diff --git a/doc/api/esm.md b/doc/api/esm.md
index 838e0810012ad5..17164959ca6205 100644
--- a/doc/api/esm.md
+++ b/doc/api/esm.md
@@ -800,6 +800,15 @@ imports and they cannot be inspected via `WebAssembly.Module.imports(mod)`
 or virtualized unless recompiling the module using the direct
 `WebAssembly.compile` API with string builtins disabled.
 
+String constants may also be imported from the `wasm:js/string-constants` builtin
+import URL, allowing static JS string globals to be defined:
+
+```text
+(module
+  (import "wasm:js/string-constants" "hello" (global $hello externref))
+)
+```
+
 Importing a module in the source phase before it has been instantiated will also
 use the compile-time builtins automatically:
 
diff --git a/lib/internal/modules/esm/module_job.js b/lib/internal/modules/esm/module_job.js
index 929577c0da6d08..22032f79e90d44 100644
--- a/lib/internal/modules/esm/module_job.js
+++ b/lib/internal/modules/esm/module_job.js
@@ -145,7 +145,9 @@ class ModuleJobBase {
    */
   syncLink(requestType) {
     // Store itself into the cache first before linking in case there are circular
-    // references in the linking.
+    // references in the linking. Track whether we're overwriting an existing entry
+    // so we know whether to remove the temporary entry in the finally block.
+    const hadPreviousEntry = this.loader.loadCache.get(this.url, this.type) !== undefined;
     this.loader.loadCache.set(this.url, this.type, this);
     const moduleRequests = this.module.getModuleRequests();
     // Modules should be aligned with the moduleRequests array in order.
@@ -169,9 +171,14 @@ class ModuleJobBase {
       }
       this.module.link(modules);
     } finally {
-      // Restore it - if it succeeds, we'll reset in the caller; Otherwise it's
-      // not cached and if the error is caught, subsequent attempt would still fail.
-      this.loader.loadCache.delete(this.url, this.type);
+      if (!hadPreviousEntry) {
+        // Remove the temporary entry. On failure this ensures subsequent attempts
+        // don't return a broken job. On success the caller
+        // (#getOrCreateModuleJobAfterResolve) will re-insert under the correct key.
+        this.loader.loadCache.delete(this.url, this.type);
+      }
+      // If there was a previous entry (ensurePhase() path), leave this in cache -
+      // it is the upgraded job and the caller will not re-insert.
     }
 
     return evaluationDepJobs;
diff --git a/lib/internal/modules/esm/translators.js b/lib/internal/modules/esm/translators.js
index d6c96996a900da..4643300041a638 100644
--- a/lib/internal/modules/esm/translators.js
+++ b/lib/internal/modules/esm/translators.js
@@ -523,6 +523,7 @@ translators.set('wasm', function(url, translateContext) {
   try {
     compiled = new WebAssembly.Module(source, {
       builtins: ['js-string'],
+      importedStringConstants: 'wasm:js/string-constants',
     });
   } catch (err) {
     err.message = errPath(url) + ': ' + err.message;
diff --git a/test/es-module/test-esm-wasm-source-phase-identity.mjs b/test/es-module/test-esm-wasm-source-phase-identity.mjs
new file mode 100644
index 00000000000000..2d742dfcff61ab
--- /dev/null
+++ b/test/es-module/test-esm-wasm-source-phase-identity.mjs
@@ -0,0 +1,11 @@
+// Regression test for source phase import identity with mixed eval/source
+// phase imports of the same module in one parent.
+import '../common/index.mjs';
+import { spawnSyncAndAssert } from '../common/child_process.js';
+import * as fixtures from '../common/fixtures.mjs';
+
+spawnSyncAndAssert(
+  process.execPath,
+  ['--no-warnings', fixtures.path('es-modules/test-wasm-source-phase-identity.mjs')],
+  { stdout: '', stderr: '', trim: true }
+);
diff --git a/test/fixtures/es-modules/js-string-builtins.wasm b/test/fixtures/es-modules/js-string-builtins.wasm
index b4c08587dd08e7..fe520bab1fbbf5 100644
Binary files a/test/fixtures/es-modules/js-string-builtins.wasm and b/test/fixtures/es-modules/js-string-builtins.wasm differ
diff --git a/test/fixtures/es-modules/js-string-builtins.wat b/test/fixtures/es-modules/js-string-builtins.wat
index 9bc55a8fa750cc..08f4ade8c4151c 100644
--- a/test/fixtures/es-modules/js-string-builtins.wat
+++ b/test/fixtures/es-modules/js-string-builtins.wat
@@ -4,11 +4,15 @@
   (import "wasm:js-string" "length" (func $string_length (param externref) (result i32)))
   (import "wasm:js-string" "concat" (func $string_concat (param externref externref) (result (ref extern))))
   (import "wasm:js-string" "equals" (func $string_equals (param externref externref) (result i32)))
+
+  ;; Import a string constant via importedStringConstants
+  (import "wasm:js/string-constants" "hello" (global $hello externref))
   
   ;; Export functions that use the builtins
   (export "getLength" (func $get_length))
   (export "concatStrings" (func $concat_strings))
   (export "compareStrings" (func $compare_strings))
+  (export "getHello" (func $get_hello))
   
   (func $get_length (param $str externref) (result i32)
     local.get $str
@@ -26,4 +30,8 @@
     local.get $str2
     call $string_equals
   )
+
+  (func $get_hello (result externref)
+    global.get $hello
+  )
 )
\ No newline at end of file
diff --git a/test/fixtures/es-modules/test-wasm-js-string-builtins.mjs b/test/fixtures/es-modules/test-wasm-js-string-builtins.mjs
index 2364f246b2558d..c76dcc39894932 100644
--- a/test/fixtures/es-modules/test-wasm-js-string-builtins.mjs
+++ b/test/fixtures/es-modules/test-wasm-js-string-builtins.mjs
@@ -6,3 +6,4 @@ strictEqual(wasmExports.getLength('hello'), 5);
 strictEqual(wasmExports.concatStrings('hello', ' world'), 'hello world');
 strictEqual(wasmExports.compareStrings('test', 'test'), 1);
 strictEqual(wasmExports.compareStrings('test', 'different'), 0);
+strictEqual(wasmExports.getHello(), 'hello');
diff --git a/test/fixtures/es-modules/test-wasm-source-phase-identity-parent.mjs b/test/fixtures/es-modules/test-wasm-source-phase-identity-parent.mjs
new file mode 100644
index 00000000000000..36d5765c17f0ad
--- /dev/null
+++ b/test/fixtures/es-modules/test-wasm-source-phase-identity-parent.mjs
@@ -0,0 +1,6 @@
+import * as mod1 from './simple.wasm';
+import * as mod2 from './simple.wasm';
+import source mod3 from './simple.wasm';
+import source mod4 from './simple.wasm';
+
+export { mod1, mod2, mod3, mod4 };
diff --git a/test/fixtures/es-modules/test-wasm-source-phase-identity.mjs b/test/fixtures/es-modules/test-wasm-source-phase-identity.mjs
new file mode 100644
index 00000000000000..84cf6261139038
--- /dev/null
+++ b/test/fixtures/es-modules/test-wasm-source-phase-identity.mjs
@@ -0,0 +1,14 @@
+import { strictEqual } from 'node:assert';
+
+// Pre-load simple.wasm at kSourcePhase to prime the loadCache.
+const preloaded = await import.source('./simple.wasm');
+strictEqual(preloaded instanceof WebAssembly.Module, true);
+
+// Import a parent that has both eval-phase and source-phase imports of the
+// same wasm file, which triggers ensurePhase(kEvaluationPhase) on the cached
+// job and exposes the loadCache eviction bug.
+const { mod1, mod2, mod3, mod4 } =
+  await import('./test-wasm-source-phase-identity-parent.mjs');
+
+strictEqual(mod1, mod2, 'two eval-phase imports of the same wasm must be identical');
+strictEqual(mod3, mod4, 'two source-phase imports of the same wasm must be identical');