diff --git a/docs/python-pyc.md b/docs/python-pyc.md
index 33942187fa..e422cd9c14 100644
--- a/docs/python-pyc.md
+++ b/docs/python-pyc.md
@@ -65,8 +65,8 @@ is that marshal length. Integer consts report `bits`; their decimal `value` is
 `-inf`, and `nan` spellings. Dictionary and set lengths follow CPython:
 unhashable keys and members fail the walk, equal set members count once, equal
 dictionary keys keep the first key object and replace only its value, code
-objects are valid keys and members, and a null dictionary value ends the dict
-without that entry.
+objects are valid keys and members only when all of their consts are hashable,
+and a null dictionary value ends the dict without that entry.
 
 ## Limits and failures
 
diff --git a/src/python/PythonPycParser.test.ts b/src/python/PythonPycParser.test.ts
index d2cf9d594b..e7fe76707f 100644
--- a/src/python/PythonPycParser.test.ts
+++ b/src/python/PythonPycParser.test.ts
@@ -933,6 +933,79 @@ it("accepts code objects as set members and dictionary keys", () => {
   expect(pythonPycSchema.safeParse(report).success).toBe(true);
 });
 
+it("rejects code keys and members whose consts are unhashable", () => {
+  const list = Buffer.concat([Buffer.from([0x5b]), u32(0)]);
+  const int = Buffer.concat([Buffer.from([0x69]), i32(1)]);
+  const tuple = (...items: Buffer[]): Buffer =>
+    Buffer.concat([Buffer.from([0x29, items.length]), ...items]);
+  const code = (...consts: Buffer[]): Buffer =>
+    marshalCode("py311", { name: "u", qualname: "u", consts });
+  const setOf = (kind: number, member: Buffer): Buffer =>
+    Buffer.concat([Buffer.from([kind]), u32(1), member]);
+  const dictKey = (key: Buffer): Buffer =>
+    Buffer.concat([Buffer.from([0x7b]), key, int, Buffer.from([0x30])]);
+  for (const key of [code(list), code(tuple(int, list)), code(code(list))]) {
+    expect(() => parse(withConsts([setOf(0x3c, key)]))).toThrow(
+      PythonPycFormatFailure,
+    );
+    expect(() => parse(withConsts([setOf(0x3e, key)]))).toThrow(
+      PythonPycFormatFailure,
+    );
+    expect(() => parse(withConsts([dictKey(key)]))).toThrow(
+      PythonPycFormatFailure,
+    );
+  }
+  const cyclic = Buffer.concat([
+    Buffer.from([0x29 | 0x80, 1]),
+    marshalCode("py311", {
+      name: "u",
+      qualname: "u",
+      flagged: true,
+      constsObject: tuple(marshalRef(0)),
+    }),
+  ]);
+  expect(() => parse(withConsts([cyclic, setOf(0x3c, marshalRef(1))]))).toThrow(
+    PythonPycFormatFailure,
+  );
+
+  // A set inside a tuple that reaches the unfinished tuple, directly, inside
+  // a code object's consts, or as those consts, before the list is read.
+  for (const member of [
+    marshalRef(0),
+    marshalCode("py311", {
+      name: "u",
+      qualname: "u",
+      constsObject: tuple(marshalRef(0)),
+    }),
+    marshalCode("py311", {
+      name: "u",
+      qualname: "u",
+      constsObject: marshalRef(0),
+    }),
+  ])
+    expect(() =>
+      parse(
+        withConsts([
+          Buffer.concat([
+            Buffer.from([0x29 | 0x80, 2]),
+            setOf(0x3c, member),
+            list,
+          ]),
+        ]),
+      ),
+    ).toThrow(PythonPycFormatFailure);
+
+  const unhashed = parse(withConsts([tuple(code(list))]));
+  expect(unhashed.coverage.status).toBe("complete");
+  expect(unhashed.code_objects[1]?.consts[0]).toEqual({
+    kind: "list",
+    length: 0,
+  });
+  const hashable = parse(withConsts([setOf(0x3c, code(tuple(int)))]));
+  expect(root(hashable).consts[0]).toEqual({ kind: "set", length: 1 });
+  expect(hashable.coverage.status).toBe("complete");
+});
+
 it("uses the code equality fields for each CPython layout", () => {
   const codeCollections = (
     layout: "py38" | "py311",
diff --git a/src/python/PythonPycParser.ts b/src/python/PythonPycParser.ts
index f27a9d1819..c943885d21 100644
--- a/src/python/PythonPycParser.ts
+++ b/src/python/PythonPycParser.ts
@@ -151,6 +151,8 @@ const containerChildren = (value: MarshalValue): readonly MarshalValue[] => {
  */
 type CodeEquality = {
   readonly consts: readonly MarshalValue[];
+  /** The co_consts tuple itself, which may be a reference to an unfinished tuple. */
+  readonly constsTuple: MarshalValue;
   readonly effectiveFlags: number;
   readonly linetable: string;
   readonly exceptiontable: string;
@@ -295,6 +297,10 @@ class MarshalReader {
   readonly #codeKeys = new WeakMap<CodeNode, string>();
   readonly #codeIdentities = new WeakMap<CodeNode, number>();
   readonly #codeEquality = new WeakMap<CodeNode, CodeEquality>();
+  /** Python hashability per code object. False while that check is in progress. */
+  readonly #codeHashable = new WeakMap<CodeNode, boolean>();
+  /** Tuples whose items are still being read; CPython cannot hash them yet. */
+  readonly #readingTuples = new WeakSet<MarshalValue>();
   /** Code objects whose const summaries wait until the graph is fully decoded. */
   readonly #codes: CodeNode[] = [];
   /**
@@ -433,7 +439,8 @@ class MarshalReader {
     // 3.7–3.10 constructors do not, so an odd `co_code` stays readable there.
     if (this.layout === "py311" && bytecode.length % 2 !== 0)
       malformed("co_code is malformed.");
-    const consts = asTuple(this.readObject(depth + 1), "co_consts");
+    const constsTuple = this.readObject(depth + 1);
+    const consts = asTuple(constsTuple, "co_consts");
     this.#chargeConsts(consts.length);
     const names = this.#nameTable(
       asTuple(this.readObject(depth + 1), "co_names"),
@@ -531,6 +538,7 @@ class MarshalReader {
           : flags & ~CO_NOFREE;
     this.#codeEquality.set(node, {
       consts,
+      constsTuple,
       effectiveFlags,
       linetable: `${linetable.length}:${sha256(linetable)}`,
       exceptiontable: `${exceptiontable.length}:${sha256(exceptiontable)}`,
@@ -834,12 +842,14 @@ class MarshalReader {
     const value: MarshalValue =
       kind === "tuple" ? { kind: "tuple", items } : { kind: "list", items };
     this.#publish(slot, value);
+    if (kind === "tuple") this.#readingTuples.add(value);
     for (let index = 0; index < count; index += 1) {
       const item = this.readObject(depth + 1);
       if (item.kind === "null")
         malformed("NULL object in marshal data for sequence.");
       items.push(item);
     }
+    this.#readingTuples.delete(value);
     return value;
   }
 
@@ -953,6 +963,9 @@ class MarshalReader {
       this.#takeKeyStep();
       const frame = frames[frames.length - 1];
       if (frame === undefined) break;
+      // A tuple still being read has missing items; CPython cannot hash it.
+      if (mode === "hash" && this.#readingTuples.has(frame.value))
+        frame.failed = true;
       const items =
         frame.value.kind === "tuple" || frame.value.kind === "frozenset"
           ? frame.value.items
@@ -1107,6 +1120,7 @@ class MarshalReader {
         return `${prefix}${value.value.length}:${value.value.toString("hex")}`;
       }
       case "code":
+        if (mode === "hash" && !this.#isCodeHashable(value.value)) return null;
         return this.#codeKey(value.value);
       default:
         return mode === "const" ? this.#identity(value) : null;
@@ -1207,6 +1221,23 @@ class MarshalReader {
     return key;
   }
 
+  /**
+   * CPython hashes the consts tuple itself, so one unhashable const makes the
+   * code unhashable. A const that leads back to the same code counts as
+   * unhashable instead of recursing.
+   */
+  #isCodeHashable(node: CodeNode): boolean {
+    const known = this.#codeHashable.get(node);
+    if (known !== undefined) return known;
+    this.#codeHashable.set(node, false);
+    const material =
+      this.#codeEquality.get(node) ??
+      malformed("Code object is missing equality material.");
+    const hashable = this.#equalityKey(material.constsTuple, "hash") !== null;
+    this.#codeHashable.set(node, hashable);
+    return hashable;
+  }
+
   #codeIdentity(node: CodeNode): number {
     const existing = this.#codeIdentities.get(node);
     if (existing !== undefined) return existing;