diff --git a/packages/runtime-vapor/src/apiAsyncComponent.ts b/packages/runtime-vapor/src/apiAsyncComponent.ts
new file mode 100644
index 000000000..7f7085ccf
--- /dev/null
+++ b/packages/runtime-vapor/src/apiAsyncComponent.ts
@@ -0,0 +1,251 @@
+import {
+  type Component,
+  type ComponentInternalInstance,
+  currentInstance,
+  getCurrentInstance,
+} from './component'
+import { isFunction, isObject } from '@vue/shared'
+import { defineComponent } from './apiDefineComponent'
+import { warn } from './warning'
+import { ref } from '@vue/reactivity'
+import { VaporErrorCodes, handleError } from './errorHandling'
+// import { isKeepAlive } from './components/KeepAlive'
+import { queueJob } from './scheduler'
+import { createComponent } from './apiCreateComponent'
+import { renderEffect } from './renderEffect'
+import { createIf } from './apiCreateIf'
+import { template } from '@vue/vapor'
+
+export type AsyncComponentResolveResult<T = Component> = T | { default: T } // es modules
+
+export type AsyncComponentLoader<T = any> = () => Promise<
+  AsyncComponentResolveResult<T>
+>
+
+export interface AsyncComponentOptions<T = any> {
+  loader: AsyncComponentLoader<T>
+  loadingComponent?: Component
+  errorComponent?: Component
+  delay?: number
+  timeout?: number
+  suspensible?: boolean
+  onError?: (
+    error: Error,
+    retry: () => void,
+    fail: () => void,
+    attempts: number,
+  ) => any
+}
+
+export const isAsyncWrapper = (i: ComponentInternalInstance): boolean =>
+  !!i.component.__asyncLoader
+
+/*! #__NO_SIDE_EFFECTS__ */
+export function defineAsyncComponent<T extends Component = Component>(
+  source: AsyncComponentLoader<T> | AsyncComponentOptions<T>,
+): T {
+  if (isFunction(source)) {
+    source = { loader: source }
+  }
+
+  const {
+    loader,
+    loadingComponent,
+    errorComponent,
+    delay = 200,
+    timeout, // undefined = never times out
+    suspensible = true,
+    onError: userOnError,
+  } = source
+
+  let pendingRequest: Promise<Component> | null = null
+  let resolvedComp: Component | undefined
+
+  let retries = 0
+  const retry = () => {
+    retries++
+    pendingRequest = null
+    return load()
+  }
+
+  const load = (): Promise<Component> => {
+    let thisRequest: Promise<Component>
+    return (
+      pendingRequest ||
+      (thisRequest = pendingRequest =
+        loader()
+          .catch(err => {
+            err = err instanceof Error ? err : new Error(String(err))
+            if (userOnError) {
+              return new Promise((resolve, reject) => {
+                const userRetry = () => resolve(retry())
+                const userFail = () => reject(err)
+                userOnError(err, userRetry, userFail, retries + 1)
+              })
+            } else {
+              throw err
+            }
+          })
+          .then((comp: any) => {
+            if (thisRequest !== pendingRequest && pendingRequest) {
+              return pendingRequest
+            }
+            if (__DEV__ && !comp) {
+              warn(
+                `Async component loader resolved to undefined. ` +
+                  `If you are using retry(), make sure to return its return value.`,
+              )
+            }
+            // interop module default
+            if (
+              comp &&
+              (comp.__esModule || comp[Symbol.toStringTag] === 'Module')
+            ) {
+              comp = comp.default
+            }
+            if (__DEV__ && comp && !isObject(comp) && !isFunction(comp)) {
+              throw new Error(`Invalid async component load result: ${comp}`)
+            }
+            resolvedComp = comp
+            return comp
+          }))
+    )
+  }
+
+  return defineComponent({
+    name: 'AsyncComponentWrapper',
+
+    __asyncLoader: load,
+
+    get __asyncResolved() {
+      return resolvedComp
+    },
+
+    setup() {
+      const instance = currentInstance!
+
+      // already resolved
+      if (resolvedComp) {
+        return createInnerComp(resolvedComp!, instance)
+      }
+
+      const onError = (err: Error) => {
+        pendingRequest = null
+        handleError(
+          err,
+          instance,
+          VaporErrorCodes.ASYNC_COMPONENT_LOADER,
+          !errorComponent /* do not throw in dev if user provided error component */,
+        )
+      }
+
+      // TODO: handle suspense and SSR.
+      // suspense-controlled or SSR.
+      // if (
+      //   (__FEATURE_SUSPENSE__ && suspensible && instance.suspense) ||
+      //   (__SSR__ && isInSSRComponentSetup)
+      // ) {
+      //   return load()
+      //     .then(comp => {
+      //       return () => createInnerComp(comp, instance)
+      //     })
+      //     .catch(err => {
+      //       onError(err)
+      //       return () =>
+      //         errorComponent
+      //           ? createVNode(errorComponent as ConcreteComponent, {
+      //               error: err,
+      //             })
+      //           : null
+      //     })
+      // }
+
+      const loaded = ref(false)
+      const error = ref()
+      const delayed = ref(!!delay)
+
+      if (delay) {
+        setTimeout(() => {
+          delayed.value = false
+        }, delay)
+      }
+
+      if (timeout != null) {
+        setTimeout(() => {
+          if (!loaded.value && !error.value) {
+            const err = new Error(
+              `Async component timed out after ${timeout}ms.`,
+            )
+            onError(err)
+            error.value = err
+          }
+        }, timeout)
+      }
+
+      load()
+        .then(() => {
+          loaded.value = true
+          // TODO: handle keep-alive.
+          // if (instance.parent && isKeepAlive(instance.parent.vnode)) {
+          //   // parent is keep-alive, force update so the loaded component's
+          //   // name is taken into account
+          //   queueJob(instance.parent.update)
+          // }
+        })
+        .catch(err => {
+          onError(err)
+          error.value = err
+        })
+
+      // if (loaded.value && resolvedComp) {
+      //   return createInnerComp(resolvedComp, instance)
+      // } else if (error.value && errorComponent) {
+      //   return createComponent(errorComponent, [{ error: () => error.value }])
+      // } else if (loadingComponent && !delayed.value) {
+      //   return createComponent(loadingComponent)
+      // }
+      return {
+        loaded,
+        error,
+        delayed,
+      }
+    },
+    render(ctx) {
+      const instance = getCurrentInstance()!
+      return [
+        createIf(
+          () => ctx.loaded && resolvedComp,
+          () => {
+            return createInnerComp(resolvedComp!, instance)
+          },
+          () =>
+            createIf(
+              () => ctx.error && errorComponent,
+              () =>
+                createComponent(errorComponent!, [{ error: () => ctx.error }]),
+              () =>
+                createIf(
+                  () => loadingComponent && !ctx.delayed,
+                  () => createComponent(loadingComponent!),
+                ),
+            ),
+        ),
+      ]
+    },
+  }) as T
+}
+
+function createInnerComp(comp: Component, parent: ComponentInternalInstance) {
+  const { rawProps: props, rawSlots, rawDynamicSlots } = parent
+  const innerComp = createComponent(comp, props, rawSlots, rawDynamicSlots)
+  // const vnode = createVNode(comp, props, children)
+  // // ensure inner component inherits the async wrapper's ref owner
+  innerComp.refs = parent.refs
+  // vnode.ref = ref
+  // // pass the custom element callback on to the inner comp
+  // // and remove it from the async wrapper
+  // vnode.ce = ce
+  // delete parent.vnode.ce
+
+  return innerComp
+}
diff --git a/packages/runtime-vapor/src/component.ts b/packages/runtime-vapor/src/component.ts
index 228c7b78a..81d4483ca 100644
--- a/packages/runtime-vapor/src/component.ts
+++ b/packages/runtime-vapor/src/component.ts
@@ -116,6 +116,17 @@ export interface ObjectComponent extends ComponentInternalOptions {
   emits?: EmitsOptions
   render?(ctx: any): Block
 
+  /**
+   * marker for AsyncComponentWrapper
+   * @internal
+   */
+  __asyncLoader?: () => Promise<Component>
+  /**
+   * the inner component resolved by the AsyncComponentWrapper
+   * @internal
+   */
+  __asyncResolved?: Component
+
   name?: string
   vapor?: boolean
 }
@@ -179,6 +190,8 @@ export interface ComponentInternalInstance {
   emit: EmitFn
   emitted: Record<string, boolean> | null
   attrs: Data
+  rawSlots: InternalSlots
+  rawDynamicSlots: DynamicSlots | null
   slots: InternalSlots
   refs: Data
   // exposed properties via expose()
@@ -304,6 +317,8 @@ export function createComponentInstance(
     emit: null!,
     emitted: null,
     attrs: EMPTY_OBJ,
+    rawSlots: slots || EMPTY_OBJ,
+    rawDynamicSlots: dynamicSlots || null,
     slots: EMPTY_OBJ,
     refs: EMPTY_OBJ,
 
diff --git a/packages/runtime-vapor/src/dom/templateRef.ts b/packages/runtime-vapor/src/dom/templateRef.ts
index b3770739a..cdbdecbb9 100644
--- a/packages/runtime-vapor/src/dom/templateRef.ts
+++ b/packages/runtime-vapor/src/dom/templateRef.ts
@@ -20,6 +20,7 @@ import {
 } from '@vue/shared'
 import { warn } from '../warning'
 import { queuePostFlushCb } from '../scheduler'
+import { isAsyncWrapper } from '../apiAsyncComponent'
 
 export type NodeRef = string | Ref | ((ref: Element) => void)
 export type RefEl = Element | ComponentInternalInstance
@@ -36,11 +37,14 @@ export function setRef(
   if (!currentInstance) return
   const { setupState, isUnmounted } = currentInstance
 
+  const isComponent = isVaporComponent(el)
+  const isAsync = isComponent && isAsyncWrapper(currentInstance)
+
   if (isUnmounted) {
     return
   }
 
-  const refValue = isVaporComponent(el) ? el.exposed || el : el
+  const refValue = isComponent ? el.exposed || el : el
 
   const refs =
     currentInstance.refs === EMPTY_OBJ
diff --git a/packages/runtime-vapor/src/index.ts b/packages/runtime-vapor/src/index.ts
index 60810713e..3ddc5725a 100644
--- a/packages/runtime-vapor/src/index.ts
+++ b/packages/runtime-vapor/src/index.ts
@@ -98,6 +98,7 @@ export { on, delegate, delegateEvents, setDynamicEvents } from './dom/event'
 export { setRef } from './dom/templateRef'
 
 export { defineComponent } from './apiDefineComponent'
+export { defineAsyncComponent } from './apiAsyncComponent'
 export {
   type InjectionKey,
   inject,