diff --git a/.changeset/curvy-toes-warn.md b/.changeset/curvy-toes-warn.md
new file mode 100644
index 000000000000..07f1c7dcd468
--- /dev/null
+++ b/.changeset/curvy-toes-warn.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: thunkify deriveds on the server
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts b/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts
index adde7480cbd1..c9000ca4876c 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts
+++ b/packages/svelte/src/compiler/phases/3-transform/server/types.d.ts
@@ -6,6 +6,7 @@ import type { ComponentAnalysis } from '../../types.js';
 export interface ServerTransformState extends TransformState {
 	/** The $: calls, which will be ordered in the end */
 	readonly legacy_reactive_statements: Map<LabeledStatement, Statement>;
+	readonly is_destructured_derived?: boolean;
 }
 
 export interface ComponentServerTransformState extends ServerTransformState {
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/CallExpression.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/CallExpression.js
index 35c79988b08b..daafdc9295cc 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/CallExpression.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/CallExpression.js
@@ -31,7 +31,12 @@ export function CallExpression(node, context) {
 
 	if (rune === '$derived' || rune === '$derived.by') {
 		const fn = /** @type {Expression} */ (context.visit(node.arguments[0]));
-		return b.call('$.derived', rune === '$derived' ? b.thunk(fn) : fn);
+
+		return b.call(
+			'$.derived',
+			rune === '$derived' ? b.thunk(fn) : fn,
+			context.state.is_destructured_derived && b.true
+		);
 	}
 
 	if (rune === '$state.snapshot') {
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/VariableDeclaration.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/VariableDeclaration.js
index 7c945951471c..5fc5a259b1c7 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/VariableDeclaration.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/VariableDeclaration.js
@@ -81,22 +81,21 @@ export function VariableDeclaration(node, context) {
 				continue;
 			}
 
-			const args = /** @type {CallExpression} */ (init).arguments;
-			const value = args.length > 0 ? /** @type {Expression} */ (context.visit(args[0])) : b.void0;
-
-			if (rune === '$derived.by') {
-				declarations.push(
-					b.declarator(/** @type {Pattern} */ (context.visit(declarator.id)), b.call(value))
-				);
-				continue;
-			}
+			const value = init
+				? /** @type {Expression} */ (
+						context.visit(init, {
+							...context.state,
+							is_destructured_derived: declarator.id.type !== 'Identifier'
+						})
+					)
+				: b.void0;
 
 			if (declarator.id.type === 'Identifier') {
 				declarations.push(b.declarator(declarator.id, value));
 				continue;
 			}
 
-			if (rune === '$derived') {
+			if (rune === '$derived' || rune === '$derived.by') {
 				declarations.push(
 					b.declarator(/** @type {Pattern} */ (context.visit(declarator.id)), value)
 				);
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/element.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/element.js
index 7207564ef983..f61e8fab6a83 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/element.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/element.js
@@ -163,6 +163,19 @@ export function build_element_attributes(node, context) {
 					])
 				);
 			} else {
+				/** @type {Expression} */
+				let expression = attribute.expression;
+
+				if (attribute.type === 'BindDirective' && expression.type === 'SequenceExpression') {
+					const getter = expression.expressions[0];
+					expression =
+						getter.type === 'ArrowFunctionExpression' &&
+						getter.params.length === 0 &&
+						getter.body.type !== 'BlockStatement'
+							? getter.body
+							: b.call(getter);
+				}
+
 				attributes.push(
 					create_attribute(attribute.name, -1, -1, [
 						{
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/utils.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/utils.js
index 8fcf8efa68b6..bbc81d55c590 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/shared/utils.js
@@ -239,6 +239,10 @@ export function build_getter(node, state) {
 			b.literal(node.name),
 			build_getter(store_id, state)
 		);
+	} else if (binding.kind === 'derived') {
+		// we need a maybe_call because in case of `var`
+		// the user might use the variable before the initialization
+		return b.maybe_call(node.name);
 	}
 
 	return node;
diff --git a/packages/svelte/src/internal/server/index.js b/packages/svelte/src/internal/server/index.js
index 2ca85fff44c2..56f31e10d023 100644
--- a/packages/svelte/src/internal/server/index.js
+++ b/packages/svelte/src/internal/server/index.js
@@ -3,7 +3,7 @@
 /** @import { Store } from '#shared' */
 export { FILENAME, HMR } from '../../constants.js';
 import { attr, clsx, to_class, to_style } from '../shared/attributes.js';
-import { is_promise, noop } from '../shared/utils.js';
+import { access_path_on_object, is_promise, noop } from '../shared/utils.js';
 import { subscribe_to_store } from '../../store/utils.js';
 import {
 	UNINITIALIZED,
@@ -18,6 +18,7 @@ import { validate_store } from '../shared/validate.js';
 import { is_boolean_attribute, is_raw_text_element, is_void } from '../../utils.js';
 import { reset_elements } from './dev.js';
 import { Payload } from './payload.js';
+import { is } from '../client/proxy.js';
 
 // https://html.spec.whatwg.org/multipage/syntax.html#attributes-2
 // https://infra.spec.whatwg.org/#noncharacter
@@ -518,15 +519,55 @@ export { escape_html as escape };
 /**
  * @template T
  * @param {()=>T} fn
- * @returns {(new_value?: T) => (T | void)}
+ * @param {boolean} is_destructured
+ * @returns {((new_value?: T) => (T | void)) | Record<string, (new_value?: T) => (T | void)>}
  */
-export function derived(fn) {
+export function derived(fn, is_destructured = false) {
 	const get_value = once(fn);
 	/**
 	 * @type {T | undefined}
 	 */
 	let updated_value;
 
+	if (is_destructured) {
+		/**
+		 *
+		 * @param {(string | symbol)[]} path
+		 * @returns
+		 */
+		function recursive_proxy(path = []) {
+			return new Proxy(
+				/** @type {(new_value: any)=>any} */ (
+					function (new_value) {
+						if (arguments.length === 0) {
+							return (
+								access_path_on_object(/** @type {*} */ (updated_value), path) ??
+								access_path_on_object(/** @type {*} */ (get_value()), path)
+							);
+						}
+						var last_key = path[path.length - 1];
+						const to_update = access_path_on_object(
+							/** @type {*} */ (updated_value),
+							path.slice(0, -1),
+							(current, key) => {
+								current[key] = {};
+							}
+						);
+						/** @type {*} */ (to_update)[last_key] = new_value;
+						return /** @type {*} */ (to_update)[last_key];
+					}
+				),
+				{
+					get(_, key) {
+						return recursive_proxy([...path, key]);
+					}
+				}
+			);
+		}
+		updated_value = /** @type {T} */ ({});
+		return recursive_proxy();
+	}
+
 	return function (new_value) {
 		if (arguments.length === 0) {
 			return updated_value ?? get_value();
diff --git a/packages/svelte/src/internal/shared/utils.js b/packages/svelte/src/internal/shared/utils.js
index 10f8597520d9..10c218f7e648 100644
--- a/packages/svelte/src/internal/shared/utils.js
+++ b/packages/svelte/src/internal/shared/utils.js
@@ -116,3 +116,25 @@ export function to_array(value, n) {
 
 	return array;
 }
+
+/**
+ *
+ * @param {Record<string|symbol, any>} obj
+ * @param {(string | symbol)[]} path
+ * @param {(current: Record<string|symbol, any>, key:string|symbol)=>void} [on_undefined]
+ * @returns
+ */
+export function access_path_on_object(obj, path, on_undefined) {
+	if (obj == null) return undefined;
+
+	let current = obj;
+	for (const key of path) {
+		if (current == null) return undefined;
+		if (current[key] == null && on_undefined) {
+			on_undefined(current, key);
+		}
+		current = /** @type {*} */ (current)[key];
+	}
+
+	return current;
+}
diff --git a/packages/svelte/tests/snapshot/samples/await-block-scope/_expected/server/index.svelte.js b/packages/svelte/tests/snapshot/samples/await-block-scope/_expected/server/index.svelte.js
index 4b6e32d58e0a..139dd2e13236 100644
--- a/packages/svelte/tests/snapshot/samples/await-block-scope/_expected/server/index.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/await-block-scope/_expected/server/index.svelte.js
@@ -2,13 +2,13 @@ import * as $ from 'svelte/internal/server';
 
 export default function Await_block_scope($$payload) {
 	let counter = { count: 0 };
-	const promise = Promise.resolve(counter);
+	const promise = $.derived(() => Promise.resolve(counter));
 
 	function increment() {
 		counter.count += 1;
 	}
 
 	$$payload.out += `<button>clicks: ${$.escape(counter.count)}</button> `;
-	$.await($$payload, promise, () => {}, (counter) => {});
+	$.await($$payload, promise?.(), () => {}, (counter) => {});
 	$$payload.out += `<!--]--> ${$.escape(counter.count)}`;
 }
\ No newline at end of file
diff --git a/packages/svelte/tests/snapshot/samples/server-deriveds/_config.js b/packages/svelte/tests/snapshot/samples/server-deriveds/_config.js
new file mode 100644
index 000000000000..2a7b882b86ea
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/server-deriveds/_config.js
@@ -0,0 +1,5 @@
+import { test } from '../../test';
+
+export default test({
+	mode: ['server']
+});
diff --git a/packages/svelte/tests/snapshot/samples/server-deriveds/_expected/server/index.svelte.js b/packages/svelte/tests/snapshot/samples/server-deriveds/_expected/server/index.svelte.js
new file mode 100644
index 000000000000..ce72a3d2fdc0
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/server-deriveds/_expected/server/index.svelte.js
@@ -0,0 +1,54 @@
+import * as $ from 'svelte/internal/server';
+
+export default function Server_deriveds($$payload, $$props) {
+	$.push();
+
+	// destructuring stuff on the server needs a bit more code
+	// so that every identifier is a function
+	let stuff = { foo: true, bar: [1, 2, { baz: 'baz' }] };
+	let { foo, bar: [a, b, { baz }] } = $.derived(() => stuff, true);
+	let stuff2 = [1, 2, 3];
+	let [d, e, f] = $.derived(() => stuff2, true);
+	let count = 0;
+	let double = $.derived(() => count * 2);
+	let identifier = $.derived(() => count);
+	let dot_by = $.derived(() => () => count);
+
+	class Test {
+		state = 0;
+		#der = $.derived(() => this.state * 2);
+
+		get der() {
+			return this.#der();
+		}
+
+		set der($$value) {
+			return this.#der($$value);
+		}
+
+		#der_by = $.derived(() => this.state);
+
+		get der_by() {
+			return this.#der_by();
+		}
+
+		set der_by($$value) {
+			return this.#der_by($$value);
+		}
+
+		#identifier = $.derived(() => this.state);
+
+		get identifier() {
+			return this.#identifier();
+		}
+
+		set identifier($$value) {
+			return this.#identifier($$value);
+		}
+	}
+
+	const test = new Test();
+
+	$$payload.out += `<!---->${$.escape(foo?.())} ${$.escape(a?.())} ${$.escape(b?.())} ${$.escape(baz?.())} ${$.escape(d?.())} ${$.escape(e?.())} ${$.escape(f?.())} 0 0 ${$.escape(dot_by?.())} ${$.escape(test.der)} ${$.escape(test.der_by)} ${$.escape(test.identifier)}`;
+	$.pop();
+}
\ No newline at end of file
diff --git a/packages/svelte/tests/snapshot/samples/server-deriveds/index.svelte b/packages/svelte/tests/snapshot/samples/server-deriveds/index.svelte
new file mode 100644
index 000000000000..ab97da6bf8fc
--- /dev/null
+++ b/packages/svelte/tests/snapshot/samples/server-deriveds/index.svelte
@@ -0,0 +1,25 @@
+<script>
+	// destructuring stuff on the server needs a bit more code
+	// so that every identifier is a function
+	let stuff = $state({ foo: true, bar: [1, 2, {baz: 'baz'}] });
+	let { foo, bar: [a, b, { baz }]} = $derived(stuff);
+
+	let stuff2 = $state([1, 2, 3]);
+	let [d, e, f] = $derived(stuff2);
+
+	let count = $state(0);
+	let double = $derived(count * 2);
+	let identifier = $derived(count);
+	let dot_by = $derived(()=>count);
+
+	class Test{
+		state = $state(0);
+		der = $derived(this.state * 2);
+		der_by = $derived.by(()=>this.state);
+		identifier = $derived(this.state);
+	}
+
+	const test = new Test();
+</script>
+
+{foo} {a} {b} {baz} {d} {e} {f} {double} {identifier} {dot_by} {test.der} {test.der_by} {test.identifier}
\ No newline at end of file
diff --git a/packages/svelte/tests/snapshot/test.ts b/packages/svelte/tests/snapshot/test.ts
index 0a591c6e2a71..3a0f1f32a1e3 100644
--- a/packages/svelte/tests/snapshot/test.ts
+++ b/packages/svelte/tests/snapshot/test.ts
@@ -7,11 +7,13 @@ import { VERSION } from 'svelte/compiler';
 
 interface SnapshotTest extends BaseTest {
 	compileOptions?: Partial<import('#compiler').CompileOptions>;
+	mode?: ('client' | 'server')[];
 }
 
 const { test, run } = suite<SnapshotTest>(async (config, cwd) => {
-	await compile_directory(cwd, 'client', config.compileOptions);
-	await compile_directory(cwd, 'server', config.compileOptions);
+	for (const mode of config?.mode ?? ['server', 'client']) {
+		await compile_directory(cwd, mode, config.compileOptions);
+	}
 
 	// run `UPDATE_SNAPSHOTS=true pnpm test snapshot` to update snapshot tests
 	if (process.env.UPDATE_SNAPSHOTS) {