diff --git a/src/bun.js/bindings/ZigSourceProvider.cpp b/src/bun.js/bindings/ZigSourceProvider.cpp
index 4bb245f310..d3afd80811 100644
--- a/src/bun.js/bindings/ZigSourceProvider.cpp
+++ b/src/bun.js/bindings/ZigSourceProvider.cpp
@@ -104,8 +104,11 @@ Ref<SourceProvider> SourceProvider::create(Zig::GlobalObject* globalObject, Reso
 
     if (resolvedSource.needsDeref && !isBuiltin) {
         resolvedSource.source_code.deref();
-        resolvedSource.specifier.deref();
-        // source_url gets deref'd by the WTF::String above.
+
+        // Do not deref either source_url or specifier
+        // Specifier's lifetime is the JSValue, mostly
+        // source_url is owned by the string above
+        // https://github.com/oven-sh/bun/issues/9521
     }
 
     auto provider = adoptRef(*new SourceProvider(
diff --git a/src/bun.js/bindings/exports.zig b/src/bun.js/bindings/exports.zig
index ee3a563a7f..99ee9ce599 100644
--- a/src/bun.js/bindings/exports.zig
+++ b/src/bun.js/bindings/exports.zig
@@ -184,10 +184,18 @@ pub const ResolvedSource = extern struct {
     pub const name = "ResolvedSource";
     pub const namespace = shim.namespace;
 
+    /// Specifier's lifetime is the caller from C++
+    /// https://github.com/oven-sh/bun/issues/9521
     specifier: bun.String = bun.String.empty,
     source_code: bun.String = bun.String.empty,
+
+    /// source_url is eventually deref'd on success
     source_url: bun.String = bun.String.empty,
+
+    // this pointer is unused and shouldn't exist
     commonjs_exports: ?[*]ZigString = null,
+
+    // This field is used to indicate whether it's a CommonJS module or ESM
     commonjs_exports_len: u32 = 0,
 
     hash: u32 = 0,
@@ -195,7 +203,9 @@ pub const ResolvedSource = extern struct {
     allocator: ?*anyopaque = null,
 
     tag: Tag = Tag.javascript,
-    needs_deref: bool = true,
+
+    /// This is for source_code
+    source_code_needs_deref: bool = true,
 
     pub const Tag = @import("ResolvedSourceTag").ResolvedSourceTag;
 };
diff --git a/src/bun.js/javascript.zig b/src/bun.js/javascript.zig
index 2229aff9ef..09596f71db 100644
--- a/src/bun.js/javascript.zig
+++ b/src/bun.js/javascript.zig
@@ -1557,7 +1557,7 @@ pub const VirtualMachine = struct {
                 .source_url = bun.String.init(source_url),
                 .hash = 0,
                 .allocator = null,
-                .needs_deref = false,
+                .source_code_needs_deref = false,
             };
         }
         var source = this.refCountedString(code, hash_, !add_double_ref);
@@ -1572,7 +1572,7 @@ pub const VirtualMachine = struct {
             .source_url = bun.String.init(source_url),
             .hash = source.hash,
             .allocator = source,
-            .needs_deref = false,
+            .source_code_needs_deref = false,
         };
     }
 
@@ -1626,36 +1626,36 @@ pub const VirtualMachine = struct {
             return builtin;
         }
 
-        var virtual_source: ?*logger.Source = null;
-
-        var display_specifier = _specifier.toUTF8(bun.default_allocator);
+        const display_specifier = _specifier.toUTF8(bun.default_allocator);
         defer display_specifier.deinit();
-        var specifier_clone = _specifier.toUTF8(bun.default_allocator);
+        const specifier_clone = _specifier.toUTF8(bun.default_allocator);
         defer specifier_clone.deinit();
         var display_slice = display_specifier.slice();
         const specifier = ModuleLoader.normalizeSpecifier(jsc_vm, specifier_clone.slice(), &display_slice);
         const referrer_clone = referrer.toUTF8(bun.default_allocator);
         defer referrer_clone.deinit();
         const path = Fs.Path.init(specifier_clone.slice());
-        var loader = jsc_vm.bundler.options.loaders.get(path.name.ext) orelse brk: {
-            if (strings.eqlLong(specifier, jsc_vm.main, true)) {
-                break :brk options.Loader.js;
+        const loader, const virtual_source = brk: {
+            if (jsc_vm.module_loader.eval_source) |eval_source| {
+                if (strings.endsWithComptime(specifier, bun.pathLiteral("/[eval]"))) {
+                    break :brk .{ .tsx, eval_source };
+                }
+                if (strings.endsWithComptime(specifier, bun.pathLiteral("/[stdin]"))) {
+                    break :brk .{ .tsx, eval_source };
+                }
             }
 
-            break :brk options.Loader.file;
+            break :brk .{
+                jsc_vm.bundler.options.loaders.get(path.name.ext) orelse brk2: {
+                    if (strings.eqlLong(specifier, jsc_vm.main, true)) {
+                        break :brk2 options.Loader.js;
+                    }
+                    break :brk2 options.Loader.file;
+                },
+                null,
+            };
         };
 
-        if (jsc_vm.module_loader.eval_source) |eval_source| {
-            if (strings.endsWithComptime(specifier, bun.pathLiteral("/[eval]"))) {
-                virtual_source = eval_source;
-                loader = .tsx;
-            }
-            if (strings.endsWithComptime(specifier, bun.pathLiteral("/[stdin]"))) {
-                virtual_source = eval_source;
-                loader = .tsx;
-            }
-        }
-
         // .print_source, which is used by exceptions avoids duplicating the entire source code
         // but that means we have to be careful of the lifetime of the source code
         // so we only want to reset the arena once its done freeing it.
diff --git a/src/bun.js/module_loader.zig b/src/bun.js/module_loader.zig
index c1507ad3a2..72dbddc32d 100644
--- a/src/bun.js/module_loader.zig
+++ b/src/bun.js/module_loader.zig
@@ -144,7 +144,7 @@ inline fn jsSyntheticModule(comptime name: ResolvedSource.Tag, specifier: String
         .source_url = bun.String.init(@tagName(name)),
         .hash = 0,
         .tag = name,
-        .needs_deref = false,
+        .source_code_needs_deref = false,
     };
 }
 
@@ -312,12 +312,18 @@ pub const RuntimeTranspilerStore = struct {
             const promise = this.promise.swap();
             const globalThis = this.globalThis;
             this.poll_ref.unref(vm);
-            var specifier = if (this.parse_error == null) this.resolved_source.specifier else bun.String.createUTF8(this.path.text);
+
             const referrer = bun.String.createUTF8(this.referrer);
             var log = this.log;
             this.log = logger.Log.init(bun.default_allocator);
             var resolved_source = this.resolved_source;
-            resolved_source.source_url = specifier.dupeRef();
+            const specifier = brk: {
+                if (this.parse_error != null) {
+                    break :brk bun.String.createUTF8(this.path.text);
+                }
+
+                break :brk resolved_source.specifier;
+            };
 
             resolved_source.tag = brk: {
                 if (resolved_source.commonjs_exports_len > 0) {
@@ -544,7 +550,7 @@ pub const RuntimeTranspilerStore = struct {
                         },
                     },
                     .specifier = duped,
-                    .source_url = if (duped.eqlUTF8(path.text)) duped.dupeRef() else String.init(path.text),
+                    .source_url = duped.createIfDifferent(path.text),
                     .hash = 0,
                     .commonjs_exports_len = if (entry.metadata.module_type == .cjs) std.math.maxInt(u32) else 0,
                 };
@@ -558,7 +564,7 @@ pub const RuntimeTranspilerStore = struct {
                     .allocator = null,
                     .source_code = bun.String.createLatin1(parse_result.source.contents),
                     .specifier = duped,
-                    .source_url = if (duped.eqlUTF8(path.text)) duped.dupeRef() else String.init(path.text),
+                    .source_url = duped.createIfDifferent(path.text),
                     .hash = 0,
                 };
                 return;
@@ -646,7 +652,7 @@ pub const RuntimeTranspilerStore = struct {
                     break :brk result;
                 },
                 .specifier = duped,
-                .source_url = if (duped.eqlUTF8(path.text)) duped.dupeRef() else String.createUTF8(path.text),
+                .source_url = duped.createIfDifferent(path.text),
                 .commonjs_exports = null,
                 .commonjs_exports_len = if (parse_result.ast.exports_kind == .cjs)
                     std.math.maxInt(u32)
@@ -1666,7 +1672,7 @@ pub const ModuleLoader = struct {
                         .allocator = null,
                         .source_code = bun.String.createUTF8(parse_result.source.contents),
                         .specifier = input_specifier,
-                        .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                        .source_url = input_specifier.createIfDifferent(path.text),
 
                         .hash = 0,
                         .tag = ResolvedSource.Tag.json_for_object_loader,
@@ -1682,7 +1688,7 @@ pub const ModuleLoader = struct {
                             else => @compileError("unreachable"),
                         },
                         .specifier = input_specifier,
-                        .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                        .source_url = input_specifier.createIfDifferent(path.text),
                         .hash = 0,
                     };
                 }
@@ -1692,7 +1698,7 @@ pub const ModuleLoader = struct {
                         .allocator = null,
                         .source_code = bun.String.createLatin1(parse_result.source.contents),
                         .specifier = input_specifier,
-                        .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                        .source_url = input_specifier.createIfDifferent(path.text),
 
                         .hash = 0,
                     };
@@ -1720,7 +1726,7 @@ pub const ModuleLoader = struct {
                             },
                         },
                         .specifier = input_specifier,
-                        .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                        .source_url = input_specifier.createIfDifferent(path.text),
                         .hash = 0,
                         .commonjs_exports_len = if (entry.metadata.module_type == .cjs) std.math.maxInt(u32) else 0,
                         .tag = brk: {
@@ -1870,7 +1876,7 @@ pub const ModuleLoader = struct {
                         break :brk result;
                     },
                     .specifier = input_specifier,
-                    .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                    .source_url = input_specifier.createIfDifferent(path.text),
                     .commonjs_exports = if (commonjs_exports.len > 0)
                         commonjs_exports.ptr
                     else
@@ -1924,7 +1930,7 @@ pub const ModuleLoader = struct {
             //         .allocator = if (jsc_vm.has_loaded) &jsc_vm.allocator else null,
             //         .source_code = ZigString.init(jsc_vm.allocator.dupe(u8, parse_result.source.contents) catch unreachable),
             //         .specifier = ZigString.init(specifier),
-            //         .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+            //         .source_url = input_specifier.createIfDifferent(path.text),
             //         .hash = 0,
             //         .tag = ResolvedSource.Tag.wasm,
             //     };
@@ -1949,7 +1955,7 @@ pub const ModuleLoader = struct {
                         .allocator = null,
                         .source_code = bun.String.static(@embedFile("../js/wasi-runner.js")),
                         .specifier = input_specifier,
-                        .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                        .source_url = input_specifier.createIfDifferent(path.text),
                         .tag = .esm,
                         .hash = 0,
                     };
@@ -2009,7 +2015,7 @@ pub const ModuleLoader = struct {
                     .allocator = null,
                     .source_code = bun.String.createUTF8(sqlite_module_source_code_string),
                     .specifier = input_specifier,
-                    .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                    .source_url = input_specifier.createIfDifferent(path.text),
                     .tag = .esm,
                     .hash = 0,
                 };
@@ -2038,7 +2044,7 @@ pub const ModuleLoader = struct {
                     .allocator = &jsc_vm.allocator,
                     .source_code = public_url,
                     .specifier = input_specifier,
-                    .source_url = if (input_specifier.eqlUTF8(path.text)) input_specifier.dupeRef() else String.init(path.text),
+                    .source_url = input_specifier.createIfDifferent(path.text),
                     .hash = 0,
                 };
             },
@@ -2281,7 +2287,7 @@ pub const ModuleLoader = struct {
                         .source_url = specifier,
                         .hash = 0,
                         .tag = .esm,
-                        .needs_deref = true,
+                        .source_code_needs_deref = true,
                     };
                 },
 
@@ -2386,7 +2392,7 @@ pub const ModuleLoader = struct {
                         .specifier = specifier,
                         .source_url = specifier.dupeRef(),
                         .hash = 0,
-                        .needs_deref = false,
+                        .source_code_needs_deref = false,
                     };
                 }
 
@@ -2396,7 +2402,7 @@ pub const ModuleLoader = struct {
                     .specifier = specifier,
                     .source_url = specifier.dupeRef(),
                     .hash = 0,
-                    .needs_deref = false,
+                    .source_code_needs_deref = false,
                 };
             }
         }
diff --git a/src/string.zig b/src/string.zig
index b0b29b9c92..a0fb5660fe 100644
--- a/src/string.zig
+++ b/src/string.zig
@@ -308,6 +308,16 @@ pub const String = extern struct {
         }
     }
 
+    pub fn createIfDifferent(other: String, utf8_slice: []const u8) String {
+        if (other.tag == .WTFStringImpl) {
+            if (other.eqlUTF8(utf8_slice)) {
+                return other.dupeRef();
+            }
+        }
+
+        return createUTF8(utf8_slice);
+    }
+
     fn createUninitializedLatin1(len: usize) struct { String, []u8 } {
         std.debug.assert(len > 0);
         const string = BunString__fromLatin1Unitialized(len);
diff --git a/test/js/bun/resolve/an-empty-file-with-a-strange-extension.weird b/test/js/bun/resolve/an-empty-file-with-a-strange-extension.weird
new file mode 100644
index 0000000000..5e40c08770
--- /dev/null
+++ b/test/js/bun/resolve/an-empty-file-with-a-strange-extension.weird
@@ -0,0 +1 @@
+asdf
\ No newline at end of file
diff --git a/test/js/bun/resolve/load-file-loader-a-lot.test.ts b/test/js/bun/resolve/load-file-loader-a-lot.test.ts
new file mode 100644
index 0000000000..a640f34166
--- /dev/null
+++ b/test/js/bun/resolve/load-file-loader-a-lot.test.ts
@@ -0,0 +1,25 @@
+import { test, expect } from "bun:test";
+
+test("a file: loader file can be imported 10,000 times", async () => {
+  const prev = Bun.unsafe.gcAggressionLevel();
+  Bun.unsafe.gcAggressionLevel(0);
+  var baseline;
+  Bun.gc(true);
+  for (let i = 0; i < 1000; i++) {
+    await import("./an-empty-file-with-a-strange-extension.weird?j" + i);
+    Loader.registry.clear();
+  }
+  baseline = process.memoryUsage.rss();
+  Bun.gc(true);
+  for (let i = 0; i < 100_000; i++) {
+    await import("./an-empty-file-with-a-strange-extension.weird?i" + i);
+    Loader.registry.clear();
+  }
+
+  Bun.gc(true);
+  const memory = process.memoryUsage.rss();
+  Bun.unsafe.gcAggressionLevel(prev);
+
+  // It's pretty hard to test for not leaking specifier strings correctly. We need string stats.
+  console.log("Memory usage: ", (memory - baseline) / 1024 / 1024, "MB");
+}, 10_000);
diff --git a/test/js/bun/resolve/load-same-empty-js-file-a-lot.js b/test/js/bun/resolve/load-same-empty-js-file-a-lot.js
new file mode 100644
index 0000000000..6452be66f4
--- /dev/null
+++ b/test/js/bun/resolve/load-same-empty-js-file-a-lot.js
@@ -0,0 +1,2 @@
+// do not use reference import.meta here.
+export default {};
diff --git a/test/js/bun/resolve/load-same-js-file-a-lot.js b/test/js/bun/resolve/load-same-js-file-a-lot.js
new file mode 100644
index 0000000000..39fc3c3b8f
--- /dev/null
+++ b/test/js/bun/resolve/load-same-js-file-a-lot.js
@@ -0,0 +1,9 @@
+// make sure an import.meta is available
+export default {
+  url: import.meta.url.toLocaleLowerCase(),
+  dir: import.meta.dir.toLocaleLowerCase(),
+  file: import.meta.file.toLocaleLowerCase(),
+  path: import.meta.path.toLocaleLowerCase(),
+  dirname: import.meta.dirname.toLocaleLowerCase(),
+  filename: import.meta.filename.toLocaleLowerCase(),
+};
diff --git a/test/js/bun/resolve/load-same-js-file-a-lot.test.ts b/test/js/bun/resolve/load-same-js-file-a-lot.test.ts
new file mode 100644
index 0000000000..9f9d864373
--- /dev/null
+++ b/test/js/bun/resolve/load-same-js-file-a-lot.test.ts
@@ -0,0 +1,39 @@
+import { test, expect } from "bun:test";
+import { withoutAggressiveGC } from "harness";
+
+test("load the same file 10,000 times", async () => {
+  const meta = {
+    url: import.meta.url.toLocaleLowerCase().replace(".test.ts", ".js"),
+    dir: import.meta.dir.toLocaleLowerCase().replace(".test.ts", ".js"),
+    file: import.meta.file.toLocaleLowerCase().replace(".test.ts", ".js"),
+    path: import.meta.path.toLocaleLowerCase().replace(".test.ts", ".js"),
+    dirname: import.meta.dirname.toLocaleLowerCase().replace(".test.ts", ".js"),
+    filename: import.meta.filename.toLocaleLowerCase().replace(".test.ts", ".js"),
+  };
+  const prev = Bun.unsafe.gcAggressionLevel();
+  Bun.unsafe.gcAggressionLevel(0);
+  for (let i = 0; i < 10000; i++) {
+    const {
+      default: { url, dir, file, path, dirname, filename },
+    } = await import("./load-same-js-file-a-lot.js?i=" + i);
+    expect(url).toBe(meta.url + "?i=" + i);
+    expect(dir).toBe(meta.dir);
+    expect(file).toBe(meta.file);
+    expect(path).toBe(meta.path);
+    expect(dirname).toBe(meta.dirname);
+    expect(filename).toBe(meta.filename);
+  }
+  Bun.gc(true);
+  Bun.unsafe.gcAggressionLevel(prev);
+});
+
+test("load the same empty JS file 10,000 times", async () => {
+  const prev = Bun.unsafe.gcAggressionLevel();
+  Bun.unsafe.gcAggressionLevel(0);
+  for (let i = 0; i < 10000; i++) {
+    const { default: obj } = await import("./load-same-empty-js-file-a-lot.js?i=" + i);
+    expect(obj).toEqual({});
+  }
+  Bun.gc(true);
+  Bun.unsafe.gcAggressionLevel(prev);
+});
diff --git a/test/js/bun/util/text-loader-fixture-dynamic-import-stress.ts b/test/js/bun/util/text-loader-fixture-dynamic-import-stress.ts
new file mode 100644
index 0000000000..0eb376132d
--- /dev/null
+++ b/test/js/bun/util/text-loader-fixture-dynamic-import-stress.ts
@@ -0,0 +1,8 @@
+const count = process.platform === "win32" ? 10_000 : 100_000;
+for (let i = 0; i < count; i++) {
+  await import("./text-loader-fixture-text-file.txt?" + i++);
+}
+
+const { default: text } = await import("./text-loader-fixture-text-file.txt");
+
+console.write(text);
diff --git a/test/js/bun/util/text-loader.test.ts b/test/js/bun/util/text-loader.test.ts
index f7d3b2a284..65e6f23ed4 100644
--- a/test/js/bun/util/text-loader.test.ts
+++ b/test/js/bun/util/text-loader.test.ts
@@ -5,6 +5,7 @@ import { join } from "path";
 
 describe("text-loader", () => {
   const fixtures = [
+    ["dynamic-import reloaded 10000 times", "text-loader-fixture-dynamic-import-stress.ts"],
     ["dynamic-import", "text-loader-fixture-dynamic-import.ts"],
     ["import", "text-loader-fixture-import.ts"],
     ["require", "text-loader-fixture-require.ts"],
@@ -20,6 +21,10 @@ describe("text-loader", () => {
           stdin: "ignore",
         });
 
+        if (result.exitCode !== 0) {
+          console.log({ result });
+        }
+
         expect(result.stdout.toString()).toBe("These are words!");
         expect(result.exitCode).toBe(0);
       });
diff --git a/test/js/third_party/svelte/bun-loader-svelte.ts b/test/js/third_party/svelte/bun-loader-svelte.ts
index f0a6e3419a..c30a7bd11e 100644
--- a/test/js/third_party/svelte/bun-loader-svelte.ts
+++ b/test/js/third_party/svelte/bun-loader-svelte.ts
@@ -6,11 +6,14 @@ await plugin({
     var { compile } = await import("svelte/compiler");
     var { readFileSync } = await import("fs");
     await 2;
-    builder.onLoad({ filter: /\.svelte$/ }, ({ path }) => ({
-      contents: compile(readFileSync(path, "utf8"), {
-        filename: path,
-        generate: "ssr",
-      }).js.code,
+    builder.onLoad({ filter: /\.svelte(\?[^.]+)?$/ }, ({ path }) => ({
+      contents: compile(
+        readFileSync(path.substring(0, path.includes("?") ? path.indexOf("?") : path.length), "utf-8"),
+        {
+          filename: path,
+          generate: "ssr",
+        },
+      ).js.code,
       loader: "js",
     }));
     await 1;
diff --git a/test/js/third_party/svelte/svelte.test.ts b/test/js/third_party/svelte/svelte.test.ts
index 44e36cce27..67167ecbe0 100644
--- a/test/js/third_party/svelte/svelte.test.ts
+++ b/test/js/third_party/svelte/svelte.test.ts
@@ -8,9 +8,30 @@ describe("require", () => {
 
     expect(html).toBe("<h1>Hello world!</h1>");
   });
+
+  it("works if you require it 1,000 times", () => {
+    const prev = Bun.unsafe.gcAggressionLevel();
+    Bun.unsafe.gcAggressionLevel(0);
+    for (let i = 0; i < 1000; i++) {
+      const { default: App } = require("./hello.svelte?r" + i);
+      expect(App.render).toBeFunction();
+    }
+    Bun.gc(true);
+    Bun.unsafe.gcAggressionLevel(prev);
+  });
 });
 
 describe("dynamic import", () => {
+  it("works if you import it 1,000 times", async () => {
+    const prev = Bun.unsafe.gcAggressionLevel();
+    Bun.unsafe.gcAggressionLevel(0);
+    for (let i = 0; i < 1000; i++) {
+      const { default: App } = await import("./hello.svelte?i" + i);
+      expect(App.render).toBeFunction();
+    }
+    Bun.gc(true);
+    Bun.unsafe.gcAggressionLevel(prev);
+  });
   it("SSRs `<h1>Hello world!</h1>` with Svelte", async () => {
     const { default: App }: any = await import("./hello.svelte");