diff --git a/Cargo.lock b/Cargo.lock
index 5c1ddfbb447c8..c6265d7bf4c52 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -394,7 +394,7 @@ dependencies = [
 [[package]]
 name = "auto-hash-map"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "serde",
 ]
@@ -3426,7 +3426,7 @@ dependencies = [
 [[package]]
 name = "node-file-trace"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "serde",
@@ -7036,7 +7036,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7067,7 +7067,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-build"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "cargo-lock",
@@ -7079,7 +7079,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-bytes"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "bytes",
@@ -7094,7 +7094,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-env"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "dotenvy",
@@ -7108,7 +7108,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-fetch"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "indexmap",
@@ -7125,7 +7125,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-fs"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7155,7 +7155,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-hash"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "base16",
  "hex",
@@ -7167,7 +7167,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-macros"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "convert_case 0.6.0",
@@ -7181,7 +7181,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-macros-shared"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -7191,7 +7191,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-malloc"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "mimalloc",
 ]
@@ -7199,7 +7199,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-memory"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7222,7 +7222,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-testing"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7234,7 +7234,7 @@ dependencies = [
 [[package]]
 name = "turbopack"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-recursion",
@@ -7264,7 +7264,7 @@ dependencies = [
 [[package]]
 name = "turbopack-bench"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "chromiumoxide",
@@ -7294,7 +7294,7 @@ dependencies = [
 [[package]]
 name = "turbopack-binding"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "auto-hash-map",
  "mdxjs",
@@ -7335,7 +7335,7 @@ dependencies = [
 [[package]]
 name = "turbopack-cli-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "clap 4.1.11",
@@ -7359,7 +7359,7 @@ dependencies = [
 [[package]]
 name = "turbopack-core"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7387,7 +7387,7 @@ dependencies = [
 [[package]]
 name = "turbopack-create-test-app"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "clap 4.1.11",
@@ -7400,7 +7400,7 @@ dependencies = [
 [[package]]
 name = "turbopack-css"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7422,7 +7422,7 @@ dependencies = [
 [[package]]
 name = "turbopack-dev"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "indexmap",
@@ -7446,7 +7446,7 @@ dependencies = [
 [[package]]
 name = "turbopack-dev-server"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-compression",
@@ -7481,7 +7481,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7514,7 +7514,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-plugins"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7535,7 +7535,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-runtime"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "indoc",
@@ -7552,7 +7552,7 @@ dependencies = [
 [[package]]
 name = "turbopack-env"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "indexmap",
@@ -7568,7 +7568,7 @@ dependencies = [
 [[package]]
 name = "turbopack-image"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "base64 0.21.0",
@@ -7588,7 +7588,7 @@ dependencies = [
 [[package]]
 name = "turbopack-json"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "serde",
@@ -7603,7 +7603,7 @@ dependencies = [
 [[package]]
 name = "turbopack-mdx"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "mdxjs",
@@ -7618,7 +7618,7 @@ dependencies = [
 [[package]]
 name = "turbopack-node"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "async-stream",
@@ -7653,7 +7653,7 @@ dependencies = [
 [[package]]
 name = "turbopack-static"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "serde",
@@ -7669,7 +7669,7 @@ dependencies = [
 [[package]]
 name = "turbopack-swc-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "swc_core",
  "turbo-tasks",
@@ -7680,7 +7680,7 @@ dependencies = [
 [[package]]
 name = "turbopack-test-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.2#a066e12989dcc8f7dd4ba1d3c4bd111be1d33a6a"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-230526.5#e1f7c46fff2ee6deaa191e00ace412781c328023"
 dependencies = [
  "anyhow",
  "once_cell",
diff --git a/Cargo.toml b/Cargo.toml
index ea5a136824ac4..30600a4ae1fd3 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -42,11 +42,11 @@ swc_core = { version = "0.76.18" }
 testing = { version = "0.33.11" }
 
 # Turbo crates
-turbopack-binding = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-230526.2" }
+turbopack-binding = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-230526.5" }
 # [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-230526.2" }
+turbo-tasks = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-230526.5" }
 # [TODO]: need to refactor embed_directory! macro usage in next-core
-turbo-tasks-fs = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-230526.2" }
+turbo-tasks-fs = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-230526.5" }
 
 # General Deps
 
diff --git a/packages/next-swc/crates/next-core/js/package.json b/packages/next-swc/crates/next-core/js/package.json
index 4c6eb7945a402..3ceb2486bf929 100644
--- a/packages/next-swc/crates/next-core/js/package.json
+++ b/packages/next-swc/crates/next-core/js/package.json
@@ -10,8 +10,8 @@
     "check": "tsc --noEmit"
   },
   "dependencies": {
-    "@vercel/turbopack-ecmascript-runtime": "https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.2",
-    "@vercel/turbopack-node": "https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.2",
+    "@vercel/turbopack-ecmascript-runtime": "https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.5",
+    "@vercel/turbopack-node": "https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.5",
     "anser": "^2.1.1",
     "css.escape": "^1.5.1",
     "next": "*",
diff --git a/packages/next-swc/crates/next-core/src/app_source.rs b/packages/next-swc/crates/next-core/src/app_source.rs
index fd54ba0d9be6c..e34da0cbb58cc 100644
--- a/packages/next-swc/crates/next-core/src/app_source.rs
+++ b/packages/next-swc/crates/next-core/src/app_source.rs
@@ -1,15 +1,12 @@
 use std::{collections::HashMap, io::Write, iter::once};
 
-use anyhow::Result;
+use anyhow::{bail, Result};
 use async_recursion::async_recursion;
 use indexmap::{indexmap, IndexMap};
 use turbo_tasks::{primitives::JsonValueVc, TryJoinIterExt, ValueToString};
 use turbopack_binding::{
     turbo::{
-        tasks::{
-            primitives::{OptionStringVc, StringVc},
-            Value,
-        },
+        tasks::{primitives::StringVc, Value},
         tasks_env::{CustomProcessEnvVc, EnvMapVc, ProcessEnvVc},
         tasks_fs::{rope::RopeBuilder, File, FileContent, FileSystemPathVc},
     },
@@ -22,7 +19,8 @@ use turbopack_binding::{
             environment::{EnvironmentIntention, ServerAddrVc},
             issue::{Issue, IssueSeverity, IssueSeverityVc, IssueVc},
             reference_type::{
-                EcmaScriptModulesReferenceSubType, EntryReferenceSubType, ReferenceType,
+                EcmaScriptModulesReferenceSubType, EntryReferenceSubType, InnerAssetsVc,
+                ReferenceType,
             },
             source_asset::SourceAssetVc,
             virtual_asset::VirtualAssetVc,
@@ -41,8 +39,6 @@ use turbopack_binding::{
             magic_identifier,
             text::TextContentSourceAssetVc,
             utils::{FormatIter, StringifyJs},
-            EcmascriptInputTransformsVc, EcmascriptModuleAssetType, EcmascriptModuleAssetVc,
-            InnerAssetsVc,
         },
         env::ProcessEnvAssetVc,
         node::{
@@ -55,7 +51,6 @@ use turbopack_binding::{
         },
         r#static::{fixed::FixedStaticAssetVc, StaticModuleAssetVc},
         turbopack::{
-            ecmascript::EcmascriptInputTransform,
             transition::{TransitionVc, TransitionsByNameVc},
             ModuleAssetContextVc,
         },
@@ -69,7 +64,6 @@ use crate::{
         get_entrypoints, get_global_metadata, Components, Entrypoint, GlobalMetadataVc, LoaderTree,
         LoaderTreeVc, Metadata, MetadataItem, MetadataWithAltItem, OptionAppDirVc,
     },
-    asset_helpers::as_es_module_asset,
     bootstrap::{route_bootstrap, BootstrapConfigVc},
     embed_js::{next_asset, next_js_file, next_js_file_path},
     env::env_for_js,
@@ -872,8 +866,7 @@ import {}, {{ chunks as {} }} from "COMPONENT_{}";
                             SourceAssetVc::new(*path).into(),
                             BlurPlaceholderMode::None,
                             state.context,
-                        )
-                        .into(),
+                        ),
                     );
                     writeln!(state.loader_tree_code, "{s}(async (props) => [{{")?;
                     writeln!(state.loader_tree_code, "{s}  url: {identifier}.src,")?;
@@ -895,12 +888,11 @@ import {}, {{ chunks as {} }} from "COMPONENT_{}";
                             .push(format!("import {identifier} from \"{inner_module_id}\";"));
                         state.inner_assets.insert(
                             inner_module_id,
-                            as_es_module_asset(
+                            state.context.process(
                                 TextContentSourceAssetVc::new(SourceAssetVc::new(*alt_path).into())
                                     .into(),
-                                state.context,
-                            )
-                            .into(),
+                                Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
+                            ),
                         );
                         writeln!(state.loader_tree_code, "{s}  alt: {identifier},")?;
                     }
@@ -1026,6 +1018,15 @@ import {}, {{ chunks as {} }} from "COMPONENT_{}";
         .reference_chunk_source_maps(false)
         .build();
 
+        let module = context.process(
+            asset.into(),
+            Value::new(ReferenceType::Internal(InnerAssetsVc::cell(inner_assets))),
+        );
+
+        let Some(module) = EvaluatableAssetVc::resolve_from(module).await? else {
+            bail!("internal module must be evaluatable");
+        };
+
         Ok(NodeRenderingEntry {
             runtime_entries: EvaluatableAssetsVc::cell(
                 runtime_entries
@@ -1034,26 +1035,7 @@ import {}, {{ chunks as {} }} from "COMPONENT_{}";
                     .map(|entry| EvaluatableAssetVc::from_asset(*entry, context))
                     .collect(),
             ),
-            module: EcmascriptModuleAssetVc::new_with_inner_assets(
-                asset.into(),
-                context,
-                Value::new(EcmascriptModuleAssetType::Typescript),
-                EcmascriptInputTransformsVc::cell(vec![
-                    EcmascriptInputTransform::React {
-                        // The App source is currently only used in the development mode.
-                        development: true,
-                        refresh: false,
-                        import_source: OptionStringVc::cell(None),
-                        runtime: OptionStringVc::cell(None),
-                    },
-                    EcmascriptInputTransform::TypeScript {
-                        use_define_for_class_fields: false,
-                    },
-                ]),
-                Default::default(),
-                context.compile_time_info(),
-                InnerAssetsVc::cell(inner_assets),
-            ),
+            module,
             chunking_context,
             intermediate_output_path,
             output_root: intermediate_output_path.root(),
@@ -1140,19 +1122,18 @@ impl AppRouteVc {
                     Value::new(ReferenceType::Entry(EntryReferenceSubType::AppRoute)),
                 );
 
-                EcmascriptModuleAssetVc::new_with_inner_assets(
+                let module = this.context.process(
                     internal_asset,
-                    this.context,
-                    Value::new(EcmascriptModuleAssetType::Typescript),
-                    EcmascriptInputTransformsVc::cell(vec![EcmascriptInputTransform::TypeScript {
-                        use_define_for_class_fields: false,
-                    }]),
-                    Default::default(),
-                    this.context.compile_time_info(),
-                    InnerAssetsVc::cell(indexmap! {
+                    Value::new(ReferenceType::Internal(InnerAssetsVc::cell(indexmap! {
                         "ROUTE_CHUNK_GROUP".to_string() => entry
-                    }),
-                )
+                    }))),
+                );
+
+                let Some(module) = EvaluatableAssetVc::resolve_from(module).await? else {
+                    bail!("internal module must be evaluatable");
+                };
+
+                module
             }
         };
 
diff --git a/packages/next-swc/crates/next-core/src/asset_helpers.rs b/packages/next-swc/crates/next-core/src/asset_helpers.rs
deleted file mode 100644
index d6d37bb3c60c5..0000000000000
--- a/packages/next-swc/crates/next-core/src/asset_helpers.rs
+++ /dev/null
@@ -1,27 +0,0 @@
-use turbo_tasks::Value;
-use turbopack_binding::turbopack::{
-    core::{
-        asset::AssetVc,
-        context::{AssetContext, AssetContextVc},
-    },
-    ecmascript::{
-        EcmascriptInputTransform, EcmascriptInputTransformsVc, EcmascriptModuleAssetType,
-        EcmascriptModuleAssetVc,
-    },
-};
-
-pub(crate) fn as_es_module_asset(
-    asset: AssetVc,
-    context: AssetContextVc,
-) -> EcmascriptModuleAssetVc {
-    EcmascriptModuleAssetVc::new(
-        asset,
-        context,
-        Value::new(EcmascriptModuleAssetType::Typescript),
-        EcmascriptInputTransformsVc::cell(vec![EcmascriptInputTransform::TypeScript {
-            use_define_for_class_fields: false,
-        }]),
-        Default::default(),
-        context.compile_time_info(),
-    )
-}
diff --git a/packages/next-swc/crates/next-core/src/bootstrap.rs b/packages/next-swc/crates/next-core/src/bootstrap.rs
index 5a60c8af0391d..9dc833f153d6d 100644
--- a/packages/next-swc/crates/next-core/src/bootstrap.rs
+++ b/packages/next-swc/crates/next-core/src/bootstrap.rs
@@ -5,21 +5,16 @@ use turbo_tasks_fs::{File, FileSystemPathVc};
 use turbopack_binding::turbopack::{
     core::{
         asset::{Asset, AssetVc},
+        chunk::EvaluatableAssetVc,
         context::{AssetContext, AssetContextVc},
         issue::{IssueSeverity, OptionIssueSourceVc},
-        reference_type::EcmaScriptModulesReferenceSubType,
+        reference_type::{EcmaScriptModulesReferenceSubType, InnerAssetsVc, ReferenceType},
         resolve::parse::RequestVc,
         virtual_asset::VirtualAssetVc,
     },
-    ecmascript::{
-        resolve::esm_resolve, utils::StringifyJs, EcmascriptInputTransform,
-        EcmascriptInputTransformsVc, EcmascriptModuleAssetType, EcmascriptModuleAssetVc,
-        InnerAssetsVc,
-    },
+    ecmascript::{resolve::esm_resolve, utils::StringifyJs, EcmascriptModuleAssetVc},
 };
 
-use crate::asset_helpers::as_es_module_asset;
-
 #[turbo_tasks::function]
 pub async fn route_bootstrap(
     asset: AssetVc,
@@ -27,7 +22,7 @@ pub async fn route_bootstrap(
     base_path: FileSystemPathVc,
     bootstrap_asset: AssetVc,
     config: BootstrapConfigVc,
-) -> Result<EcmascriptModuleAssetVc> {
+) -> Result<EvaluatableAssetVc> {
     let resolve_origin = if let Some(m) = EcmascriptModuleAssetVc::resolve_from(asset).await? {
         m.as_resolve_origin()
     } else {
@@ -83,7 +78,7 @@ pub async fn bootstrap(
     bootstrap_asset: AssetVc,
     inner_assets: InnerAssetsVc,
     config: BootstrapConfigVc,
-) -> Result<EcmascriptModuleAssetVc> {
+) -> Result<EvaluatableAssetVc> {
     let path = asset.ident().path().await?;
     let path = base_path
         .await?
@@ -106,7 +101,7 @@ pub async fn bootstrap(
     config.insert("PATHNAME".to_string(), pathname);
     config.insert("KIND".to_string(), "APP_ROUTE".to_string());
 
-    let config_asset = as_es_module_asset(
+    let config_asset = context.process(
         VirtualAssetVc::new(
             asset.ident().path().join("bootstrap-config.ts"),
             File::from(
@@ -119,26 +114,22 @@ pub async fn bootstrap(
             .into(),
         )
         .as_asset(),
-        context,
-    )
-    .as_asset();
+        Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
+    );
 
     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 = EcmascriptModuleAssetVc::new_with_inner_assets(
+    let asset = context.process(
         bootstrap_asset,
-        context,
-        Value::new(EcmascriptModuleAssetType::Typescript),
-        EcmascriptInputTransformsVc::cell(vec![EcmascriptInputTransform::TypeScript {
-            use_define_for_class_fields: false,
-        }]),
-        Default::default(),
-        context.compile_time_info(),
-        InnerAssetsVc::cell(inner_assets),
+        Value::new(ReferenceType::Internal(InnerAssetsVc::cell(inner_assets))),
     );
 
+    let Some(asset) = EvaluatableAssetVc::resolve_from(asset).await? else {
+        bail!("internal module must be evaluatable");
+    };
+
     Ok(asset)
 }
 
diff --git a/packages/next-swc/crates/next-core/src/lib.rs b/packages/next-swc/crates/next-core/src/lib.rs
index 4b6ed291f529c..41cdb7e6460c8 100644
--- a/packages/next-swc/crates/next-core/src/lib.rs
+++ b/packages/next-swc/crates/next-core/src/lib.rs
@@ -6,7 +6,6 @@ mod app_render;
 mod app_segment_config;
 mod app_source;
 pub mod app_structure;
-mod asset_helpers;
 mod babel;
 mod bootstrap;
 mod embed_js;
diff --git a/packages/next-swc/crates/next-core/src/next_client/transition.rs b/packages/next-swc/crates/next-core/src/next_client/transition.rs
index 767ebbbaadfe3..2211b566f7847 100644
--- a/packages/next-swc/crates/next-core/src/next_client/transition.rs
+++ b/packages/next-swc/crates/next-core/src/next_client/transition.rs
@@ -1,17 +1,15 @@
 use anyhow::{bail, Result};
 use indexmap::indexmap;
-use turbo_tasks::{primitives::OptionStringVc, Value};
+use turbo_tasks::Value;
 use turbopack_binding::turbopack::{
     core::{
         asset::AssetVc,
         chunk::{ChunkingContext, ChunkingContextVc},
         compile_time_info::CompileTimeInfoVc,
         context::AssetContext,
+        reference_type::{InnerAssetsVc, ReferenceType},
     },
-    ecmascript::{
-        chunk::EcmascriptChunkPlaceableVc, EcmascriptInputTransform, EcmascriptInputTransformsVc,
-        EcmascriptModuleAssetType, EcmascriptModuleAssetVc, InnerAssetsVc,
-    },
+    ecmascript::chunk::EcmascriptChunkPlaceableVc,
     turbopack::{
         ecmascript::chunk_group_files_asset::ChunkGroupFilesAsset,
         module_options::ModuleOptionsContextVc,
@@ -74,36 +72,18 @@ impl Transition for NextClientTransition {
         let asset = if !self.is_app {
             let internal_asset = next_asset("entry/next-hydrate.tsx");
 
-            EcmascriptModuleAssetVc::new_with_inner_assets(
+            context.process(
                 internal_asset,
-                context.into(),
-                Value::new(EcmascriptModuleAssetType::Typescript),
-                EcmascriptInputTransformsVc::cell(vec![
-                    EcmascriptInputTransform::TypeScript {
-                        use_define_for_class_fields: false,
-                    },
-                    EcmascriptInputTransform::React {
-                        // The Next Client transition is currently only used from the App and Page
-                        // sources, which are only used in the development mode.
-                        development: true,
-                        refresh: false,
-                        import_source: OptionStringVc::cell(None),
-                        runtime: OptionStringVc::cell(None),
-                    },
-                ]),
-                Default::default(),
-                context.compile_time_info(),
-                InnerAssetsVc::cell(indexmap! {
+                Value::new(ReferenceType::Internal(InnerAssetsVc::cell(indexmap! {
                     "PAGE".to_string() => asset
-                }),
+                }))),
             )
-            .into()
         } else {
-            let Some(asset) = EcmascriptChunkPlaceableVc::resolve_from(asset).await? else {
-                bail!("Not an ecmascript module");
-            };
             asset
         };
+        let Some(asset) = EcmascriptChunkPlaceableVc::resolve_from(asset).await? else {
+            bail!("not an ecmascript placeable module");
+        };
 
         let runtime_entries = self.runtime_entries.resolve_entries(context.into());
 
diff --git a/packages/next-swc/crates/next-core/src/next_client_component/server_to_client_transition.rs b/packages/next-swc/crates/next-core/src/next_client_component/server_to_client_transition.rs
index 0a4dac047de19..938c7fa184c0f 100644
--- a/packages/next-swc/crates/next-core/src/next_client_component/server_to_client_transition.rs
+++ b/packages/next-swc/crates/next-core/src/next_client_component/server_to_client_transition.rs
@@ -1,15 +1,11 @@
 use anyhow::Result;
 use indexmap::indexmap;
-use turbo_tasks::{primitives::OptionStringVc, Value};
+use turbo_tasks::Value;
 use turbopack_binding::turbopack::{
     core::{
         asset::AssetVc,
         context::AssetContext,
-        reference_type::{EntryReferenceSubType, ReferenceType},
-    },
-    ecmascript::{
-        EcmascriptInputTransform, EcmascriptInputTransformsVc, EcmascriptModuleAssetType,
-        EcmascriptModuleAssetVc, InnerAssetsVc,
+        reference_type::{EntryReferenceSubType, InnerAssetsVc, ReferenceType},
     },
     turbopack::{
         transition::{Transition, TransitionVc},
@@ -51,30 +47,12 @@ impl Transition for NextServerToClientTransition {
                 EntryReferenceSubType::AppClientComponent,
             )),
         );
-        Ok(EcmascriptModuleAssetVc::new_with_inner_assets(
+        Ok(context.process(
             internal_asset,
-            context.into(),
-            Value::new(EcmascriptModuleAssetType::Typescript),
-            EcmascriptInputTransformsVc::cell(vec![
-                EcmascriptInputTransform::TypeScript {
-                    use_define_for_class_fields: false,
-                },
-                EcmascriptInputTransform::React {
-                    // The server-to-client transition is currently only used from the App source,
-                    // which are only used in the development mode.
-                    development: true,
-                    refresh: false,
-                    import_source: OptionStringVc::cell(None),
-                    runtime: OptionStringVc::cell(None),
-                },
-            ]),
-            Default::default(),
-            context.compile_time_info(),
-            InnerAssetsVc::cell(indexmap! {
+            Value::new(ReferenceType::Internal(InnerAssetsVc::cell(indexmap! {
                 "CLIENT_MODULE".to_string() => client_module,
                 "CLIENT_CHUNKS".to_string() => client_chunks,
-            }),
-        )
-        .into())
+            }))),
+        ))
     }
 }
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 6e23aefb6f32c..497cd6eec872e 100644
--- a/packages/next-swc/crates/next-core/src/next_config.rs
+++ b/packages/next-swc/crates/next-core/src/next_config.rs
@@ -18,7 +18,7 @@ use turbopack_binding::{
             context::AssetContext,
             ident::AssetIdentVc,
             issue::{Issue, IssueContextExt, IssueSeverity, IssueSeverityVc, IssueVc},
-            reference_type::{EntryReferenceSubType, ReferenceType},
+            reference_type::{EntryReferenceSubType, InnerAssetsVc, ReferenceType},
             resolve::{
                 find_context_file,
                 options::{ImportMap, ImportMapping},
@@ -26,9 +26,6 @@ use turbopack_binding::{
             },
             source_asset::SourceAssetVc,
         },
-        ecmascript::{
-            EcmascriptInputTransformsVc, EcmascriptModuleAssetType, EcmascriptModuleAssetVc,
-        },
         ecmascript_plugin::transform::{
             emotion::EmotionTransformConfig, relay::RelayConfig,
             styled_components::StyledComponentsTransformConfig,
@@ -670,15 +667,11 @@ pub async fn load_next_config_internal(
     let config_changed = config_asset.map_or_else(CompletionVc::immutable, |config_asset| {
         // This invalidates the execution when anything referenced by the config file
         // changes
-        let config_asset = EcmascriptModuleAssetVc::new(
+        let config_asset = context.process(
             config_asset.into(),
-            context,
-            Value::new(EcmascriptModuleAssetType::Ecmascript),
-            EcmascriptInputTransformsVc::cell(vec![]),
-            Default::default(),
-            context.compile_time_info(),
+            Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
         );
-        any_content_changed(config_asset.into())
+        any_content_changed(config_asset)
     });
     let load_next_config_asset = context.process(
         next_asset("entry/config/next.js"),
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 7cd9722160fff..356339dcae2e3 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
@@ -406,7 +406,11 @@ async fn get_mock_stylesheet(
             tasks_fs::{DiskFileSystemVc, File, FileSystem},
         },
         turbopack::{
-            core::{context::AssetContext, ident::AssetIdentVc},
+            core::{
+                context::AssetContext,
+                ident::AssetIdentVc,
+                reference_type::{InnerAssetsVc, ReferenceType},
+            },
             ecmascript::{
                 EcmascriptInputTransformsVc, EcmascriptModuleAssetType, EcmascriptModuleAssetVc,
             },
@@ -440,26 +444,23 @@ async fn get_mock_stylesheet(
     } = *execution_context.await?;
     let context = node_evaluate_asset_context(execution_context, None, None);
     let loader_path = mock_fs.root().join("loader.js");
-    let mocked_response_asset = EcmascriptModuleAssetVc::new(
-        VirtualAssetVc::new(
-            loader_path,
-            File::from(format!(
-                "import data from './{}'; export default function load() {{ return data; }};",
-                response_path
-                    .file_name()
-                    .context("Must exist")?
-                    .to_string_lossy(),
-            ))
+    let mocked_response_asset = context
+        .process(
+            VirtualAssetVc::new(
+                loader_path,
+                File::from(format!(
+                    "import data from './{}'; export default function load() {{ return data; }};",
+                    response_path
+                        .file_name()
+                        .context("Must exist")?
+                        .to_string_lossy(),
+                ))
+                .into(),
+            )
             .into(),
+            Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
         )
-        .into(),
-        context,
-        Value::new(EcmascriptModuleAssetType::Ecmascript),
-        EcmascriptInputTransformsVc::cell(vec![]),
-        Default::default(),
-        context.compile_time_info(),
-    )
-    .into();
+        .into();
 
     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 263602d7804b1..e0699f69acf33 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
@@ -7,12 +7,9 @@ use turbopack_binding::{
             asset::AssetVc,
             context::{AssetContext, AssetContextVc},
             plugin::{CustomModuleType, CustomModuleTypeVc},
+            reference_type::{InnerAssetsVc, ReferenceType},
             resolve::ModulePartVc,
         },
-        ecmascript::{
-            EcmascriptInputTransformsVc, EcmascriptModuleAssetType, EcmascriptModuleAssetVc,
-            EcmascriptOptions, InnerAssetsVc,
-        },
         r#static::StaticModuleAssetVc,
     },
 };
@@ -47,25 +44,18 @@ impl StructuredImageModuleType {
         source: AssetVc,
         blur_placeholder_mode: BlurPlaceholderMode,
         context: AssetContextVc,
-    ) -> EcmascriptModuleAssetVc {
+    ) -> AssetVc {
         let static_asset = StaticModuleAssetVc::new(source, context);
-        EcmascriptModuleAssetVc::new_with_inner_assets(
+        context.process(
             StructuredImageSourceAsset {
                 image: source,
                 blur_placeholder_mode,
             }
             .cell()
             .into(),
-            context,
-            Value::new(EcmascriptModuleAssetType::Ecmascript),
-            EcmascriptInputTransformsVc::empty(),
-            Value::new(EcmascriptOptions {
-                ..Default::default()
-            }),
-            context.compile_time_info(),
-            InnerAssetsVc::cell(indexmap!(
+            Value::new(ReferenceType::Internal(InnerAssetsVc::cell(indexmap!(
                 "IMAGE".to_string() => static_asset.into()
-            )),
+            )))),
         )
     }
 }
@@ -89,6 +79,6 @@ impl CustomModuleType for StructuredImageModuleType {
         context: AssetContextVc,
         _part: Option<ModulePartVc>,
     ) -> AssetVc {
-        StructuredImageModuleType::create_module(source, self.blur_placeholder_mode, context).into()
+        StructuredImageModuleType::create_module(source, self.blur_placeholder_mode, context)
     }
 }
diff --git a/packages/next-swc/crates/next-core/src/next_image/source_asset.rs b/packages/next-swc/crates/next-core/src/next_image/source_asset.rs
index 0910aa8037249..2d6e7ff9c6f0a 100644
--- a/packages/next-swc/crates/next-core/src/next_image/source_asset.rs
+++ b/packages/next-swc/crates/next-core/src/next_image/source_asset.rs
@@ -43,7 +43,10 @@ pub struct StructuredImageSourceAsset {
 impl Asset for StructuredImageSourceAsset {
     #[turbo_tasks::function]
     fn ident(&self) -> AssetIdentVc {
-        self.image.ident().with_modifier(modifier())
+        self.image
+            .ident()
+            .with_modifier(modifier())
+            .rename_as("*.mjs")
     }
 
     #[turbo_tasks::function]
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 f8108a4172f92..585d5093f5989 100644
--- a/packages/next-swc/crates/next-core/src/page_loader.rs
+++ b/packages/next-swc/crates/next-core/src/page_loader.rs
@@ -10,20 +10,16 @@ use turbopack_binding::{
             asset::{Asset, AssetContentVc, AssetVc, AssetsVc},
             chunk::{
                 ChunkDataVc, ChunkableAsset, ChunkingContext, ChunkingContextVc, ChunksDataVc,
-                EvaluatableAssetsVc,
+                EvaluatableAssetVc, EvaluatableAssetsVc,
             },
             context::{AssetContext, AssetContextVc},
             ident::AssetIdentVc,
             reference::{AssetReferencesVc, SingleAssetReferenceVc},
-            reference_type::{EntryReferenceSubType, ReferenceType},
+            reference_type::{EntryReferenceSubType, InnerAssetsVc, ReferenceType},
             virtual_asset::VirtualAssetVc,
         },
         dev_server::source::{asset_graph::AssetGraphContentSourceVc, ContentSourceVc},
-        ecmascript::{
-            chunk::EcmascriptChunkData, utils::StringifyJs, EcmascriptInputTransform,
-            EcmascriptInputTransformsVc, EcmascriptModuleAssetType, EcmascriptModuleAssetVc,
-            InnerAssetsVc,
-        },
+        ecmascript::{chunk::EcmascriptChunkData, utils::StringifyJs},
     },
 };
 
@@ -90,23 +86,22 @@ impl PageLoaderAssetVc {
 
         let loader_entry_asset = self.get_loader_entry_asset();
 
-        let asset = EcmascriptModuleAssetVc::new_with_inner_assets(
+        let module = this.client_context.process(
             loader_entry_asset,
-            this.client_context,
-            Value::new(EcmascriptModuleAssetType::Typescript),
-            EcmascriptInputTransformsVc::cell(vec![EcmascriptInputTransform::TypeScript {
-                use_define_for_class_fields: false,
-            }]),
-            Default::default(),
-            this.client_context.compile_time_info(),
-            InnerAssetsVc::cell(indexmap! {
-                "PAGE".to_string() => this.client_context.process(this.entry_asset, Value::new(ReferenceType::Entry(EntryReferenceSubType::Page)))
-            }),
+            Value::new(ReferenceType::Internal(
+                InnerAssetsVc::cell(indexmap! {
+                    "PAGE".to_string() => this.client_context.process(this.entry_asset, Value::new(ReferenceType::Entry(EntryReferenceSubType::Page)))
+                })
+            )),
         );
 
+        let Some(module) = EvaluatableAssetVc::resolve_from(module).await? else {
+            bail!("internal module must be evaluatable");
+        };
+
         Ok(this.client_chunking_context.evaluated_chunk_group(
-            asset.as_root_chunk(this.client_chunking_context),
-            EvaluatableAssetsVc::one(asset.into()),
+            module.as_root_chunk(this.client_chunking_context),
+            EvaluatableAssetsVc::one(module),
         ))
     }
 
diff --git a/packages/next-swc/crates/next-core/src/page_source.rs b/packages/next-swc/crates/next-core/src/page_source.rs
index 3ab755caa9c16..e83dec33b7e3f 100644
--- a/packages/next-swc/crates/next-core/src/page_source.rs
+++ b/packages/next-swc/crates/next-core/src/page_source.rs
@@ -1,8 +1,8 @@
-use anyhow::Result;
+use anyhow::{bail, Result};
 use indexmap::indexmap;
 use serde::{Deserialize, Serialize};
 use turbo_tasks::{
-    primitives::{JsonValueVc, OptionStringVc, StringVc, StringsVc},
+    primitives::{JsonValueVc, StringVc, StringsVc},
     trace::TraceRawVcs,
     Value,
 };
@@ -17,7 +17,7 @@ use turbopack_binding::{
             chunk::{ChunkingContextVc, EvaluatableAssetVc, EvaluatableAssetsVc},
             context::{AssetContext, AssetContextVc},
             environment::{EnvironmentIntention, ServerAddrVc},
-            reference_type::{EntryReferenceSubType, ReferenceType},
+            reference_type::{EntryReferenceSubType, InnerAssetsVc, ReferenceType},
             source_asset::SourceAssetVc,
         },
         dev::DevChunkingContextVc,
@@ -30,10 +30,6 @@ use turbopack_binding::{
                 ContentSourceData, ContentSourceVc,
             },
         },
-        ecmascript::{
-            EcmascriptInputTransform, EcmascriptInputTransformsVc, EcmascriptModuleAssetType,
-            EcmascriptModuleAssetVc, InnerAssetsVc,
-        },
         env::ProcessEnvAssetVc,
         node::{
             execution_context::ExecutionContextVc,
@@ -833,6 +829,13 @@ impl SsrEntryVc {
             }
         };
 
+        let module = this.context.process(
+            internal_asset,
+            Value::new(ReferenceType::Internal(InnerAssetsVc::cell(inner_assets))),
+        );
+        let Some(module) = EvaluatableAssetVc::resolve_from(module).await? else {
+            bail!("internal module must be evaluatable");
+        };
         Ok(NodeRenderingEntry {
             runtime_entries: EvaluatableAssetsVc::cell(
                 this.runtime_entries
@@ -841,26 +844,7 @@ impl SsrEntryVc {
                     .map(|entry| EvaluatableAssetVc::from_asset(*entry, this.context))
                     .collect(),
             ),
-            module: EcmascriptModuleAssetVc::new_with_inner_assets(
-                internal_asset,
-                this.context,
-                Value::new(EcmascriptModuleAssetType::Typescript),
-                EcmascriptInputTransformsVc::cell(vec![
-                    EcmascriptInputTransform::TypeScript {
-                        use_define_for_class_fields: false,
-                    },
-                    EcmascriptInputTransform::React {
-                        // The Page source is currently only used in the development mode.
-                        development: true,
-                        refresh: false,
-                        import_source: OptionStringVc::cell(None),
-                        runtime: OptionStringVc::cell(None),
-                    },
-                ]),
-                Default::default(),
-                this.context.compile_time_info(),
-                InnerAssetsVc::cell(inner_assets),
-            ),
+            module,
             chunking_context: this.chunking_context,
             intermediate_output_path: this.node_path,
             output_root: this.node_root,
diff --git a/packages/next-swc/crates/next-core/src/router.rs b/packages/next-swc/crates/next-core/src/router.rs
index 7f3d9f36f2719..23a0243868575 100644
--- a/packages/next-swc/crates/next-core/src/router.rs
+++ b/packages/next-swc/crates/next-core/src/router.rs
@@ -16,23 +16,19 @@ use turbopack_binding::{
     },
     turbopack::{
         core::{
-            asset::AssetVc,
+            asset::{AssetOptionVc, AssetVc},
             changed::any_content_changed,
             chunk::ChunkingContext,
             context::{AssetContext, AssetContextVc},
             environment::{EnvironmentIntention::Middleware, ServerAddrVc, ServerInfo},
             ident::AssetIdentVc,
             issue::IssueVc,
-            reference_type::{EcmaScriptModulesReferenceSubType, ReferenceType},
+            reference_type::{EcmaScriptModulesReferenceSubType, InnerAssetsVc, ReferenceType},
             resolve::{find_context_file, FindContextFileResult},
             source_asset::SourceAssetVc,
             virtual_asset::VirtualAssetVc,
         },
         dev::DevChunkingContextVc,
-        ecmascript::{
-            EcmascriptInputTransform, EcmascriptInputTransformsVc, EcmascriptModuleAssetType,
-            EcmascriptModuleAssetVc, InnerAssetsVc, OptionEcmascriptModuleAssetVc,
-        },
         node::{
             evaluate::evaluate,
             execution_context::{ExecutionContext, ExecutionContextVc},
@@ -45,7 +41,6 @@ use turbopack_binding::{
 };
 
 use crate::{
-    asset_helpers::as_es_module_asset,
     embed_js::next_asset,
     mode::NextMode,
     next_config::NextConfigVc,
@@ -146,16 +141,16 @@ async fn get_config(
     context: AssetContextVc,
     project_path: FileSystemPathVc,
     configs: StringsVc,
-) -> Result<OptionEcmascriptModuleAssetVc> {
+) -> Result<AssetOptionVc> {
     let find_config_result = find_context_file(project_path, configs);
     let config_asset = match &*find_config_result.await? {
-        FindContextFileResult::Found(config_path, _) => Some(as_es_module_asset(
+        FindContextFileResult::Found(config_path, _) => Some(context.process(
             SourceAssetVc::new(*config_path).as_asset(),
-            context,
+            Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
         )),
         FindContextFileResult::NotFound(_) => None,
     };
-    Ok(OptionEcmascriptModuleAssetVc::cell(config_asset))
+    Ok(AssetOptionVc::cell(config_asset))
 }
 
 #[turbo_tasks::function]
@@ -165,7 +160,7 @@ async fn next_config_changed(
 ) -> Result<CompletionVc> {
     let next_config = get_config(context, project_path, next_configs()).await?;
     Ok(if let Some(c) = *next_config {
-        any_content_changed(c.into())
+        any_content_changed(c)
     } else {
         CompletionVc::immutable()
     })
@@ -187,30 +182,29 @@ async fn config_assets(
     let (manifest, config) = match &*middleware_config {
         Some(c) => {
             let manifest = context.with_transition("next-edge").process(
-                c.as_asset(),
+                *c,
                 Value::new(ReferenceType::EcmaScriptModules(
                     EcmaScriptModulesReferenceSubType::Undefined,
                 )),
             );
-            let config = parse_config_from_source(c.as_asset());
+            let config = parse_config_from_source(*c);
             (manifest, config)
         }
         None => {
-            let manifest = as_es_module_asset(
+            let manifest = context.process(
                 VirtualAssetVc::new(
                     project_path.join("middleware.js"),
                     File::from("export default [];").into(),
                 )
                 .as_asset(),
-                context,
-            )
-            .as_asset();
+                Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
+            );
             let config = NextSourceConfigVc::default();
             (manifest, config)
         }
     };
 
-    let config_asset = as_es_module_asset(
+    let config_asset = context.process(
         VirtualAssetVc::new(
             project_path.join("middleware_config.js"),
             File::from(format!(
@@ -220,9 +214,8 @@ async fn config_assets(
             .into(),
         )
         .as_asset(),
-        context,
-    )
-    .as_asset();
+        Value::new(ReferenceType::Internal(InnerAssetsVc::empty())),
+    );
 
     Ok(InnerAssetsVc::cell(indexmap! {
         "MIDDLEWARE_CHUNK_GROUP".to_string() => manifest,
@@ -232,18 +225,10 @@ async fn config_assets(
 
 #[turbo_tasks::function]
 fn route_executor(context: AssetContextVc, configs: InnerAssetsVc) -> AssetVc {
-    EcmascriptModuleAssetVc::new_with_inner_assets(
+    context.process(
         next_asset("entry/router.ts"),
-        context,
-        Value::new(EcmascriptModuleAssetType::Typescript),
-        EcmascriptInputTransformsVc::cell(vec![EcmascriptInputTransform::TypeScript {
-            use_define_for_class_fields: false,
-        }]),
-        Default::default(),
-        context.compile_time_info(),
-        configs,
+        Value::new(ReferenceType::Internal(configs)),
     )
-    .into()
 }
 
 #[turbo_tasks::function]
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index f838224561c2f..3847b0c54bbdd 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -1012,8 +1012,8 @@ importers:
       '@types/react': 18.2.5
       '@types/react-dom': 18.2.3
       '@vercel/ncc': ^0.36.0
-      '@vercel/turbopack-ecmascript-runtime': https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.2
-      '@vercel/turbopack-node': https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.2
+      '@vercel/turbopack-ecmascript-runtime': https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.5
+      '@vercel/turbopack-node': https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.5
       anser: ^2.1.1
       css.escape: ^1.5.1
       find-up: ^6.3.0
@@ -1025,8 +1025,8 @@ importers:
       stacktrace-parser: ^0.1.10
       strip-ansi: ^7.0.1
     dependencies:
-      '@vercel/turbopack-ecmascript-runtime': '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.2_react-refresh@0.12.0'
-      '@vercel/turbopack-node': '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.2'
+      '@vercel/turbopack-ecmascript-runtime': '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.5_react-refresh@0.12.0'
+      '@vercel/turbopack-node': '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.5'
       anser: 2.1.1
       css.escape: 1.5.1
       next: link:../../../../next
@@ -25490,9 +25490,9 @@ packages:
   /zwitch/2.0.4:
     resolution: {integrity: sha512-bXE4cR/kVZhKZX/RjPEflHaKVhUVl85noU3v6b8apfQEc1x4A+zBxjZ4lN8LqGd6WZ3dl98pY4o717VFmoPp+A==}
 
-  '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.2_react-refresh@0.12.0':
-    resolution: {tarball: https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.2}
-    id: '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.2'
+  '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.5_react-refresh@0.12.0':
+    resolution: {tarball: https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.5}
+    id: '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-230526.5'
     name: '@vercel/turbopack-ecmascript-runtime'
     version: 0.0.0
     dependencies:
@@ -25503,8 +25503,8 @@ packages:
       - webpack
     dev: false
 
-  '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.2':
-    resolution: {tarball: https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.2}
+  '@gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.5':
+    resolution: {tarball: https://gitpkg.vercel.app/vercel/turbo/crates/turbopack-node/js?turbopack-230526.5}
     name: '@vercel/turbopack-node'
     version: 0.0.0
     dependencies:
diff --git a/test/development/jsconfig-path-reloading/index.test.ts b/test/development/jsconfig-path-reloading/index.test.ts
index a24b0a435a589..699db37a9706b 100644
--- a/test/development/jsconfig-path-reloading/index.test.ts
+++ b/test/development/jsconfig-path-reloading/index.test.ts
@@ -70,8 +70,8 @@ describe('jsconfig-path-reloading', () => {
         const html = await browser.eval('document.documentElement.innerHTML')
         expect(html).toContain('first button')
         expect(html).toContain('second button')
-        expect(html).toContain('first-data')
-        expect(html).not.toContain('second-data')
+        expect(html).toContain('id="first-data"')
+        expect(html).not.toContain('id="second-data"')
 
         await next.patchFile(
           indexPage,
@@ -114,7 +114,8 @@ describe('jsconfig-path-reloading', () => {
         await next.patchFile(tsConfigFile, tsconfigContent)
         await check(async () => {
           const html3 = await browser.eval('document.documentElement.innerHTML')
-          return html3.includes('first-data') && !html3.includes('second-data')
+          return html3.includes('id="first-data"') &&
+            !html3.includes('id="second-data"')
             ? 'success'
             : html3
         }, 'success')
diff --git a/test/development/tsconfig-path-reloading/index.test.ts b/test/development/tsconfig-path-reloading/index.test.ts
index ef679796d489d..551adc459d4a1 100644
--- a/test/development/tsconfig-path-reloading/index.test.ts
+++ b/test/development/tsconfig-path-reloading/index.test.ts
@@ -70,8 +70,8 @@ describe('tsconfig-path-reloading', () => {
         const html = await browser.eval('document.documentElement.innerHTML')
         expect(html).toContain('first button')
         expect(html).toContain('second button')
-        expect(html).toContain('first-data')
-        expect(html).not.toContain('second-data')
+        expect(html).toContain('id="first-data"')
+        expect(html).not.toContain('id="second-data"')
 
         await next.patchFile(
           indexPage,
@@ -114,7 +114,8 @@ describe('tsconfig-path-reloading', () => {
         await next.patchFile(tsConfigFile, tsconfigContent)
         await check(async () => {
           const html3 = await browser.eval('document.documentElement.innerHTML')
-          return html3.includes('first-data') && !html3.includes('second-data')
+          return html3.includes('id="first-data"') &&
+            !html3.includes('id="second-data"')
             ? 'success'
             : html3
         }, 'success')