diff --git a/Cargo.lock b/Cargo.lock
index b1bec5c63..251c18757 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -8,6 +8,18 @@ version = "2.0.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "320119579fcad9c21884f5c4861d16174d0e06250625266f50fe6898340abefa"
 
+[[package]]
+name = "ahash"
+version = "0.8.12"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "5a15f179cd60c4584b8a8c596927aadc462e27f2ca70c04e0071964a73ba7a75"
+dependencies = [
+ "cfg-if",
+ "once_cell",
+ "version_check",
+ "zerocopy",
+]
+
 [[package]]
 name = "aho-corasick"
 version = "1.1.4"
@@ -17,6 +29,12 @@ dependencies = [
  "memchr",
 ]
 
+[[package]]
+name = "allocator-api2"
+version = "0.2.21"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "683d7910e743518b0e34f1186f92494becacb047c7b6bf616c96772180fef923"
+
 [[package]]
 name = "anstream"
 version = "0.6.21"
@@ -73,6 +91,12 @@ version = "1.0.100"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a23eb6b1614318a8071c9b2521f36b424b2c83db5eb3a0fead4a6c0809af6e61"
 
+[[package]]
+name = "arraydeque"
+version = "0.5.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "7d902e3d592a523def97af8f317b08ce16b7ab854c1985a0c671e6f15cebc236"
+
 [[package]]
 name = "auditable-serde"
 version = "0.8.0"
@@ -97,15 +121,6 @@ version = "2.10.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "812e12b5285cc515a9c72a5c1d3b6d46a19dac5acfef5265968c166106e31dd3"
 
-[[package]]
-name = "bitmaps"
-version = "2.1.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "031043d04099746d8db04daf1fa424b2bc8bd69d92b25962dcde24da39ab64a2"
-dependencies = [
- "typenum",
-]
-
 [[package]]
 name = "bumpalo"
 version = "3.19.1"
@@ -199,6 +214,15 @@ dependencies = [
  "syn",
 ]
 
+[[package]]
+name = "encoding_rs"
+version = "0.8.35"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "75030f3c4f45dafd7586dd6780965a8c7e8e285a5ecb86713e63a79c5b2766f3"
+dependencies = [
+ "cfg-if",
+]
+
 [[package]]
 name = "env_filter"
 version = "0.1.4"
@@ -376,6 +400,16 @@ dependencies = [
  "slab",
 ]
 
+[[package]]
+name = "hashbrown"
+version = "0.14.5"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "e5274423e17b7c9fc20b6e7e208532f9b19825d82dfd615708b70edd83df41f1"
+dependencies = [
+ "ahash",
+ "allocator-api2",
+]
+
 [[package]]
 name = "hashbrown"
 version = "0.15.5"
@@ -397,6 +431,15 @@ dependencies = [
  "serde_core",
 ]
 
+[[package]]
+name = "hashlink"
+version = "0.8.4"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "e8094feaf31ff591f651a2664fb9cfd92bba7a60ce3197265e9482ebe753c8f7"
+dependencies = [
+ "hashbrown 0.14.5",
+]
+
 [[package]]
 name = "heck"
 version = "0.5.0"
@@ -511,20 +554,6 @@ dependencies = [
  "icu_properties",
 ]
 
-[[package]]
-name = "im-rc"
-version = "15.1.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "af1955a75fa080c677d3972822ec4bad316169ab1cfc6c257a942c2265dbe5fe"
-dependencies = [
- "bitmaps",
- "rand_core",
- "rand_xoshiro",
- "sized-chunks",
- "typenum",
- "version_check",
-]
-
 [[package]]
 name = "indexmap"
 version = "2.13.0"
@@ -704,6 +733,12 @@ dependencies = [
  "simd-adler32",
 ]
 
+[[package]]
+name = "once_cell"
+version = "1.21.4"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9f7c3e4beb33f85d45ae3e3a1792185706c8e16d043238c593331cc7cd313b50"
+
 [[package]]
 name = "once_cell_polyfill"
 version = "1.70.2"
@@ -801,21 +836,6 @@ dependencies = [
  "proc-macro2",
 ]
 
-[[package]]
-name = "rand_core"
-version = "0.6.4"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ec0be4795e2f6a28069bec0b5ff3e2ac9bafc99e6a9a7dc3547996c5c816922c"
-
-[[package]]
-name = "rand_xoshiro"
-version = "0.6.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6f97cdb2a36ed4183de61b2f824cc45c9f1037f28afe0a322e9fff4c108b5aaa"
-dependencies = [
- "rand_core",
-]
-
 [[package]]
 name = "regex"
 version = "1.12.2"
@@ -870,12 +890,6 @@ dependencies = [
  "windows-sys 0.61.2",
 ]
 
-[[package]]
-name = "ryu"
-version = "1.0.22"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a50f4cf475b65d88e057964e0e9bb1f0aa9bbb2036dc65c64596b42932536984"
-
 [[package]]
 name = "semver"
 version = "1.0.27"
@@ -939,16 +953,14 @@ dependencies = [
 ]
 
 [[package]]
-name = "serde_yaml"
-version = "0.9.34+deprecated"
+name = "serde_yaml2"
+version = "0.1.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6a8b1a1a2ebf674015cc02edccce75287f1a0130d394307b36743c2f5d504b47"
+checksum = "63a7808e70b0b09116f01a4730d8976bcab457ea4a5e2e638e9b12ed3e01f27c"
 dependencies = [
- "indexmap",
- "itoa",
- "ryu",
  "serde",
- "unsafe-libyaml",
+ "thiserror",
+ "yaml-rust2",
 ]
 
 [[package]]
@@ -957,16 +969,6 @@ version = "0.3.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "e320a6c5ad31d271ad523dcf3ad13e2767ad8b1cb8f047f75a8aeaf8da139da2"
 
-[[package]]
-name = "sized-chunks"
-version = "0.6.5"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "16d69225bde7a69b235da73377861095455d298f2b970996eec25ddbb42b3d1e"
-dependencies = [
- "bitmaps",
- "typenum",
-]
-
 [[package]]
 name = "slab"
 version = "0.4.11"
@@ -1037,7 +1039,7 @@ name = "test-helpers"
 version = "0.0.0"
 dependencies = [
  "codegen-macro",
- "wasm-encoder 0.245.1",
+ "wasm-encoder 0.246.1",
  "wit-bindgen-core",
  "wit-component",
  "wit-parser",
@@ -1120,12 +1122,6 @@ version = "0.2.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "ea68304e134ecd095ac6c3574494fc62b909f416c4fca77e440530221e549d3d"
 
-[[package]]
-name = "typenum"
-version = "1.19.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "562d481066bde0658276a35467c4af00bdc6ee726305698a55b86e61d7ad82bb"
-
 [[package]]
 name = "unicase"
 version = "2.9.0"
@@ -1156,12 +1152,6 @@ version = "0.2.6"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "ebc1c04c71510c7f702b52b7c350734c9ff1295c464a03335b00bb84fc54f853"
 
-[[package]]
-name = "unsafe-libyaml"
-version = "0.2.11"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "673aac59facbab8a9007c7f6108d11f63b603f7cabff99fabf650fea5c32b861"
-
 [[package]]
 name = "url"
 version = "2.5.7"
@@ -1194,9 +1184,9 @@ checksum = "0b928f33d975fc6ad9f86c8f283853ad26bdd5b10b7f1542aa2fa15e2289105a"
 
 [[package]]
 name = "wac-graph"
-version = "0.8.1"
+version = "0.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d511e0c9462a5f6369e7e17e9f0f3b566eab2a235076a23f2db19ca7bf36d32c"
+checksum = "7c22d99cf996435bda507f323cca418cd513c3c604ca3157f5e4e79990b47378"
 dependencies = [
  "anyhow",
  "id-arena",
@@ -1206,16 +1196,16 @@ dependencies = [
  "semver",
  "thiserror",
  "wac-types",
- "wasm-encoder 0.239.0",
- "wasm-metadata 0.239.0",
- "wasmparser 0.239.0",
+ "wasm-encoder 0.244.0",
+ "wasm-metadata 0.244.0",
+ "wasmparser 0.244.0",
 ]
 
 [[package]]
 name = "wac-parser"
-version = "0.8.1"
+version = "0.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b47c29a894f9f82c4da2d036d410babb3bd5aed0acfb4c3d779b536a4316cba0"
+checksum = "18a49edd68c73253e803307147664e024fb0c255705367c9266db269d27d34d4"
 dependencies = [
  "anyhow",
  "id-arena",
@@ -1227,23 +1217,23 @@ dependencies = [
  "serde",
  "thiserror",
  "wac-graph",
- "wasm-encoder 0.239.0",
- "wasm-metadata 0.239.0",
- "wasmparser 0.239.0",
+ "wasm-encoder 0.244.0",
+ "wasm-metadata 0.244.0",
+ "wasmparser 0.244.0",
 ]
 
 [[package]]
 name = "wac-types"
-version = "0.8.1"
+version = "0.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "64fdef742a5198856c7c754944b329ed684f703dca477d0a77b474b37d990121"
+checksum = "c86d6f994ea751789cd416144648039ee9bdb385dffb6d890bd51a90e2f50778"
 dependencies = [
  "anyhow",
  "id-arena",
  "indexmap",
  "semver",
- "wasm-encoder 0.239.0",
- "wasmparser 0.239.0",
+ "wasm-encoder 0.244.0",
+ "wasmparser 0.244.0",
 ]
 
 [[package]]
@@ -1254,50 +1244,49 @@ checksum = "6545ca20bba2f220430c4a97f6b60c48ef14eaa432b04e6b31be547037b4c9ab"
 
 [[package]]
 name = "wasm-compose"
-version = "0.245.1"
+version = "0.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5fd23d12cc95c451c1306db5bc63075fbebb612bb70c53b4237b1ce5bc178343"
+checksum = "f5eecb80ca9b76c7eec604b3ad2026434e5c14a616dd291166165b4b8ef55353"
 dependencies = [
  "anyhow",
  "heck",
- "im-rc",
  "indexmap",
  "log",
  "petgraph",
  "serde",
  "serde_derive",
- "serde_yaml",
+ "serde_yaml2",
  "smallvec",
- "wasm-encoder 0.245.1",
- "wasmparser 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasmparser 0.246.1",
  "wat",
 ]
 
 [[package]]
 name = "wasm-encoder"
-version = "0.239.0"
+version = "0.244.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5be00faa2b4950c76fe618c409d2c3ea5a3c9422013e079482d78544bb2d184c"
+checksum = "990065f2fe63003fe337b932cfb5e3b80e0b4d0f5ff650e6985b1048f62c8319"
 dependencies = [
  "leb128fmt",
- "wasmparser 0.239.0",
+ "wasmparser 0.244.0",
 ]
 
 [[package]]
 name = "wasm-encoder"
-version = "0.245.1"
+version = "0.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3f9dca005e69bf015e45577e415b9af8c67e8ee3c0e38b5b0add5aa92581ed5c"
+checksum = "1e1929aad146499e47362c876fcbcbb0363f730951d93438f511178626e999a8"
 dependencies = [
  "leb128fmt",
- "wasmparser 0.245.1",
+ "wasmparser 0.246.1",
 ]
 
 [[package]]
 name = "wasm-metadata"
-version = "0.239.0"
+version = "0.244.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "20b3ec880a9ac69ccd92fbdbcf46ee833071cf09f82bb005b2327c7ae6025ae2"
+checksum = "bb0e353e6a2fbdc176932bbaab493762eb1255a7900fe0fea1a2f96c296cc909"
 dependencies = [
  "anyhow",
  "auditable-serde",
@@ -1308,27 +1297,27 @@ dependencies = [
  "serde_json",
  "spdx",
  "url",
- "wasm-encoder 0.239.0",
- "wasmparser 0.239.0",
+ "wasm-encoder 0.244.0",
+ "wasmparser 0.244.0",
 ]
 
 [[package]]
 name = "wasm-metadata"
-version = "0.245.1"
+version = "0.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "da55e60097e8b37b475a0fa35c3420dd71d9eb7bd66109978ab55faf56a57efb"
+checksum = "62e33c863ddd12ba00a9a783a7fe66d6687945f6a1a0431c01fca96ee79f8723"
 dependencies = [
  "anyhow",
  "indexmap",
- "wasm-encoder 0.245.1",
- "wasmparser 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasmparser 0.246.1",
 ]
 
 [[package]]
 name = "wasmparser"
-version = "0.239.0"
+version = "0.244.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8c9d90bb93e764f6beabf1d02028c70a2156a6583e63ac4218dd07ef733368b0"
+checksum = "47b807c72e1bac69382b3a6fb3dbe8ea4c0ed87ff5629b8685ae6b9a611028fe"
 dependencies = [
  "bitflags",
  "hashbrown 0.15.5",
@@ -1339,9 +1328,9 @@ dependencies = [
 
 [[package]]
 name = "wasmparser"
-version = "0.245.1"
+version = "0.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4f08c9adee0428b7bddf3890fc27e015ac4b761cc608c822667102b8bfd6995e"
+checksum = "2d991c35d79bf8336dc1cd632ed4aacf0dc5fac4bc466c670625b037b972bb9c"
 dependencies = [
  "bitflags",
  "hashbrown 0.16.1",
@@ -1352,22 +1341,22 @@ dependencies = [
 
 [[package]]
 name = "wast"
-version = "245.0.1"
+version = "246.0.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "28cf1149285569120b8ce39db8b465e8a2b55c34cbb586bd977e43e2bc7300bf"
+checksum = "96cf2d50bc7478dcca61d00df4dadf922ef46c5924db20a97e6daaf09fe1cb09"
 dependencies = [
  "bumpalo",
  "leb128fmt",
  "memchr",
  "unicode-width 0.2.2",
- "wasm-encoder 0.245.1",
+ "wasm-encoder 0.246.1",
 ]
 
 [[package]]
 name = "wat"
-version = "1.245.1"
+version = "1.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "cd48d1679b6858988cb96b154dda0ec5bbb09275b71db46057be37332d5477be"
+checksum = "723f2473b47f738c12fc11c8e0bb8b27ce7cf9c78cf1a29dadbc2d34a2513292"
 dependencies = [
  "wast",
 ]
@@ -1489,8 +1478,8 @@ dependencies = [
  "clap",
  "heck",
  "indexmap",
- "wasm-encoder 0.245.1",
- "wasm-metadata 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasm-metadata 0.246.1",
  "wit-bindgen-core",
  "wit-component",
 ]
@@ -1502,7 +1491,7 @@ dependencies = [
  "anyhow",
  "clap",
  "env_logger",
- "wasm-encoder 0.245.1",
+ "wasm-encoder 0.246.1",
  "wit-bindgen-c",
  "wit-bindgen-core",
  "wit-bindgen-cpp",
@@ -1534,8 +1523,8 @@ dependencies = [
  "clap",
  "heck",
  "test-helpers",
- "wasm-encoder 0.245.1",
- "wasm-metadata 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasm-metadata 0.246.1",
  "wit-bindgen-c",
  "wit-bindgen-core",
  "wit-component",
@@ -1549,7 +1538,7 @@ dependencies = [
  "clap",
  "heck",
  "indexmap",
- "wasm-metadata 0.245.1",
+ "wasm-metadata 0.246.1",
  "wit-bindgen-core",
  "wit-component",
  "wit-parser",
@@ -1562,8 +1551,8 @@ dependencies = [
  "anyhow",
  "clap",
  "heck",
- "wasm-encoder 0.245.1",
- "wasm-metadata 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasm-metadata 0.246.1",
  "wit-bindgen-core",
  "wit-component",
 ]
@@ -1604,7 +1593,7 @@ dependencies = [
  "serde_json",
  "syn",
  "test-helpers",
- "wasm-metadata 0.245.1",
+ "wasm-metadata 0.246.1",
  "wit-bindgen",
  "wit-bindgen-core",
  "wit-component",
@@ -1642,8 +1631,8 @@ dependencies = [
  "wac-types",
  "wasi-preview1-component-adapter-provider",
  "wasm-compose",
- "wasm-encoder 0.245.1",
- "wasmparser 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasmparser 0.246.1",
  "wat",
  "wit-bindgen-csharp",
  "wit-component",
@@ -1652,9 +1641,9 @@ dependencies = [
 
 [[package]]
 name = "wit-component"
-version = "0.245.1"
+version = "0.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4894f10d2d5cbc17c77e91f86a1e48e191a788da4425293b55c98b44ba3fcac9"
+checksum = "c7938354eec9e6270abcf992dd22d2afbbe83c07040f5a12c80645735e7f94d4"
 dependencies = [
  "anyhow",
  "bitflags",
@@ -1663,18 +1652,18 @@ dependencies = [
  "serde",
  "serde_derive",
  "serde_json",
- "wasm-encoder 0.245.1",
- "wasm-metadata 0.245.1",
- "wasmparser 0.245.1",
+ "wasm-encoder 0.246.1",
+ "wasm-metadata 0.246.1",
+ "wasmparser 0.246.1",
  "wat",
  "wit-parser",
 ]
 
 [[package]]
 name = "wit-parser"
-version = "0.245.1"
+version = "0.246.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "330698718e82983499419494dd1e3d7811a457a9bf9f69734e8c5f07a2547929"
+checksum = "fc133164d0fa0a990756d5cdb1a4c24e1f638643e1f3e085d0e51111968e8536"
 dependencies = [
  "anyhow",
  "hashbrown 0.16.1",
@@ -1686,7 +1675,7 @@ dependencies = [
  "serde_derive",
  "serde_json",
  "unicode-xid",
- "wasmparser 0.245.1",
+ "wasmparser 0.246.1",
 ]
 
 [[package]]
@@ -1695,6 +1684,17 @@ version = "0.6.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "9edde0db4769d2dc68579893f2306b26c6ecfbe0ef499b013d731b7b9247e0b9"
 
+[[package]]
+name = "yaml-rust2"
+version = "0.8.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "8902160c4e6f2fb145dbe9d6760a75e3c9522d8bf796ed7047c85919ac7115f8"
+dependencies = [
+ "arraydeque",
+ "encoding_rs",
+ "hashlink",
+]
+
 [[package]]
 name = "yoke"
 version = "0.8.1"
@@ -1718,6 +1718,26 @@ dependencies = [
  "synstructure",
 ]
 
+[[package]]
+name = "zerocopy"
+version = "0.8.48"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "eed437bf9d6692032087e337407a86f04cd8d6a16a37199ed57949d415bd68e9"
+dependencies = [
+ "zerocopy-derive",
+]
+
+[[package]]
+name = "zerocopy-derive"
+version = "0.8.48"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "70e3cd084b1788766f53af483dd21f93881ff30d7320490ec3ef7526d203bad4"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "syn",
+]
+
 [[package]]
 name = "zerofrom"
 version = "0.1.6"
diff --git a/Cargo.toml b/Cargo.toml
index 4b9cd0bbf..a78474297 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -47,13 +47,13 @@ syn = { version = "2.0.89", features = ["printing"] }
 futures = "0.3.31"
 macro-string = "0.2.0"
 
-wat = "1.245.1"
-wasmparser = "0.245.1"
-wasm-encoder = "0.245.1"
-wasm-metadata = { version = "0.245.1", default-features = false }
-wit-parser = "0.245.1"
-wit-component = "0.245.1"
-wasm-compose = "0.245.1"
+wat = "1.246.1"
+wasmparser = "0.246.1"
+wasm-encoder = "0.246.1"
+wasm-metadata = { version = "0.246.1", default-features = false }
+wit-parser = "0.246.1"
+wit-component = "0.246.1"
+wasm-compose = "0.246.1"
 
 wit-bindgen-core = { path = 'crates/core', version = '0.54.0' }
 wit-bindgen-c = { path = 'crates/c', version = '0.54.0' }
diff --git a/crates/test/Cargo.toml b/crates/test/Cargo.toml
index 283625380..87ae0453b 100644
--- a/crates/test/Cargo.toml
+++ b/crates/test/Cargo.toml
@@ -27,9 +27,9 @@ regex = "1.11.1"
 serde = { workspace = true }
 toml = "0.8.20"
 wasi-preview1-component-adapter-provider = "37.0.2"
-wac-parser = "0.8.1"
-wac-types = "0.8.1"
-wac-graph = "0.8.1"
+wac-parser = "0.9.0"
+wac-types = "0.9.0"
+wac-graph = "0.9.0"
 wasm-compose = { workspace = true }
 indexmap = { workspace = true }
 wasm-encoder = { workspace = true }