diff --git a/src/engine.rs b/src/engine.rs
index 9185552a..6f120a93 100644
--- a/src/engine.rs
+++ b/src/engine.rs
@@ -321,6 +321,49 @@ mod tests {
         Ok(())
     }
 
+    #[test]
+    fn test_repeated_runs_match_fresh_runs() -> Result<()> {
+        for path in [
+            "tests/fixtures/build/js_function.wasm",
+            "tests/fixtures/build/js_function_javy_plugin_v3.wasm",
+        ]
+        .map(Path::new)
+        {
+            let run_with = |engine: &Engine| -> Result<serde_json::Value> {
+                let module = Module::from_file(engine, path)?;
+                let codec = if uses_msgpack_provider(&module) {
+                    Codec::Messagepack
+                } else {
+                    Codec::Json
+                };
+                let input = BytesContainer::new(
+                    BytesContainerType::Input,
+                    codec,
+                    include_bytes!("../tests/fixtures/input/js_function_input.json").to_vec(),
+                )?;
+                let result = run(FunctionRunParams {
+                    function_path: path.to_path_buf(),
+                    input,
+                    export: DEFAULT_EXPORT,
+                    module,
+                    engine: engine.clone(),
+                    scale_factor: 1.0,
+                    profile_opts: None,
+                })?;
+                assert!(result.success);
+                Ok(serde_json::to_value(result)?)
+            };
+
+            let engine = new_engine()?;
+            let first = run_with(&engine)?;
+            assert_eq!(first, run_with(&engine)?);
+            assert_eq!(first, run_with(&new_engine()?)?);
+            assert_eq!(first, run_with(&engine)?);
+        }
+
+        Ok(())
+    }
+
     #[test]
     fn test_exit_code_zero() -> Result<()> {
         let engine = new_engine()?;
diff --git a/src/io.rs b/src/io.rs
index 596cb9cb..ce2ea671 100644
--- a/src/io.rs
+++ b/src/io.rs
@@ -164,7 +164,8 @@ fn instantiate_imports<T>(
     let mut mem_io_instance = None;
 
     if let Some(std_import) = module.std_import() {
-        let imported_module = Module::from_binary(engine, &std_import.bytes)
+        let imported_module = std_import
+            .module(engine)
             .unwrap_or_else(|_| panic!("Failed to load module {}", std_import.name));
 
         let imported_module_instance = linker
diff --git a/src/validated_module.rs b/src/validated_module.rs
index 2d4b40e9..5224e1a6 100644
--- a/src/validated_module.rs
+++ b/src/validated_module.rs
@@ -1,13 +1,74 @@
-use std::borrow::Cow;
+use std::{
+    borrow::Cow,
+    collections::HashMap,
+    sync::{Mutex, PoisonError},
+};
 
 use anyhow::{bail, Result};
 use rust_embed::RustEmbed;
-use wasmtime::Module;
+use wasmtime::{Engine, Module};
 
 #[derive(RustEmbed)]
 #[folder = "providers/"]
 struct StandardProviders;
 
+static COMPILED_PROVIDERS: Mutex<ProviderCache> = Mutex::new(ProviderCache::new());
+
+struct CompiledProviders {
+    engine: Engine,
+    modules: HashMap<String, Module>,
+}
+
+struct ProviderCache(Option<CompiledProviders>);
+
+impl ProviderCache {
+    const fn new() -> Self {
+        Self(None)
+    }
+
+    fn get(&mut self, engine: &Engine, name: &str) -> Option<Module> {
+        match &mut self.0 {
+            Some(compiled) if Engine::same(&compiled.engine, engine) => {
+                compiled.modules.get(name).cloned()
+            }
+            cache => {
+                *cache = Some(CompiledProviders {
+                    engine: engine.clone(),
+                    modules: HashMap::new(),
+                });
+                None
+            }
+        }
+    }
+
+    fn insert(&mut self, engine: &Engine, name: &str, module: Module) -> Module {
+        match &mut self.0 {
+            Some(compiled) if Engine::same(&compiled.engine, engine) => compiled
+                .modules
+                .entry(name.to_string())
+                .or_insert(module)
+                .clone(),
+            _ => module,
+        }
+    }
+}
+
+fn cached_module(
+    cache: &Mutex<ProviderCache>,
+    engine: &Engine,
+    name: &str,
+    compile: impl FnOnce() -> Result<Module>,
+) -> Result<Module> {
+    let lock = || cache.lock().unwrap_or_else(PoisonError::into_inner);
+
+    if let Some(module) = lock().get(engine, name) {
+        return Ok(module);
+    }
+
+    let module = compile()?;
+    Ok(lock().insert(engine, name, module))
+}
+
 #[derive(Debug)]
 pub(crate) struct Provider {
     pub(crate) bytes: Cow<'static, [u8]>,
@@ -15,6 +76,12 @@ pub(crate) struct Provider {
 }
 
 impl Provider {
+    pub(crate) fn module(&self, engine: &Engine) -> Result<Module> {
+        cached_module(&COMPILED_PROVIDERS, engine, &self.name, || {
+            Module::from_binary(engine, &self.bytes)
+        })
+    }
+
     pub(crate) fn is_mem_io_provider(&self) -> bool {
         let javy_plugin_version = self
             .name
@@ -93,10 +160,133 @@ impl ValidatedModule {
 
 #[cfg(test)]
 mod tests {
+    use std::sync::Mutex;
+
     use anyhow::Result;
     use wasmtime::{Engine, Module};
 
-    use crate::validated_module::ValidatedModule;
+    use crate::validated_module::{
+        cached_module, Provider, ProviderCache, StandardProviders, ValidatedModule,
+    };
+
+    fn provider(name: &str) -> Provider {
+        Provider {
+            bytes: StandardProviders::get(&format!("{name}.wasm"))
+                .unwrap()
+                .data,
+            name: name.into(),
+        }
+    }
+
+    fn module(
+        cache: &Mutex<ProviderCache>,
+        engine: &Engine,
+        provider: &Provider,
+    ) -> Result<Module> {
+        cached_module(cache, engine, &provider.name, || {
+            Module::from_binary(engine, &provider.bytes)
+        })
+    }
+
+    #[test]
+    fn test_provider_cache_reuses_module_for_same_engine() -> Result<()> {
+        let engine = Engine::default();
+        let provider = provider("shopify_function_v2");
+        let cache = Mutex::new(ProviderCache::new());
+
+        let first = module(&cache, &engine, &provider)?;
+        let second = module(&cache, &engine.clone(), &provider)?;
+
+        assert_eq!(first.image_range(), second.image_range());
+        Ok(())
+    }
+
+    #[test]
+    fn test_provider_cache_keeps_each_provider() -> Result<()> {
+        let engine = Engine::default();
+        let v1 = provider("shopify_function_v1");
+        let v2 = provider("shopify_function_v2");
+        let cache = Mutex::new(ProviderCache::new());
+
+        let first_v1 = module(&cache, &engine, &v1)?;
+        let first_v2 = module(&cache, &engine, &v2)?;
+
+        assert_ne!(first_v1.image_range(), first_v2.image_range());
+        assert_eq!(
+            first_v1.image_range(),
+            module(&cache, &engine, &v1)?.image_range()
+        );
+        assert_eq!(
+            first_v2.image_range(),
+            module(&cache, &engine, &v2)?.image_range()
+        );
+        Ok(())
+    }
+
+    #[test]
+    fn test_provider_cache_holds_only_most_recent_engine() -> Result<()> {
+        let first_engine = Engine::default();
+        let second_engine = Engine::default();
+        let provider = provider("shopify_function_v2");
+        let cache = Mutex::new(ProviderCache::new());
+
+        let first = module(&cache, &first_engine, &provider)?;
+        let second = module(&cache, &second_engine, &provider)?;
+        assert!(Engine::same(second.engine(), &second_engine));
+        assert_ne!(first.image_range(), second.image_range());
+
+        let first_again = module(&cache, &first_engine, &provider)?;
+        assert!(Engine::same(first_again.engine(), &first_engine));
+        assert_ne!(first.image_range(), first_again.image_range());
+        Ok(())
+    }
+
+    #[test]
+    fn test_provider_cache_serves_warm_lookups_during_compilation() -> Result<()> {
+        let engine = Engine::default();
+        let v1 = provider("shopify_function_v1");
+        let v2 = provider("shopify_function_v2");
+        let cache = Mutex::new(ProviderCache::new());
+        let warm_v1 = module(&cache, &engine, &v1)?;
+
+        cached_module(&cache, &engine, &v2.name, || {
+            let during_compile = cache
+                .try_lock()
+                .expect("compilation holds the cache lock")
+                .get(&engine, &v1.name)
+                .expect("warm provider is cached");
+            assert_eq!(warm_v1.image_range(), during_compile.image_range());
+            Module::from_binary(&engine, &v2.bytes)
+        })?;
+
+        Ok(())
+    }
+
+    #[test]
+    fn test_provider_cache_skips_insert_when_engine_changes_during_compilation() -> Result<()> {
+        let first_engine = Engine::default();
+        let second_engine = Engine::default();
+        let provider = provider("shopify_function_v2");
+        let cache = Mutex::new(ProviderCache::new());
+        let mut second = None;
+
+        let first = cached_module(&cache, &first_engine, &provider.name, || {
+            second = Some(module(&cache, &second_engine, &provider)?);
+            Module::from_binary(&first_engine, &provider.bytes)
+        })?;
+        let second = second.unwrap();
+
+        assert!(Engine::same(first.engine(), &first_engine));
+        assert_eq!(
+            second.image_range(),
+            module(&cache, &second_engine, &provider)?.image_range()
+        );
+        assert_ne!(
+            first.image_range(),
+            module(&cache, &first_engine, &provider)?.image_range()
+        );
+        Ok(())
+    }
 
     #[test]
     fn test_module_with_just_wasi() -> Result<()> {