diff --git a/thunder/dynamo/compiler.py b/thunder/dynamo/compiler.py
index fd4c194d91..2ee582bba0 100644
--- a/thunder/dynamo/compiler.py
+++ b/thunder/dynamo/compiler.py
@@ -29,7 +29,6 @@
 if TYPE_CHECKING:
     from typing import Any
     from thunder.dynamo.utils import SubgraphInfo
-    from thunder.core.transform_common import Transform
     from thunder.core.trace import TraceCtx as Trace
     from os import PathLike
     from collections.abc import Callable
diff --git a/thunder/dynamo/splitter.py b/thunder/dynamo/splitter.py
index 7949937ca5..7e1e39533d 100644
--- a/thunder/dynamo/splitter.py
+++ b/thunder/dynamo/splitter.py
@@ -2,6 +2,7 @@
 from typing import TYPE_CHECKING
 import copy
 from functools import partial
+import itertools
 
 import torch
 from torch.fx.passes.split_module import split_module
@@ -25,6 +26,19 @@
     from collections.abc import Callable
 
 
+def _copy_without_tensors(module: torch.nn.Module) -> torch.nn.Module:
+    """Clone a ``torch.nn.Module`` while sharing parameter and buffer tensors.
+
+    ``copy.deepcopy`` on a ``GraphModule`` duplicates all parameters and buffers,
+    which can be extremely costly for large models.  By populating the ``memo``
+    argument with those tensors, we ensure the cloned module reuses the original
+    storage, dramatically reducing memory overhead during splitting.
+    """
+
+    memo = {id(t): t for t in itertools.chain(module.parameters(), module.buffers())}
+    return copy.deepcopy(module, memo)
+
+
 def _splitter(
     gm: torch.fx.GraphModule,
     thunder_jit: Callable,
@@ -156,8 +170,8 @@ def callback(node) -> int:
         split_gm.graph.output(())
 
     # If split_gm contains Parameters or Tensors then deepcopy would also create their copies.
-    # TODO: Eliminate deepcopy
-    original_split_gm = copy.deepcopy(split_gm)
+    # To avoid duplicating model weights, perform a deepcopy that shares tensors.
+    original_split_gm = _copy_without_tensors(split_gm)
 
     def is_thunder_supported_partition(node: torch.fx.Node) -> bool:
         return node.name.startswith("submod") and int(node.name.replace("submod_", "")) in supported_partitions
diff --git a/thunder/tests/test_transforms.py b/thunder/tests/test_transforms.py
index b2dd84fd0c..d76d0a484b 100644
--- a/thunder/tests/test_transforms.py
+++ b/thunder/tests/test_transforms.py
@@ -588,7 +588,6 @@ def test_disable_params_and_buffer_check():
 
 @pytest.mark.parametrize("dynamic", (False, True))
 def test_disable_params_check_thunderfx(dynamic: bool):
-    from thunder.transforms.extraction_only_prologue_transform import ExtractionOnlyPrologueTransform
     from thunder.dynamo import thunderfx
 
     class Model(torch.nn.Module):