diff --git a/.api-reports/api-report-react.md b/.api-reports/api-report-react.md
index 0b90201df27..4b531996957 100644
--- a/.api-reports/api-report-react.md
+++ b/.api-reports/api-report-react.md
@@ -512,13 +512,6 @@ namespace Cache_2 {
     import Fragment = DataProxy.Fragment;
 }
 
-// @public (undocumented)
-type CacheKey = [
-query: DocumentNode,
-stringifiedVariables: string,
-...queryKey: any[]
-];
-
 // @public (undocumented)
 const enum CacheWriteBehavior {
     // (undocumented)
@@ -916,10 +909,10 @@ class InternalQueryReference<TData = unknown> {
     //
     // (undocumented)
     fetchMore(options: FetchMoreOptions<TData>): Promise<ApolloQueryResult<TData>>;
-    // Warning: (ae-forgotten-export) The symbol "CacheKey" needs to be exported by the entry point index.d.ts
+    // Warning: (ae-forgotten-export) The symbol "QueryKey" needs to be exported by the entry point index.d.ts
     //
     // (undocumented)
-    readonly key: CacheKey;
+    readonly key: QueryKey;
     // Warning: (ae-forgotten-export) The symbol "Listener" needs to be exported by the entry point index.d.ts
     //
     // (undocumented)
@@ -929,7 +922,7 @@ class InternalQueryReference<TData = unknown> {
     // (undocumented)
     promise: Promise<ApolloQueryResult<TData>>;
     // (undocumented)
-    promiseCache?: Map<CacheKey, Promise<ApolloQueryResult<TData>>>;
+    promiseCache?: Map<QueryKey, Promise<ApolloQueryResult<TData>>>;
     // (undocumented)
     refetch(variables: OperationVariables | undefined): Promise<ApolloQueryResult<TData>>;
     // (undocumented)
@@ -945,8 +938,6 @@ interface InternalQueryReferenceOptions {
     // (undocumented)
     autoDisposeTimeoutMs?: number;
     // (undocumented)
-    key: CacheKey;
-    // (undocumented)
     onDispose?: () => void;
 }
 
@@ -1537,6 +1528,12 @@ class QueryInfo {
     variables?: Record<string, any>;
 }
 
+// @public (undocumented)
+interface QueryKey {
+    // (undocumented)
+    __queryKey?: string;
+}
+
 // @public (undocumented)
 export interface QueryLazyOptions<TVariables> {
     // (undocumented)
diff --git a/.api-reports/api-report-react_hooks.md b/.api-reports/api-report-react_hooks.md
index 5e17fe31a09..cbeb6aa48a7 100644
--- a/.api-reports/api-report-react_hooks.md
+++ b/.api-reports/api-report-react_hooks.md
@@ -488,13 +488,6 @@ namespace Cache_2 {
     import Fragment = DataProxy.Fragment;
 }
 
-// @public (undocumented)
-type CacheKey = [
-query: DocumentNode,
-stringifiedVariables: string,
-...queryKey: any[]
-];
-
 // @public (undocumented)
 const enum CacheWriteBehavior {
     // (undocumented)
@@ -863,10 +856,10 @@ class InternalQueryReference<TData = unknown> {
     //
     // (undocumented)
     fetchMore(options: FetchMoreOptions<TData>): Promise<ApolloQueryResult<TData>>;
-    // Warning: (ae-forgotten-export) The symbol "CacheKey" needs to be exported by the entry point index.d.ts
+    // Warning: (ae-forgotten-export) The symbol "QueryKey" needs to be exported by the entry point index.d.ts
     //
     // (undocumented)
-    readonly key: CacheKey;
+    readonly key: QueryKey;
     // Warning: (ae-forgotten-export) The symbol "Listener" needs to be exported by the entry point index.d.ts
     //
     // (undocumented)
@@ -876,7 +869,7 @@ class InternalQueryReference<TData = unknown> {
     // (undocumented)
     promise: Promise<ApolloQueryResult<TData>>;
     // (undocumented)
-    promiseCache?: Map<CacheKey, Promise<ApolloQueryResult<TData>>>;
+    promiseCache?: Map<QueryKey, Promise<ApolloQueryResult<TData>>>;
     // (undocumented)
     refetch(variables: OperationVariables | undefined): Promise<ApolloQueryResult<TData>>;
     // (undocumented)
@@ -892,8 +885,6 @@ interface InternalQueryReferenceOptions {
     // (undocumented)
     autoDisposeTimeoutMs?: number;
     // (undocumented)
-    key: CacheKey;
-    // (undocumented)
     onDispose?: () => void;
 }
 
@@ -1464,6 +1455,12 @@ class QueryInfo {
     variables?: Record<string, any>;
 }
 
+// @public (undocumented)
+interface QueryKey {
+    // (undocumented)
+    __queryKey?: string;
+}
+
 // @public (undocumented)
 type QueryListener = (queryInfo: QueryInfo) => void;
 
diff --git a/.api-reports/api-report.md b/.api-reports/api-report.md
index 04a979da240..1b63551c899 100644
--- a/.api-reports/api-report.md
+++ b/.api-reports/api-report.md
@@ -502,13 +502,6 @@ class CacheGroup {
     resetCaching(): void;
 }
 
-// @public (undocumented)
-type CacheKey = [
-query: DocumentNode,
-stringifiedVariables: string,
-...queryKey: any[]
-];
-
 // @public (undocumented)
 const enum CacheWriteBehavior {
     // (undocumented)
@@ -1275,10 +1268,10 @@ class InternalQueryReference<TData = unknown> {
     //
     // (undocumented)
     fetchMore(options: FetchMoreOptions_2<TData>): Promise<ApolloQueryResult<TData>>;
-    // Warning: (ae-forgotten-export) The symbol "CacheKey" needs to be exported by the entry point index.d.ts
+    // Warning: (ae-forgotten-export) The symbol "QueryKey" needs to be exported by the entry point index.d.ts
     //
     // (undocumented)
-    readonly key: CacheKey;
+    readonly key: QueryKey;
     // Warning: (ae-forgotten-export) The symbol "Listener" needs to be exported by the entry point index.d.ts
     //
     // (undocumented)
@@ -1288,7 +1281,7 @@ class InternalQueryReference<TData = unknown> {
     // (undocumented)
     promise: Promise<ApolloQueryResult<TData>>;
     // (undocumented)
-    promiseCache?: Map<CacheKey, Promise<ApolloQueryResult<TData>>>;
+    promiseCache?: Map<QueryKey, Promise<ApolloQueryResult<TData>>>;
     // (undocumented)
     refetch(variables: OperationVariables | undefined): Promise<ApolloQueryResult<TData>>;
     // (undocumented)
@@ -1304,8 +1297,6 @@ interface InternalQueryReferenceOptions {
     // (undocumented)
     autoDisposeTimeoutMs?: number;
     // (undocumented)
-    key: CacheKey;
-    // (undocumented)
     onDispose?: () => void;
 }
 
@@ -2093,6 +2084,12 @@ class QueryInfo {
     variables?: Record<string, any>;
 }
 
+// @public (undocumented)
+interface QueryKey {
+    // (undocumented)
+    __queryKey?: string;
+}
+
 // @public (undocumented)
 export interface QueryLazyOptions<TVariables> {
     // (undocumented)
diff --git a/.size-limits.json b/.size-limits.json
index dfe8306d94f..dbf215c6ea5 100644
--- a/.size-limits.json
+++ b/.size-limits.json
@@ -1,4 +1,4 @@
 {
-  "dist/apollo-client.min.cjs": 38693,
+  "dist/apollo-client.min.cjs": 38675,
   "import { ApolloClient, InMemoryCache, HttpLink } from \"dist/index.js\" (production)": 32306
 }
diff --git a/src/react/cache/QueryReference.ts b/src/react/cache/QueryReference.ts
index 5b2fc14c643..7da866b5309 100644
--- a/src/react/cache/QueryReference.ts
+++ b/src/react/cache/QueryReference.ts
@@ -12,7 +12,7 @@ import {
   createFulfilledPromise,
   createRejectedPromise,
 } from "../../utilities/index.js";
-import type { CacheKey } from "./types.js";
+import type { QueryKey } from "./types.js";
 import type { useBackgroundQuery, useReadQuery } from "../hooks/index.js";
 
 type Listener<TData> = (promise: Promise<ApolloQueryResult<TData>>) => void;
@@ -32,7 +32,6 @@ export interface QueryReference<TData = unknown> {
 }
 
 interface InternalQueryReferenceOptions {
-  key: CacheKey;
   onDispose?: () => void;
   autoDisposeTimeoutMs?: number;
 }
@@ -65,10 +64,10 @@ type ObservedOptions = Pick<
 
 export class InternalQueryReference<TData = unknown> {
   public result: ApolloQueryResult<TData>;
-  public readonly key: CacheKey;
+  public readonly key: QueryKey = {};
   public readonly observable: ObservableQuery<TData>;
 
-  public promiseCache?: Map<CacheKey, Promise<ApolloQueryResult<TData>>>;
+  public promiseCache?: Map<QueryKey, Promise<ApolloQueryResult<TData>>>;
   public promise: Promise<ApolloQueryResult<TData>>;
 
   private subscription: ObservableSubscription;
@@ -92,7 +91,6 @@ export class InternalQueryReference<TData = unknown> {
     // Don't save this result as last result to prevent delivery of last result
     // when first subscribing
     this.result = observable.getCurrentResult(false);
-    this.key = options.key;
 
     if (options.onDispose) {
       this.onDispose = options.onDispose;
diff --git a/src/react/cache/SuspenseCache.ts b/src/react/cache/SuspenseCache.ts
index af883c0a52a..36641c76cb4 100644
--- a/src/react/cache/SuspenseCache.ts
+++ b/src/react/cache/SuspenseCache.ts
@@ -38,7 +38,6 @@ export class SuspenseCache {
 
     if (!ref.current) {
       ref.current = new InternalQueryReference(createObservable(), {
-        key: cacheKey,
         autoDisposeTimeoutMs: this.options.autoDisposeTimeoutMs,
         onDispose: () => {
           delete ref.current;
diff --git a/src/react/cache/types.ts b/src/react/cache/types.ts
index e9e0ba8b826..40f3c4cc8fc 100644
--- a/src/react/cache/types.ts
+++ b/src/react/cache/types.ts
@@ -5,3 +5,7 @@ export type CacheKey = [
   stringifiedVariables: string,
   ...queryKey: any[],
 ];
+
+export interface QueryKey {
+  __queryKey?: string;
+}
diff --git a/src/react/hooks/__tests__/useSuspenseQuery.test.tsx b/src/react/hooks/__tests__/useSuspenseQuery.test.tsx
index 642be7d023a..86af1878883 100644
--- a/src/react/hooks/__tests__/useSuspenseQuery.test.tsx
+++ b/src/react/hooks/__tests__/useSuspenseQuery.test.tsx
@@ -3650,8 +3650,7 @@ describe("useSuspenseQuery", () => {
     });
 
     await waitFor(() => expect(renders.errorCount).toBe(1));
-
-    expect(client.getObservableQueries().size).toBe(0);
+    await waitFor(() => expect(client.getObservableQueries().size).toBe(0));
   });
 
   it('throws network errors when errorPolicy is set to "none"', async () => {
diff --git a/src/react/hooks/useSuspenseQuery.ts b/src/react/hooks/useSuspenseQuery.ts
index ed203d4cfee..8de82bf471e 100644
--- a/src/react/hooks/useSuspenseQuery.ts
+++ b/src/react/hooks/useSuspenseQuery.ts
@@ -25,7 +25,7 @@ import { getSuspenseCache } from "../cache/index.js";
 import { canonicalStringify } from "../../cache/index.js";
 import { skipToken } from "./constants.js";
 import type { SkipToken } from "./constants.js";
-import type { CacheKey } from "../cache/types.js";
+import type { CacheKey, QueryKey } from "../cache/types.js";
 
 export interface UseSuspenseQueryResult<
   TData = unknown,
@@ -196,29 +196,26 @@ export function useSuspenseQuery<
     client.watchQuery(watchQueryOptions)
   );
 
-  const [promiseCache, setPromiseCache] = React.useState(
-    () => new Map([[queryRef.key, queryRef.promise]])
-  );
-
-  let promise = promiseCache.get(queryRef.key);
+  let [current, setPromise] = React.useState<
+    [QueryKey, Promise<ApolloQueryResult<any>>]
+  >([queryRef.key, queryRef.promise]);
 
-  if (queryRef.didChangeOptions(watchQueryOptions)) {
-    promise = queryRef.applyOptions(watchQueryOptions);
-    promiseCache.set(queryRef.key, promise);
+  // This saves us a re-execution of the render function when a variable changed.
+  if (current[0] !== queryRef.key) {
+    current[0] = queryRef.key;
+    current[1] = queryRef.promise;
   }
+  let promise = current[1];
 
-  if (!promise) {
-    promise = queryRef.promise;
-    promiseCache.set(queryRef.key, promise);
+  if (queryRef.didChangeOptions(watchQueryOptions)) {
+    current[1] = promise = queryRef.applyOptions(watchQueryOptions);
   }
 
   React.useEffect(() => {
     const dispose = queryRef.retain();
 
     const removeListener = queryRef.listen((promise) => {
-      setPromiseCache((promiseCache) =>
-        new Map(promiseCache).set(queryRef.key, promise)
-      );
+      setPromise([queryRef.key, promise]);
     });
 
     return () => {
@@ -239,14 +236,10 @@ export function useSuspenseQuery<
   }, [queryRef.result]);
 
   const result = fetchPolicy === "standby" ? skipResult : __use(promise);
-
   const fetchMore = React.useCallback(
     ((options) => {
       const promise = queryRef.fetchMore(options);
-
-      setPromiseCache((previousPromiseCache) =>
-        new Map(previousPromiseCache).set(queryRef.key, queryRef.promise)
-      );
+      setPromise([queryRef.key, queryRef.promise]);
 
       return promise;
     }) satisfies FetchMoreFunction<
@@ -259,10 +252,7 @@ export function useSuspenseQuery<
   const refetch: RefetchFunction<TData, TVariables> = React.useCallback(
     (variables) => {
       const promise = queryRef.refetch(variables);
-
-      setPromiseCache((previousPromiseCache) =>
-        new Map(previousPromiseCache).set(queryRef.key, queryRef.promise)
-      );
+      setPromise([queryRef.key, queryRef.promise]);
 
       return promise;
     },