diff --git a/packages/vite/src/client/client.ts b/packages/vite/src/client/client.ts
index ad57ce65371ecd..9c9fd3641492d1 100644
--- a/packages/vite/src/client/client.ts
+++ b/packages/vite/src/client/client.ts
@@ -1,3 +1,4 @@
+/// <reference types="rolldown/experimental/runtime-types" />
 import type { ErrorPayload, HotPayload } from 'types/hmrPayload'
 import type { ViteHotContext } from 'types/hot'
 import { HMRClient, HMRContext } from '../shared/hmr'
@@ -20,6 +21,7 @@ declare const __HMR_BASE__: string
 declare const __HMR_TIMEOUT__: number
 declare const __HMR_ENABLE_OVERLAY__: boolean
 declare const __WS_TOKEN__: string
+declare const __FULL_BUNDLE_MODE__: boolean
 
 console.debug('[vite] connecting...')
 
@@ -37,6 +39,7 @@ const directSocketHost = __HMR_DIRECT_TARGET__
 const base = __BASE__ || '/'
 const hmrTimeout = __HMR_TIMEOUT__
 const wsToken = __WS_TOKEN__
+const isFullBundleMode = __FULL_BUNDLE_MODE__
 
 const transport = normalizeModuleRunnerTransport(
   (() => {
@@ -140,32 +143,53 @@ const hmrClient = new HMRClient(
     debug: (...msg) => console.debug('[vite]', ...msg),
   },
   transport,
-  async function importUpdatedModule({
-    acceptedPath,
-    timestamp,
-    explicitImportRequired,
-    isWithinCircularImport,
-  }) {
-    const [acceptedPathWithoutQuery, query] = acceptedPath.split(`?`)
-    const importPromise = import(
-      /* @vite-ignore */
-      base +
-        acceptedPathWithoutQuery.slice(1) +
-        `?${explicitImportRequired ? 'import&' : ''}t=${timestamp}${
-          query ? `&${query}` : ''
-        }`
-    )
-    if (isWithinCircularImport) {
-      importPromise.catch(() => {
-        console.info(
-          `[hmr] ${acceptedPath} failed to apply HMR as it's within a circular import. Reloading page to reset the execution order. ` +
-            `To debug and break the circular import, you can run \`vite --debug hmr\` to log the circular dependency path if a file change triggered it.`,
+  isFullBundleMode
+    ? async function importUpdatedModule({
+        url,
+        acceptedPath,
+        isWithinCircularImport,
+      }) {
+        const importPromise = import(base + url!).then(() =>
+          // @ts-expect-error globalThis.__rolldown_runtime__
+          globalThis.__rolldown_runtime__.loadExports(acceptedPath),
         )
-        pageReload()
-      })
-    }
-    return await importPromise
-  },
+        if (isWithinCircularImport) {
+          importPromise.catch(() => {
+            console.info(
+              `[hmr] ${acceptedPath} failed to apply HMR as it's within a circular import. Reloading page to reset the execution order. ` +
+                `To debug and break the circular import, you can run \`vite --debug hmr\` to log the circular dependency path if a file change triggered it.`,
+            )
+            pageReload()
+          })
+        }
+        return await importPromise
+      }
+    : async function importUpdatedModule({
+        acceptedPath,
+        timestamp,
+        explicitImportRequired,
+        isWithinCircularImport,
+      }) {
+        const [acceptedPathWithoutQuery, query] = acceptedPath.split(`?`)
+        const importPromise = import(
+          /* @vite-ignore */
+          base +
+            acceptedPathWithoutQuery.slice(1) +
+            `?${explicitImportRequired ? 'import&' : ''}t=${timestamp}${
+              query ? `&${query}` : ''
+            }`
+        )
+        if (isWithinCircularImport) {
+          importPromise.catch(() => {
+            console.info(
+              `[hmr] ${acceptedPath} failed to apply HMR as it's within a circular import. Reloading page to reset the execution order. ` +
+                `To debug and break the circular import, you can run \`vite --debug hmr\` to log the circular dependency path if a file change triggered it.`,
+            )
+            pageReload()
+          })
+        }
+        return await importPromise
+      },
 )
 transport.connect!(createHMRHandler(handleMessage))
 
@@ -575,3 +599,28 @@ export function injectQuery(url: string, queryToInject: string): string {
 }
 
 export { ErrorOverlay }
+
+if (isFullBundleMode && typeof DevRuntime !== 'undefined') {
+  class ViteDevRuntime extends DevRuntime {
+    override createModuleHotContext(moduleId: string) {
+      const ctx = createHotContext(moduleId)
+      // @ts-expect-error TODO: support CSS
+      ctx._internal = {
+        updateStyle,
+        removeStyle,
+      }
+      // @ts-expect-error TODO: support this function (used by plugin-react)
+      ctx.getExports = async () =>
+        // @ts-expect-error __rolldown_runtime__ / ctx.ownerPath
+        __rolldown_runtime__.loadExports(ctx.ownerPath)
+      return ctx
+    }
+
+    override applyUpdates(_boundaries: string[]): void {
+      // TODO: how should this be handled?
+      // noop, handled in the HMR client
+    }
+  }
+
+  ;(globalThis as any).__rolldown_runtime__ ??= new ViteDevRuntime()
+}
diff --git a/packages/vite/src/node/build.ts b/packages/vite/src/node/build.ts
index 004b848e54271b..55b636e329a9ee 100644
--- a/packages/vite/src/node/build.ts
+++ b/packages/vite/src/node/build.ts
@@ -407,6 +407,7 @@ export function resolveBuildEnvironmentOptions(
   raw: BuildEnvironmentOptions,
   logger: Logger,
   consumer: 'client' | 'server' | undefined,
+  isFullBundledDev: boolean,
 ): ResolvedBuildEnvironmentOptions {
   const deprecatedPolyfillModulePreload = raw.polyfillModulePreload
   const { polyfillModulePreload, ...rest } = raw
@@ -427,7 +428,7 @@ export function resolveBuildEnvironmentOptions(
     {
       ...buildEnvironmentOptionsDefaults,
       cssCodeSplit: !raw.lib,
-      minify: consumer === 'server' ? false : 'oxc',
+      minify: consumer === 'server' || isFullBundledDev ? false : 'oxc',
       rollupOptions: {},
       rolldownOptions: undefined,
       ssr: consumer === 'server',
@@ -488,10 +489,11 @@ export async function resolveBuildPlugins(config: ResolvedConfig): Promise<{
   pre: Plugin[]
   post: Plugin[]
 }> {
+  const isBuild = config.command === 'build'
   return {
     pre: [
       completeSystemWrapPlugin(),
-      ...(!config.isWorker ? [prepareOutDirPlugin()] : []),
+      ...(isBuild && !config.isWorker ? [prepareOutDirPlugin()] : []),
       perEnvironmentPlugin(
         'vite:rollup-options-plugins',
         async (environment) =>
@@ -504,7 +506,7 @@ export async function resolveBuildPlugins(config: ResolvedConfig): Promise<{
       ...(config.isWorker ? [webWorkerPostPlugin(config)] : []),
     ],
     post: [
-      ...buildImportAnalysisPlugin(config),
+      ...(isBuild ? buildImportAnalysisPlugin(config) : []),
       ...(config.nativePluginEnabledLevel >= 1
         ? []
         : [
@@ -513,8 +515,8 @@ export async function resolveBuildPlugins(config: ResolvedConfig): Promise<{
               ? [buildEsbuildPlugin()]
               : []),
           ]),
-      terserPlugin(config),
-      ...(!config.isWorker
+      ...(isBuild ? [terserPlugin(config)] : []),
+      ...(isBuild && !config.isWorker
         ? [
             manifestPlugin(config),
             ssrManifestPlugin(),
@@ -555,10 +557,10 @@ function resolveConfigToBuild(
   )
 }
 
-function resolveRolldownOptions(
+export function resolveRolldownOptions(
   environment: Environment,
   chunkMetadataMap: ChunkMetadataMap,
-) {
+): RolldownOptions {
   const { root, packageCache, build: options } = environment.config
   const libOptions = options.lib
   const { logger } = environment
@@ -867,7 +869,7 @@ async function buildEnvironment(
   }
 }
 
-function enhanceRollupError(e: RollupError) {
+export function enhanceRollupError(e: RollupError): void {
   const stackOnly = extractStack(e)
 
   let msg = colors.red((e.plugin ? `[${e.plugin}] ` : '') + e.message)
@@ -1033,7 +1035,7 @@ const dynamicImportWarningIgnoreList = [
   `statically analyzed`,
 ]
 
-function clearLine() {
+export function clearLine(): void {
   const tty = process.stdout.isTTY && !process.env.CI
   if (tty) {
     process.stdout.clearLine(0)
diff --git a/packages/vite/src/node/cli.ts b/packages/vite/src/node/cli.ts
index 86dcae3e1870e7..44d7a8429eb17b 100644
--- a/packages/vite/src/node/cli.ts
+++ b/packages/vite/src/node/cli.ts
@@ -53,6 +53,10 @@ interface GlobalCLIOptions {
   w?: boolean
 }
 
+interface ExperimentalDevOptions {
+  fullBundle?: boolean
+}
+
 interface BuilderCLIOptions {
   app?: boolean
 }
@@ -195,93 +199,105 @@ cli
     '--force',
     `[boolean] force the optimizer to ignore the cache and re-bundle`,
   )
-  .action(async (root: string, options: ServerOptions & GlobalCLIOptions) => {
-    filterDuplicateOptions(options)
-    // output structure is preserved even after bundling so require()
-    // is ok here
-    const { createServer } = await import('./server')
-    try {
-      const server = await createServer({
-        root,
-        base: options.base,
-        mode: options.mode,
-        configFile: options.config,
-        configLoader: options.configLoader,
-        logLevel: options.logLevel,
-        clearScreen: options.clearScreen,
-        server: cleanGlobalCLIOptions(options),
-        forceOptimizeDeps: options.force,
-      })
+  .option('--fullBundle', `[boolean] use experimental full bundle mode`)
+  .action(
+    async (
+      root: string,
+      options: ServerOptions & ExperimentalDevOptions & GlobalCLIOptions,
+    ) => {
+      filterDuplicateOptions(options)
+      // output structure is preserved even after bundling so require()
+      // is ok here
+      const { createServer } = await import('./server')
+      try {
+        const server = await createServer({
+          root,
+          base: options.base,
+          mode: options.mode,
+          configFile: options.config,
+          configLoader: options.configLoader,
+          logLevel: options.logLevel,
+          clearScreen: options.clearScreen,
+          server: cleanGlobalCLIOptions(options),
+          forceOptimizeDeps: options.force,
+          experimental: {
+            fullBundleMode: options.fullBundle,
+          },
+        })
 
-      if (!server.httpServer) {
-        throw new Error('HTTP server not available')
-      }
+        if (!server.httpServer) {
+          throw new Error('HTTP server not available')
+        }
 
-      await server.listen()
+        await server.listen()
 
-      const info = server.config.logger.info
+        const info = server.config.logger.info
 
-      const modeString =
-        options.mode && options.mode !== 'development'
-          ? `  ${colors.bgGreen(` ${colors.bold(options.mode)} `)}`
+        const modeString =
+          options.mode && options.mode !== 'development'
+            ? `  ${colors.bgGreen(` ${colors.bold(options.mode)} `)}`
+            : ''
+        const viteStartTime = global.__vite_start_time ?? false
+        const startupDurationString = viteStartTime
+          ? colors.dim(
+              `ready in ${colors.reset(
+                colors.bold(Math.ceil(performance.now() - viteStartTime)),
+              )} ms`,
+            )
           : ''
-      const viteStartTime = global.__vite_start_time ?? false
-      const startupDurationString = viteStartTime
-        ? colors.dim(
-            `ready in ${colors.reset(
-              colors.bold(Math.ceil(performance.now() - viteStartTime)),
-            )} ms`,
-          )
-        : ''
-      const hasExistingLogs =
-        process.stdout.bytesWritten > 0 || process.stderr.bytesWritten > 0
+        const hasExistingLogs =
+          process.stdout.bytesWritten > 0 || process.stderr.bytesWritten > 0
 
-      info(
-        `\n  ${colors.green(
-          `${colors.bold('ROLLDOWN-VITE')} v${VERSION}`,
-        )}${modeString}  ${startupDurationString}\n`,
-        {
-          clear: !hasExistingLogs,
-        },
-      )
+        info(
+          `\n  ${colors.green(
+            `${colors.bold('ROLLDOWN-VITE')} v${VERSION}`,
+          )}${modeString}  ${startupDurationString}\n`,
+          {
+            clear: !hasExistingLogs,
+          },
+        )
 
-      server.printUrls()
-      const customShortcuts: CLIShortcut<typeof server>[] = []
-      if (profileSession) {
-        customShortcuts.push({
-          key: 'p',
-          description: 'start/stop the profiler',
-          async action(server) {
-            if (profileSession) {
-              await stopProfiler(server.config.logger.info)
-            } else {
-              const inspector = await import('node:inspector').then(
-                (r) => r.default,
-              )
-              await new Promise<void>((res) => {
-                profileSession = new inspector.Session()
-                profileSession.connect()
-                profileSession.post('Profiler.enable', () => {
-                  profileSession!.post('Profiler.start', () => {
-                    server.config.logger.info('Profiler started')
-                    res()
+        server.printUrls()
+        const customShortcuts: CLIShortcut<typeof server>[] = []
+        if (profileSession) {
+          customShortcuts.push({
+            key: 'p',
+            description: 'start/stop the profiler',
+            async action(server) {
+              if (profileSession) {
+                await stopProfiler(server.config.logger.info)
+              } else {
+                const inspector = await import('node:inspector').then(
+                  (r) => r.default,
+                )
+                await new Promise<void>((res) => {
+                  profileSession = new inspector.Session()
+                  profileSession.connect()
+                  profileSession.post('Profiler.enable', () => {
+                    profileSession!.post('Profiler.start', () => {
+                      server.config.logger.info('Profiler started')
+                      res()
+                    })
                   })
                 })
-              })
-            }
+              }
+            },
+          })
+        }
+        server.bindCLIShortcuts({ print: true, customShortcuts })
+      } catch (e) {
+        const logger = createLogger(options.logLevel)
+        logger.error(
+          colors.red(`error when starting dev server:\n${e.stack}`),
+          {
+            error: e,
           },
-        })
+        )
+        stopProfiler(logger.info)
+        process.exit(1)
       }
-      server.bindCLIShortcuts({ print: true, customShortcuts })
-    } catch (e) {
-      const logger = createLogger(options.logLevel)
-      logger.error(colors.red(`error when starting dev server:\n${e.stack}`), {
-        error: e,
-      })
-      stopProfiler(logger.info)
-      process.exit(1)
-    }
-  })
+    },
+  )
 
 // build
 cli
diff --git a/packages/vite/src/node/config.ts b/packages/vite/src/node/config.ts
index e010ea910827ad..1cfcb032d700df 100644
--- a/packages/vite/src/node/config.ts
+++ b/packages/vite/src/node/config.ts
@@ -120,6 +120,7 @@ import {
   BasicMinimalPluginContext,
   basePluginContextMeta,
 } from './server/pluginContainer'
+import { FullBundleDevEnvironment } from './server/environments/fullBundleEnvironment'
 
 const debug = createDebugger('vite:config', { depth: 10 })
 const promisifiedRealpath = promisify(fs.realpath)
@@ -233,6 +234,13 @@ function defaultCreateClientDevEnvironment(
   config: ResolvedConfig,
   context: CreateDevEnvironmentContext,
 ) {
+  if (config.experimental.fullBundleMode) {
+    return new FullBundleDevEnvironment(name, config, {
+      hot: true,
+      transport: context.ws,
+    })
+  }
+
   return new DevEnvironment(name, config, {
     hot: true,
     transport: context.ws,
@@ -551,6 +559,13 @@ export interface ExperimentalOptions {
    * @default 'v1'
    */
   enableNativePlugin?: boolean | 'resolver' | 'v1'
+  /**
+   * Enable full bundle mode in dev.
+   *
+   * @experimental
+   * @default false
+   */
+  fullBundleMode?: boolean
 }
 
 export interface LegacyOptions {
@@ -618,6 +633,8 @@ export interface ResolvedConfig
       cacheDir: string
       command: 'build' | 'serve'
       mode: string
+      /** `true` when build or full-bundle mode dev */
+      isBundled: boolean
       isWorker: boolean
       // in nested worker bundle to find the main config
       /** @internal */
@@ -754,6 +771,7 @@ export const configDefaults = Object.freeze({
     renderBuiltUrl: undefined,
     hmrPartialAccept: false,
     enableNativePlugin: process.env._VITE_TEST_JS_PLUGIN ? false : 'v1',
+    fullBundleMode: false,
   },
   future: {
     removePluginHookHandleHotUpdate: undefined,
@@ -836,6 +854,7 @@ function resolveEnvironmentOptions(
   forceOptimizeDeps: boolean | undefined,
   logger: Logger,
   environmentName: string,
+  isFullBundledDev: boolean,
   // Backward compatibility
   isSsrTargetWebworkerSet?: boolean,
   preTransformRequests?: boolean,
@@ -898,6 +917,7 @@ function resolveEnvironmentOptions(
       options.build ?? {},
       logger,
       consumer,
+      isFullBundledDev,
     ),
     plugins: undefined!, // to be resolved later
     // will be set by `setOptimizeDepsPluginNames` later
@@ -1485,6 +1505,9 @@ export async function resolveConfig(
     config.ssr?.target === 'webworker',
   )
 
+  const isFullBundledDev =
+    command === 'serve' && !!config.experimental?.fullBundleMode
+
   // Backward compatibility: merge config.environments.client.resolve back into config.resolve
   config.resolve ??= {}
   config.resolve.conditions = config.environments.client.resolve?.conditions
@@ -1501,6 +1524,7 @@ export async function resolveConfig(
       inlineConfig.forceOptimizeDeps,
       logger,
       environmentName,
+      isFullBundledDev,
       config.ssr?.target === 'webworker',
       config.server?.preTransformRequests,
     )
@@ -1524,6 +1548,7 @@ export async function resolveConfig(
     config.build ?? {},
     logger,
     undefined,
+    isFullBundledDev,
   )
 
   // Backward compatibility: merge config.environments.ssr back into config.ssr
@@ -1765,6 +1790,10 @@ export async function resolveConfig(
     configDefaults.experimental,
     config.experimental ?? {},
   )
+  if (command === 'serve' && experimental.fullBundleMode) {
+    // full bundle mode does not support experimental.renderBuiltUrl
+    experimental.renderBuiltUrl = undefined
+  }
 
   resolved = {
     configFile: configFile ? normalizePath(configFile) : undefined,
@@ -1780,6 +1809,7 @@ export async function resolveConfig(
     cacheDir,
     command,
     mode,
+    isBundled: config.experimental?.fullBundleMode || isBuild,
     isWorker: false,
     mainConfig: null,
     bundleChain: [],
diff --git a/packages/vite/src/node/plugins/asset.ts b/packages/vite/src/node/plugins/asset.ts
index c4e8259bb2e414..27454f4cc9ed86 100644
--- a/packages/vite/src/node/plugins/asset.ts
+++ b/packages/vite/src/node/plugins/asset.ts
@@ -237,20 +237,24 @@ export function assetPlugin(config: ResolvedConfig): Plugin {
       },
     },
 
-    renderChunk(code, chunk, opts) {
-      const s = renderAssetUrlInJS(this, chunk, opts, code)
-
-      if (s) {
-        return {
-          code: s.toString(),
-          map: this.environment.config.build.sourcemap
-            ? s.generateMap({ hires: 'boundary' })
-            : null,
+    ...(config.command === 'build'
+      ? {
+          renderChunk(code, chunk, opts) {
+            const s = renderAssetUrlInJS(this, chunk, opts, code)
+
+            if (s) {
+              return {
+                code: s.toString(),
+                map: this.environment.config.build.sourcemap
+                  ? s.generateMap({ hires: 'boundary' })
+                  : null,
+              }
+            } else {
+              return null
+            }
+          },
         }
-      } else {
-        return null
-      }
-    },
+      : {}),
 
     generateBundle(_, bundle) {
       // Remove empty entry point file
@@ -300,6 +304,10 @@ export function assetPlugin(config: ResolvedConfig): Plugin {
         }
       }
     },
+
+    watchChange(id) {
+      assetCache.get(this.environment)?.delete(id)
+    },
   }
 }
 
@@ -308,7 +316,7 @@ export async function fileToUrl(
   id: string,
 ): Promise<string> {
   const { environment } = pluginContext
-  if (environment.config.command === 'serve') {
+  if (!environment.config.isBundled) {
     return fileToDevUrl(environment, id)
   } else {
     return fileToBuiltUrl(pluginContext, id)
@@ -457,7 +465,23 @@ async function fileToBuiltUrl(
       postfix = postfix.replace(noInlineRE, '').replace(/^&/, '?')
     }
 
-    url = `__VITE_ASSET__${referenceId}__${postfix ? `$_${postfix}__` : ``}`
+    if (environment.config.experimental.fullBundleMode) {
+      const outputFilename = pluginContext.getFileName(referenceId)
+      const outputUrl = toOutputFilePathInJS(
+        environment,
+        outputFilename,
+        'asset',
+        'assets/dummy.js',
+        'js',
+        () => {
+          throw new Error('unreachable')
+        },
+      )
+      if (typeof outputUrl === 'object') throw new Error('unreachable')
+      url = outputUrl
+    } else {
+      url = `__VITE_ASSET__${referenceId}__${postfix ? `$_${postfix}__` : ``}`
+    }
   }
 
   cache.set(id, url)
diff --git a/packages/vite/src/node/plugins/clientInjections.ts b/packages/vite/src/node/plugins/clientInjections.ts
index 3fa745f7d2f220..ee309eebdd6b25 100644
--- a/packages/vite/src/node/plugins/clientInjections.ts
+++ b/packages/vite/src/node/plugins/clientInjections.ts
@@ -1,4 +1,5 @@
 import path from 'node:path'
+import fs from 'node:fs'
 import type { Plugin } from '../plugin'
 import type { ResolvedConfig } from '../config'
 import { CLIENT_ENTRY, ENV_ENTRY } from '../constants'
@@ -33,66 +34,7 @@ export function clientInjectionsPlugin(config: ResolvedConfig): Plugin {
   return {
     name: 'vite:client-inject',
     async buildStart() {
-      const resolvedServerHostname = (await resolveHostname(config.server.host))
-        .name
-      const resolvedServerPort = config.server.port!
-      const devBase = config.base
-
-      const serverHost = `${resolvedServerHostname}:${resolvedServerPort}${devBase}`
-
-      let hmrConfig = config.server.hmr
-      hmrConfig = isObject(hmrConfig) ? hmrConfig : undefined
-      const host = hmrConfig?.host || null
-      const protocol = hmrConfig?.protocol || null
-      const timeout = hmrConfig?.timeout || 30000
-      const overlay = hmrConfig?.overlay !== false
-      const isHmrServerSpecified = !!hmrConfig?.server
-      const hmrConfigName = path.basename(config.configFile || 'vite.config.js')
-
-      // hmr.clientPort -> hmr.port
-      // -> (24678 if middleware mode and HMR server is not specified) -> new URL(import.meta.url).port
-      let port = hmrConfig?.clientPort || hmrConfig?.port || null
-      if (config.server.middlewareMode && !isHmrServerSpecified) {
-        port ||= 24678
-      }
-
-      let directTarget = hmrConfig?.host || resolvedServerHostname
-      directTarget += `:${hmrConfig?.port || resolvedServerPort}`
-      directTarget += devBase
-
-      let hmrBase = devBase
-      if (hmrConfig?.path) {
-        hmrBase = path.posix.join(hmrBase, hmrConfig.path)
-      }
-
-      const modeReplacement = escapeReplacement(config.mode)
-      const baseReplacement = escapeReplacement(devBase)
-      const serverHostReplacement = escapeReplacement(serverHost)
-      const hmrProtocolReplacement = escapeReplacement(protocol)
-      const hmrHostnameReplacement = escapeReplacement(host)
-      const hmrPortReplacement = escapeReplacement(port)
-      const hmrDirectTargetReplacement = escapeReplacement(directTarget)
-      const hmrBaseReplacement = escapeReplacement(hmrBase)
-      const hmrTimeoutReplacement = escapeReplacement(timeout)
-      const hmrEnableOverlayReplacement = escapeReplacement(overlay)
-      const hmrConfigNameReplacement = escapeReplacement(hmrConfigName)
-      const wsTokenReplacement = escapeReplacement(config.webSocketToken)
-
-      injectConfigValues = (code: string) => {
-        return code
-          .replace(`__MODE__`, modeReplacement)
-          .replace(/__BASE__/g, baseReplacement)
-          .replace(`__SERVER_HOST__`, serverHostReplacement)
-          .replace(`__HMR_PROTOCOL__`, hmrProtocolReplacement)
-          .replace(`__HMR_HOSTNAME__`, hmrHostnameReplacement)
-          .replace(`__HMR_PORT__`, hmrPortReplacement)
-          .replace(`__HMR_DIRECT_TARGET__`, hmrDirectTargetReplacement)
-          .replace(`__HMR_BASE__`, hmrBaseReplacement)
-          .replace(`__HMR_TIMEOUT__`, hmrTimeoutReplacement)
-          .replace(`__HMR_ENABLE_OVERLAY__`, hmrEnableOverlayReplacement)
-          .replace(`__HMR_CONFIG_NAME__`, hmrConfigNameReplacement)
-          .replace(`__WS_TOKEN__`, wsTokenReplacement)
-      }
+      injectConfigValues = await createClientConfigValueReplacer(config)
     },
     async transform(code, id) {
       const ssr = this.environment.config.consumer === 'server'
@@ -120,3 +62,83 @@ function escapeReplacement(value: string | number | boolean | null) {
   const jsonValue = JSON.stringify(value)
   return () => jsonValue
 }
+
+async function createClientConfigValueReplacer(
+  config: ResolvedConfig,
+): Promise<(code: string) => string> {
+  const resolvedServerHostname = (await resolveHostname(config.server.host))
+    .name
+  const resolvedServerPort = config.server.port!
+  const devBase = config.base
+
+  const serverHost = `${resolvedServerHostname}:${resolvedServerPort}${devBase}`
+
+  let hmrConfig = config.server.hmr
+  hmrConfig = isObject(hmrConfig) ? hmrConfig : undefined
+  const host = hmrConfig?.host || null
+  const protocol = hmrConfig?.protocol || null
+  const timeout = hmrConfig?.timeout || 30000
+  const overlay = hmrConfig?.overlay !== false
+  const isHmrServerSpecified = !!hmrConfig?.server
+  const hmrConfigName = path.basename(config.configFile || 'vite.config.js')
+
+  // hmr.clientPort -> hmr.port
+  // -> (24678 if middleware mode and HMR server is not specified) -> new URL(import.meta.url).port
+  let port = hmrConfig?.clientPort || hmrConfig?.port || null
+  if (config.server.middlewareMode && !isHmrServerSpecified) {
+    port ||= 24678
+  }
+
+  let directTarget = hmrConfig?.host || resolvedServerHostname
+  directTarget += `:${hmrConfig?.port || resolvedServerPort}`
+  directTarget += devBase
+
+  let hmrBase = devBase
+  if (hmrConfig?.path) {
+    hmrBase = path.posix.join(hmrBase, hmrConfig.path)
+  }
+
+  const modeReplacement = escapeReplacement(config.mode)
+  const baseReplacement = escapeReplacement(devBase)
+  const serverHostReplacement = escapeReplacement(serverHost)
+  const hmrProtocolReplacement = escapeReplacement(protocol)
+  const hmrHostnameReplacement = escapeReplacement(host)
+  const hmrPortReplacement = escapeReplacement(port)
+  const hmrDirectTargetReplacement = escapeReplacement(directTarget)
+  const hmrBaseReplacement = escapeReplacement(hmrBase)
+  const hmrTimeoutReplacement = escapeReplacement(timeout)
+  const hmrEnableOverlayReplacement = escapeReplacement(overlay)
+  const hmrConfigNameReplacement = escapeReplacement(hmrConfigName)
+  const wsTokenReplacement = escapeReplacement(config.webSocketToken)
+  const fullBundleModeReplacement = escapeReplacement(
+    config.experimental.fullBundleMode || false,
+  )
+
+  return (code) =>
+    code
+      .replace(`__MODE__`, modeReplacement)
+      .replace(/__BASE__/g, baseReplacement)
+      .replace(`__SERVER_HOST__`, serverHostReplacement)
+      .replace(`__HMR_PROTOCOL__`, hmrProtocolReplacement)
+      .replace(`__HMR_HOSTNAME__`, hmrHostnameReplacement)
+      .replace(`__HMR_PORT__`, hmrPortReplacement)
+      .replace(`__HMR_DIRECT_TARGET__`, hmrDirectTargetReplacement)
+      .replace(`__HMR_BASE__`, hmrBaseReplacement)
+      .replace(`__HMR_TIMEOUT__`, hmrTimeoutReplacement)
+      .replace(`__HMR_ENABLE_OVERLAY__`, hmrEnableOverlayReplacement)
+      .replace(`__HMR_CONFIG_NAME__`, hmrConfigNameReplacement)
+      .replace(`__WS_TOKEN__`, wsTokenReplacement)
+      .replaceAll(`__FULL_BUNDLE_MODE__`, fullBundleModeReplacement)
+}
+
+export async function getHmrImplementation(
+  config: ResolvedConfig,
+): Promise<string> {
+  const content = fs.readFileSync(normalizedClientEntry, 'utf-8')
+  const replacer = await createClientConfigValueReplacer(config)
+  return (
+    replacer(content)
+      // the rolldown runtime shouldn't be importer a module
+      .replace(/import\s*['"]@vite\/env['"]/, '')
+  )
+}
diff --git a/packages/vite/src/node/plugins/css.ts b/packages/vite/src/node/plugins/css.ts
index 9f7af3ce3e84f7..ef4d72b48625a8 100644
--- a/packages/vite/src/node/plugins/css.ts
+++ b/packages/vite/src/node/plugins/css.ts
@@ -584,9 +584,12 @@ export function cssPostPlugin(config: ResolvedConfig): Plugin {
 
           const cssContent = await getContentWithSourcemap(css)
           const code = [
-            `import { updateStyle as __vite__updateStyle, removeStyle as __vite__removeStyle } from ${JSON.stringify(
-              path.posix.join(config.base, CLIENT_PUBLIC_PATH),
-            )}`,
+            config.isBundled
+              ? // TODO: support CSS
+                `const { updateStyle: __vite__updateStyle, removeStyle: __vite__removeStyle } = import.meta.hot._internal`
+              : `import { updateStyle as __vite__updateStyle, removeStyle as __vite__removeStyle } from ${JSON.stringify(
+                  path.posix.join(config.base, CLIENT_PUBLIC_PATH),
+                )}`,
             `const __vite__id = ${JSON.stringify(id)}`,
             `const __vite__css = ${JSON.stringify(cssContent)}`,
             `__vite__updateStyle(__vite__id, __vite__css)`,
diff --git a/packages/vite/src/node/plugins/define.ts b/packages/vite/src/node/plugins/define.ts
index 5cc527c060a391..c40c531ccd07e4 100644
--- a/packages/vite/src/node/plugins/define.ts
+++ b/packages/vite/src/node/plugins/define.ts
@@ -12,6 +12,7 @@ const importMetaEnvKeyReCache = new Map<string, RegExp>()
 const escapedDotRE = /(?<!\\)\\./g
 
 export function definePlugin(config: ResolvedConfig): Plugin {
+  const isBundled = config.isBundled
   const isBuild = config.command === 'build'
   const isBuildLib = isBuild && config.build.lib
 
@@ -35,6 +36,8 @@ export function definePlugin(config: ResolvedConfig): Plugin {
   const importMetaFallbackKeys: Record<string, string> = {}
   if (isBuild) {
     importMetaKeys['import.meta.hot'] = `undefined`
+  }
+  if (isBundled) {
     for (const key in config.env) {
       const val = JSON.stringify(config.env[key])
       importMetaKeys[`import.meta.env.${key}`] = val
@@ -115,7 +118,7 @@ export function definePlugin(config: ResolvedConfig): Plugin {
     return pattern
   }
 
-  if (isBuild && config.nativePluginEnabledLevel >= 1) {
+  if (isBundled && config.nativePluginEnabledLevel >= 1) {
     return {
       name: 'vite:define',
       options(option) {
@@ -134,7 +137,7 @@ export function definePlugin(config: ResolvedConfig): Plugin {
 
     transform: {
       async handler(code, id) {
-        if (this.environment.config.consumer === 'client' && !isBuild) {
+        if (this.environment.config.consumer === 'client' && !isBundled) {
           // for dev we inject actual global defines in the vite client to
           // avoid the transform cost. see the `clientInjection` and
           // `importAnalysis` plugin.
@@ -217,6 +220,7 @@ export async function replaceDefine(
   })
 
   if (result.errors.length > 0) {
+    // TODO: better error message
     throw new AggregateError(result.errors, 'oxc transform error')
   }
 
diff --git a/packages/vite/src/node/plugins/dynamicImportVars.ts b/packages/vite/src/node/plugins/dynamicImportVars.ts
index 3c233db53c4ec3..f3a8d6689cfbce 100644
--- a/packages/vite/src/node/plugins/dynamicImportVars.ts
+++ b/packages/vite/src/node/plugins/dynamicImportVars.ts
@@ -173,7 +173,7 @@ export function dynamicImportVarsPlugin(config: ResolvedConfig): Plugin {
     extensions: [],
   })
 
-  if (config.command === 'build' && config.nativePluginEnabledLevel >= 1) {
+  if (config.isBundled && config.nativePluginEnabledLevel >= 1) {
     return perEnvironmentPlugin('native:dynamic-import-vars', (environment) => {
       const { include, exclude } =
         environment.config.build.dynamicImportVarsOptions
diff --git a/packages/vite/src/node/plugins/importMetaGlob.ts b/packages/vite/src/node/plugins/importMetaGlob.ts
index 6bbebfe93fac53..4d52f68ce85c40 100644
--- a/packages/vite/src/node/plugins/importMetaGlob.ts
+++ b/packages/vite/src/node/plugins/importMetaGlob.ts
@@ -42,7 +42,7 @@ interface ParsedGeneralImportGlobOptions extends GeneralImportGlobOptions {
 }
 
 export function importGlobPlugin(config: ResolvedConfig): Plugin {
-  if (config.command === 'build' && config.nativePluginEnabledLevel >= 1) {
+  if (config.isBundled && config.nativePluginEnabledLevel >= 1) {
     return nativeImportGlobPlugin({
       root: config.root,
       restoreQueryExtension: config.experimental.importGlobRestoreExtension,
diff --git a/packages/vite/src/node/plugins/index.ts b/packages/vite/src/node/plugins/index.ts
index a0cd0d2d80f5e2..96afbc22eef9f2 100644
--- a/packages/vite/src/node/plugins/index.ts
+++ b/packages/vite/src/node/plugins/index.ts
@@ -41,8 +41,9 @@ export async function resolvePlugins(
   postPlugins: Plugin[],
 ): Promise<Plugin[]> {
   const isBuild = config.command === 'build'
+  const isBundled = config.isBundled
   const isWorker = config.isWorker
-  const buildPlugins = isBuild
+  const buildPlugins = isBundled
     ? await (await import('../build')).resolveBuildPlugins(config)
     : { pre: [], post: [] }
   const { modulePreload } = config.build
@@ -50,10 +51,10 @@ export async function resolvePlugins(
   const enableNativePluginV1 = config.nativePluginEnabledLevel >= 1
 
   return [
-    !isBuild ? optimizedDepsPlugin() : null,
+    !isBundled ? optimizedDepsPlugin() : null,
     !isWorker ? watchPackageDataPlugin(config.packageCache) : null,
-    !isBuild ? preAliasPlugin(config) : null,
-    isBuild &&
+    !isBundled ? preAliasPlugin(config) : null,
+    isBundled &&
     enableNativePluginV1 &&
     !config.resolve.alias.some((v) => v.customResolver)
       ? nativeAliasPlugin({
@@ -115,7 +116,7 @@ export async function resolvePlugins(
     wasmFallbackPlugin(config),
     definePlugin(config),
     cssPostPlugin(config),
-    isBuild && buildHtmlPlugin(config),
+    isBundled && buildHtmlPlugin(config),
     workerImportMetaUrlPlugin(config),
     assetImportMetaUrlPlugin(config),
     ...buildPlugins.pre,
@@ -127,7 +128,7 @@ export async function resolvePlugins(
     ...buildPlugins.post,
 
     // internal server-only plugins are always applied after everything else
-    ...(isBuild
+    ...(isBundled
       ? []
       : [
           clientInjectionsPlugin(config),
diff --git a/packages/vite/src/node/plugins/modulePreloadPolyfill.ts b/packages/vite/src/node/plugins/modulePreloadPolyfill.ts
index 8c1cc3b8c55be5..9fa3fa28c4e4e9 100644
--- a/packages/vite/src/node/plugins/modulePreloadPolyfill.ts
+++ b/packages/vite/src/node/plugins/modulePreloadPolyfill.ts
@@ -8,7 +8,7 @@ export const modulePreloadPolyfillId = 'vite/modulepreload-polyfill'
 const resolvedModulePreloadPolyfillId = '\0' + modulePreloadPolyfillId + '.js'
 
 export function modulePreloadPolyfillPlugin(config: ResolvedConfig): Plugin {
-  if (config.command === 'build' && config.nativePluginEnabledLevel >= 1) {
+  if (config.isBundled && config.nativePluginEnabledLevel >= 1) {
     return perEnvironmentPlugin(
       'native:modulepreload-polyfill',
       (environment) => {
diff --git a/packages/vite/src/node/plugins/oxc.ts b/packages/vite/src/node/plugins/oxc.ts
index 1633c602a11832..ae5059c570e1d8 100644
--- a/packages/vite/src/node/plugins/oxc.ts
+++ b/packages/vite/src/node/plugins/oxc.ts
@@ -281,7 +281,7 @@ function resolveTsconfigTarget(target: string | undefined): number | 'next' {
 }
 
 export function oxcPlugin(config: ResolvedConfig): Plugin {
-  if (config.command === 'build' && config.nativePluginEnabledLevel >= 1) {
+  if (config.isBundled && config.nativePluginEnabledLevel >= 1) {
     return perEnvironmentPlugin('native:transform', (environment) => {
       const {
         jsxInject,
diff --git a/packages/vite/src/node/plugins/resolve.ts b/packages/vite/src/node/plugins/resolve.ts
index 82161b200a1c38..faa746bdadb334 100644
--- a/packages/vite/src/node/plugins/resolve.ts
+++ b/packages/vite/src/node/plugins/resolve.ts
@@ -225,7 +225,7 @@ export function oxcResolvePlugin(
   overrideEnvConfig: (ResolvedConfig & ResolvedEnvironmentOptions) | undefined,
 ): Plugin[] {
   return [
-    ...(!resolveOptions.isBuild
+    ...(resolveOptions.optimizeDeps && !resolveOptions.isBuild
       ? [optimizerResolvePlugin(resolveOptions)]
       : []),
     ...perEnvironmentOrWorkerPlugin(
@@ -237,6 +237,7 @@ export function oxcResolvePlugin(
         const depsOptimizerEnabled =
           resolveOptions.optimizeDeps &&
           !resolveOptions.isBuild &&
+          !partialEnv.config.experimental.fullBundleMode &&
           !isDepOptimizationDisabled(partialEnv.config.optimizeDeps)
         const getDepsOptimizer = () => {
           const env = getEnv()
@@ -380,6 +381,12 @@ function optimizerResolvePlugin(
 
   return {
     name: 'vite:resolve-dev',
+    applyToEnvironment(environment) {
+      return (
+        !environment.config.experimental.fullBundleMode &&
+        !isDepOptimizationDisabled(environment.config.optimizeDeps)
+      )
+    },
     resolveId: {
       filter: {
         id: {
diff --git a/packages/vite/src/node/plugins/wasm.ts b/packages/vite/src/node/plugins/wasm.ts
index 1b3288b8df8f2c..51836a275fd322 100644
--- a/packages/vite/src/node/plugins/wasm.ts
+++ b/packages/vite/src/node/plugins/wasm.ts
@@ -54,7 +54,7 @@ const wasmHelper = async (opts = {}, url: string) => {
 const wasmHelperCode = wasmHelper.toString()
 
 export const wasmHelperPlugin = (config: ResolvedConfig): Plugin => {
-  if (config.command === 'build' && config.nativePluginEnabledLevel >= 1) {
+  if (config.isBundled && config.nativePluginEnabledLevel >= 1) {
     return nativeWasmHelperPlugin({
       decodedBase: config.decodedBase,
     })
diff --git a/packages/vite/src/node/plugins/worker.ts b/packages/vite/src/node/plugins/worker.ts
index 390700ed31ca80..65efb6c9fb9c57 100644
--- a/packages/vite/src/node/plugins/worker.ts
+++ b/packages/vite/src/node/plugins/worker.ts
@@ -234,7 +234,7 @@ export async function workerFileToUrl(
 }
 
 export function webWorkerPostPlugin(config: ResolvedConfig): Plugin {
-  if (config.command === 'build' && config.nativePluginEnabledLevel >= 1) {
+  if (config.isBundled && config.nativePluginEnabledLevel >= 1) {
     return perEnvironmentPlugin(
       'native:web-worker-post-plugin',
       (environment) => {
@@ -463,53 +463,62 @@ export function webWorkerPlugin(config: ResolvedConfig): Plugin {
       },
     },
 
-    renderChunk(code, chunk, outputOptions) {
-      let s: MagicString
-      const result = () => {
-        return (
-          s && {
-            code: s.toString(),
-            map: this.environment.config.build.sourcemap
-              ? s.generateMap({ hires: 'boundary' })
-              : null,
-          }
-        )
-      }
-      workerAssetUrlRE.lastIndex = 0
-      if (workerAssetUrlRE.test(code)) {
-        const toRelativeRuntime = createToImportMetaURLBasedRelativeRuntime(
-          outputOptions.format,
-          this.environment.config.isWorker,
-        )
-
-        let match: RegExpExecArray | null
-        s = new MagicString(code)
-        workerAssetUrlRE.lastIndex = 0
-
-        // Replace "__VITE_WORKER_ASSET__5aa0ddc0__" using relative paths
-        const workerMap = workerCache.get(config.mainConfig || config)!
-        const { fileNameHash } = workerMap
-
-        while ((match = workerAssetUrlRE.exec(code))) {
-          const [full, hash] = match
-          const filename = fileNameHash.get(hash)!
-          const replacement = toOutputFilePathInJS(
-            this.environment,
-            filename,
-            'asset',
-            chunk.fileName,
-            'js',
-            toRelativeRuntime,
-          )
-          const replacementString =
-            typeof replacement === 'string'
-              ? JSON.stringify(encodeURIPath(replacement)).slice(1, -1)
-              : `"+${replacement.runtime}+"`
-          s.update(match.index, match.index + full.length, replacementString)
+    ...(isBuild
+      ? {
+          renderChunk(code, chunk, outputOptions) {
+            let s: MagicString
+            const result = () => {
+              return (
+                s && {
+                  code: s.toString(),
+                  map: this.environment.config.build.sourcemap
+                    ? s.generateMap({ hires: 'boundary' })
+                    : null,
+                }
+              )
+            }
+            workerAssetUrlRE.lastIndex = 0
+            if (workerAssetUrlRE.test(code)) {
+              const toRelativeRuntime =
+                createToImportMetaURLBasedRelativeRuntime(
+                  outputOptions.format,
+                  this.environment.config.isWorker,
+                )
+
+              let match: RegExpExecArray | null
+              s = new MagicString(code)
+              workerAssetUrlRE.lastIndex = 0
+
+              // Replace "__VITE_WORKER_ASSET__5aa0ddc0__" using relative paths
+              const workerMap = workerCache.get(config.mainConfig || config)!
+              const { fileNameHash } = workerMap
+
+              while ((match = workerAssetUrlRE.exec(code))) {
+                const [full, hash] = match
+                const filename = fileNameHash.get(hash)!
+                const replacement = toOutputFilePathInJS(
+                  this.environment,
+                  filename,
+                  'asset',
+                  chunk.fileName,
+                  'js',
+                  toRelativeRuntime,
+                )
+                const replacementString =
+                  typeof replacement === 'string'
+                    ? JSON.stringify(encodeURIPath(replacement)).slice(1, -1)
+                    : `"+${replacement.runtime}+"`
+                s.update(
+                  match.index,
+                  match.index + full.length,
+                  replacementString,
+                )
+              }
+            }
+            return result()
+          },
         }
-      }
-      return result()
-    },
+      : {}),
 
     generateBundle(opts, bundle) {
       // to avoid emitting duplicate assets for modern build and legacy build
diff --git a/packages/vite/src/node/server/environment.ts b/packages/vite/src/node/server/environment.ts
index 281cec3b5de1b8..1177d76ab27ee1 100644
--- a/packages/vite/src/node/server/environment.ts
+++ b/packages/vite/src/node/server/environment.ts
@@ -44,6 +44,8 @@ export interface DevEnvironmentContext {
     inlineSourceMap?: boolean
   }
   depsOptimizer?: DepsOptimizer
+  /** @internal used for full bundle mode */
+  disableDepsOptimizer?: boolean
 }
 
 export class DevEnvironment extends BaseEnvironment {
@@ -138,7 +140,7 @@ export class DevEnvironment extends BaseEnvironment {
     this.hot.on(
       'vite:invalidate',
       async ({ path, message, firstInvalidatedBy }) => {
-        invalidateModule(this, {
+        this.invalidateModule({
           path,
           message,
           firstInvalidatedBy,
@@ -146,17 +148,19 @@ export class DevEnvironment extends BaseEnvironment {
       },
     )
 
-    const { optimizeDeps } = this.config
-    if (context.depsOptimizer) {
-      this.depsOptimizer = context.depsOptimizer
-    } else if (isDepOptimizationDisabled(optimizeDeps)) {
-      this.depsOptimizer = undefined
-    } else {
-      this.depsOptimizer = (
-        optimizeDeps.noDiscovery
-          ? createExplicitDepsOptimizer
-          : createDepsOptimizer
-      )(this)
+    if (!context.disableDepsOptimizer) {
+      const { optimizeDeps } = this.config
+      if (context.depsOptimizer) {
+        this.depsOptimizer = context.depsOptimizer
+      } else if (isDepOptimizationDisabled(optimizeDeps)) {
+        this.depsOptimizer = undefined
+      } else {
+        this.depsOptimizer = (
+          optimizeDeps.noDiscovery
+            ? createExplicitDepsOptimizer
+            : createDepsOptimizer
+        )(this)
+      }
     }
   }
 
@@ -239,6 +243,36 @@ export class DevEnvironment extends BaseEnvironment {
     }
   }
 
+  protected invalidateModule(m: {
+    path: string
+    message?: string
+    firstInvalidatedBy: string
+  }): void {
+    const mod = this.moduleGraph.urlToModuleMap.get(m.path)
+    if (
+      mod &&
+      mod.isSelfAccepting &&
+      mod.lastHMRTimestamp > 0 &&
+      !mod.lastHMRInvalidationReceived
+    ) {
+      mod.lastHMRInvalidationReceived = true
+      this.logger.info(
+        colors.yellow(`hmr invalidate `) +
+          colors.dim(m.path) +
+          (m.message ? ` ${m.message}` : ''),
+        { timestamp: true },
+      )
+      const file = getShortName(mod.file!, this.config.root)
+      updateModules(
+        this,
+        file,
+        [...mod.importers],
+        mod.lastHMRTimestamp,
+        m.firstInvalidatedBy,
+      )
+    }
+  }
+
   async close(): Promise<void> {
     this._closing = true
 
@@ -280,39 +314,6 @@ export class DevEnvironment extends BaseEnvironment {
   }
 }
 
-function invalidateModule(
-  environment: DevEnvironment,
-  m: {
-    path: string
-    message?: string
-    firstInvalidatedBy: string
-  },
-) {
-  const mod = environment.moduleGraph.urlToModuleMap.get(m.path)
-  if (
-    mod &&
-    mod.isSelfAccepting &&
-    mod.lastHMRTimestamp > 0 &&
-    !mod.lastHMRInvalidationReceived
-  ) {
-    mod.lastHMRInvalidationReceived = true
-    environment.logger.info(
-      colors.yellow(`hmr invalidate `) +
-        colors.dim(m.path) +
-        (m.message ? ` ${m.message}` : ''),
-      { timestamp: true },
-    )
-    const file = getShortName(mod.file!, environment.config.root)
-    updateModules(
-      environment,
-      file,
-      [...mod.importers],
-      mod.lastHMRTimestamp,
-      m.firstInvalidatedBy,
-    )
-  }
-}
-
 const callCrawlEndIfIdleAfterMs = 50
 
 interface CrawlEndFinder {
diff --git a/packages/vite/src/node/server/environments/fullBundleEnvironment.ts b/packages/vite/src/node/server/environments/fullBundleEnvironment.ts
new file mode 100644
index 00000000000000..78b29b3ed112ec
--- /dev/null
+++ b/packages/vite/src/node/server/environments/fullBundleEnvironment.ts
@@ -0,0 +1,520 @@
+import type { RolldownBuild, RolldownOptions } from 'rolldown'
+import type { Update } from 'types/hmrPayload'
+import colors from 'picocolors'
+import type { FSWatcher } from 'chokidar'
+import {
+  ChunkMetadataMap,
+  clearLine,
+  enhanceRollupError,
+  resolveRolldownOptions,
+} from '../../build'
+import { getHmrImplementation } from '../../plugins/clientInjections'
+import { DevEnvironment, type DevEnvironmentContext } from '../environment'
+import type { ResolvedConfig } from '../../config'
+import type { ViteDevServer } from '../../server'
+import { arraify, createDebugger, tryStatSync } from '../../utils'
+import { prepareError } from '../middlewares/error'
+import { getShortName } from '../hmr'
+
+const debug = createDebugger('vite:full-bundle-mode')
+
+type HmrOutput = Exclude<
+  Awaited<ReturnType<RolldownBuild['hmrInvalidate']>>,
+  undefined
+>
+
+export class MemoryFiles {
+  private files = new Map<
+    string,
+    string | Uint8Array | (() => string | Uint8Array)
+  >()
+
+  get size(): number {
+    return this.files.size
+  }
+
+  get(file: string): string | Uint8Array | undefined {
+    const result = this.files.get(file)
+    if (result === undefined) {
+      return undefined
+    }
+    if (typeof result === 'function') {
+      const content = result()
+      this.files.set(file, content)
+      return content
+    }
+    return result
+  }
+
+  set(
+    file: string,
+    content: string | Uint8Array | (() => string | Uint8Array),
+  ): void {
+    this.files.set(file, content)
+  }
+
+  has(file: string): boolean {
+    return this.files.has(file)
+  }
+
+  clear(): void {
+    this.files.clear()
+  }
+}
+
+export class FullBundleDevEnvironment extends DevEnvironment {
+  private state: BundleState = { type: 'initial' }
+  private invalidateCalledModules = new Set<string>()
+
+  watcher!: FSWatcher
+  watchFiles = new Set<string>()
+  memoryFiles = new MemoryFiles()
+
+  constructor(
+    name: string,
+    config: ResolvedConfig,
+    context: DevEnvironmentContext,
+  ) {
+    if (name !== 'client') {
+      throw new Error(
+        'currently full bundle mode is only available for client environment',
+      )
+    }
+
+    super(name, config, { ...context, disableDepsOptimizer: true })
+  }
+
+  override async listen(server: ViteDevServer): Promise<void> {
+    this.hot.listen()
+    this.watcher = server.watcher
+
+    debug?.('INITIAL: setup bundle options')
+    const rollupOptions = await this.getRolldownOptions()
+    const { rolldown } = await import('rolldown')
+    const bundle = await rolldown(rollupOptions)
+    debug?.('INITIAL: bundle created')
+
+    debug?.('BUNDLING: trigger initial bundle')
+    this.triggerGenerateBundle({ options: rollupOptions, bundle })
+  }
+
+  async onFileChange(
+    _type: 'create' | 'update' | 'delete',
+    file: string,
+  ): Promise<void> {
+    if (this.state.type === 'initial') {
+      return
+    }
+
+    if (this.state.type === 'bundling') {
+      // FIXME: we should retrigger only when we know that file is watched.
+      //        but for the initial bundle we don't know that and need to trigger after the initial bundle
+      debug?.(
+        `BUNDLING: file update detected ${file}, retriggering bundle generation`,
+      )
+      this.triggerGenerateBundle(this.state)
+      return
+    }
+    if (this.state.type === 'bundle-error') {
+      const files = await this.state.bundle.watchFiles
+      if (files.includes(file)) {
+        debug?.(
+          `BUNDLE-ERROR: file update detected ${file}, retriggering bundle generation`,
+        )
+        this.triggerGenerateBundle(this.state)
+      } else {
+        debug?.(
+          `BUNDLE-ERROR: file update detected ${file}, but ignored as it is not a dependency`,
+        )
+      }
+      return
+    }
+
+    if (
+      this.state.type === 'bundled' ||
+      this.state.type === 'generating-hmr-patch'
+    ) {
+      if (this.state.type === 'bundled') {
+        debug?.(`BUNDLED: file update detected ${file}, generating HMR patch`)
+      } else if (this.state.type === 'generating-hmr-patch') {
+        debug?.(
+          `GENERATING-HMR-PATCH: file update detected ${file}, regenerating HMR patch`,
+        )
+      }
+
+      this.state = {
+        type: 'generating-hmr-patch',
+        options: this.state.options,
+        bundle: this.state.bundle,
+        patched: this.state.patched,
+      }
+
+      const startTime = Date.now()
+      let hmrOutput: HmrOutput[]
+      try {
+        // NOTE: only single outputOptions is supported here
+        hmrOutput = await this.state.bundle.generateHmrPatch([file])
+      } catch (e) {
+        // TODO: support multiple errors
+        this.hot.send({ type: 'error', err: prepareError(e.errors[0]) })
+
+        this.state = {
+          type: 'bundled',
+          options: this.state.options,
+          bundle: this.state.bundle,
+          patched: this.state.patched,
+        }
+        return
+      } finally {
+        this.invalidateCalledModules.clear()
+      }
+
+      if (hmrOutput.every((output) => output.type === 'Noop')) {
+        debug?.(`ignored file change for ${file}`)
+        return
+      }
+      const generateTime = Date.now()
+      debug?.(
+        `GENERATING-HMR-PATCH: patch generated in ${generateTime - startTime}ms`,
+      )
+
+      for (const output of hmrOutput) {
+        this.handleHmrOutput(file, output, this.state)
+      }
+      return
+    }
+    this.state satisfies never // exhaustive check
+  }
+
+  override async warmupRequest(_url: string): Promise<void> {
+    // no-op
+  }
+
+  protected override invalidateModule(m: {
+    path: string
+    message?: string
+    firstInvalidatedBy: string
+  }): void {
+    ;(async () => {
+      if (this.invalidateCalledModules.has(m.path)) {
+        debug?.(
+          `${this.state.type.toUpperCase()}: invalidate received, but ignored because it was already invalidated`,
+        )
+        return
+      }
+
+      if (
+        this.state.type === 'initial' ||
+        this.state.type === 'bundling' ||
+        this.state.type === 'bundle-error'
+      ) {
+        debug?.(
+          `${this.state.type.toUpperCase()}: invalidate received, but ignored because the state type has changed`,
+        )
+        return
+      }
+      this.state.type satisfies 'bundled' | 'generating-hmr-patch' // exhaustive check
+
+      debug?.(
+        `${this.state.type.toUpperCase()}: invalidate received, re-triggering HMR`,
+      )
+
+      // TODO: should this be a separate state?
+      this.state = {
+        type: 'generating-hmr-patch',
+        options: this.state.options,
+        bundle: this.state.bundle,
+        patched: this.state.patched,
+      }
+      this.invalidateCalledModules.add(m.path)
+
+      let hmrOutput: HmrOutput
+      try {
+        // NOTE: only single outputOptions is supported here
+        hmrOutput = await this.state.bundle.hmrInvalidate(
+          m.path,
+          m.firstInvalidatedBy,
+        )
+      } catch (e) {
+        // TODO: support multiple errors
+        this.hot.send({ type: 'error', err: prepareError(e.errors[0]) })
+
+        this.state = {
+          type: 'bundled',
+          options: this.state.options,
+          bundle: this.state.bundle,
+          patched: this.state.patched,
+        }
+        return
+      }
+
+      if (hmrOutput.type === 'Patch') {
+        this.logger.info(
+          colors.yellow(`hmr invalidate `) +
+            colors.dim(m.path) +
+            (m.message ? ` ${m.message}` : ''),
+          { timestamp: true },
+        )
+      }
+
+      // TODO: need to check if this is enough
+      this.handleHmrOutput(m.path, hmrOutput, this.state, m.firstInvalidatedBy)
+    })()
+  }
+
+  triggerBundleRegenerationIfStale(): boolean {
+    if (
+      (this.state.type === 'bundled' ||
+        this.state.type === 'generating-hmr-patch') &&
+      this.state.patched
+    ) {
+      this.triggerGenerateBundle(this.state)
+      debug?.(
+        `${this.state.type.toUpperCase()}: access to stale bundle, triggered bundle re-generation`,
+      )
+      return true
+    }
+    return false
+  }
+
+  override async close(): Promise<void> {
+    await Promise.all([
+      super.close(),
+      (async () => {
+        if (this.state.type === 'initial') {
+          return
+        }
+        if (this.state.type === 'bundling') {
+          this.state.abortController.abort()
+        }
+        const bundle = this.state.bundle
+        this.state = { type: 'initial' }
+
+        this.watchFiles.clear()
+        this.memoryFiles.clear()
+        await bundle.close()
+      })(),
+    ])
+  }
+
+  private async getRolldownOptions() {
+    const chunkMetadataMap = new ChunkMetadataMap()
+    const rolldownOptions = resolveRolldownOptions(this, chunkMetadataMap)
+    rolldownOptions.experimental ??= {}
+    rolldownOptions.experimental.hmr = {
+      implement: await getHmrImplementation(this.getTopLevelConfig()),
+    }
+
+    // set filenames to make output paths predictable so that `renderChunk` hook does not need to be used
+    if (Array.isArray(rolldownOptions.output)) {
+      for (const output of rolldownOptions.output) {
+        output.entryFileNames = 'assets/[name].js'
+        output.chunkFileNames = 'assets/[name]-[hash].js'
+        output.assetFileNames = 'assets/[name]-[hash][extname]'
+      }
+    } else {
+      rolldownOptions.output ??= {}
+      rolldownOptions.output.entryFileNames = 'assets/[name].js'
+      rolldownOptions.output.chunkFileNames = 'assets/[name]-[hash].js'
+      rolldownOptions.output.assetFileNames = 'assets/[name]-[hash][extname]'
+    }
+
+    return rolldownOptions
+  }
+
+  private triggerGenerateBundle({
+    options,
+    bundle,
+  }: BundleStateCommonProperties) {
+    if (this.state.type === 'bundling') {
+      this.state.abortController.abort()
+    }
+
+    const controller = new AbortController()
+    const promise = this.generateBundle(
+      options.output,
+      bundle,
+      controller.signal,
+    )
+    this.state = {
+      type: 'bundling',
+      options,
+      bundle,
+      promise,
+      abortController: controller,
+    }
+  }
+
+  private async generateBundle(
+    outOpts: RolldownOptions['output'],
+    bundle: RolldownBuild,
+    signal: AbortSignal,
+  ) {
+    try {
+      const startTime = Date.now()
+      const newMemoryFiles = new Map<string, () => string | Uint8Array>()
+      for (const outputOpts of arraify(outOpts)) {
+        const output = await bundle.generate(outputOpts)
+        if (signal.aborted) return
+
+        for (const outputFile of output.output) {
+          newMemoryFiles.set(outputFile.fileName, () =>
+            outputFile.type === 'chunk' ? outputFile.code : outputFile.source,
+          )
+        }
+      }
+      const generateTime = Date.now()
+
+      this.memoryFiles.clear()
+      for (const [file, code] of newMemoryFiles) {
+        this.memoryFiles.set(file, code)
+      }
+
+      // TODO: should this be done for hmr patch file generation?
+      const bundleWatchFiles = new Set(await bundle.watchFiles)
+      for (const file of this.watchFiles) {
+        if (!bundleWatchFiles.has(file)) {
+          this.watcher.unwatch(file)
+        }
+      }
+      for (const file of bundleWatchFiles) {
+        if (!this.watchFiles.has(file)) {
+          if (tryStatSync(file)) {
+            this.watcher.add(file)
+          }
+          this.watchFiles.add(file)
+        }
+      }
+      if (signal.aborted) return
+      const postGenerateTime = Date.now()
+
+      if (this.state.type === 'initial') throw new Error('unreachable')
+      this.state = {
+        type: 'bundled',
+        bundle: this.state.bundle,
+        options: this.state.options,
+        patched: false,
+      }
+      debug?.(
+        `BUNDLED: bundle generated in ${generateTime - startTime}ms + ${postGenerateTime - generateTime}ms`,
+      )
+
+      this.hot.send({ type: 'full-reload' })
+      this.logger.info(colors.green(`page reload`), { timestamp: true })
+    } catch (e) {
+      enhanceRollupError(e)
+      clearLine()
+      this.logger.error(`${colors.red('✗')} Build failed` + e.stack)
+
+      // TODO: support multiple errors
+      this.hot.send({ type: 'error', err: prepareError(e.errors[0]) })
+
+      if (this.state.type === 'initial') throw new Error('unreachable')
+      this.state = {
+        type: 'bundle-error',
+        bundle: this.state.bundle,
+        options: this.state.options,
+      }
+      debug?.('BUNDLED: bundle errored')
+    }
+  }
+
+  private handleHmrOutput(
+    file: string,
+    hmrOutput: HmrOutput,
+    { options, bundle }: BundleStateCommonProperties,
+    firstInvalidatedBy?: string,
+  ) {
+    if (hmrOutput.type === 'Noop') return
+
+    const shortFile = getShortName(file, this.config.root)
+    if (hmrOutput.type === 'FullReload') {
+      this.triggerGenerateBundle({ options, bundle })
+
+      const reason = hmrOutput.reason
+        ? colors.dim(` (${hmrOutput.reason})`)
+        : ''
+      this.logger.info(
+        colors.green(`trigger page reload `) + colors.dim(shortFile) + reason,
+        { clear: !firstInvalidatedBy, timestamp: true },
+      )
+      return
+    }
+
+    debug?.(`handle hmr output for ${shortFile}`, {
+      ...hmrOutput,
+      code: typeof hmrOutput.code === 'string' ? '[code]' : hmrOutput.code,
+    })
+
+    this.memoryFiles.set(hmrOutput.filename, hmrOutput.code)
+    if (hmrOutput.sourcemapFilename && hmrOutput.sourcemap) {
+      this.memoryFiles.set(hmrOutput.sourcemapFilename, hmrOutput.sourcemap)
+    }
+    const updates: Update[] = hmrOutput.hmrBoundaries.map((boundary: any) => {
+      return {
+        type: 'js-update',
+        url: hmrOutput.filename,
+        path: boundary.boundary,
+        acceptedPath: boundary.acceptedVia,
+        firstInvalidatedBy,
+        timestamp: Date.now(),
+      }
+    })
+    this.hot.send({
+      type: 'update',
+      updates,
+    })
+    this.logger.info(
+      colors.green(`hmr update `) +
+        colors.dim([...new Set(updates.map((u) => u.path))].join(', ')),
+      { clear: !firstInvalidatedBy, timestamp: true },
+    )
+
+    this.state = {
+      type: 'bundled',
+      options,
+      bundle,
+      patched: true,
+    }
+  }
+}
+
+// https://mermaid.live/edit#pako:eNqdUk1v4jAQ_SujuRSkFAUMJOSwalWuPXVPq0jIjYfEWmeMHKe0i_jvaxJoqcRuUX2x3se8mZFmh4VVhBmujd0WlXQefi5zhvAaH9Bg0H3DIdze_gDN2mtpev0IOuG5ZWU0l71yQkECcs66Dw-tOuLMd2QO3rU2BGEILumL1OudTVsU1DRnE6jz5upSWklMTvqQsKpqt9pIX1R90SXl0pbq__bTUIPADr9RxhY-V76v_q_S61bsM-7vdtBUckMZeHr1ERj5TCaDHLcVMRC_aGe5JvagGyiMbUhFoD1stTFQWvAWbo7XcZMj7HPGCGtytdQqnNru0CZHX1FNOR5ylXS_c8x5H3yy9fbpjQvMvGspQmfbssJsLU0TULtR0tNSy9LJ-p3dSP5lbX0qIaW9dY_9YXf3HWHpDr2PkcSK3INt2WM2XswnXQJmO3wNOJmOxCIdx0ksRDwX4zTCN8zS-SidTRbxNAlkIvYR_uk6xqNkFk9TMZ2JSSKSREz2fwERkhWq
+type BundleState =
+  | BundleStateInitial
+  | BundleStateBundling
+  | BundleStateBundled
+  | BundleStateBundleError
+  | BundleStateGeneratingHmrPatch
+type BundleStateInitial = { type: 'initial' }
+type BundleStateBundling = {
+  type: 'bundling'
+  promise: Promise<void>
+  abortController: AbortController
+} & BundleStateCommonProperties
+type BundleStateBundled = {
+  type: 'bundled'
+  /**
+   * Whether a hmr patch was generated.
+   *
+   * In other words, whether the bundle is stale.
+   */
+  patched: boolean
+} & BundleStateCommonProperties
+type BundleStateBundleError = {
+  type: 'bundle-error'
+} & BundleStateCommonProperties
+type BundleStateGeneratingHmrPatch = {
+  type: 'generating-hmr-patch'
+  /**
+   * Whether a hmr patch was generated.
+   *
+   * In other words, whether the bundle is stale.
+   */
+  patched: boolean
+} & BundleStateCommonProperties
+
+type BundleStateCommonProperties = {
+  options: RolldownOptions
+  bundle: RolldownBuild
+}
diff --git a/packages/vite/src/node/server/hmr.ts b/packages/vite/src/node/server/hmr.ts
index b30a6999394c25..7d29f86f208968 100644
--- a/packages/vite/src/node/server/hmr.ts
+++ b/packages/vite/src/node/server/hmr.ts
@@ -30,6 +30,7 @@ import {
   BasicMinimalPluginContext,
   basePluginContextMeta,
 } from './pluginContainer'
+import type { FullBundleDevEnvironment } from './environments/fullBundleEnvironment'
 import type { HttpServer } from '.'
 import { restartServerWithUrls } from '.'
 
@@ -418,6 +419,13 @@ export async function handleHMRUpdate(
     return
   }
 
+  if (config.experimental.fullBundleMode) {
+    // TODO: support handleHotUpdate / hotUpdate
+    const environment = server.environments.client as FullBundleDevEnvironment
+    environment.onFileChange(type, file)
+    return
+  }
+
   const timestamp = monotonicDateNow()
   const contextMeta = {
     type,
diff --git a/packages/vite/src/node/server/index.ts b/packages/vite/src/node/server/index.ts
index ded3263bc8aca3..c17cd7b5fffe39 100644
--- a/packages/vite/src/node/server/index.ts
+++ b/packages/vite/src/node/server/index.ts
@@ -101,6 +101,7 @@ import { searchForPackageRoot, searchForWorkspaceRoot } from './searchRoot'
 import type { DevEnvironment } from './environment'
 import { hostValidationMiddleware } from './middlewares/hostCheck'
 import { rejectInvalidRequestMiddleware } from './middlewares/rejectInvalidRequest'
+import { memoryFilesMiddleware } from './middlewares/memoryFiles'
 
 const usedConfigs = new WeakSet<ResolvedConfig>()
 
@@ -892,7 +893,9 @@ export async function _createServer(
 
   // Internal middlewares ------------------------------------------------------
 
-  middlewares.use(cachedTransformMiddleware(server))
+  if (!config.experimental.fullBundleMode) {
+    middlewares.use(cachedTransformMiddleware(server))
+  }
 
   // proxy
   const { proxy } = serverConfig
@@ -927,16 +930,26 @@ export async function _createServer(
     middlewares.use(servePublicMiddleware(server, publicFiles))
   }
 
-  // main transform middleware
-  middlewares.use(transformMiddleware(server))
+  if (config.experimental.fullBundleMode) {
+    middlewares.use(memoryFilesMiddleware(server))
+  } else {
+    // main transform middleware
+    middlewares.use(transformMiddleware(server))
 
-  // serve static files
-  middlewares.use(serveRawFsMiddleware(server))
-  middlewares.use(serveStaticMiddleware(server))
+    // serve static files
+    middlewares.use(serveRawFsMiddleware(server))
+    middlewares.use(serveStaticMiddleware(server))
+  }
 
   // html fallback
   if (config.appType === 'spa' || config.appType === 'mpa') {
-    middlewares.use(htmlFallbackMiddleware(root, config.appType === 'spa'))
+    middlewares.use(
+      htmlFallbackMiddleware(
+        root,
+        config.appType === 'spa',
+        server.environments.client,
+      ),
+    )
   }
 
   // apply configureServer post hooks ------------------------------------------
@@ -966,10 +979,12 @@ export async function _createServer(
     if (initingServer) return initingServer
 
     initingServer = (async function () {
-      // For backward compatibility, we call buildStart for the client
-      // environment when initing the server. For other environments
-      // buildStart will be called when the first request is transformed
-      await environments.client.pluginContainer.buildStart()
+      if (!config.experimental.fullBundleMode) {
+        // For backward compatibility, we call buildStart for the client
+        // environment when initing the server. For other environments
+        // buildStart will be called when the first request is transformed
+        await environments.client.pluginContainer.buildStart()
+      }
 
       // ensure ws server started
       if (onListen || options.listen) {
diff --git a/packages/vite/src/node/server/middlewares/htmlFallback.ts b/packages/vite/src/node/server/middlewares/htmlFallback.ts
index b61b44bf061180..6729c924cf8283 100644
--- a/packages/vite/src/node/server/middlewares/htmlFallback.ts
+++ b/packages/vite/src/node/server/middlewares/htmlFallback.ts
@@ -1,15 +1,31 @@
 import path from 'node:path'
 import fs from 'node:fs'
 import type { Connect } from 'dep-types/connect'
-import { createDebugger } from '../../utils'
+import { createDebugger, joinUrlSegments } from '../../utils'
 import { cleanUrl } from '../../../shared/utils'
+import type { DevEnvironment } from '../environment'
+import { FullBundleDevEnvironment } from '../environments/fullBundleEnvironment'
 
 const debug = createDebugger('vite:html-fallback')
 
 export function htmlFallbackMiddleware(
   root: string,
   spaFallback: boolean,
+  clientEnvironment?: DevEnvironment,
 ): Connect.NextHandleFunction {
+  const memoryFiles =
+    clientEnvironment instanceof FullBundleDevEnvironment
+      ? clientEnvironment.memoryFiles
+      : undefined
+
+  function checkFileExists(relativePath: string) {
+    return (
+      memoryFiles?.has(
+        relativePath.slice(1), // remove first /
+      ) ?? fs.existsSync(path.join(root, relativePath))
+    )
+  }
+
   // Keep the named function. The name is visible in debug logs via `DEBUG=connect:dispatcher ...`
   return function viteHtmlFallbackMiddleware(req, _res, next) {
     if (
@@ -34,8 +50,7 @@ export function htmlFallbackMiddleware(
     // .html files are not handled by serveStaticMiddleware
     // so we need to check if the file exists
     if (pathname.endsWith('.html')) {
-      const filePath = path.join(root, pathname)
-      if (fs.existsSync(filePath)) {
+      if (checkFileExists(pathname)) {
         debug?.(`Rewriting ${req.method} ${req.url} to ${url}`)
         req.url = url
         return next()
@@ -43,8 +58,7 @@ export function htmlFallbackMiddleware(
     }
     // trailing slash should check for fallback index.html
     else if (pathname.endsWith('/')) {
-      const filePath = path.join(root, pathname, 'index.html')
-      if (fs.existsSync(filePath)) {
+      if (checkFileExists(joinUrlSegments(pathname, 'index.html'))) {
         const newUrl = url + 'index.html'
         debug?.(`Rewriting ${req.method} ${req.url} to ${newUrl}`)
         req.url = newUrl
@@ -53,8 +67,7 @@ export function htmlFallbackMiddleware(
     }
     // non-trailing slash should check for fallback .html
     else {
-      const filePath = path.join(root, pathname + '.html')
-      if (fs.existsSync(filePath)) {
+      if (checkFileExists(pathname + '.html')) {
         const newUrl = url + '.html'
         debug?.(`Rewriting ${req.method} ${req.url} to ${newUrl}`)
         req.url = newUrl
diff --git a/packages/vite/src/node/server/middlewares/indexHtml.ts b/packages/vite/src/node/server/middlewares/indexHtml.ts
index 7b85d8fb1ccceb..ccf9dbf7140268 100644
--- a/packages/vite/src/node/server/middlewares/indexHtml.ts
+++ b/packages/vite/src/node/server/middlewares/indexHtml.ts
@@ -48,6 +48,8 @@ import {
   BasicMinimalPluginContext,
   basePluginContextMeta,
 } from '../pluginContainer'
+import { FullBundleDevEnvironment } from '../environments/fullBundleEnvironment'
+import { getHmrImplementation } from '../../plugins/clientInjections'
 
 interface AssetNode {
   start: number
@@ -440,6 +442,10 @@ export function indexHtmlMiddleware(
   server: ViteDevServer | PreviewServer,
 ): Connect.NextHandleFunction {
   const isDev = isDevServer(server)
+  const fullBundleEnv =
+    isDev && server.environments.client instanceof FullBundleDevEnvironment
+      ? server.environments.client
+      : undefined
 
   // Keep the named function. The name is visible in debug logs via `DEBUG=connect:dispatcher ...`
   return async function viteIndexHtmlMiddleware(req, res, next) {
@@ -450,6 +456,29 @@ export function indexHtmlMiddleware(
     const url = req.url && cleanUrl(req.url)
     // htmlFallbackMiddleware appends '.html' to URLs
     if (url?.endsWith('.html') && req.headers['sec-fetch-dest'] !== 'script') {
+      if (fullBundleEnv) {
+        const pathname = decodeURIComponent(url)
+        const filePath = pathname.slice(1) // remove first /
+
+        let content = fullBundleEnv.memoryFiles.get(filePath)
+        if (!content && fullBundleEnv.memoryFiles.size !== 0) {
+          return next()
+        }
+        if (
+          fullBundleEnv.triggerBundleRegenerationIfStale() ||
+          content === undefined
+        ) {
+          content = await generateFallbackHtml(server as ViteDevServer)
+        }
+
+        const html =
+          typeof content === 'string' ? content : Buffer.from(content.buffer)
+        const headers = isDev
+          ? server.config.server.headers
+          : server.config.preview.headers
+        return send(req, res, html, 'html', { headers })
+      }
+
       let filePath: string
       if (isDev && url.startsWith(FS_PREFIX)) {
         filePath = decodeURIComponent(fsPathFromId(url))
@@ -490,3 +519,50 @@ function preTransformRequest(
   decodedUrl = unwrapId(stripBase(decodedUrl, decodedBase))
   server.warmupRequest(decodedUrl)
 }
+
+async function generateFallbackHtml(server: ViteDevServer) {
+  const hmrRuntime = await getHmrImplementation(server.config)
+  return /* html */ `
+<!DOCTYPE html>
+<html lang="en">
+<head>
+  <script type="module">
+    ${hmrRuntime.replaceAll('</script>', '<\\/script>')}
+  </script>
+  <style>
+    body {
+      margin: 0;
+      min-height: 100vh;
+      display: flex;
+    }
+
+    .container {
+      margin: auto;
+      padding: 2rem;
+      text-align: center;
+      border-radius: 1rem;
+    }
+
+    .spinner {
+      width: 3rem;
+      height: 3rem;
+      margin: 2rem auto;
+      border: 3px solid #f5f5f7;
+      border-top-color: #0071e3;
+      border-radius: 50%;
+      animation: spin 1s linear infinite;
+    }
+
+    @keyframes spin { to { transform: rotate(360deg) } }
+  </style>
+</head>
+<body>
+  <div class="container">
+    <h1>Bundling in progress</h1>
+    <p>The page will automatically reload when ready.</p>
+    <div class="spinner"></div>
+  </div>
+</body>
+</html>
+`
+}
diff --git a/packages/vite/src/node/server/middlewares/memoryFiles.ts b/packages/vite/src/node/server/middlewares/memoryFiles.ts
new file mode 100644
index 00000000000000..76d4bdabb60bea
--- /dev/null
+++ b/packages/vite/src/node/server/middlewares/memoryFiles.ts
@@ -0,0 +1,43 @@
+import type { Connect } from 'dep-types/connect'
+import * as mrmime from 'mrmime'
+import { cleanUrl } from '../../../shared/utils'
+import type { ViteDevServer } from '..'
+import { FullBundleDevEnvironment } from '../environments/fullBundleEnvironment'
+
+export function memoryFilesMiddleware(
+  server: ViteDevServer,
+): Connect.NextHandleFunction {
+  const memoryFiles =
+    server.environments.client instanceof FullBundleDevEnvironment
+      ? server.environments.client.memoryFiles
+      : undefined
+  if (!memoryFiles) {
+    throw new Error('memoryFilesMiddleware can only be used for fullBundleMode')
+  }
+  const headers = server.config.server.headers
+
+  return function viteMemoryFilesMiddleware(req, res, next) {
+    const cleanedUrl = cleanUrl(req.url!)
+    if (cleanedUrl.endsWith('.html')) {
+      return next()
+    }
+
+    const pathname = decodeURIComponent(cleanedUrl)
+    const filePath = pathname.slice(1) // remove first /
+
+    const file = memoryFiles.get(filePath)
+    if (file) {
+      const mime = mrmime.lookup(filePath)
+      if (mime) {
+        res.setHeader('Content-Type', mime)
+      }
+
+      for (const name in headers) {
+        res.setHeader(name, headers[name]!)
+      }
+
+      return res.end(file)
+    }
+    next()
+  }
+}
diff --git a/packages/vite/types/hmrPayload.d.ts b/packages/vite/types/hmrPayload.d.ts
index 0cbd649f7279da..8796a6b05cfd79 100644
--- a/packages/vite/types/hmrPayload.d.ts
+++ b/packages/vite/types/hmrPayload.d.ts
@@ -24,6 +24,12 @@ export interface UpdatePayload {
 
 export interface Update {
   type: 'js-update' | 'css-update'
+  /**
+   * URL of HMR patch chunk
+   *
+   * This only exists when full-bundle mode is enabled.
+   */
+  url?: string
   path: string
   acceptedPath: string
   timestamp: number
diff --git a/playground/hmr-full-bundle-mode/__tests__/hmr-full-bundle-mode.spec.ts b/playground/hmr-full-bundle-mode/__tests__/hmr-full-bundle-mode.spec.ts
new file mode 100644
index 00000000000000..b2629d786153d6
--- /dev/null
+++ b/playground/hmr-full-bundle-mode/__tests__/hmr-full-bundle-mode.spec.ts
@@ -0,0 +1,123 @@
+import { setTimeout } from 'node:timers/promises'
+import { expect, test } from 'vitest'
+import { editFile, isBuild, page } from '~utils'
+
+if (isBuild) {
+  test('should render', async () => {
+    expect(await page.textContent('h1')).toContain('HMR Full Bundle Mode')
+    await expect.poll(() => page.textContent('.app')).toBe('hello')
+    await expect.poll(() => page.textContent('.hmr')).toBe('hello')
+  })
+} else {
+  // INITIAL -> BUNDLING -> BUNDLED
+  test('show bundling in progress', async () => {
+    const reloadPromise = page.waitForEvent('load')
+    await expect
+      .poll(() => page.textContent('body'))
+      .toContain('Bundling in progress')
+    await reloadPromise // page shown after reload
+    await expect.poll(() => page.textContent('h1')).toBe('HMR Full Bundle Mode')
+    await expect.poll(() => page.textContent('.app')).toBe('hello')
+  })
+
+  // BUNDLED -> GENERATE_HMR_PATCH -> BUNDLING -> BUNDLE_ERROR -> BUNDLING -> BUNDLED
+  test('handle bundle error', async () => {
+    editFile('main.js', (code) =>
+      code.replace("text('.app', 'hello')", "text('.app', 'hello'); text("),
+    )
+    await expect.poll(() => page.isVisible('vite-error-overlay')).toBe(true)
+    editFile('main.js', (code) =>
+      code.replace("text('.app', 'hello'); text(", "text('.app', 'hello')"),
+    )
+    await expect.poll(() => page.isVisible('vite-error-overlay')).toBe(false)
+    await expect.poll(() => page.textContent('.app')).toBe('hello')
+  })
+
+  // BUNDLED -> GENERATE_HMR_PATCH -> BUNDLING -> BUNDLED
+  test('update bundle', async () => {
+    editFile('main.js', (code) =>
+      code.replace("text('.app', 'hello')", "text('.app', 'hello1')"),
+    )
+    await expect.poll(() => page.textContent('.app')).toBe('hello1')
+
+    editFile('main.js', (code) =>
+      code.replace("text('.app', 'hello1')", "text('.app', 'hello')"),
+    )
+    await expect.poll(() => page.textContent('.app')).toBe('hello')
+  })
+
+  // BUNDLED -> GENERATE_HMR_PATCH -> BUNDLING -> BUNDLING -> BUNDLED
+  test('debounce bundle', async () => {
+    editFile('main.js', (code) =>
+      code.replace(
+        "text('.app', 'hello')",
+        "text('.app', 'hello1')\n" + '// @delay-transform',
+      ),
+    )
+    await setTimeout(100)
+    editFile('main.js', (code) =>
+      code.replace("text('.app', 'hello1')", "text('.app', 'hello2')"),
+    )
+    await expect.poll(() => page.textContent('.app')).toBe('hello2')
+
+    editFile('main.js', (code) =>
+      code.replace(
+        "text('.app', 'hello2')\n" + '// @delay-transform',
+        "text('.app', 'hello')",
+      ),
+    )
+    await expect.poll(() => page.textContent('.app')).toBe('hello')
+  })
+
+  // BUNDLED -> GENERATING_HMR_PATCH -> BUNDLED
+  test('handle generate hmr patch error', async () => {
+    await expect.poll(() => page.textContent('.hmr')).toBe('hello')
+    editFile('hmr.js', (code) =>
+      code.replace("const foo = 'hello'", "const foo = 'hello"),
+    )
+    await expect.poll(() => page.isVisible('vite-error-overlay')).toBe(true)
+
+    editFile('hmr.js', (code) =>
+      code.replace("const foo = 'hello", "const foo = 'hello'"),
+    )
+    await expect.poll(() => page.isVisible('vite-error-overlay')).toBe(false)
+    await expect.poll(() => page.textContent('.hmr')).toContain('hello')
+  })
+
+  // BUNDLED -> GENERATING_HMR_PATCH -> BUNDLED
+  test('generate hmr patch', async () => {
+    await expect.poll(() => page.textContent('.hmr')).toBe('hello')
+    editFile('hmr.js', (code) =>
+      code.replace("const foo = 'hello'", "const foo = 'hello1'"),
+    )
+    await expect.poll(() => page.textContent('.hmr')).toBe('hello1')
+
+    editFile('hmr.js', (code) =>
+      code.replace("const foo = 'hello1'", "const foo = 'hello'"),
+    )
+    await expect.poll(() => page.textContent('.hmr')).toContain('hello')
+  })
+
+  // BUNDLED -> GENERATING_HMR_PATCH -> GENERATING_HMR_PATCH -> BUNDLED
+  test('continuous generate hmr patch', async () => {
+    editFile('hmr.js', (code) =>
+      code.replace(
+        "const foo = 'hello'",
+        "const foo = 'hello1'\n" + '// @delay-transform',
+      ),
+    )
+    await setTimeout(100)
+    editFile('hmr.js', (code) =>
+      code.replace("const foo = 'hello1'", "const foo = 'hello2'"),
+    )
+    await expect.poll(() => page.textContent('.hmr')).toBe('hello2')
+
+    editFile('hmr.js', (code) =>
+      code.replace(
+        "const foo = 'hello2'\n" + '// @delay-transform',
+        "const foo = 'hello'",
+      ),
+    )
+    await expect.poll(() => page.textContent('.hmr')).toBe('hello')
+  })
+}
diff --git a/playground/hmr-full-bundle-mode/hmr.js b/playground/hmr-full-bundle-mode/hmr.js
new file mode 100644
index 00000000000000..9f01c0ef741ee6
--- /dev/null
+++ b/playground/hmr-full-bundle-mode/hmr.js
@@ -0,0 +1,13 @@
+export const foo = 'hello'
+
+text('.hmr', foo)
+
+function text(el, text) {
+  document.querySelector(el).textContent = text
+}
+
+import.meta.hot?.accept((mod) => {
+  if (mod) {
+    text('.hmr', mod.foo)
+  }
+})
diff --git a/playground/hmr-full-bundle-mode/index.html b/playground/hmr-full-bundle-mode/index.html
new file mode 100644
index 00000000000000..8bb880b25ac710
--- /dev/null
+++ b/playground/hmr-full-bundle-mode/index.html
@@ -0,0 +1,6 @@
+<h1>HMR Full Bundle Mode</h1>
+
+<div class="app"></div>
+<div class="hmr"></div>
+
+<script type="module" src="./main.js"></script>
diff --git a/playground/hmr-full-bundle-mode/main.js b/playground/hmr-full-bundle-mode/main.js
new file mode 100644
index 00000000000000..3a8003456f6a3e
--- /dev/null
+++ b/playground/hmr-full-bundle-mode/main.js
@@ -0,0 +1,7 @@
+import './hmr.js'
+
+text('.app', 'hello')
+
+function text(el, text) {
+  document.querySelector(el).textContent = text
+}
diff --git a/playground/hmr-full-bundle-mode/package.json b/playground/hmr-full-bundle-mode/package.json
new file mode 100644
index 00000000000000..dcd3f5e9ed014b
--- /dev/null
+++ b/playground/hmr-full-bundle-mode/package.json
@@ -0,0 +1,12 @@
+{
+  "name": "@vitejs/test-hmr-full-bundle-mode",
+  "private": true,
+  "version": "0.0.0",
+  "type": "module",
+  "scripts": {
+    "dev": "vite",
+    "build": "vite build",
+    "debug": "node --inspect-brk ../../packages/vite/bin/vite",
+    "preview": "vite preview"
+  }
+}
diff --git a/playground/hmr-full-bundle-mode/vite.config.ts b/playground/hmr-full-bundle-mode/vite.config.ts
new file mode 100644
index 00000000000000..2471a1eb5ead97
--- /dev/null
+++ b/playground/hmr-full-bundle-mode/vite.config.ts
@@ -0,0 +1,59 @@
+import { type Plugin, defineConfig } from 'vite'
+
+export default defineConfig({
+  experimental: {
+    fullBundleMode: true,
+  },
+  plugins: [waitBundleCompleteUntilAccess(), delayTransformComment()],
+})
+
+function waitBundleCompleteUntilAccess(): Plugin {
+  let resolvers: PromiseWithResolvers<void>
+
+  return {
+    name: 'wait-bundle-complete-until-access',
+    apply: 'serve',
+    configureServer(server) {
+      let accessCount = 0
+      resolvers = promiseWithResolvers()
+
+      server.middlewares.use((_req, _res, next) => {
+        accessCount++
+        if (accessCount === 1) {
+          resolvers.resolve()
+        }
+        next()
+      })
+    },
+    async generateBundle() {
+      await resolvers.promise
+      await new Promise<void>((resolve) => setTimeout(resolve, 300))
+    },
+  }
+}
+
+function delayTransformComment(): Plugin {
+  return {
+    name: 'delay-transform-comment',
+    async transform(code) {
+      if (code.includes('// @delay-transform')) {
+        await new Promise<void>((resolve) => setTimeout(resolve, 300))
+      }
+    },
+  }
+}
+
+interface PromiseWithResolvers<T> {
+  promise: Promise<T>
+  resolve: (value: T | PromiseLike<T>) => void
+  reject: (reason?: any) => void
+}
+function promiseWithResolvers<T>(): PromiseWithResolvers<T> {
+  let resolve: any
+  let reject: any
+  const promise = new Promise<T>((_resolve, _reject) => {
+    resolve = _resolve
+    reject = _reject
+  })
+  return { promise, resolve, reject }
+}
diff --git a/playground/hmr/vite.config.ts b/playground/hmr/vite.config.ts
index 9ee8024ee2bf44..556d986cd938a3 100644
--- a/playground/hmr/vite.config.ts
+++ b/playground/hmr/vite.config.ts
@@ -8,6 +8,22 @@ export default defineConfig({
     hmrPartialAccept: true,
   },
   build: {
+    rollupOptions: {
+      input: [
+        path.resolve(import.meta.dirname, './index.html'),
+        path.resolve(import.meta.dirname, './missing-import/index.html'),
+        path.resolve(
+          import.meta.dirname,
+          './unicode-path/中文-にほんご-한글-🌕🌖🌗/index.html',
+        ),
+        path.resolve(import.meta.dirname, './counter/index.html'),
+        path.resolve(
+          import.meta.dirname,
+          './self-accept-within-circular/index.html',
+        ),
+        path.resolve(import.meta.dirname, './css-deps/index.html'),
+      ],
+    },
     assetsInlineLimit(filePath) {
       if (filePath.endsWith('logo-no-inline.svg')) {
         return false
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 550cb6bdc0eb8f..49e1a1654ca11d 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -825,6 +825,8 @@ importers:
 
   playground/hmr: {}
 
+  playground/hmr-full-bundle-mode: {}
+
   playground/hmr-ssr: {}
 
   playground/html: {}