diff --git a/.changeset/fix-loading-late-fragment-hydration.md b/.changeset/fix-loading-late-fragment-hydration.md
new file mode 100644
index 000000000..158eae6f9
--- /dev/null
+++ b/.changeset/fix-loading-late-fragment-hydration.md
@@ -0,0 +1,5 @@
+---
+"solid-js": patch
+---
+
+fix late-streamed fragment orphaning when a chained async memo recomputes after the shell finishes hydrating
diff --git a/packages/solid-web/test/hydration/loading-late-fragment.spec.tsx b/packages/solid-web/test/hydration/loading-late-fragment.spec.tsx
new file mode 100644
index 000000000..c9d4aeda3
--- /dev/null
+++ b/packages/solid-web/test/hydration/loading-late-fragment.spec.tsx
@@ -0,0 +1,136 @@
+/**
+ * @jsxImportSource @solidjs/web
+ * @vitest-environment jsdom
+ *
+ * Regression test: a <Loading> boundary whose streamed fragment arrives AFTER
+ * the shell has hydrated (chained async memos whose serialized values are not
+ * in the shell) must claim the late-streamed server node, not orphan it.
+ *
+ * Root cause: when a chained async memo (e.g. `b = createMemo(() => fetchItems(m()))`
+ * where `m` reads a pending async memo `a`) recomputes after `sharedConfig.hydrating`
+ * flips to false but before the boundary's fragment resume fires, the memo's
+ * `readSerializedOrCompute` would re-run its compute function (e.g. `fetchItems(...)`)
+ * instead of subscribing to the server's serialized deferred Promise. The new
+ * client-side Promise resolves after the resume window closes, so the For renders
+ * with `hydrating=false` and creates a fresh node — orphaning the server fragment
+ * that `$df` swapped in.
+ *   "Hydration completed with 1 unclaimed server-rendered node(s):
+ *    <div _hk="...">item 1</div>"
+ */
+import { describe, expect, test, vi, beforeEach, afterEach } from "vitest";
+import { createMemo, flush, Loading } from "solid-js";
+import { For, hydrate } from "@solidjs/web";
+
+function setupHydration() {
+  (globalThis as any)._$HY = { events: [], completed: new WeakSet(), r: {}, fe() {} };
+}
+
+const sleep = (ms: number) => new Promise(r => setTimeout(r, ms));
+const fetchItems = async (id: number) => {
+  await sleep(10);
+  return ["item " + id];
+};
+
+// Streamed chunks for `<Home />` with sleep(1000)-equivalent timing:
+//   shell  : boundary fallback + pending `3_fr` + pending `0` (a). key `2` (b)
+//            is NOT registered yet (b only serializes after a resolves).
+//   mid    : defines the resolver, resolves `0` -> [1], registers `2` (pending).
+//   late   : `<template id="3">` + `$df("3")` swap + resolves `2` and `3_fr`.
+const RESOLVER_FN =
+  "($R[6]=(resolver, data) => { resolver.s(data); resolver.p.s = 1; resolver.p.v = data; })";
+const DEFERRED =
+  "($R[2]=() => { const resolver = { p: 0, s: 0, f: 0 }; resolver.p = new Promise((resolve, reject) => { resolver.s = resolve; resolver.f = reject; }); return resolver; })";
+
+const SHELL =
+  `<template id="pl-3"></template><div _hk=30>loading</div><!--pl-3-->` +
+  `<script>(self.$R=self.$R||{})[""]=[];` +
+  `_$HY.r["0"]=$R[0]=($R[1]=${DEFERRED}()).p;` +
+  `_$HY.r["3_fr"]=$R[3]=($R[4]=${DEFERRED}()).p;` +
+  `</script>`;
+
+const MID =
+  `<script>${RESOLVER_FN}($R[1],$R[5]=[1]);` +
+  `_$HY.r["2"]=$R[7]=($R[8]=${DEFERRED}()).p;` +
+  `</script>`;
+
+const LATE_TEMPLATE = `<template id="3"><div _hk=300000>item 1</div></template>`;
+
+const LATE_SCRIPT =
+  `<script>$R[6]($R[8],$R[9]=["item 1"]);$df("3");` +
+  `function $df(e,n,o,t){if(!(n=document.getElementById(e))||!(o=document.getElementById("pl-"+e)))return 0;for(;o&&8!==o.nodeType&&o.nodeValue!=="pl-"+e;)t=o.nextSibling,o.remove(),o=t;_$HY.done?o.remove():o.replaceWith(n.content),n.remove(),_$HY.fe(e);return 1}` +
+  `;$R[6]($R[4],!0);</script>`;
+
+function applyChunk(container: HTMLDivElement, chunk: string, first: boolean) {
+  const scriptRe = /<script(?:[^>]*)>([\s\S]*?)<\/script>/g;
+  const scripts = [...chunk.matchAll(scriptRe)].map(m => m[1]);
+  const stripped = chunk.replace(scriptRe, "");
+  if (first) container.innerHTML = stripped;
+  else container.insertAdjacentHTML("beforeend", stripped);
+  for (const s of scripts) (0, eval)(s);
+}
+
+describe("Loading boundary — late-streamed fragment hydration (chained async memos)", () => {
+  const container = document.createElement("div");
+  document.body.appendChild(container);
+  let dispose: (() => void) | undefined;
+
+  beforeEach(async () => {
+    if (dispose) dispose();
+    await new Promise(r => setTimeout(r, 0));
+    setupHydration();
+    container.innerHTML = "";
+  });
+
+  afterEach(() => {
+    if (dispose) {
+      dispose();
+      dispose = undefined;
+    }
+  });
+
+  function Home() {
+    const a = createMemo(async () => {
+      await sleep(10);
+      return [1];
+    });
+    const m = createMemo(() => a()[0]);
+    const b = createMemo(() => fetchItems(m()));
+    return (
+      <Loading fallback={<div>loading</div>}>
+        <For each={b()}>{x => <div>{x}</div>}</For>
+      </Loading>
+    );
+  }
+
+  test("streamed fragment is claimed on resume (no orphan)", async () => {
+    const warn = vi.spyOn(console, "warn").mockImplementation(() => {});
+
+    // 1. shell (boundary fallback + pending 3_fr; b's key "2" not registered yet)
+    applyChunk(container, SHELL, true);
+    // 2. hydrate against the shell while the boundary fragment is still pending
+    dispose = hydrate(() => <Home />, container);
+    await Promise.resolve();
+    flush();
+    // 3. mid chunk: a resolves, b registered (pending)
+    applyChunk(container, MID, false);
+    await Promise.resolve();
+    flush();
+    // 4. late chunk: template + $df swap + resolve b and 3_fr
+    applyChunk(container, LATE_TEMPLATE, false);
+    applyChunk(container, LATE_SCRIPT, false);
+    await Promise.resolve();
+    await Promise.resolve();
+    flush();
+    await new Promise(r => setTimeout(r, 50));
+
+    // The server-rendered <div _hk=300000> should be claimed, not duplicated.
+    expect(container.querySelectorAll("div").length).toBe(1);
+    expect(container.textContent).toBe("item 1");
+
+    const orphanWarns = warn.mock.calls.filter(
+      (c: unknown[]) => typeof c[0] === "string" && c[0].includes("unclaimed server-rendered node")
+    );
+    expect(orphanWarns).toHaveLength(0);
+    warn.mockRestore();
+  });
+});
diff --git a/packages/solid/src/client/hydration.ts b/packages/solid/src/client/hydration.ts
index 9acb5ac27..0f9c94585 100644
--- a/packages/solid/src/client/hydration.ts
+++ b/packages/solid/src/client/hydration.ts
@@ -274,14 +274,27 @@ function readHydratedValue(initP: any, refresh: () => void) {
   return initP?.v ?? initP;
 }
 
+/** Track owners whose serialized value has been consumed (used once, then compute takes over). */
+const consumedSerialized = new WeakSet<object>();
+
 /** Shared “serialized init or run compute” path for memo/signal/optimistic/effect under hydration. */
 function readSerializedOrCompute(compute: (prev: any) => any, prev: any) {
-  if (!sharedConfig.hydrating) return compute(prev);
   const o = getOwner()!;
+  // Even after sharedConfig.hydrating flips to false, a memo whose serialized
+  // key arrived late (after the shell hydrated) hasn't consumed its server
+  // value yet. Use it now so the memo subscribes to the server's deferred
+  // Promise via handleAsync — otherwise the memo re-runs its compute function
+  // (e.g. fetchItems(...)), creating a NEW Promise that resolves after the
+  // Loading boundary's resume window closes, orphaning the server fragment.
+  if (!sharedConfig.hydrating && consumedSerialized.has(o)) return compute(prev);
   let initP: any;
   if (sharedConfig.has!(o.id!)) initP = sharedConfig.load!(o.id!);
   const init = readHydratedValue(initP, () => subFetch(compute, prev));
-  return init !== NO_HYDRATED_VALUE ? init : compute(prev);
+  if (init !== NO_HYDRATED_VALUE) {
+    consumedSerialized.add(o);
+    return init;
+  }
+  return compute(prev);
 }
 
 function forwardIteratorReturn(it: any, value?: any) {