diff --git a/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapConstant.java b/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapConstant.java
index 1077f0c14465..bfa0428d3fac 100644
--- a/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapConstant.java
+++ b/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapConstant.java
@@ -167,6 +167,14 @@ public boolean isReachable() {
         return isReachableHandle.get(constantData) != null;
     }
 
+    public boolean allowConstantFolding() {
+        /*
+         * An object whose type is initialized at run time does not have hosted field values. Only
+         * simulated objects can be used for constant folding.
+         */
+        return constantData.type.isInitialized() || constantData.hostedObject == null;
+    }
+
     public Object getReachableReason() {
         return constantData.isReachable;
     }
diff --git a/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapScanner.java b/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapScanner.java
index 9a58475bfeb9..2c971bf08106 100644
--- a/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapScanner.java
+++ b/substratevm/src/com.oracle.graal.pointsto/src/com/oracle/graal/pointsto/heap/ImageHeapScanner.java
@@ -374,11 +374,21 @@ private ImageHeapInstance createImageHeapInstance(JavaConstant constant, Analysi
             for (ResolvedJavaField javaField : instanceFields) {
                 AnalysisField field = (AnalysisField) javaField;
                 ValueSupplier<JavaConstant> rawFieldValue;
-                try {
-                    rawFieldValue = readHostedFieldValue(field, constant);
-                } catch (InternalError | TypeNotPresentException | LinkageError e) {
-                    /* Ignore missing type errors. */
-                    continue;
+                if (!type.isInitialized()) {
+                    /*
+                     * We cannot read the hosted value of an object whose type is initialized at run
+                     * time. If the object is marked as reachable later on, it will be reported as
+                     * an unsupported feature. But we must not fail here earlier with an internal
+                     * error.
+                     */
+                    rawFieldValue = ValueSupplier.lazyValue(() -> null, () -> false);
+                } else {
+                    try {
+                        rawFieldValue = readHostedFieldValue(field, constant);
+                    } catch (InternalError | TypeNotPresentException | LinkageError e) {
+                        /* Ignore missing type errors. */
+                        continue;
+                    }
                 }
                 hostedFieldValues[field.getPosition()] = new AnalysisFuture<>(() -> {
                     ScanReason fieldReason = new FieldScan(field, instance, reason);
@@ -578,7 +588,7 @@ protected void onObjectReachable(ImageHeapConstant imageHeapConstant, ScanReason
                 /* Enhance the unsupported feature message with the object trace and rethrow. */
                 StringBuilder backtrace = new StringBuilder();
                 ObjectScanner.buildObjectBacktrace(bb, reason, backtrace);
-                throw new UnsupportedFeatureException(e.getMessage() + System.lineSeparator() + backtrace);
+                throw new UnsupportedFeatureException(e.getMessage() + System.lineSeparator() + backtrace, e);
             }
         }
 
diff --git a/substratevm/src/com.oracle.svm.hosted/src/com/oracle/svm/hosted/meta/SharedConstantFieldProvider.java b/substratevm/src/com.oracle.svm.hosted/src/com/oracle/svm/hosted/meta/SharedConstantFieldProvider.java
index 4f097d792e9f..efe327080ae5 100644
--- a/substratevm/src/com.oracle.svm.hosted/src/com/oracle/svm/hosted/meta/SharedConstantFieldProvider.java
+++ b/substratevm/src/com.oracle.svm.hosted/src/com/oracle/svm/hosted/meta/SharedConstantFieldProvider.java
@@ -27,6 +27,7 @@
 import org.graalvm.nativeimage.Platform;
 import org.graalvm.nativeimage.Platforms;
 
+import com.oracle.graal.pointsto.heap.ImageHeapConstant;
 import com.oracle.graal.pointsto.infrastructure.UniverseMetaAccess;
 import com.oracle.graal.pointsto.meta.AnalysisField;
 import com.oracle.svm.core.meta.MethodPointer;
@@ -56,7 +57,7 @@ public SharedConstantFieldProvider(MetaAccessProvider metaAccess, SVMHost hostVM
 
     @Override
     public boolean isFinalField(ResolvedJavaField field, ConstantFieldTool<?> tool) {
-        return super.isFinalField(field, tool) && allowConstantFolding(field);
+        return super.isFinalField(field, tool) && allowConstantFolding(field, tool);
     }
 
     @Override
@@ -72,12 +73,21 @@ public boolean isStableField(ResolvedJavaField field, ConstantFieldTool<?> tool)
         } else {
             stable = super.isStableField(field, tool);
         }
-        return stable && allowConstantFolding(field);
+        return stable && allowConstantFolding(field, tool);
     }
 
-    private boolean allowConstantFolding(ResolvedJavaField field) {
+    private boolean allowConstantFolding(ResolvedJavaField field, ConstantFieldTool<?> tool) {
         var aField = asAnalysisField(field);
 
+        /*
+         * During compiler optimizations, it is possible to see field loads with a constant receiver
+         * of a wrong type that might not even be an ImageHeapConstant. Also, we need to ensure that
+         * the ImageHeapConstant allows constant folding of its fields.
+         */
+        if (!field.isStatic() && (!(tool.getReceiver() instanceof ImageHeapConstant receiver) || !receiver.allowConstantFolding())) {
+            return false;
+        }
+
         /*
          * This code should run as late as possible, because it has side effects. So we only do it
          * after we have already checked that the field is `final` or `stable`. It marks the