diff --git a/changelog.d/8121-rs4gc-inline-asm-statepoint.md b/changelog.d/8121-rs4gc-inline-asm-statepoint.md
new file mode 100644
index 0000000000..9946882fed
--- /dev/null
+++ b/changelog.d/8121-rs4gc-inline-asm-statepoint.md
@@ -0,0 +1,9 @@
+`perry compile` no longer SIGBUSes on production Next.js bundles that contain a preserved loop.
+
+Perry emits `call void asm sideeffect "", ""()` as the issue-#74 loop-preservation barrier. `rewrite-statepoints-for-gc` rewrites every non-leaf call in a `gc "statepoint"` function into a `gc.statepoint`, and for inline asm that means using the `InlineAsm` itself as the statepoint's callee operand — invalid IR, rejected by the verifier with `Cannot take the address of an inline asm!`.
+
+`optimize_and_emit` verified the module *before* the rewrite but not after, so the broken module went straight to SelectionDAG, which dereferenced the bogus callee and killed the compiler with `SIGBUS` inside `AArch64TargetLowering::LowerCall`. Compiling next@16.3.0's bundled `jsonwebtoken` died this way 100 modules into a 104-module production App Route, blocking #8040.
+
+The barrier now carries `"gc-leaf-function"` on both the native and text emission paths, which is the documented way to tell RS4GC a call cannot trigger a collection — true by construction for a barrier that emits no instructions. `optimize_and_emit` additionally verifies *after* RS4GC, so this class of bug is a clean compile error naming the pass instead of a crash that takes the compiler process down.
+
+Fixes #8121. Refs #8040.
diff --git a/crates/perry-codegen/src/dialect/mod.rs b/crates/perry-codegen/src/dialect/mod.rs
index 2082a56410..17e9ee28ba 100644
--- a/crates/perry-codegen/src/dialect/mod.rs
+++ b/crates/perry-codegen/src/dialect/mod.rs
@@ -861,9 +861,11 @@ impl<'ctx, 'm> FnReader<'ctx, 'm> {
         let ptr =
             self.ctx
                 .create_inline_asm(void_fn, asm, constraints, sideeffect, false, None, false);
-        self.builder
+        let site = self
+            .builder
             .build_indirect_call(void_fn, ptr, &[], "")
             .map_err(be)?;
+        mark_gc_leaf(self.ctx, site);
         Ok(())
     }
 
@@ -1542,9 +1544,11 @@ impl<'ctx, 'm> FnReader<'ctx, 'm> {
                     None,
                     false,
                 );
-                self.builder
+                let site = self
+                    .builder
                     .build_indirect_call(void_fn, ptr, &[], "")
                     .map_err(be)?;
+                mark_gc_leaf(self.ctx, site);
                 Ok(())
             }
             I::Br { label } => {
@@ -1818,3 +1822,28 @@ fn apply_flags(inst: Option<InstructionValue<'_>>, flags: &[&str]) {
         unsafe { llvm_sys::core::LLVMSetFastMathFlags(inst.as_value_ref(), fmf) };
     }
 }
+
+/// #8121: tell `rewrite-statepoints-for-gc` to leave an inline-asm call alone.
+///
+/// Perry emits `call void asm sideeffect "", ""()` as the issue-#74 loop
+/// preservation barrier. RS4GC rewrites every non-leaf call in a `gc
+/// "statepoint"` function into a `gc.statepoint` whose callee operand is the
+/// original callee — and for inline asm that means taking the address of an
+/// `InlineAsm`, which is not a value. The result fails the verifier with
+/// "Cannot take the address of an inline asm!", and because production only
+/// verifies BEFORE the rewrite, the broken module reached SelectionDAG and
+/// SIGBUS'd in `AArch64TargetLowering::LowerCall` while lowering the bogus
+/// statepoint callee.
+///
+/// `"gc-leaf-function"` is the documented way to say "this call cannot trigger
+/// a collection", which is exactly true of an empty barrier: it emits no
+/// instructions and cannot call back into the runtime.
+fn mark_gc_leaf<'ctx>(
+    ctx: &'ctx inkwell::context::Context,
+    site: inkwell::values::CallSiteValue<'ctx>,
+) {
+    site.add_attribute(
+        inkwell::attributes::AttributeLoc::Function,
+        ctx.create_string_attribute("gc-leaf-function", ""),
+    );
+}
diff --git a/crates/perry-codegen/src/inprocess.rs b/crates/perry-codegen/src/inprocess.rs
index 7d726a630a..0ef993d923 100644
--- a/crates/perry-codegen/src/inprocess.rs
+++ b/crates/perry-codegen/src/inprocess.rs
@@ -412,6 +412,20 @@ fn optimize_and_emit(
                     e.to_string()
                 )
             })?;
+        // #8121: verify AFTER the rewrite, not only before it. RS4GC can turn
+        // a module the verifier accepted into one it rejects (it rewrote an
+        // inline-asm barrier into a statepoint whose callee is an InlineAsm).
+        // Production previously verified only the input, so the broken module
+        // went straight to SelectionDAG and took the whole compiler down with
+        // a SIGBUS instead of reporting anything. A crash inside this process
+        // is exactly what the funclet refusal above exists to avoid.
+        module.verify().map_err(|e| {
+            anyhow!(
+                "rewrite-statepoints-for-gc produced a module the LLVM verifier \
+                 rejects; refusing to hand it to codegen (#8121):\n{}",
+                e.to_string()
+            )
+        })?;
     }
 
     let pipeline = match opt {
@@ -441,6 +455,70 @@ fn optimize_and_emit(
 mod tests {
     use super::*;
 
+    /// #8121: Perry emits `call void asm sideeffect "", ""()` as the issue-#74
+    /// loop-preservation barrier. RS4GC rewrites every non-leaf call in a
+    /// `gc "statepoint-example"` function into a `gc.statepoint`, and for inline
+    /// asm that means using the `InlineAsm` itself as the callee operand —
+    /// invalid IR ("Cannot take the address of an inline asm!"). Production
+    /// verified only BEFORE the rewrite, so the broken module reached
+    /// SelectionDAG and killed the compiler with a SIGBUS in
+    /// `AArch64TargetLowering::LowerCall`.
+    ///
+    /// `%p` stays live across `@may_collect`, so RS4GC has real work to do and
+    /// a fixture that rewrote nothing cannot pass either arm silently.
+    fn asm_barrier_fixture(gc_leaf: bool) -> String {
+        let barrier_attr = if gc_leaf { " #5" } else { "" };
+        format!(
+            "declare i64 @may_collect()\n\
+             \n\
+             define ptr addrspace(1) @barrier_fn(ptr addrspace(1) %p) gc \"statepoint-example\" {{\n\
+             entry:\n\
+             \x20 call void asm sideeffect \"\", \"\"(){barrier_attr}\n\
+             \x20 %r = call i64 @may_collect()\n\
+             \x20 ret ptr addrspace(1) %p\n\
+             }}\n\
+             \n\
+             attributes #5 = {{ \"gc-leaf-function\" }}\n"
+        )
+    }
+
+    /// The bug itself, pinned. If this ever stops failing, the `gc-leaf-function`
+    /// marking has become unnecessary and the sibling test below is vacuous.
+    #[test]
+    fn rs4gc_breaks_an_unmarked_inline_asm_barrier() {
+        let target = crate::codegen::default_target_triple();
+        let err =
+            statepoint_rewritten_ir(&asm_barrier_fixture(false), &target, "asm_barrier_unmarked")
+                .expect_err("RS4GC must reject an unmarked inline-asm barrier (#8121)");
+        let text = format!("{err:#}");
+        assert!(
+            text.contains("inline asm"),
+            "expected the inline-asm verifier rejection, got: {text}"
+        );
+    }
+
+    /// The fix: marked `gc-leaf-function`, the barrier is left alone and the
+    /// rewrite still happens for the genuinely collecting call.
+    #[test]
+    fn a_gc_leaf_inline_asm_barrier_survives_rs4gc() {
+        let target = crate::codegen::default_target_triple();
+        let rewritten =
+            statepoint_rewritten_ir(&asm_barrier_fixture(true), &target, "asm_barrier_gc_leaf")
+                .expect("a gc-leaf inline-asm barrier must survive RS4GC (#8121)");
+        assert!(
+            rewritten.contains("gc.statepoint"),
+            "RS4GC rewrote nothing, so this fixture proves nothing:\n{rewritten}"
+        );
+        assert!(
+            !rewritten.contains("elementtype(void ()) asm"),
+            "the inline-asm barrier was used as a statepoint callee:\n{rewritten}"
+        );
+        assert!(
+            rewritten.contains("asm sideeffect"),
+            "the barrier vanished instead of being left alone:\n{rewritten}"
+        );
+    }
+
     fn constant_fold_order_fixture(folded: bool) -> String {
         let mut ir = String::from(
             "declare i64 @may_collect()\n\ndefine i64 @f(i64 %d0, i64 %d1, i64 %d2, i64 %d3, i64 %d4, i64 %d5, i64 %d6, i64 %d7) gc \"statepoint-example\" {\nentry:\n",
diff --git a/crates/perry-codegen/src/inst.rs b/crates/perry-codegen/src/inst.rs
index 89b9ce0e21..e377c5e292 100644
--- a/crates/perry-codegen/src/inst.rs
+++ b/crates/perry-codegen/src/inst.rs
@@ -277,7 +277,10 @@ impl LlInst {
                 out.push(')');
             }
             LlInst::AsmBarrier => {
-                out.push_str("  call void asm sideeffect \"\", \"\"()");
+                // #8121: `#5` is `{ "gc-leaf-function" }`, which stops
+                // rewrite-statepoints-for-gc from rewriting this barrier into
+                // a statepoint whose callee is an InlineAsm (invalid IR).
+                out.push_str("  call void asm sideeffect \"\", \"\"() #5");
             }
             LlInst::Br { label } => {
                 let _ = write!(out, "  br label %{label}");
diff --git a/crates/perry-codegen/src/module.rs b/crates/perry-codegen/src/module.rs
index 4f05e3ad0a..a8426a0295 100644
--- a/crates/perry-codegen/src/module.rs
+++ b/crates/perry-codegen/src/module.rs
@@ -799,6 +799,12 @@ impl LlModule {
         if used_nounwind_willreturn {
             ir.push_str("\nattributes #4 = { nounwind willreturn }\n");
         }
+        // #8121: the issue-#74 loop barrier carries `#5` so RS4GC treats it as
+        // a GC leaf. Emitted only when a barrier actually rendered, so modules
+        // without one keep byte-identical IR.
+        if ir.contains("call void asm sideeffect \"\", \"\"() #5") {
+            ir.push_str("\nattributes #5 = { \"gc-leaf-function\" }\n");
+        }
     }
 
     fn push_attrs_and_metadata(&self, ir: &mut String) {
diff --git a/crates/perry-codegen/src/native_emit.rs b/crates/perry-codegen/src/native_emit.rs
index fe41b97e27..cdc51ca42e 100644
--- a/crates/perry-codegen/src/native_emit.rs
+++ b/crates/perry-codegen/src/native_emit.rs
@@ -679,6 +679,48 @@ mod tests {
         }
     }
 
+    /// #8121, emission half. The sibling pair in `inprocess::tests` proves the
+    /// LLVM mechanism (RS4GC breaks an unmarked inline-asm barrier, and
+    /// `gc-leaf-function` stops it) using hand-written IR, so it would still
+    /// pass if Perry stopped emitting the attribute. This asserts the emission
+    /// itself, on both paths.
+    #[test]
+    fn perry_emits_the_loop_barrier_as_a_gc_leaf() {
+        let mut module = LlModule::new(crate::codegen::default_target_triple());
+        let function = module.define_function("barrier_emission_fixture", VOID, vec![]);
+        let entry = function.create_block("entry");
+        entry.asm_sideeffect_barrier();
+        entry.ret_void();
+
+        let text_ir = module.to_ir();
+        assert!(
+            text_ir.contains("asm sideeffect"),
+            "fixture emitted no barrier, so this proves nothing:\n{text_ir}"
+        );
+        assert!(
+            text_ir.contains(r#"attributes #5 = { "gc-leaf-function" }"#),
+            "text path lost the gc-leaf attribute group (#8121):\n{text_ir}"
+        );
+        assert!(
+            text_ir.contains(r#"call void asm sideeffect "", ""() #5"#),
+            "text path barrier is not marked #5 (#8121):\n{text_ir}"
+        );
+
+        let context = Context::create();
+        let native_ir = build_native_module(&context, &module)
+            .expect("barrier emission fixture constructs")
+            .print_to_string()
+            .to_string();
+        assert!(
+            native_ir.contains("asm sideeffect"),
+            "native arm emitted no barrier, so this proves nothing:\n{native_ir}"
+        );
+        assert!(
+            native_ir.contains("gc-leaf-function"),
+            "native path lost the gc-leaf attribute on the barrier (#8121):\n{native_ir}"
+        );
+    }
+
     fn compact_gc_map_section_name() -> &'static [u8] {
         if cfg!(target_os = "macos") {
             b"__perry_gcmap"