diff --git a/Cargo.lock b/Cargo.lock
index 621eb73e4c..6ae5ea955e 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -322,7 +322,7 @@ dependencies = [
 [[package]]
 name = "auto-hash-map"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "serde",
  "smallvec",
@@ -3549,7 +3549,7 @@ dependencies = [
 [[package]]
 name = "node-file-trace"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "serde",
@@ -7678,7 +7678,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7710,7 +7710,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-build"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "cargo-lock",
@@ -7722,7 +7722,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-bytes"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "bytes",
@@ -7737,7 +7737,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-env"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "dotenvs",
@@ -7751,7 +7751,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-fetch"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -7768,7 +7768,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-fs"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7799,7 +7799,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-hash"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "base16",
  "hex",
@@ -7811,7 +7811,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-macros"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "convert_case 0.6.0",
@@ -7825,7 +7825,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-macros-shared"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -7835,7 +7835,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-malloc"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "mimalloc",
 ]
@@ -7843,7 +7843,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-memory"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7868,7 +7868,7 @@ dependencies = [
 [[package]]
 name = "turbopack"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-recursion",
@@ -7900,7 +7900,7 @@ dependencies = [
 [[package]]
 name = "turbopack-binding"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "auto-hash-map",
  "mdxjs",
@@ -7941,7 +7941,7 @@ dependencies = [
 [[package]]
 name = "turbopack-build"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -7965,7 +7965,7 @@ dependencies = [
 [[package]]
 name = "turbopack-cli-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "clap 4.4.2",
@@ -7983,7 +7983,7 @@ dependencies = [
 [[package]]
 name = "turbopack-core"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-recursion",
@@ -8013,7 +8013,7 @@ dependencies = [
 [[package]]
 name = "turbopack-css"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -8027,6 +8027,7 @@ dependencies = [
  "serde",
  "smallvec",
  "swc_core",
+ "tracing",
  "turbo-tasks",
  "turbo-tasks-build",
  "turbo-tasks-fs",
@@ -8039,7 +8040,7 @@ dependencies = [
 [[package]]
 name = "turbopack-dev"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -8063,7 +8064,7 @@ dependencies = [
 [[package]]
 name = "turbopack-dev-server"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-compression",
@@ -8100,7 +8101,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -8134,7 +8135,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-hmr-protocol"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "serde",
  "serde_json",
@@ -8145,7 +8146,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-plugins"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -8168,7 +8169,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-runtime"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "indoc",
@@ -8185,7 +8186,7 @@ dependencies = [
 [[package]]
 name = "turbopack-env"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -8201,7 +8202,7 @@ dependencies = [
 [[package]]
 name = "turbopack-image"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "base64 0.21.4",
@@ -8221,7 +8222,7 @@ dependencies = [
 [[package]]
 name = "turbopack-json"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "serde",
@@ -8236,7 +8237,7 @@ dependencies = [
 [[package]]
 name = "turbopack-mdx"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "mdxjs",
@@ -8251,7 +8252,7 @@ dependencies = [
 [[package]]
 name = "turbopack-node"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "async-stream",
@@ -8286,7 +8287,7 @@ dependencies = [
 [[package]]
 name = "turbopack-static"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "serde",
@@ -8302,7 +8303,7 @@ dependencies = [
 [[package]]
 name = "turbopack-swc-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "swc_core",
  "turbo-tasks",
@@ -8313,7 +8314,7 @@ dependencies = [
 [[package]]
 name = "turbopack-trace-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "crossbeam-channel",
@@ -8328,7 +8329,7 @@ dependencies = [
 [[package]]
 name = "turbopack-wasm"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231205.2#8cb1c34181948ea6e85584d05eb9f69e86e11859"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-231206.2#16bbf81a2a45b85737e569312b1ee76eec6c388c"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
diff --git a/Cargo.toml b/Cargo.toml
index 51f53646dd..6cc2e8c07e 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -43,11 +43,11 @@ swc_core = { version = "0.86.81", features = [
 testing = { version = "0.35.11" }
 
 # Turbo crates
-turbopack-binding = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-231205.2" }
+turbopack-binding = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-231206.2" }
 # [TODO]: need to refactor embed_directory! macro usages, as well as resolving turbo_tasks::function, macros..
-turbo-tasks = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-231205.2" }
+turbo-tasks = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-231206.2" }
 # [TODO]: need to refactor embed_directory! macro usage in next-core
-turbo-tasks-fs = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-231205.2" }
+turbo-tasks-fs = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-231206.2" }
 
 # General Deps
 
diff --git a/packages/next-swc/crates/next-api/src/app.rs b/packages/next-swc/crates/next-api/src/app.rs
index 0baadc9a7f..1f4c52511d 100644
--- a/packages/next-swc/crates/next-api/src/app.rs
+++ b/packages/next-swc/crates/next-api/src/app.rs
@@ -1,6 +1,6 @@
 use std::collections::HashMap;
 
-use anyhow::{bail, Context, Result};
+use anyhow::{Context, Result};
 use indexmap::IndexSet;
 use next_core::{
     all_assets_from_entries,
@@ -822,9 +822,9 @@ impl AppEndpoint {
                     .edge_rsc_runtime_entries()
                     .await?
                     .clone_value();
-                let Some(evaluatable) = Vc::try_resolve_sidecast(app_entry.rsc_entry).await? else {
-                    bail!("Entry module must be evaluatable");
-                };
+                let evaluatable = Vc::try_resolve_sidecast(app_entry.rsc_entry)
+                    .await?
+                    .context("Entry module must be evaluatable")?;
                 evaluatable_assets.push(evaluatable);
 
                 let (loader, manifest) = create_server_actions_manifest(
diff --git a/packages/next-swc/crates/next-api/src/instrumentation.rs b/packages/next-swc/crates/next-api/src/instrumentation.rs
index 1871334d01..97df566479 100644
--- a/packages/next-swc/crates/next-api/src/instrumentation.rs
+++ b/packages/next-swc/crates/next-api/src/instrumentation.rs
@@ -17,6 +17,8 @@ use turbopack_binding::{
             context::AssetContext,
             module::Module,
             output::{OutputAsset, OutputAssets},
+            reference_type::{EntryReferenceSubType, ReferenceType},
+            source::Source,
             virtual_output::VirtualOutputAsset,
         },
         ecmascript::chunk::EcmascriptChunkPlaceable,
@@ -34,7 +36,7 @@ use crate::{
 pub struct InstrumentationEndpoint {
     project: Vc<Project>,
     context: Vc<Box<dyn AssetContext>>,
-    userland_module: Vc<Box<dyn Module>>,
+    source: Vc<Box<dyn Source>>,
     is_edge: bool,
 }
 
@@ -44,13 +46,13 @@ impl InstrumentationEndpoint {
     pub fn new(
         project: Vc<Project>,
         context: Vc<Box<dyn AssetContext>>,
-        userland_module: Vc<Box<dyn Module>>,
+        source: Vc<Box<dyn Source>>,
         is_edge: bool,
     ) -> Vc<Self> {
         Self {
             project,
             context,
-            userland_module,
+            source,
             is_edge,
         }
         .cell()
@@ -58,10 +60,18 @@ impl InstrumentationEndpoint {
 
     #[turbo_tasks::function]
     async fn edge_files(&self) -> Result<Vc<OutputAssets>> {
+        let userland_module = self
+            .context
+            .process(
+                self.source,
+                Value::new(ReferenceType::Entry(EntryReferenceSubType::Instrumentation)),
+            )
+            .module();
+
         let module = wrap_edge_entry(
             self.context,
             self.project.project_path(),
-            self.userland_module,
+            userland_module,
             "instrumentation".to_string(),
         );
 
@@ -102,7 +112,15 @@ impl InstrumentationEndpoint {
             self.project.server_compile_time_info().environment(),
         );
 
-        let Some(module) = Vc::try_resolve_downcast(self.userland_module).await? else {
+        let userland_module = self
+            .context
+            .process(
+                self.source,
+                Value::new(ReferenceType::Entry(EntryReferenceSubType::Instrumentation)),
+            )
+            .module();
+
+        let Some(module) = Vc::try_resolve_downcast(userland_module).await? else {
             bail!("Entry module must be evaluatable");
         };
 
diff --git a/packages/next-swc/crates/next-api/src/middleware.rs b/packages/next-swc/crates/next-api/src/middleware.rs
index a87b9d4a42..8472b4876f 100644
--- a/packages/next-swc/crates/next-api/src/middleware.rs
+++ b/packages/next-swc/crates/next-api/src/middleware.rs
@@ -21,6 +21,8 @@ use turbopack_binding::{
             context::AssetContext,
             module::Module,
             output::{OutputAsset, OutputAssets},
+            reference_type::{EntryReferenceSubType, ReferenceType},
+            source::Source,
             virtual_output::VirtualOutputAsset,
         },
         ecmascript::chunk::EcmascriptChunkPlaceable,
@@ -37,7 +39,7 @@ use crate::{
 pub struct MiddlewareEndpoint {
     project: Vc<Project>,
     context: Vc<Box<dyn AssetContext>>,
-    userland_module: Vc<Box<dyn Module>>,
+    source: Vc<Box<dyn Source>>,
 }
 
 #[turbo_tasks::value_impl]
@@ -46,23 +48,28 @@ impl MiddlewareEndpoint {
     pub fn new(
         project: Vc<Project>,
         context: Vc<Box<dyn AssetContext>>,
-        userland_module: Vc<Box<dyn Module>>,
+        source: Vc<Box<dyn Source>>,
     ) -> Vc<Self> {
         Self {
             project,
             context,
-            userland_module,
+            source,
         }
         .cell()
     }
 
     #[turbo_tasks::function]
     async fn edge_files(&self) -> Result<Vc<OutputAssets>> {
-        let module = get_middleware_module(
-            self.context,
-            self.project.project_path(),
-            self.userland_module,
-        );
+        let userland_module = self
+            .context
+            .process(
+                self.source,
+                Value::new(ReferenceType::Entry(EntryReferenceSubType::Middleware)),
+            )
+            .module();
+
+        let module =
+            get_middleware_module(self.context, self.project.project_path(), userland_module);
 
         let module = wrap_edge_entry(
             self.context,
@@ -85,9 +92,9 @@ impl MiddlewareEndpoint {
             bail!("Entry module must be evaluatable");
         };
 
-        let Some(evaluatable) = Vc::try_resolve_sidecast(module).await? else {
-            bail!("Entry module must be evaluatable");
-        };
+        let evaluatable = Vc::try_resolve_sidecast(module)
+            .await?
+            .context("Entry module must be evaluatable")?;
         evaluatable_assets.push(evaluatable);
 
         let edge_chunking_context = self.project.edge_chunking_context();
@@ -102,7 +109,15 @@ impl MiddlewareEndpoint {
     async fn output_assets(self: Vc<Self>) -> Result<Vc<OutputAssets>> {
         let this = self.await?;
 
-        let config = parse_config_from_source(this.userland_module);
+        let userland_module = this
+            .context
+            .process(
+                this.source,
+                Value::new(ReferenceType::Entry(EntryReferenceSubType::Middleware)),
+            )
+            .module();
+
+        let config = parse_config_from_source(userland_module);
 
         let edge_files = self.edge_files();
         let mut output_assets = edge_files.await?.clone_value();
diff --git a/packages/next-swc/crates/next-api/src/pages.rs b/packages/next-swc/crates/next-api/src/pages.rs
index a9ddba24fb..84c8bfd794 100644
--- a/packages/next-swc/crates/next-api/src/pages.rs
+++ b/packages/next-swc/crates/next-api/src/pages.rs
@@ -645,7 +645,9 @@ impl PageEndpoint {
         async move {
             let this = self.await?;
 
-            let ssr_module = module_context.process(self.source(), reference_type.clone());
+            let ssr_module = module_context
+                .process(self.source(), reference_type.clone())
+                .module();
 
             let config = parse_config_from_source(ssr_module).await?;
             let is_edge = matches!(config.runtime, NextRuntime::Edge);
@@ -663,9 +665,9 @@ impl PageEndpoint {
                 );
 
                 let mut evaluatable_assets = edge_runtime_entries.await?.clone_value();
-                let Some(evaluatable) = Vc::try_resolve_sidecast(ssr_module).await? else {
-                    bail!("Entry module must be evaluatable");
-                };
+                let evaluatable = Vc::try_resolve_sidecast(ssr_module)
+                    .await?
+                    .context("could not process page loader entry module")?;
                 evaluatable_assets.push(evaluatable);
 
                 let edge_files = edge_chunking_context.evaluated_chunk_group(
diff --git a/packages/next-swc/crates/next-api/src/project.rs b/packages/next-swc/crates/next-api/src/project.rs
index a1e42a312a..a913a38f66 100644
--- a/packages/next-swc/crates/next-api/src/project.rs
+++ b/packages/next-swc/crates/next-api/src/project.rs
@@ -42,7 +42,6 @@ use turbopack_binding::{
             environment::ServerAddr,
             file_source::FileSource,
             output::{OutputAsset, OutputAssets},
-            reference_type::{EntryReferenceSubType, ReferenceType},
             resolve::{find_context_file, FindContextFileResult},
             source::Source,
             version::{Update, Version, VersionState, VersionedContent},
@@ -729,15 +728,13 @@ impl Project {
     }
 
     #[turbo_tasks::function]
-    fn middleware_endpoint(self: Vc<Self>, source: Vc<Box<dyn Source>>) -> Vc<MiddlewareEndpoint> {
+    async fn middleware_endpoint(
+        self: Vc<Self>,
+        source: Vc<Box<dyn Source>>,
+    ) -> Result<Vc<MiddlewareEndpoint>> {
         let context = self.middleware_context();
 
-        let module = context.process(
-            source,
-            Value::new(ReferenceType::Entry(EntryReferenceSubType::Middleware)),
-        );
-
-        MiddlewareEndpoint::new(self, context, module)
+        Ok(MiddlewareEndpoint::new(self, context, source))
     }
 
     #[turbo_tasks::function]
@@ -775,12 +772,7 @@ impl Project {
             self.node_instrumentation_context()
         };
 
-        let module = context.process(
-            source,
-            Value::new(ReferenceType::Entry(EntryReferenceSubType::Undefined)),
-        );
-
-        InstrumentationEndpoint::new(self, context, module, is_edge)
+        InstrumentationEndpoint::new(self, context, source, is_edge)
     }
 
     #[turbo_tasks::function]
diff --git a/packages/next-swc/crates/next-api/src/server_actions.rs b/packages/next-swc/crates/next-api/src/server_actions.rs
index dee4e5fd10..c2cb352135 100644
--- a/packages/next-swc/crates/next-api/src/server_actions.rs
+++ b/packages/next-swc/crates/next-api/src/server_actions.rs
@@ -1,6 +1,6 @@
 use std::{io::Write, iter::once};
 
-use anyhow::{bail, Result};
+use anyhow::{bail, Context, Result};
 use indexmap::{map::Entry, IndexMap};
 use next_core::{
     next_manifests::{ActionLayer, ActionManifestWorkerEntry, ServerReferenceManifest},
@@ -57,10 +57,9 @@ pub(crate) async fn create_server_actions_manifest(
     let actions = get_actions(rsc_entry, server_reference_modules, asset_context);
     let loader =
         build_server_actions_loader(project_path, page_name, actions, asset_context).await?;
-    let Some(evaluable) = Vc::try_resolve_sidecast::<Box<dyn EvaluatableAsset>>(loader).await?
-    else {
-        bail!("loader module must be evaluatable");
-    };
+    let evaluable = Vc::try_resolve_sidecast::<Box<dyn EvaluatableAsset>>(loader)
+        .await?
+        .context("loader module must be evaluatable")?;
 
     let loader_id = loader
         .as_chunk_item(Vc::upcast(chunking_context))
@@ -108,10 +107,12 @@ async fn build_server_actions_loader(
     let file = File::from(contents.build());
     let source = VirtualSource::new(output_path, AssetContent::file(file.into()));
     let import_map = import_map.into_iter().map(|(k, v)| (v, k)).collect();
-    let module = asset_context.process(
-        Vc::upcast(source),
-        Value::new(ReferenceType::Internal(Vc::cell(import_map))),
-    );
+    let module = asset_context
+        .process(
+            Vc::upcast(source),
+            Value::new(ReferenceType::Internal(Vc::cell(import_map))),
+        )
+        .module();
 
     let Some(placeable) =
         Vc::try_resolve_sidecast::<Box<dyn EcmascriptChunkPlaceable>>(module).await?
@@ -249,7 +250,10 @@ async fn to_rsc_context(
     } else {
         ReferenceType::TypeScript(TypeScriptReferenceSubType::Undefined)
     };
-    Ok(asset_context.process(Vc::upcast(source), Value::new(ty)))
+    let module = asset_context
+        .process(Vc::upcast(source), Value::new(ty))
+        .module();
+    Ok(module)
 }
 
 /// Our graph traversal visitor, which finds the primary modules directly
diff --git a/packages/next-swc/crates/next-core/src/bootstrap.rs b/packages/next-swc/crates/next-core/src/bootstrap.rs
index ed33404956..d5645e2829 100644
--- a/packages/next-swc/crates/next-core/src/bootstrap.rs
+++ b/packages/next-swc/crates/next-core/src/bootstrap.rs
@@ -1,4 +1,4 @@
-use anyhow::{bail, Result};
+use anyhow::{bail, Context, Result};
 use indexmap::IndexMap;
 use turbo_tasks::{Value, ValueToString, Vc};
 use turbo_tasks_fs::{File, FileSystemPath};
@@ -77,35 +77,39 @@ pub async fn bootstrap(
     config.insert("PAGE".to_string(), path.to_string());
     config.insert("PATHNAME".to_string(), pathname);
 
-    let config_asset = context.process(
-        Vc::upcast(VirtualSource::new(
-            asset.ident().path().join("bootstrap-config.ts".to_string()),
-            AssetContent::file(
-                File::from(
-                    config
-                        .iter()
-                        .map(|(k, v)| format!("export const {} = {};\n", k, StringifyJs(v)))
-                        .collect::<Vec<_>>()
-                        .join(""),
-                )
-                .into(),
-            ),
-        )),
-        Value::new(ReferenceType::Internal(InnerAssets::empty())),
-    );
+    let config_asset = context
+        .process(
+            Vc::upcast(VirtualSource::new(
+                asset.ident().path().join("bootstrap-config.ts".to_string()),
+                AssetContent::file(
+                    File::from(
+                        config
+                            .iter()
+                            .map(|(k, v)| format!("export const {} = {};\n", k, StringifyJs(v)))
+                            .collect::<Vec<_>>()
+                            .join(""),
+                    )
+                    .into(),
+                ),
+            )),
+            Value::new(ReferenceType::Internal(InnerAssets::empty())),
+        )
+        .module();
 
     let mut inner_assets = inner_assets.await?.clone_value();
     inner_assets.insert("ENTRY".to_string(), asset);
     inner_assets.insert("BOOTSTRAP_CONFIG".to_string(), config_asset);
 
-    let asset = context.process(
-        bootstrap_asset,
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let asset = context
+        .process(
+            bootstrap_asset,
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
-    let Some(asset) = Vc::try_resolve_sidecast::<Box<dyn EvaluatableAsset>>(asset).await? else {
-        bail!("internal module must be evaluatable");
-    };
+    let asset = Vc::try_resolve_sidecast::<Box<dyn EvaluatableAsset>>(asset)
+        .await?
+        .context("internal module must be evaluatable")?;
 
     Ok(asset)
 }
diff --git a/packages/next-swc/crates/next-core/src/loader_tree.rs b/packages/next-swc/crates/next-core/src/loader_tree.rs
index 5c471de68e..50248ca514 100644
--- a/packages/next-swc/crates/next-core/src/loader_tree.rs
+++ b/packages/next-swc/crates/next-core/src/loader_tree.rs
@@ -146,9 +146,10 @@ impl LoaderTreeBuilder {
                 EcmaScriptModulesReferenceSubType::Undefined,
             ));
 
-            let module =
-                self.server_component_transition
-                    .process(source, self.context, reference_ty);
+            let module = self
+                .server_component_transition
+                .process(source, self.context, reference_ty)
+                .module();
 
             self.inner_assets.insert(format!("COMPONENT_{i}"), module);
         }
@@ -268,15 +269,16 @@ impl LoaderTreeBuilder {
                     app_page.clone(),
                 );
 
-                self.inner_assets.insert(
-                    inner_module_id,
-                    self.context.process(
+                let module = self
+                    .context
+                    .process(
                         source,
                         Value::new(ReferenceType::EcmaScriptModules(
                             EcmaScriptModulesReferenceSubType::Undefined,
                         )),
-                    ),
-                );
+                    )
+                    .module();
+                self.inner_assets.insert(inner_module_id, module);
 
                 let s = "      ";
                 writeln!(self.loader_tree_code, "{s}{identifier},")?;
@@ -346,15 +348,16 @@ impl LoaderTreeBuilder {
             let inner_module_id = format!("METADATA_ALT_{i}");
             self.imports
                 .push(format!("import {identifier} from \"{inner_module_id}\";"));
-            self.inner_assets.insert(
-                inner_module_id,
-                self.context.process(
+            let module = self
+                .context
+                .process(
                     Vc::upcast(TextContentFileSource::new(Vc::upcast(FileSource::new(
                         alt_path,
                     )))),
                     Value::new(ReferenceType::Internal(InnerAssets::empty())),
-                ),
-            );
+                )
+                .module();
+            self.inner_assets.insert(inner_module_id, module);
 
             writeln!(self.loader_tree_code, "{s}  alt: {identifier},")?;
         }
diff --git a/packages/next-swc/crates/next-core/src/middleware.rs b/packages/next-swc/crates/next-core/src/middleware.rs
index 643aa2dcb2..92ff48c07d 100644
--- a/packages/next-swc/crates/next-core/src/middleware.rs
+++ b/packages/next-swc/crates/next-core/src/middleware.rs
@@ -47,10 +47,12 @@ pub async fn get_middleware_module(
         INNER.to_string() => userland_module
     };
 
-    let module = context.process(
-        source,
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let module = context
+        .process(
+            source,
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
     Ok(module)
 }
diff --git a/packages/next-swc/crates/next-core/src/next_app/app_page_entry.rs b/packages/next-swc/crates/next-core/src/next_app/app_page_entry.rs
index 640e7a70cc..0ad5161f4f 100644
--- a/packages/next-swc/crates/next-core/src/next_app/app_page_entry.rs
+++ b/packages/next-swc/crates/next-core/src/next_app/app_page_entry.rs
@@ -106,10 +106,12 @@ pub async fn get_app_page_entry(
     let file = File::from(result.build());
     let source = VirtualSource::new(source.ident().path(), AssetContent::file(file.into()));
 
-    let mut rsc_entry = context.process(
-        Vc::upcast(source),
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let mut rsc_entry = context
+        .process(
+            Vc::upcast(source),
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
     if is_edge {
         rsc_entry = wrap_edge_page(
@@ -190,10 +192,12 @@ async fn wrap_edge_page(
         INNER.to_string() => entry
     };
 
-    let wrapped = context.process(
-        Vc::upcast(source),
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let wrapped = context
+        .process(
+            Vc::upcast(source),
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
     Ok(wrap_edge_entry(
         context,
diff --git a/packages/next-swc/crates/next-core/src/next_app/app_route_entry.rs b/packages/next-swc/crates/next-core/src/next_app/app_route_entry.rs
index dd5db449f6..5cf997000e 100644
--- a/packages/next-swc/crates/next-core/src/next_app/app_route_entry.rs
+++ b/packages/next-swc/crates/next-core/src/next_app/app_route_entry.rs
@@ -67,19 +67,23 @@ pub async fn get_app_route_entry(
     )
     .await?;
 
-    let userland_module = context.process(
-        source,
-        Value::new(ReferenceType::Entry(EntryReferenceSubType::AppRoute)),
-    );
+    let userland_module = context
+        .process(
+            source,
+            Value::new(ReferenceType::Entry(EntryReferenceSubType::AppRoute)),
+        )
+        .module();
 
     let inner_assets = indexmap! {
         INNER.to_string() => userland_module
     };
 
-    let mut rsc_entry = context.process(
-        Vc::upcast(virtual_source),
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let mut rsc_entry = context
+        .process(
+            Vc::upcast(virtual_source),
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
     if is_edge {
         rsc_entry = wrap_edge_route(
@@ -129,10 +133,12 @@ async fn wrap_edge_route(
         INNER.to_string() => entry
     };
 
-    let wrapped = context.process(
-        Vc::upcast(source),
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let wrapped = context
+        .process(
+            Vc::upcast(source),
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
     Ok(wrap_edge_entry(context, project_root, wrapped, pathname))
 }
diff --git a/packages/next-swc/crates/next-core/src/next_app/metadata/image.rs b/packages/next-swc/crates/next-core/src/next_app/metadata/image.rs
index 68e8a7c667..888252b862 100644
--- a/packages/next-swc/crates/next-core/src/next_app/metadata/image.rs
+++ b/packages/next-swc/crates/next-core/src/next_app/metadata/image.rs
@@ -63,13 +63,15 @@ pub async fn dynamic_image_metadata_source(
     };
 
     let source = Vc::upcast(FileSource::new(path));
-    let exports = &*collect_direct_exports(asset_context.process(
-        source,
-        turbo_tasks::Value::new(ReferenceType::EcmaScriptModules(
-            EcmaScriptModulesReferenceSubType::Undefined,
-        )),
-    ))
-    .await?;
+    let module = asset_context
+        .process(
+            source,
+            turbo_tasks::Value::new(ReferenceType::EcmaScriptModules(
+                EcmaScriptModulesReferenceSubType::Undefined,
+            )),
+        )
+        .module();
+    let exports = &*collect_direct_exports(module).await?;
     let exported_fields_excluding_default = exports
         .iter()
         .filter(|e| *e != "default")
diff --git a/packages/next-swc/crates/next-core/src/next_client/context.rs b/packages/next-swc/crates/next-core/src/next_client/context.rs
index fd63edfcc0..43e32b2435 100644
--- a/packages/next-swc/crates/next-core/src/next_client/context.rs
+++ b/packages/next-swc/crates/next-core/src/next_client/context.rs
@@ -17,7 +17,7 @@ use turbopack_binding::{
             resolve::{parse::Request, pattern::Pattern},
         },
         dev::{react_refresh::assert_can_resolve_react_refresh, DevChunkingContext},
-        ecmascript::chunk::EcmascriptChunkingContext,
+        ecmascript::{chunk::EcmascriptChunkingContext, TreeShakingMode},
         node::execution_context::ExecutionContext,
         turbopack::{
             condition::ContextCondition,
@@ -267,6 +267,7 @@ pub async fn get_client_module_options_context(
         preset_env_versions: Some(env),
         execution_context: Some(execution_context),
         custom_ecma_transform_plugins,
+        tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
         ..Default::default()
     };
 
diff --git a/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module.rs b/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module.rs
index 8a3f6fc73c..ab14d203d9 100644
--- a/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module.rs
+++ b/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module.rs
@@ -1,4 +1,4 @@
-use anyhow::{bail, Result};
+use anyhow::{bail, Context, Result};
 use turbo_tasks::Vc;
 use turbopack_binding::turbopack::{
     core::{
@@ -72,10 +72,9 @@ impl ParseCss for CssClientReferenceModule {
 impl ProcessCss for CssClientReferenceModule {
     #[turbo_tasks::function]
     async fn get_css_with_placeholder(&self) -> Result<Vc<CssWithPlaceholderResult>> {
-        let Some(imp) = Vc::try_resolve_sidecast::<Box<dyn ProcessCss>>(self.client_module).await?
-        else {
-            bail!("CSS client reference client module must be CSS processable");
-        };
+        let imp = Vc::try_resolve_sidecast::<Box<dyn ProcessCss>>(self.client_module)
+            .await?
+            .context("CSS client reference client module must be CSS processable")?;
 
         Ok(imp.get_css_with_placeholder())
     }
@@ -85,10 +84,9 @@ impl ProcessCss for CssClientReferenceModule {
         &self,
         chunking_context: Vc<Box<dyn ChunkingContext>>,
     ) -> Result<Vc<FinalCssResult>> {
-        let Some(imp) = Vc::try_resolve_sidecast::<Box<dyn ProcessCss>>(self.client_module).await?
-        else {
-            bail!("CSS client reference client module must be CSS processable");
-        };
+        let imp = Vc::try_resolve_sidecast::<Box<dyn ProcessCss>>(self.client_module)
+            .await?
+            .context("CSS client reference client module must be CSS processable")?;
 
         Ok(imp.finalize_css(chunking_context))
     }
diff --git a/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module_type.rs b/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module_type.rs
index cc9f4b343d..029fc68060 100644
--- a/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module_type.rs
+++ b/packages/next-swc/crates/next-core/src/next_client_reference/css_client_reference/css_client_reference_module_type.rs
@@ -39,11 +39,14 @@ impl CustomModuleType for CssClientReferenceModuleType {
         context: Vc<ModuleAssetContext>,
         _part: Option<Vc<ModulePart>>,
     ) -> Result<Vc<Box<dyn Module>>> {
-        let client_module = self.client_transition.process(
-            source,
-            context,
-            Value::new(ReferenceType::Css(CssReferenceSubType::Internal)),
-        );
+        let client_module = self
+            .client_transition
+            .process(
+                source,
+                context,
+                Value::new(ReferenceType::Css(CssReferenceSubType::Internal)),
+            )
+            .module();
 
         let Some(client_module) =
             Vc::try_resolve_sidecast::<Box<dyn CssChunkPlaceable>>(client_module).await?
diff --git a/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_proxy_module.rs b/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_proxy_module.rs
index 61b52dba98..d9f0b8784f 100644
--- a/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_proxy_module.rs
+++ b/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_proxy_module.rs
@@ -99,10 +99,13 @@ impl EcmascriptClientReferenceProxyModule {
             proxy_module_content,
         );
 
-        let proxy_module = this.server_asset_context.process(
-            Vc::upcast(proxy_source),
-            Value::new(ReferenceType::Undefined),
-        );
+        let proxy_module = this
+            .server_asset_context
+            .process(
+                Vc::upcast(proxy_source),
+                Value::new(ReferenceType::Undefined),
+            )
+            .module();
 
         let Some(proxy_module) =
             Vc::try_resolve_downcast_type::<EcmascriptModuleAsset>(proxy_module).await?
diff --git a/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_transition.rs b/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_transition.rs
index 32a72b0fb6..c2c38ffa5e 100644
--- a/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_transition.rs
+++ b/packages/next-swc/crates/next-core/src/next_client_reference/ecmascript_client_reference/ecmascript_client_reference_transition.rs
@@ -2,8 +2,8 @@ use anyhow::{bail, Result};
 use turbo_tasks::{Value, Vc};
 use turbopack_binding::turbopack::{
     core::{
+        context::ProcessResult,
         file_source::FileSource,
-        module::Module,
         reference_type::{EntryReferenceSubType, ReferenceType},
         source::Source,
     },
@@ -50,7 +50,7 @@ impl Transition for NextEcmascriptClientReferenceTransition {
         source: Vc<Box<dyn Source>>,
         context: Vc<ModuleAssetContext>,
         _reference_type: Value<ReferenceType>,
-    ) -> Result<Vc<Box<dyn Module>>> {
+    ) -> Result<Vc<ProcessResult>> {
         let context = self.process_context(context);
 
         let this = self.await?;
@@ -66,21 +66,27 @@ impl Transition for NextEcmascriptClientReferenceTransition {
         } else {
             source
         };
-        let client_module = this.client_transition.process(
-            client_source,
-            context,
-            Value::new(ReferenceType::Entry(
-                EntryReferenceSubType::AppClientComponent,
-            )),
-        );
+        let client_module = this
+            .client_transition
+            .process(
+                client_source,
+                context,
+                Value::new(ReferenceType::Entry(
+                    EntryReferenceSubType::AppClientComponent,
+                )),
+            )
+            .module();
 
-        let ssr_module = this.ssr_transition.process(
-            source,
-            context,
-            Value::new(ReferenceType::Entry(
-                EntryReferenceSubType::AppClientComponent,
-            )),
-        );
+        let ssr_module = this
+            .ssr_transition
+            .process(
+                source,
+                context,
+                Value::new(ReferenceType::Entry(
+                    EntryReferenceSubType::AppClientComponent,
+                )),
+            )
+            .module();
 
         let Some(client_module) =
             Vc::try_resolve_sidecast::<Box<dyn EcmascriptChunkPlaceable>>(client_module).await?
@@ -105,11 +111,14 @@ impl Transition for NextEcmascriptClientReferenceTransition {
             context.layer,
         );
 
-        Ok(Vc::upcast(EcmascriptClientReferenceProxyModule::new(
-            source.ident(),
-            Vc::upcast(server_context),
-            client_module,
-            ssr_module,
-        )))
+        Ok(
+            ProcessResult::Module(Vc::upcast(EcmascriptClientReferenceProxyModule::new(
+                source.ident(),
+                Vc::upcast(server_context),
+                client_module,
+                ssr_module,
+            )))
+            .cell(),
+        )
     }
 }
diff --git a/packages/next-swc/crates/next-core/src/next_config.rs b/packages/next-swc/crates/next-core/src/next_config.rs
index 9c012d17bb..63a202b74a 100644
--- a/packages/next-swc/crates/next-core/src/next_config.rs
+++ b/packages/next-swc/crates/next-core/src/next_config.rs
@@ -9,7 +9,7 @@ use turbopack_binding::{
     turbopack::{
         core::{
             changed::any_content_changed_of_module,
-            context::AssetContext,
+            context::{AssetContext, ProcessResult},
             file_source::FileSource,
             ident::AssetIdent,
             issue::{
@@ -849,19 +849,28 @@ async fn load_next_config_and_custom_routes_internal(
     );
     let config_asset = config_file.map(FileSource::new);
 
-    let config_changed = config_asset.map_or_else(Completion::immutable, |config_asset| {
+    let config_changed = if let Some(config_asset) = config_asset {
         // This invalidates the execution when anything referenced by the config file
         // changes
-        let config_asset = context.process(
-            Vc::upcast(config_asset),
-            Value::new(ReferenceType::Internal(InnerAssets::empty())),
-        );
-        any_content_changed_of_module(config_asset)
-    });
-    let load_next_config_asset = context.process(
-        next_asset("entry/config/next.js".to_string()),
-        Value::new(ReferenceType::Entry(EntryReferenceSubType::Undefined)),
-    );
+        match *context
+            .process(
+                Vc::upcast(config_asset),
+                Value::new(ReferenceType::Internal(InnerAssets::empty())),
+            )
+            .await?
+        {
+            ProcessResult::Module(module) => any_content_changed_of_module(module),
+            ProcessResult::Ignore => Completion::immutable(),
+        }
+    } else {
+        Completion::immutable()
+    };
+    let load_next_config_asset = context
+        .process(
+            next_asset("entry/config/next.js".to_string()),
+            Value::new(ReferenceType::Entry(EntryReferenceSubType::Undefined)),
+        )
+        .module();
     let config_value = evaluate(
         load_next_config_asset,
         project_path,
diff --git a/packages/next-swc/crates/next-core/src/next_dynamic/dynamic_transition.rs b/packages/next-swc/crates/next-core/src/next_dynamic/dynamic_transition.rs
index 3f82dfe025..6ff27e0708 100644
--- a/packages/next-swc/crates/next-core/src/next_dynamic/dynamic_transition.rs
+++ b/packages/next-swc/crates/next-core/src/next_dynamic/dynamic_transition.rs
@@ -1,7 +1,7 @@
 use anyhow::Result;
 use turbo_tasks::{Value, Vc};
 use turbopack_binding::turbopack::{
-    core::{module::Module, reference_type::ReferenceType, source::Source},
+    core::{context::ProcessResult, reference_type::ReferenceType, source::Source},
     turbopack::{
         transition::{ContextTransition, Transition},
         ModuleAssetContext,
@@ -39,15 +39,21 @@ impl Transition for NextDynamicTransition {
         source: Vc<Box<dyn Source>>,
         context: Vc<ModuleAssetContext>,
         _reference_type: Value<ReferenceType>,
-    ) -> Result<Vc<Box<dyn Module>>> {
+    ) -> Result<Vc<ProcessResult>> {
         let context = self.process_context(context);
 
         let this = self.await?;
 
-        let client_module =
-            this.client_transition
-                .process(source, context, Value::new(ReferenceType::Undefined));
-
-        Ok(Vc::upcast(NextDynamicEntryModule::new(client_module)))
+        Ok(match *this
+            .client_transition
+            .process(source, context, Value::new(ReferenceType::Undefined))
+            .await?
+        {
+            ProcessResult::Module(client_module) => {
+                ProcessResult::Module(Vc::upcast(NextDynamicEntryModule::new(client_module)))
+            }
+            ProcessResult::Ignore => ProcessResult::Ignore,
+        }
+        .cell())
     }
 }
diff --git a/packages/next-swc/crates/next-core/src/next_edge/entry.rs b/packages/next-swc/crates/next-core/src/next_edge/entry.rs
index 62b0833d0f..87adebc2bc 100644
--- a/packages/next-swc/crates/next-core/src/next_edge/entry.rs
+++ b/packages/next-swc/crates/next-core/src/next_edge/entry.rs
@@ -39,8 +39,11 @@ pub async fn wrap_edge_entry(
         "MODULE".to_string() => entry
     };
 
-    Ok(context.process(
-        Vc::upcast(virtual_source),
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    ))
+    let module = context
+        .process(
+            Vc::upcast(virtual_source),
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
+    Ok(module)
 }
diff --git a/packages/next-swc/crates/next-core/src/next_font/google/mod.rs b/packages/next-swc/crates/next-core/src/next_font/google/mod.rs
index 094833ceca..ece90cfc8f 100644
--- a/packages/next-swc/crates/next-core/src/next_font/google/mod.rs
+++ b/packages/next-swc/crates/next-core/src/next_font/google/mod.rs
@@ -446,22 +446,25 @@ async fn get_mock_stylesheet(
     let context =
         node_evaluate_asset_context(execution_context, None, None, "next_font".to_string());
     let loader_path = mock_fs.root().join("loader.js".to_string());
-    let mocked_response_asset = context.process(
-        Vc::upcast(VirtualSource::new(
-            loader_path,
-            AssetContent::file(
-                File::from(format!(
-                    "import data from './{}'; export default function load() {{ return data; }};",
-                    response_path
-                        .file_name()
-                        .context("Must exist")?
-                        .to_string_lossy(),
-                ))
-                .into(),
-            ),
-        )),
-        Value::new(ReferenceType::Internal(InnerAssets::empty())),
-    );
+    let mocked_response_asset = context
+        .process(
+            Vc::upcast(VirtualSource::new(
+                loader_path,
+                AssetContent::file(
+                    File::from(format!(
+                        "import data from './{}'; export default function load() {{ return data; \
+                         }};",
+                        response_path
+                            .file_name()
+                            .context("Must exist")?
+                            .to_string_lossy(),
+                    ))
+                    .into(),
+                ),
+            )),
+            Value::new(ReferenceType::Internal(InnerAssets::empty())),
+        )
+        .module();
 
     let root = mock_fs.root();
     let val = evaluate(
diff --git a/packages/next-swc/crates/next-core/src/next_image/module.rs b/packages/next-swc/crates/next-core/src/next_image/module.rs
index 72369f3cec..459c6517cc 100644
--- a/packages/next-swc/crates/next-core/src/next_image/module.rs
+++ b/packages/next-swc/crates/next-core/src/next_image/module.rs
@@ -1,5 +1,6 @@
+use anyhow::Result;
 use indexmap::indexmap;
-use turbo_tasks::Vc;
+use turbo_tasks::{TaskInput, Vc};
 use turbopack_binding::{
     turbo::tasks::Value,
     turbopack::{
@@ -15,7 +16,7 @@ use turbopack_binding::{
 use super::source_asset::StructuredImageFileSource;
 
 #[turbo_tasks::value(serialization = "auto_for_input")]
-#[derive(Clone, Copy, Debug, PartialOrd, Ord, Hash)]
+#[derive(Clone, Copy, Debug, PartialOrd, Ord, Hash, TaskInput)]
 pub enum BlurPlaceholderMode {
     /// Do not generate a blur placeholder at all.
     None,
@@ -37,30 +38,32 @@ pub struct StructuredImageModuleType {
     pub blur_placeholder_mode: BlurPlaceholderMode,
 }
 
+#[turbo_tasks::value_impl]
 impl StructuredImageModuleType {
-    pub(crate) fn create_module(
+    #[turbo_tasks::function]
+    pub(crate) async fn create_module(
         source: Vc<Box<dyn Source>>,
         blur_placeholder_mode: BlurPlaceholderMode,
         context: Vc<ModuleAssetContext>,
-    ) -> Vc<Box<dyn Module>> {
+    ) -> Result<Vc<Box<dyn Module>>> {
         let static_asset = StaticModuleAsset::new(source, Vc::upcast(context));
-        context.process(
-            Vc::upcast(
-                StructuredImageFileSource {
-                    image: source,
-                    blur_placeholder_mode,
-                }
-                .cell(),
-            ),
-            Value::new(ReferenceType::Internal(Vc::cell(indexmap!(
-                "IMAGE".to_string() => Vc::upcast(static_asset)
-            )))),
-        )
+        let module = context
+            .process(
+                Vc::upcast(
+                    StructuredImageFileSource {
+                        image: source,
+                        blur_placeholder_mode,
+                    }
+                    .cell(),
+                ),
+                Value::new(ReferenceType::Internal(Vc::cell(indexmap!(
+                    "IMAGE".to_string() => Vc::upcast(static_asset)
+                )))),
+            )
+            .module();
+        Ok(module)
     }
-}
 
-#[turbo_tasks::value_impl]
-impl StructuredImageModuleType {
     #[turbo_tasks::function]
     pub fn new(blur_placeholder_mode: Value<BlurPlaceholderMode>) -> Vc<Self> {
         StructuredImageModuleType::cell(StructuredImageModuleType {
diff --git a/packages/next-swc/crates/next-core/src/next_pages/page_entry.rs b/packages/next-swc/crates/next-core/src/next_pages/page_entry.rs
index be587ac651..ef20616bcc 100644
--- a/packages/next-swc/crates/next-core/src/next_pages/page_entry.rs
+++ b/packages/next-swc/crates/next-core/src/next_pages/page_entry.rs
@@ -43,7 +43,9 @@ pub async fn create_page_ssr_entry_module(
     let definition_page = &*next_original_name.await?;
     let definition_pathname = &*pathname.await?;
 
-    let ssr_module = ssr_module_context.process(source, reference_type.clone());
+    let ssr_module = ssr_module_context
+        .process(source, reference_type.clone())
+        .module();
 
     let reference_type = reference_type.into_value();
 
@@ -116,12 +118,14 @@ pub async fn create_page_ssr_entry_module(
         ));
     }
 
-    let mut ssr_module = ssr_module_context.process(
-        source,
-        Value::new(ReferenceType::Internal(Vc::cell(indexmap! {
-            INNER.to_string() => ssr_module,
-        }))),
-    );
+    let mut ssr_module = ssr_module_context
+        .process(
+            source,
+            Value::new(ReferenceType::Internal(Vc::cell(indexmap! {
+                INNER.to_string() => ssr_module,
+            }))),
+        )
+        .module();
 
     if matches!(runtime, NextRuntime::Edge) {
         if reference_type == ReferenceType::Entry(EntryReferenceSubType::Page) {
@@ -209,10 +213,12 @@ async fn wrap_edge_page(
         INNER.to_string() => entry
     };
 
-    let wrapped = context.process(
-        Vc::upcast(source),
-        Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
-    );
+    let wrapped = context
+        .process(
+            Vc::upcast(source),
+            Value::new(ReferenceType::Internal(Vc::cell(inner_assets))),
+        )
+        .module();
 
     Ok(wrap_edge_entry(
         context,
diff --git a/packages/next-swc/crates/next-core/src/next_server/context.rs b/packages/next-swc/crates/next-core/src/next_server/context.rs
index 41efaa11ec..4b2f34a482 100644
--- a/packages/next-swc/crates/next-core/src/next_server/context.rs
+++ b/packages/next-swc/crates/next-core/src/next_server/context.rs
@@ -17,7 +17,7 @@ use turbopack_binding::{
             free_var_references,
             resolve::{parse::Request, pattern::Pattern},
         },
-        ecmascript::{references::esm::UrlRewriteBehavior, TransformPlugin},
+        ecmascript::{references::esm::UrlRewriteBehavior, TransformPlugin, TreeShakingMode},
         ecmascript_plugin::transform::directives::client::ClientDirectiveTransformer,
         node::execution_context::ExecutionContext,
         turbopack::{
@@ -389,6 +389,7 @@ pub async fn get_server_module_options_context(
                 execution_context: Some(execution_context),
                 esm_url_rewrite_behavior: url_rewrite_behavior,
                 use_lightningcss,
+                tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
                 ..Default::default()
             };
 
@@ -458,6 +459,7 @@ pub async fn get_server_module_options_context(
                 custom_ecma_transform_plugins: base_ecma_transform_plugins,
                 execution_context: Some(execution_context),
                 use_lightningcss,
+                tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
                 ..Default::default()
             };
             let foreign_code_module_options_context = ModuleOptionsContext {
@@ -543,6 +545,7 @@ pub async fn get_server_module_options_context(
                 custom_ecma_transform_plugins: base_ecma_transform_plugins,
                 execution_context: Some(execution_context),
                 use_lightningcss,
+                tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
                 ..Default::default()
             };
             let foreign_code_module_options_context = ModuleOptionsContext {
@@ -582,6 +585,7 @@ pub async fn get_server_module_options_context(
         ServerContextType::AppRoute { .. } => {
             let module_options_context = ModuleOptionsContext {
                 execution_context: Some(execution_context),
+                tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
                 ..Default::default()
             };
             let internal_module_options_context = ModuleOptionsContext {
@@ -630,6 +634,7 @@ pub async fn get_server_module_options_context(
 
             let module_options_context = ModuleOptionsContext {
                 execution_context: Some(execution_context),
+                tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
                 ..Default::default()
             };
             let internal_module_options_context = ModuleOptionsContext {
@@ -669,6 +674,7 @@ pub async fn get_server_module_options_context(
 pub fn get_build_module_options_context() -> Vc<ModuleOptionsContext> {
     ModuleOptionsContext {
         enable_typescript_transform: Some(Default::default()),
+        tree_shaking_mode: Some(TreeShakingMode::ReexportsOnly),
         ..Default::default()
     }
     .cell()
diff --git a/packages/next-swc/crates/next-core/src/next_server/resolve.rs b/packages/next-swc/crates/next-core/src/next_server/resolve.rs
index 411030c757..985d8e9525 100644
--- a/packages/next-swc/crates/next-core/src/next_server/resolve.rs
+++ b/packages/next-swc/crates/next-core/src/next_server/resolve.rs
@@ -187,17 +187,19 @@ impl ResolvePlugin for ExternalCjsModulesResolvePlugin {
                 // unsupported file type, bundle it
                 Ok(ResolveResultOption::none())
             }
-            (FileType::CommonJs, _) => {
-                // mark as external
-                Ok(ResolveResultOption::some(
-                    ResolveResult::primary(ResolveResultItem::OriginalReferenceExternal).cell(),
-                ))
-            }
-            (FileType::EcmaScriptModule, true) => {
-                // mark as external
-                Ok(ResolveResultOption::some(
-                    ResolveResult::primary(ResolveResultItem::OriginalReferenceExternal).cell(),
-                ))
+            (FileType::CommonJs, _) | (FileType::EcmaScriptModule, true) => {
+                if let Some(request) = request.await?.request() {
+                    // mark as external
+                    Ok(ResolveResultOption::some(
+                        ResolveResult::primary(ResolveResultItem::OriginalReferenceTypeExternal(
+                            request,
+                        ))
+                        .cell(),
+                    ))
+                } else {
+                    // unsupported request, bundle it
+                    Ok(ResolveResultOption::none())
+                }
             }
             (FileType::EcmaScriptModule, false) => {
                 // even with require() this resolves to a ESM,
diff --git a/packages/next-swc/crates/next-core/src/next_shared/transforms/swc_ecma_transform_plugins.rs b/packages/next-swc/crates/next-core/src/next_shared/transforms/swc_ecma_transform_plugins.rs
index 8346d11d01..1148fcc97c 100644
--- a/packages/next-swc/crates/next-core/src/next_shared/transforms/swc_ecma_transform_plugins.rs
+++ b/packages/next-swc/crates/next-core/src/next_shared/transforms/swc_ecma_transform_plugins.rs
@@ -33,7 +33,7 @@ pub async fn get_swc_ecma_transform_plugin_impl(
     project_path: Vc<FileSystemPath>,
     plugin_configs: &[(String, serde_json::Value)],
 ) -> Result<Vc<OptionTransformPlugin>> {
-    use anyhow::bail;
+    use anyhow::{bail, Context};
     use turbo_tasks::Value;
     use turbo_tasks_fs::FileContent;
     use turbopack_binding::turbopack::{
@@ -83,9 +83,10 @@ pub async fn get_swc_ecma_transform_plugin_impl(
             None,
         )
         .await?;
-        let Some(plugin_module) = *plugin_wasm_module_resolve_result.first_module().await? else {
-            bail!("Expected to find module");
-        };
+        let plugin_module = plugin_wasm_module_resolve_result
+            .first_module()
+            .await?
+            .context("Expected to find module")?;
 
         let content = &*plugin_module.content().file_content().await?;
 
diff --git a/packages/next-swc/crates/next-core/src/page_loader.rs b/packages/next-swc/crates/next-core/src/page_loader.rs
index a8b2f2a907..aa6a622124 100644
--- a/packages/next-swc/crates/next-core/src/page_loader.rs
+++ b/packages/next-swc/crates/next-core/src/page_loader.rs
@@ -53,15 +53,22 @@ pub async fn create_page_loader_entry_module(
         AssetContent::file(file.into()),
     ));
 
-    Ok(client_context.process(
-        virtual_source,
-        Value::new(ReferenceType::Internal(Vc::cell(indexmap! {
-            "PAGE".to_string() => client_context.process(
-                entry_asset,
-                Value::new(ReferenceType::Entry(EntryReferenceSubType::Page))
-            ),
-        }))),
-    ))
+    let module = client_context
+        .process(
+            entry_asset,
+            Value::new(ReferenceType::Entry(EntryReferenceSubType::Page)),
+        )
+        .module();
+
+    let module = client_context
+        .process(
+            virtual_source,
+            Value::new(ReferenceType::Internal(Vc::cell(indexmap! {
+                "PAGE".to_string() => module,
+            }))),
+        )
+        .module();
+    Ok(module)
 }
 
 #[turbo_tasks::value(shared)]
diff --git a/packages/next/package.json b/packages/next/package.json
index 41d7aa76be..beec68c485 100644
--- a/packages/next/package.json
+++ b/packages/next/package.json
@@ -195,7 +195,7 @@
     "@types/ws": "8.2.0",
     "@vercel/ncc": "0.34.0",
     "@vercel/nft": "0.24.4",
-    "@vercel/turbopack-ecmascript-runtime": "https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231205.2",
+    "@vercel/turbopack-ecmascript-runtime": "https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231206.2",
     "acorn": "8.5.0",
     "amphtml-validator": "1.0.35",
     "anser": "1.4.9",
diff --git a/packages/react-refresh-utils/internal/helpers.ts b/packages/react-refresh-utils/internal/helpers.ts
index 3b6aabc39a..fd26cc0599 100644
--- a/packages/react-refresh-utils/internal/helpers.ts
+++ b/packages/react-refresh-utils/internal/helpers.ts
@@ -73,7 +73,12 @@ function registerExportsForReactRefresh(
     if (isSafeExport(key)) {
       continue
     }
-    var exportValue = moduleExports[key]
+    try {
+      var exportValue = moduleExports[key]
+    } catch {
+      // This might fail due to circular dependencies
+      continue
+    }
     var typeID = moduleID + ' %exports% ' + key
     RefreshRuntime.register(exportValue, typeID)
   }
@@ -91,7 +96,12 @@ function getRefreshBoundarySignature(moduleExports: unknown): Array<unknown> {
     if (isSafeExport(key)) {
       continue
     }
-    var exportValue = moduleExports[key]
+    try {
+      var exportValue = moduleExports[key]
+    } catch {
+      // This might fail due to circular dependencies
+      continue
+    }
     signature.push(key)
     signature.push(RefreshRuntime.getFamilyByType(exportValue))
   }
@@ -113,7 +123,12 @@ function isReactRefreshBoundary(moduleExports: unknown): boolean {
     if (isSafeExport(key)) {
       continue
     }
-    var exportValue = moduleExports[key]
+    try {
+      var exportValue = moduleExports[key]
+    } catch {
+      // This might fail due to circular dependencies
+      return false
+    }
     if (!RefreshRuntime.isLikelyComponentType(exportValue)) {
       areAllExportsComponents = false
     }
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 513a8290d8..7aed958b5a 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -1077,8 +1077,8 @@ importers:
         specifier: 0.24.4
         version: 0.24.4
       '@vercel/turbopack-ecmascript-runtime':
-        specifier: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231205.2
-        version: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231205.2(react-refresh@0.12.0)(webpack@5.86.0)'
+        specifier: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231206.2
+        version: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231206.2(react-refresh@0.12.0)(webpack@5.86.0)'
       acorn:
         specifier: 8.5.0
         version: 8.5.0
@@ -24647,9 +24647,9 @@ packages:
   /zwitch@2.0.4:
     resolution: {integrity: sha512-bXE4cR/kVZhKZX/RjPEflHaKVhUVl85noU3v6b8apfQEc1x4A+zBxjZ4lN8LqGd6WZ3dl98pY4o717VFmoPp+A==}
 
-  '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231205.2(react-refresh@0.12.0)(webpack@5.86.0)':
-    resolution: {registry: https://registry.npmjs.org/, tarball: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231205.2}
-    id: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231205.2'
+  '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231206.2(react-refresh@0.12.0)(webpack@5.86.0)':
+    resolution: {tarball: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231206.2}
+    id: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-231206.2'
     name: '@vercel/turbopack-ecmascript-runtime'
     version: 0.0.0
     dependencies: