diff --git a/src/react_compiler/lowering/build_hir/expr.rs b/src/react_compiler/lowering/build_hir/expr.rs
index 2a6c45593e5f..cf6e616c7ee1 100644
--- a/src/react_compiler/lowering/build_hir/expr.rs
+++ b/src/react_compiler/lowering/build_hir/expr.rs
@@ -1273,6 +1273,8 @@ fn convert_template_contents(
         E::TemplateContents::Cooked(s) => {
             let cooked = if s.is_utf16 {
                 arena_utf8_from_utf16(s.slice16(), loc)?
+            } else if s.next.is_some() {
+                arena_str_from_rope(s)
             } else {
                 StoreStr::new(s.slice8())
             };
@@ -1301,6 +1303,22 @@ fn arena_utf8_from_utf16(
     Ok(StoreStr::new(buf.leak()))
 }
 
+/// Flatten a rope. The parser's string folding ("a" + "b", "a" + `b${x}`,
+/// `${"a"}b${x}`) links the operands through `next` instead of copying, so
+/// `data` holds only the first segment. String literals and template
+/// heads/tails both reach lowering in that shape; ropes are always 8-bit
+/// (`EString::push` asserts it).
+fn arena_str_from_rope(s: &E::EString) -> StoreStr {
+    let mut buf: HirVec<u8> = AstAlloc::vec_with_capacity(s.len());
+    let mut cur = Some(s);
+    while let Some(seg) = cur {
+        debug_assert!(!seg.is_utf16);
+        buf.extend_from_slice(seg.slice8());
+        cur = seg.next.as_ref().map(|r| r.get());
+    }
+    StoreStr::new(buf.leak())
+}
+
 // =============================================================================
 // lower_reorderable_expression (build_hir.rs:6553-6713)
 // =============================================================================
@@ -1481,16 +1499,7 @@ fn convert_js_string(s: StoreRef<E::EString>) -> JsString {
     if s.get().next.is_none() {
         return JsString::new(s);
     }
-    // Roped literal (rare; only from parser-level constant folding): flatten so
-    // every HIR consumer can ignore ropes.
-    let mut joined: Vec<u8> = Vec::with_capacity(s.get().len());
-    let mut cur = Some(s.get());
-    while let Some(seg) = cur {
-        debug_assert!(!seg.is_utf16);
-        joined.extend_from_slice(seg.slice8());
-        cur = seg.next.as_ref().map(|r| r.get());
-    }
-    JsString::from_wtf8_bytes(&joined)
+    JsString::from_wtf8_bytes(arena_str_from_rope(s.get()).slice())
 }
 
 fn unsupported_node(node_type: &'static str, loc: Option<SourceLocation>) -> InstructionValue {
diff --git a/src/react_compiler/lowering/build_hir/helpers.rs b/src/react_compiler/lowering/build_hir/helpers.rs
index 18dd45369bbb..c63e6381b968 100644
--- a/src/react_compiler/lowering/build_hir/helpers.rs
+++ b/src/react_compiler/lowering/build_hir/helpers.rs
@@ -1132,11 +1132,12 @@ pub(super) fn lower_object_property_key(
     computed: bool,
 ) -> Result<Option<ObjectPropertyKey>, CompilerError> {
     match &key.data {
-        Data::EString(s) => {
+        // A folded computed key (`{["a" + "b"]: x}`) arrives as a rope; it takes
+        // the computed arm below, where `lower_expression` flattens it, just as
+        // upstream lowers the unfolded `"a" + "b"` to a computed key.
+        Data::EString(s) if s.next.is_none() => {
             let name = if s.is_utf16 {
                 arena_str(&bun_core::strings::to_utf8_alloc(s.slice16()))
-            } else if s.next.is_some() {
-                return Err(cold_todo("rope property key", convert_loc(key.loc)));
             } else {
                 StoreStr::new(s.slice8())
             };
diff --git a/test/bundler/transpiler/react-compiler.test.ts b/test/bundler/transpiler/react-compiler.test.ts
index 484d4c78cd76..7ea67409e2e9 100644
--- a/test/bundler/transpiler/react-compiler.test.ts
+++ b/test/bundler/transpiler/react-compiler.test.ts
@@ -1063,4 +1063,88 @@ describe("bundler", () => {
       expect(out).toMatch(/__MEMO_CACHE_SENTINEL\)\s*\{[^}]*globalFn\(\)/);
     },
   });
+
+  // The parser's constant folding (on under minify.syntax) joins strings as a
+  // rope: the E::String keeps only its first segment in `data` and links the
+  // rest through `next`. Template heads and tails come out of folding in that
+  // shape too, and lowering used to read `data` alone, so every segment after
+  // the first was dropped from the compiled output: "pre" + `fix/${id}` came
+  // out as `pre${id}`. A folded computed object key is the same rope and used
+  // to make the whole function bail out of compilation.
+  itBundled("react-compiler/FoldedTemplateAndKeyKeepAllSegments", {
+    files: {
+      "/entry.tsx": /* tsx */ `
+        const enum Route { Users = "users" }
+        export function Links({ id }: { id: string }) {
+          const head = "pre" + \`fix/\${id}\`;
+          const tail = \`\${id}/mid\` + "dle";
+          const foldedHead = \`a\${"b"}c/\${id}\`;
+          const foldedTail = \`\${id}/x\${"y"}z\`;
+          const joined = \`\${id}/one\` + \`two/\${id}\`;
+          const emptyHead = \`\${Route.Users}/\${id}\`;
+          return (
+            <a href={head} data-tail={tail} data-fh={foldedHead} data-ft={foldedTail} data-j={joined} data-e={emptyHead}>
+              {id}
+            </a>
+          );
+        }
+        export function ComputedKey({ id }: { id: string }) {
+          const o = { ["a" + "b"]: id };
+          return <a data-keys={Object.keys(o).join()}>{o.ab}</a>;
+        }
+        const { children: _a, ...links } = Links({ id: "7" }).props;
+        const { children: _b, ...computed } = ComputedKey({ id: "7" }).props;
+        console.log(JSON.stringify(links));
+        console.log(JSON.stringify(computed));
+        console.log(globalThis.memoCachesAllocated);
+      `,
+      "/node_modules/react/index.js": `module.exports = {};`,
+      "/node_modules/react/jsx-runtime.js": `exports.jsx = exports.jsxs = (t, p) => ({ t, props: p });`,
+      "/node_modules/react/jsx-dev-runtime.js": `exports.jsxDEV = (t, p) => ({ t, props: p });`,
+      "/node_modules/react/compiler-runtime.js": `
+        exports.c = n => {
+          globalThis.memoCachesAllocated = (globalThis.memoCachesAllocated ?? 0) + 1;
+          return new Array(n).fill(Symbol.for("react.memo_cache_sentinel"));
+        };
+      `,
+      "/node_modules/react/package.json": `{"name":"react","main":"./index.js"}`,
+    },
+    reactCompiler: true,
+    target: "browser",
+    backend: "cli",
+    minifySyntax: true,
+    run: {
+      stdout: [
+        '{"href":"prefix/7","data-tail":"7/middle","data-fh":"abc/7","data-ft":"7/xyz","data-j":"7/onetwo/7","data-e":"users/7"}',
+        '{"data-keys":"ab"}',
+        // One memo cache per component: both must have been compiled rather
+        // than left as written.
+        "2",
+      ].join("\n"),
+    },
+  });
+
+  // import() arguments are folded even without minify.syntax, so this rope
+  // reaches the compiler in a default build; the emitted specifier used to lose
+  // its "/" and come out as `./pages${name}.js`.
+  itBundled("react-compiler/FoldedImportSpecifierKeepsAllSegments", {
+    files: {
+      "/entry.tsx": /* tsx */ `
+        const enum Dir { Pages = "./pages" }
+        export function Loader({ name }: { name: string }) {
+          const load = () => import(Dir.Pages + \`/\${name}.js\`);
+          return <button onClick={load}>{name}</button>;
+        }
+      `,
+    },
+    reactCompiler: true,
+    target: "browser",
+    backend: "cli",
+    external: ["react", "react/compiler-runtime", "react/jsx-runtime", "react/jsx-dev-runtime"],
+    onAfterBundle(api) {
+      const out = api.readFile("/out.js");
+      expect(out).toMatch(/\b_c\(\d+\)/);
+      expect(out).toMatch(/import\(`\.\/pages\/\$\{name\}\.js`\)/);
+    },
+  });
 });