_STRING",
+    ()=>LONG_STRING,
+    "NO_CONSTANT",
+    ()=>NO_CONSTANT,
+    "SOME_VALUE",
+    ()=>SOME_VALUE
+]);
+'use turbopack: constants';
+const SOME_VALUE = 'x';
+const NO_CONSTANT = globalThis.foo;
+const LONG_STRING = 'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789';
+const LONG_NUMBER = 21345672345678345678901234567890;
+const LONG_BIG_NUMBER = 21345672345678345678901234567890n;
+const LONG_REGEX = /abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789/i;
+}),
+]);
+
+//# sourceMappingURL=0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js.map
new file mode 100644
index 000000000000..455d925da8db
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js.map
@@ -0,0 +1,7 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js"],"sourcesContent":["import { SOME_VALUE, NO_CONSTANT, MISSING } from './other'\n\nif (SOME_VALUE === 'x') {\n  console.log('x')\n} else {\n  require('./dead-code')\n}\n\n// --------------------------------------------------------------------------\n\nif (NO_CONSTANT) {\n  console.log('NO_CONSTANT 1')\n} else {\n  console.log('NO_CONSTANT 2')\n}\nconsole.log(NO_CONSTANT)\n\n// --------------------------------------------------------------------------\n\nif (MISSING) {\n  console.log('MISSING 1')\n} else {\n  console.log('MISSING 2')\n}\nconsole.log(MISSING)\n\n// --------------------------------------------------------------------------\n\nimport { LONG_STRING, LONG_NUMBER, LONG_BIG_NUMBER, LONG_REGEX } from './other'\n\nconsole.log(LONG_STRING, LONG_NUMBER, LONG_BIG_NUMBER, LONG_REGEX)\n"],"names":["console","log"],"mappings":";AAAA;;AAEA,wCAAwB;IACtBA,QAAQC,GAAG,CAAC;AACd;;AAIA,6EAA6E;AAE7E,IAAI,kOAAW,EAAE;IACfD,QAAQC,GAAG,CAAC;AACd,OAAO;IACLD,QAAQC,GAAG,CAAC;AACd;AACAD,QAAQC,GAAG,CAAC,kOAAW;AAEvB,6EAA6E;AAE7E,IAAI,8NAAO,EAAE;IACXD,QAAQC,GAAG,CAAC;AACd,OAAO;IACLD,QAAQC,GAAG,CAAC;AACd;AACAD,QAAQC,GAAG,CAAC,8NAAO;;AAMnBD,QAAQC,GAAG"}},
+    {"offset": {"line": 31, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/other.js"],"sourcesContent":["'use turbopack: constants'\n\nexport const SOME_VALUE = 'x'\n\nexport const NO_CONSTANT = globalThis.foo\n\nexport const LONG_STRING =\n  'abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789'\n\nexport const LONG_NUMBER = 21345672345678345678901234567890\n\nexport const LONG_BIG_NUMBER = 21345672345678345678901234567890n\n\nexport const LONG_REGEX =\n  /abcdefghijklmnopqrstuvwxyz0123456789abcdefghijklmnopqrstuvwxyz0123456789/i\n"],"names":["SOME_VALUE","NO_CONSTANT","globalThis","foo","LONG_STRING","LONG_NUMBER","LONG_BIG_NUMBER","LONG_REGEX"],"mappings":";;;;;;;;;;;;;;AAAA;AAEO,MAAMA,aAAa;AAEnB,MAAMC,cAAcC,WAAWC,GAAG;AAElC,MAAMC,cACX;AAEK,MAAMC,cAAc;AAEpB,MAAMC,kBAAkB,iCAAiC;AAEzD,MAAMC,aACX"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js
new file mode 100644
index 000000000000..0a64b8d36b77
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/0rv8_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_index_1g-isop.js",
+    {"otherChunks":["output/0_9x_turbopack-tests_tests_snapshot_comptime_cross-module-strict_input_0lz7wh6._.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module-strict/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/index.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/index.js
new file mode 100644
index 000000000000..03014e21b61c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/index.js
@@ -0,0 +1,17 @@
+import { IS_DEV, SOME_VALUE } from './other'
+
+if (SOME_VALUE === 'x') {
+  console.log('x')
+} else {
+  require('./dead-code')
+}
+console.log(SOME_VALUE)
+
+// --------------------------------------------------------------------------
+
+if (IS_DEV) {
+  console.log('is_dev')
+} else {
+  require('./dead-code')
+}
+console.log(IS_DEV)
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/other.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/other.js
new file mode 100644
index 000000000000..b68478463953
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/other.js
@@ -0,0 +1,8 @@
+export const SOME_VALUE = 'x'
+
+const node_env = process.env.NODE_ENV
+const development_ent = 'development'
+
+export const IS_DEV = node_env === development_ent
+
+export const NO_CONSTANT = globalThis.foo
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/options.json b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/options.json
new file mode 100644
index 000000000000..3fb9d6086e3c
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/options.json
@@ -0,0 +1,4 @@
+{
+  "followReexports": true,
+  "crossModuleConstants": true
+}
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js
new file mode 100644
index 000000000000..f0716192c246
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js
@@ -0,0 +1,21 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push(["output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js",
+"[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/index.js [test] (ecmascript)", ((__turbopack_context__) => {
+"use strict";
+
+__turbopack_context__.s([]);
+;
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('x');
+} else //TURBOPACK unreachable
+;
+console.log(("TURBOPACK compile-time value", "x"));
+// --------------------------------------------------------------------------
+if ("TURBOPACK compile-time truthy", 1) {
+    console.log('is_dev');
+} else //TURBOPACK unreachable
+;
+console.log(("TURBOPACK compile-time value", true));
+}),
+]);
+
+//# sourceMappingURL=1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js.map
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js.map
new file mode 100644
index 000000000000..fbabc448647f
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js.map
@@ -0,0 +1,6 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": [
+    {"offset": {"line": 4, "column": 0}, "map": {"version":3,"sources":["turbopack:///[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/index.js"],"sourcesContent":["import { IS_DEV, SOME_VALUE } from './other'\n\nif (SOME_VALUE === 'x') {\n  console.log('x')\n} else {\n  require('./dead-code')\n}\nconsole.log(SOME_VALUE)\n\n// --------------------------------------------------------------------------\n\nif (IS_DEV) {\n  console.log('is_dev')\n} else {\n  require('./dead-code')\n}\nconsole.log(IS_DEV)\n"],"names":["console","log"],"mappings":";;AAEA,wCAAwB;IACtBA,QAAQC,GAAG,CAAC;AACd;;AAGAD,QAAQC,GAAG;AAEX,6EAA6E;AAE7E,wCAAY;IACVD,QAAQC,GAAG,CAAC;AACd;;AAGAD,QAAQC,GAAG"}}]
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js.map b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js.map
new file mode 100644
index 000000000000..c15d7ec00382
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js.map
@@ -0,0 +1,5 @@
+{
+  "version": 3,
+  "sources": [],
+  "sections": []
+}
\ No newline at end of file
diff --git a/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1i9t_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1i9t_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js
new file mode 100644
index 000000000000..433a48325238
--- /dev/null
+++ b/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/output/1i9t_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js
@@ -0,0 +1,5 @@
+(globalThis["TURBOPACK"] || (globalThis["TURBOPACK"] = [])).push([
+    "output/1i9t_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_204w03u.js",
+    {"otherChunks":["output/1do3_crates_turbopack-tests_tests_snapshot_comptime_cross-module_input_index_0c0iaid.js"],"runtimeModuleIds":["[project]/turbopack/crates/turbopack-tests/tests/snapshot/comptime/cross-module/input/index.js [test] (ecmascript)"]}
+]);
+// Dummy runtime
\ No newline at end of file
diff --git a/turbopack/crates/turbopack/src/module_options/mod.rs b/turbopack/crates/turbopack/src/module_options/mod.rs
index 8e344ce701a3..c89ba9435c00 100644
--- a/turbopack/crates/turbopack/src/module_options/mod.rs
+++ b/turbopack/crates/turbopack/src/module_options/mod.rs
@@ -248,6 +248,7 @@ impl ModuleOptions {
                     infer_module_side_effects,
                     cjs_tree_shaking,
                     cjs_scope_hoisting,
+                    cross_module_constants,
                     ref preset_env_config,
                     ..
                 },
@@ -342,6 +343,7 @@ impl ModuleOptions {
             infer_module_side_effects,
             cjs_tree_shaking,
             cjs_scope_hoisting,
+            cross_module_constants,
             ..Default::default()
         };
         let ecmascript_options_vc = ecmascript_options.resolved_cell();
diff --git a/turbopack/crates/turbopack/src/module_options/module_options_context.rs b/turbopack/crates/turbopack/src/module_options/module_options_context.rs
index 12351600a768..e8dc63a61d5e 100644
--- a/turbopack/crates/turbopack/src/module_options/module_options_context.rs
+++ b/turbopack/crates/turbopack/src/module_options/module_options_context.rs
@@ -287,6 +287,9 @@ pub struct EcmascriptOptionsContext {
     /// Whether to scope-hoist static CommonJS modules. Defaults to false.
     pub cjs_scope_hoisting: bool,
 
+    /// Whether to enable cross-module constant inlining. Defaults to false.
+    pub cross_module_constants: bool,
+
     /// Additional SWC preset-env options (mode, coreJs, include, exclude, etc.).
     pub preset_env_config: Option<ResolvedVc<PresetEnvConfig>>,