diff --git a/runtime/include/cpu_state.h b/runtime/include/cpu_state.h
index ff5b3cd0..7ee560a1 100644
--- a/runtime/include/cpu_state.h
+++ b/runtime/include/cpu_state.h
@@ -111,6 +111,13 @@ extern uint32_t psx_mult_latency_u(uint32_t rs);   /* MULTU (unsigned) */
  * deadline first. Every COP2 register access calls psx_gte_stall, which advances
  * guest cycles to the deadline if the op is still in flight. Faithful only with
  * per-instruction cycle charging. */
+/* R3000A I-cache instruction-FETCH cost (psx_icache.c). Faithful direct-mapped
+ * model: HIT +0, KSEG1/uncached +4, cached miss +3 + refill. Shared by interp
+ * (per-instruction) and the compiled emitters (per-cache-line leader). */
+extern void     psx_icache_fetch(CPUState* cpu, uint32_t addr);
+extern void     psx_icache_reset(void);
+extern int      psx_icache_enabled(void);   /* opt-in (PSX_ICACHE=1) until both backends charge it */
+
 extern void     psx_gte_set(CPUState* cpu, uint32_t latency);
 extern void     psx_gte_stall(CPUState* cpu);
 /* MFC2/CFC2 GTE register read: stall to the deadline AND arm the load-delay
diff --git a/runtime/runtime.cmake b/runtime/runtime.cmake
index cd52a192..6a2fe26b 100644
--- a/runtime/runtime.cmake
+++ b/runtime/runtime.cmake
@@ -147,6 +147,7 @@ set(PSXRECOMP_RUNTIME_SOURCES
     ${PSXRECOMP_ROOT}/runtime/src/iso_reader.cpp
     ${PSXRECOMP_ROOT}/runtime/src/iso_reader_c.cpp
     ${PSXRECOMP_ROOT}/runtime/src/psx_cycles.c
+    ${PSXRECOMP_ROOT}/runtime/src/psx_icache.c
     ${PSXRECOMP_ROOT}/runtime/src/starvation_ring.c
     ${PSXRECOMP_ROOT}/runtime/src/latency_ring.c
     ${PSXRECOMP_ROOT}/runtime/src/card_read_summary.c
diff --git a/runtime/src/dirty_ram_interp.c b/runtime/src/dirty_ram_interp.c
index eef3670f..c93e7c18 100644
--- a/runtime/src/dirty_ram_interp.c
+++ b/runtime/src/dirty_ram_interp.c
@@ -920,13 +920,18 @@ static int exec_one(CPUState *cpu, uint32_t pc, uint32_t *next_pc_out) {
 
     *next_pc_out = pc + 4;
 
+#ifdef PSX_ENABLE_BLOCK_CYCLES
+    /* Instruction FETCH cost (I-cache) — charged FIRST, before the §1 base, exactly
+     * like Beetle ReadInstruction precedes the per-instruction base (cpu.cpp). HIT=+0,
+     * KSEG1=+4, cached miss=+3+refill; a miss also clears the load give-back. */
+    psx_icache_fetch(cpu, pc);
+
     /* Per-instruction R3000A load-delay interlock (single-source: psx_cyc.h, shared
      * with both static emitters). §1 base + GPR_DEPRES + DO_LDS run HERE, before the
      * instruction body, so §1 precedes any muldiv/GTE deadline stall the body applies
      * (Beetle order). CPU loads (op 0x20-0x26) are skipped here — psx_cyc_load_* runs
      * their full interlock inside the body (and arms LDWhich=rt). This replaces the
      * old flat per-instruction psx_advance_cycles(psx_instr_base_cycles). */
-#ifdef PSX_ENABLE_BLOCK_CYCLES
     if (!(opc >= 0x20u && opc <= 0x26u))
         psx_cyc_step(cpu, psx_cyc_dep_res_mask(insn));
 #endif
diff --git a/runtime/src/main.cpp b/runtime/src/main.cpp
index 2b27aece..cba802b2 100644
--- a/runtime/src/main.cpp
+++ b/runtime/src/main.cpp
@@ -2645,6 +2645,7 @@ int main(int argc, char** argv) {
     /* R3000A load-delay interlock init (Beetle: BACKED_LDWhich=0x20 = no pending
      * load; ReadFudge=0 so the first load gets no fudge). Rest is correctly 0. */
     cpu.ld_which_t = 0x20;
+    psx_icache_reset();   /* all I-cache lines cold at reset */
 
     /* Wire memory function pointers. Guest data loads now route their CPU cycle
      * cost through the faithful load-delay interlock (psx_cyc_load_* in memory.c),
diff --git a/runtime/src/psx_icache.c b/runtime/src/psx_icache.c
new file mode 100644
index 00000000..9f3fc7e5
--- /dev/null
+++ b/runtime/src/psx_icache.c
@@ -0,0 +1,92 @@
+/* psx_icache.c — R3000A instruction-cache FETCH cost model (faithful).
+ *
+ * FAITHFUL_TIMING_PLAN.md axis-2 (I-cache). Transcribed from the in-tree Beetle
+ * oracle PS_CPU::ReadInstruction (psxrecomp/beetle-psx/mednafen/psx/cpu.cpp:534-601).
+ *
+ * The R3000A I-cache is direct-mapped, 4 KB = 1024 words = 256 lines x 4 words
+ * (16-byte lines). Beetle models it as ICache[(addr&0xFFC)>>2].TV (the per-word
+ * tag+validity); a fetch HITS iff TV == addr (exactly). We mirror only the TV
+ * array (we don't need the cached Data — the recompiler/interp already have the
+ * instruction; we only charge the FETCH cycle cost and clear the load give-back on
+ * a miss, exactly like ReadInstruction).
+ *
+ * Per fetch:
+ *   HIT  (TV == addr): +0, and (crucially) NO load-delay give-back clear.
+ *   MISS (TV != addr): clear the pending load give-back (cpu.cpp:542-543), then:
+ *     - KSEG1 / cache-disabled (addr >= 0xA0000000): +4, no fill (BIOS ROM case).
+ *     - cached (KSEG0/KUSEG): +3, then +1 per word REFILLED from the missing word
+ *       to the END of the 4-word line; words before the missing one stay INVALID.
+ *       So a miss at word W refills W..3 (cost 3 + (4-W)); a later access to a word
+ *       < W in that line misses again. Steady-state hot loops are all hits (+0).
+ *
+ * Residuals (documented, narrow): the BIU cache-enable bit and the SR cache-isolation
+ * bit are not modeled — we treat KSEG0/KUSEG as always cached and KSEG1 as always
+ * uncached. This is exact except during the brief pre-cache-enable boot window and
+ * inside the cache-flush/isolation routine.
+ *
+ * State is SHARED by both backends (interp per-instruction; compiled per-cache-line
+ * leader) so the cache evolves identically to Beetle for the same fetch stream.
+ */
+#include "cpu_state.h"
+#include <stdint.h>
+#include <stdlib.h>
+
+extern void psx_advance_cycles(uint32_t cycles);
+
+/* Opt-in gate (default OFF). The I-cache fetch cost must be charged by BOTH backends
+ * or NEITHER — charging it only in the interp (Stage 1) while the compiled path does
+ * not would make the two backends disagree on fetch cost in mixed compiled/interp
+ * execution (e.g. Tomba 2 overlays), forking timing. So until the compiled emitters
+ * also charge it (Stage 2), this is enabled only for measurement (PSX_ICACHE=1, used
+ * with PSX_FORCE_INTERP=1 so ALL code is interp'd → consistent). Stage 2 flips the
+ * default on once both backends charge it. */
+int psx_icache_enabled(void) {
+    static int s = -1;
+    if (s < 0) { const char* e = getenv("PSX_ICACHE"); s = (e && e[0] && e[0] != '0'); }
+    return s;
+}
+
+/* Per-word tag+validity, mirroring Beetle ICache[idx].TV. Init to a value that can
+ * never equal an aligned fetch address (aligned addrs have bits 0-1 = 0), so every
+ * line starts cold (miss). */
+static uint32_t s_icache_tv[1024];
+
+void psx_icache_reset(void) {
+    for (int i = 0; i < 1024; i++) s_icache_tv[i] = 0x1u;  /* bit0 set => never matches */
+}
+
+/* Charge the fetch cost for the instruction at `addr` and update the cache tags.
+ * `addr` is the runtime guest virtual PC (aligned). Gated on PSX_ENABLE_BLOCK_CYCLES. */
+void psx_icache_fetch(CPUState* cpu, uint32_t addr) {
+#ifdef PSX_ENABLE_BLOCK_CYCLES
+    if (!psx_icache_enabled()) return;
+    uint32_t idx = (addr & 0xFFCu) >> 2;
+    if (s_icache_tv[idx] == addr) return;            /* HIT: +0, no give-back clear */
+
+    /* MISS — clear the pending load give-back (Beetle cpu.cpp:542-543). */
+    cpu->read_absorb[cpu->read_absorb_which] = 0u;
+    cpu->read_absorb_which = 0u;
+
+    if (addr >= 0xA0000000u) {                       /* KSEG1 / uncached (BIOS ROM) */
+        psx_advance_cycles(4u);
+        return;
+    }
+
+    /* Cached refill (KSEG0/KUSEG). Mark the whole 4-word line invalid, then validate
+     * + count the words from the missing one to the line end. */
+    uint32_t line = addr & 0xFFFFFFF0u;
+    uint32_t bidx = (addr & 0xFF0u) >> 2;            /* first word index of the line */
+    s_icache_tv[bidx + 0] = line | 0x0u | 0x2u;
+    s_icache_tv[bidx + 1] = line | 0x4u | 0x2u;
+    s_icache_tv[bidx + 2] = line | 0x8u | 0x2u;
+    s_icache_tv[bidx + 3] = line | 0xCu | 0x2u;
+    uint32_t cost = 3u;
+    for (uint32_t i = (addr & 0xCu) >> 2; i < 4u; i++) {
+        s_icache_tv[bidx + i] &= ~0x2u;              /* valid: TV == that word's addr */
+        cost++;
+    }
+    psx_advance_cycles(cost);
+#else
+    (void)cpu; (void)addr;
+#endif
+}
diff --git a/tools/cycle_testrom/README.md b/tools/cycle_testrom/README.md
index 3da01ad7..d5424521 100644
--- a/tools/cycle_testrom/README.md
+++ b/tools/cycle_testrom/README.md
@@ -109,6 +109,31 @@ load2/load_use/div/div_spaced/mult/gte_rtps/gte_nclip/gte_read_use/ld_div all ma
 the oracle, so the interpreter's per-instruction interlock model is MEASURED equal
 to the compiled backend and to Beetle, not merely shared-by-construction.
 
+## I-cache fetch (icache_miss loop + PSX_ICACHE)
+
+The `icache_miss` loop forces an I-cache miss every iteration: its top and a victim
+block 0x1000 bytes away map to the SAME direct-mapped line (4 KB / 256-line cache,
+index = addr bits 4-11) with different tags, so each fetch evicts the other. (Every
+other loop is small enough to be all-hits after warm-up — fetch cost 0.)
+
+The faithful R3000A I-cache fetch model lives in `runtime/src/psx_icache.c` (HIT +0,
+KSEG1/uncached +4, cached miss +3 + refill from the missing word to the line end —
+transcribed from Beetle ReadInstruction). It is **opt-in via `PSX_ICACHE=1`** (default
+OFF) until BOTH backends charge it: charging it only in the interp while the compiled
+path does not would make the two backends disagree on fetch cost in mixed execution.
+Measure the interp path with both envs:
+
+```powershell
+$env:PSX_FORCE_INTERP='1'; $env:PSX_ICACHE='1'; Start-Process psx-cyctest.exe -ArgumentList ...
+```
+
+**icache_miss == Beetle EXACT (2026-06-27): native-interp +14 == Beetle +14** (per-iter
+17). The hit path (the other 12 loops) is unchanged at +0 fetch. So the I-cache
+hit AND refill-miss costs are MEASURED equal to the oracle on the interp path.
+STAGE 2 (pending): charge the same model in the compiled emitters (per cache-line
+leader) and flip PSX_ICACHE on by default; validate ruler #1's cold first-hit spike
+(Beetle 84/77 vs steady 56) on the compiled path.
+
 ## Beetle ORACLE results (2026-06-26 — the HW cost targets)
 
 Per-iteration cycle delta, and component cost (minus baseline=3):
diff --git a/tools/cycle_testrom/gen_testrom.py b/tools/cycle_testrom/gen_testrom.py
index 25fe793f..dcb727b8 100644
--- a/tools/cycle_testrom/gen_testrom.py
+++ b/tools/cycle_testrom/gen_testrom.py
@@ -184,6 +184,26 @@ def build():
     # pending load give-back; native==Beetle means no divergence to fix.
     inner_loop("ld_div", [lw("$t4", 0, "$t5"), divu("$t2", "$t3"), mflo("$t7")])
 
+    # icache_miss: force an I-cache miss every iteration via 4KB aliasing. The loop
+    # top and a "victim" block 0x1000 bytes away map to the SAME direct-mapped line
+    # (4 KB / 256-line cache, index = addr bits 4-11) with DIFFERENT tags, so each
+    # fetch evicts the other -> a refill miss every iteration. Isolates the I-cache
+    # refill cost; every other loop is small enough to be all-hits after warm-up.
+    a.emit(li("$t0", ITER))
+    ic_top = a.here()
+    anchors["icache_miss"] = ic_top
+    a.label("icache_miss_top")
+    a.emit(addiu("$t0", "$t0", -1))          # ic_top + 0
+    victim_addr = ic_top + 0x1000            # aliases ic_top's line (only bit 12 differs)
+    a.emit(j(victim_addr >> 2))              # ic_top + 4: jump to the aliased victim
+    a.emit(nop())                            # ic_top + 8: delay slot
+    while a.here() < victim_addr:            # pad (not executed; the j skips it)
+        a.emit(nop())
+    # victim @ ic_top+0x1000: loop back to ic_top (or fall through on exit)
+    voff = (a.labels["icache_miss_top"] - (a.here() + 4)) >> 2
+    a.emit(bne("$t0", "$zero", voff))        # victim + 0
+    a.emit(nop())                            # victim + 4: delay slot
+
     # loop outer forever
     o = a.labels["outer"]
     here = a.here()