diff --git a/src/ast/expr.rs b/src/ast/expr.rs
index cfedeb4f9bf8..a26cc90151a4 100644
--- a/src/ast/expr.rs
+++ b/src/ast/expr.rs
@@ -1039,7 +1039,7 @@ impl IntoExprData for &E::EString {
 impl Expr {
     /// When the lifetime of an Expr.Data's pointer must exist longer than reset() is called, use this function.
     /// Be careful to free the memory (or use an arena that does it for you)
-    /// Also, prefer Expr.init or Expr.alloc when possible. This will be slower.
+    /// Prefer `Expr::init` for nodes that only need to live until the current parse's reset().
     #[inline]
     pub fn allocate<T: IntoExprData>(bump: &Bump, st: T, loc: Loc) -> Expr {
         data::Store::assert();
diff --git a/src/runtime/api/JSTranspiler.rs b/src/runtime/api/JSTranspiler.rs
index df5d4bc5f529..d3327a117f5c 100644
--- a/src/runtime/api/JSTranspiler.rs
+++ b/src/runtime/api/JSTranspiler.rs
@@ -878,6 +878,9 @@ fn export_replacement_value(
     global: &JSGlobalObject,
     arena: &Arena,
 ) -> JsResult<Option<bun_ast::Expr>> {
+    // The result outlives every parse, so it must not be built in the thread-local store.
+    let _guard = bun_ast::expr::Disabler::scope();
+
     if value.is_boolean() {
         return Ok(Some(Expr {
             data: bun_ast::ExprData::EBoolean(bun_ast::E::Boolean {
@@ -916,7 +919,8 @@ fn export_replacement_value(
         // `E::EString::init` erases the borrow to `'static` per the AST
         // crate's `Str` convention (see ast/E.rs).
         let data = arena.alloc_slice_copy(utf8.slice());
-        return Ok(Some(Expr::init(
+        return Ok(Some(Expr::allocate(
+            arena,
             bun_ast::E::EString::init(data),
             bun_ast::Loc::EMPTY,
         )));
diff --git a/test/bundler/transpiler/transpiler.test.js b/test/bundler/transpiler/transpiler.test.js
index 2ec82493d4ff..5eca13297c30 100644
--- a/test/bundler/transpiler/transpiler.test.js
+++ b/test/bundler/transpiler/transpiler.test.js
@@ -2404,6 +2404,64 @@ export default class {
       expect(output.includes("localVarToReplace")).toBe(true);
       expect(output.includes("localVarToRemove")).toBe(false);
     });
+
+    it("string replacement values survive other modules being loaded after the transpiler is created", async () => {
+      // Release builds only reuse the AST store slot after a few dozen string declarations.
+      const resetLines = [];
+      for (let i = 0; i < 300; i++) {
+        resetLines.push(`const s${i} = "other string ${i}";`);
+      }
+      resetLines.push("module.exports = { s0, s299 };");
+
+      using dir = tempDir("transpiler-replace-string-values", {
+        "reset.cjs": resetLines.join("\n"),
+        "reset.json": `{}`,
+        "entry.mjs": `
+          const transpiler = new Bun.Transpiler({
+            exports: {
+              replace: {
+                foo: "bar",
+                getStaticProps: ["__N_SSG", "ssg"],
+                default: "dflt",
+              },
+            },
+          });
+
+          require("./reset.cjs");
+          await import("./reset.json");
+
+          console.log(
+            JSON.stringify([
+              transpiler.transformSync("export const foo = 1;"),
+              transpiler.transformSync("export function getStaticProps() {}"),
+              transpiler.transformSync("export default 1;"),
+              await transpiler.transform("export const foo = 1;"),
+              await transpiler.transform("export function getStaticProps() {}"),
+              await transpiler.transform("export default 1;"),
+            ]),
+          );
+        `,
+      });
+
+      await using proc = Bun.spawn({
+        cmd: [bunExe(), "entry.mjs"],
+        env: bunEnv,
+        cwd: String(dir),
+        stdout: "pipe",
+        stderr: "pipe",
+      });
+      const [stdout, stderr, exitCode] = await Promise.all([proc.stdout.text(), proc.stderr.text(), proc.exited]);
+      expect(stderr).toBe("");
+      expect(JSON.parse(stdout)).toEqual([
+        'export const foo = "bar";\n',
+        'export var __N_SSG = "ssg";\n',
+        'export default "dflt";\n',
+        'export const foo = "bar";\n',
+        'export var __N_SSG = "ssg";\n',
+        'export default "dflt";\n',
+      ]);
+      expect(exitCode).toBe(0);
+    });
   });
 
   const bunTranspiler = new Bun.Transpiler({