diff --git a/src/bundler/HTMLImportManifest.zig b/src/bundler/HTMLImportManifest.zig
index d2716e45aa..054e216167 100644
--- a/src/bundler/HTMLImportManifest.zig
+++ b/src/bundler/HTMLImportManifest.zig
@@ -165,6 +165,19 @@ pub fn write(index: u32, graph: *const Graph, linker_graph: *const LinkerGraph,
     var already_visited_output_file = try bun.bit_set.AutoBitSet.initEmpty(bun.default_allocator, additional_output_files.len);
     defer already_visited_output_file.deinit(bun.default_allocator);
 
+    // Build a set of source indices directly referenced by the HTML file's import records.
+    // Assets referenced only via HTML tags (e.g. <img src>, <link rel="icon">) use .url
+    // import records which don't propagate entry_bits through the linker's code splitting
+    // graph. We need to include these files in the manifest so they are served correctly.
+    const import_records = graph.ast.items(.import_records);
+    var html_referenced_sources = try bun.bit_set.AutoBitSet.initEmpty(bun.default_allocator, graph.input_files.len);
+    defer html_referenced_sources.deinit(bun.default_allocator);
+    for (import_records[browser_source_index].slice()) |*record| {
+        if (record.source_index.isValid()) {
+            html_referenced_sources.set(record.source_index.get());
+        }
+    }
+
     // Write all chunks that have files associated with this entry point.
     // Also include browser chunks from server builds (lazy-loaded chunks from dynamic imports).
     // When there's only one HTML import, all browser chunks belong to that manifest.
@@ -219,7 +232,7 @@ pub fn write(index: u32, graph: *const Graph, linker_graph: *const LinkerGraph,
             if (source_index.get() == server_source_index) continue;
             const bits: *const AutoBitSet = &file_entry_bits[source_index.get()];
 
-            if (bits.hasIntersection(&entry_point_bits)) {
+            if (bits.hasIntersection(&entry_point_bits) or html_referenced_sources.isSet(source_index.get())) {
                 already_visited_output_file.set(i);
                 if (!first) try writer.writeAll(",");
                 first = false;
diff --git a/test/regression/issue/27031.test.ts b/test/regression/issue/27031.test.ts
new file mode 100644
index 0000000000..64dc92725f
--- /dev/null
+++ b/test/regression/issue/27031.test.ts
@@ -0,0 +1,214 @@
+import { describe, expect } from "bun:test";
+import { itBundled } from "../../bundler/expectBundled";
+
+// Small valid PNG bytes for test assets
+const pngBytes = Buffer.from([
+  0x89,
+  0x50,
+  0x4e,
+  0x47,
+  0x0d,
+  0x0a,
+  0x1a,
+  0x0a, // PNG header
+  0x00,
+  0x00,
+  0x00,
+  0x0d,
+  0x49,
+  0x48,
+  0x44,
+  0x52, // IHDR chunk
+  0x00,
+  0x00,
+  0x00,
+  0x10,
+  0x00,
+  0x00,
+  0x00,
+  0x10, // 16x16
+  0x08,
+  0x02,
+  0x00,
+  0x00,
+  0x00,
+  0x90,
+  0x91,
+  0x68, // 8-bit RGB
+  0x36,
+  0x00,
+  0x00,
+  0x00,
+  0x00,
+  0x49,
+  0x45,
+  0x4e, // IEND chunk
+  0x44,
+  0xae,
+  0x42,
+  0x60,
+  0x82,
+]);
+
+// Different content so each file gets a unique hash
+const pngBytes2 = Buffer.from([
+  0x89,
+  0x50,
+  0x4e,
+  0x47,
+  0x0d,
+  0x0a,
+  0x1a,
+  0x0a,
+  0x00,
+  0x00,
+  0x00,
+  0x0d,
+  0x49,
+  0x48,
+  0x44,
+  0x52,
+  0x00,
+  0x00,
+  0x00,
+  0x20,
+  0x00,
+  0x00,
+  0x00,
+  0x20, // 32x32
+  0x08,
+  0x02,
+  0x00,
+  0x00,
+  0x00,
+  0xfc,
+  0x18,
+  0xed,
+  0xa3,
+  0x00,
+  0x00,
+  0x00,
+  0x00,
+  0x49,
+  0x45,
+  0x4e,
+  0x44,
+  0xae,
+  0x42,
+  0x60,
+  0x82,
+]);
+
+const pngBytes3 = Buffer.from([
+  0x89,
+  0x50,
+  0x4e,
+  0x47,
+  0x0d,
+  0x0a,
+  0x1a,
+  0x0a,
+  0x00,
+  0x00,
+  0x00,
+  0x0d,
+  0x49,
+  0x48,
+  0x44,
+  0x52,
+  0x00,
+  0x00,
+  0x00,
+  0x08,
+  0x00,
+  0x00,
+  0x00,
+  0x08, // 8x8
+  0x08,
+  0x02,
+  0x00,
+  0x00,
+  0x00,
+  0x4b,
+  0x6d,
+  0x29,
+  0xde,
+  0x00,
+  0x00,
+  0x00,
+  0x00,
+  0x49,
+  0x45,
+  0x4e,
+  0x44,
+  0xae,
+  0x42,
+  0x60,
+  0x82,
+]);
+
+describe.concurrent("bundler", () => {
+  // Regression test: Images referenced only via HTML tags should appear in
+  // HTMLBundle.files array, not just images imported via JavaScript.
+  // https://github.com/oven-sh/bun/issues/27031
+  itBundled("html-import/html-only-asset-references", {
+    outdir: "out/",
+    files: {
+      "/server.js": `
+import html from "./index.html";
+
+const manifest = html;
+
+// All three images should be in the files array
+const fileLoaders = manifest.files.map(f => f.loader);
+const fileInputs = manifest.files.map(f => f.input);
+
+// logo.png and banner.png are only referenced via HTML tags, not JS imports
+// icon.png is imported via both HTML and JS
+const hasLogo = fileInputs.some(i => i === "logo.png");
+const hasBanner = fileInputs.some(i => i === "banner.png");
+const hasIcon = fileInputs.some(i => i === "icon.png");
+
+if (!hasLogo) throw new Error("logo.png missing from manifest files (referenced via <img src>)");
+if (!hasBanner) throw new Error("banner.png missing from manifest files (referenced via <img src>)");
+if (!hasIcon) throw new Error("icon.png missing from manifest files (referenced via <link rel=icon> and JS import)");
+
+// All image files should have loader "file"
+const imageFiles = manifest.files.filter(f => f.path.includes(".png"));
+for (const img of imageFiles) {
+  if (img.loader !== "file") throw new Error("Expected loader 'file' for " + img.path + ", got " + img.loader);
+  if (!img.headers || !img.headers["content-type"]) throw new Error("Missing content-type header for " + img.path);
+}
+
+console.log("OK: " + imageFiles.length + " image files in manifest");
+`,
+      "/index.html": `
+<!DOCTYPE html>
+<html>
+<head>
+  <link rel="icon" href="./icon.png" />
+</head>
+<body>
+  <img src="./logo.png" alt="Logo" />
+  <img src="./banner.png" alt="Banner" />
+  <script type="module" src="./app.js"></script>
+</body>
+</html>`,
+      "/app.js": `
+import icon from './icon.png';
+console.log("Icon imported via JS:", icon);
+`,
+      "/logo.png": pngBytes,
+      "/banner.png": pngBytes2,
+      "/icon.png": pngBytes3,
+    },
+    entryPoints: ["/server.js"],
+    target: "bun",
+
+    run: {
+      validate({ stdout }) {
+        expect(stdout).toContain("OK: 3 image files in manifest");
+      },
+    },
+  });
+});