diff --git a/packages/react-dom-bindings/src/client/ReactFiberConfigDOM.js b/packages/react-dom-bindings/src/client/ReactFiberConfigDOM.js
index 0af810924b..bbecbb6635 100644
--- a/packages/react-dom-bindings/src/client/ReactFiberConfigDOM.js
+++ b/packages/react-dom-bindings/src/client/ReactFiberConfigDOM.js
@@ -126,6 +126,7 @@ import {
   enableHydrationChangeEvent,
   enableFragmentRefsScrollIntoView,
   enableProfilerTimer,
+  enableFragmentRefsInstanceHandles,
 } from 'shared/ReactFeatureFlags';
 import {
   HostComponent,
@@ -214,6 +215,10 @@ export type Container =
 export type Instance = Element;
 export type TextInstance = Text;
 
+type InstanceWithFragmentHandles = Instance & {
+  unstable_reactFragments?: Set<FragmentInstanceType>,
+};
+
 declare class ActivityInterface extends Comment {}
 declare class SuspenseInterface extends Comment {
   _reactRetry: void | (() => void);
@@ -3390,10 +3395,44 @@ if (enableFragmentRefsScrollIntoView) {
   };
 }
 
+function addFragmentHandleToFiber(
+  child: Fiber,
+  fragmentInstance: FragmentInstanceType,
+): boolean {
+  if (enableFragmentRefsInstanceHandles) {
+    const instance =
+      getInstanceFromHostFiber<InstanceWithFragmentHandles>(child);
+    if (instance != null) {
+      addFragmentHandleToInstance(instance, fragmentInstance);
+    }
+  }
+  return false;
+}
+
+function addFragmentHandleToInstance(
+  instance: InstanceWithFragmentHandles,
+  fragmentInstance: FragmentInstanceType,
+): void {
+  if (enableFragmentRefsInstanceHandles) {
+    if (instance.unstable_reactFragments == null) {
+      instance.unstable_reactFragments = new Set();
+    }
+    instance.unstable_reactFragments.add(fragmentInstance);
+  }
+}
+
 export function createFragmentInstance(
   fragmentFiber: Fiber,
 ): FragmentInstanceType {
-  return new (FragmentInstance: any)(fragmentFiber);
+  const fragmentInstance = new (FragmentInstance: any)(fragmentFiber);
+  if (enableFragmentRefsInstanceHandles) {
+    traverseFragmentInstance(
+      fragmentFiber,
+      addFragmentHandleToFiber,
+      fragmentInstance,
+    );
+  }
+  return fragmentInstance;
 }
 
 export function updateFragmentInstanceFiber(
@@ -3404,7 +3443,7 @@ export function updateFragmentInstanceFiber(
 }
 
 export function commitNewChildToFragmentInstance(
-  childInstance: Instance,
+  childInstance: InstanceWithFragmentHandles,
   fragmentInstance: FragmentInstanceType,
 ): void {
   const eventListeners = fragmentInstance._eventListeners;
@@ -3419,17 +3458,25 @@ export function commitNewChildToFragmentInstance(
       observer.observe(childInstance);
     });
   }
+  if (enableFragmentRefsInstanceHandles) {
+    addFragmentHandleToInstance(childInstance, fragmentInstance);
+  }
 }
 
 export function deleteChildFromFragmentInstance(
-  childElement: Instance,
+  childInstance: InstanceWithFragmentHandles,
   fragmentInstance: FragmentInstanceType,
 ): void {
   const eventListeners = fragmentInstance._eventListeners;
   if (eventListeners !== null) {
     for (let i = 0; i < eventListeners.length; i++) {
       const {type, listener, optionsOrUseCapture} = eventListeners[i];
-      childElement.removeEventListener(type, listener, optionsOrUseCapture);
+      childInstance.removeEventListener(type, listener, optionsOrUseCapture);
+    }
+  }
+  if (enableFragmentRefsInstanceHandles) {
+    if (childInstance.unstable_reactFragments != null) {
+      childInstance.unstable_reactFragments.delete(fragmentInstance);
     }
   }
 }
diff --git a/packages/react-dom/src/__tests__/ReactDOMFragmentRefs-test.js b/packages/react-dom/src/__tests__/ReactDOMFragmentRefs-test.js
index 90dfa9d2f3..a5b9eae6fa 100644
--- a/packages/react-dom/src/__tests__/ReactDOMFragmentRefs-test.js
+++ b/packages/react-dom/src/__tests__/ReactDOMFragmentRefs-test.js
@@ -110,6 +110,53 @@ describe('FragmentRefs', () => {
     await act(() => root.render(<Test />));
   });
 
+  // @gate enableFragmentRefs && enableFragmentRefsInstanceHandles
+  it('attaches fragment handles to nodes', async () => {
+    const fragmentParentRef = React.createRef();
+    const fragmentRef = React.createRef();
+
+    function Test({show}) {
+      return (
+        <Fragment ref={fragmentParentRef}>
+          <Fragment ref={fragmentRef}>
+            <div id="childA">A</div>
+            <div id="childB">B</div>
+          </Fragment>
+          <div id="childC">C</div>
+          {show && <div id="childD">D</div>}
+        </Fragment>
+      );
+    }
+
+    const root = ReactDOMClient.createRoot(container);
+    await act(() => root.render(<Test show={false} />));
+
+    const childA = document.querySelector('#childA');
+    const childB = document.querySelector('#childB');
+    const childC = document.querySelector('#childC');
+
+    expect(childA.unstable_reactFragments.has(fragmentRef.current)).toBe(true);
+    expect(childB.unstable_reactFragments.has(fragmentRef.current)).toBe(true);
+    expect(childC.unstable_reactFragments.has(fragmentRef.current)).toBe(false);
+    expect(childA.unstable_reactFragments.has(fragmentParentRef.current)).toBe(
+      true,
+    );
+    expect(childB.unstable_reactFragments.has(fragmentParentRef.current)).toBe(
+      true,
+    );
+    expect(childC.unstable_reactFragments.has(fragmentParentRef.current)).toBe(
+      true,
+    );
+
+    await act(() => root.render(<Test show={true} />));
+
+    const childD = document.querySelector('#childD');
+    expect(childD.unstable_reactFragments.has(fragmentRef.current)).toBe(false);
+    expect(childD.unstable_reactFragments.has(fragmentParentRef.current)).toBe(
+      true,
+    );
+  });
+
   describe('focus methods', () => {
     describe('focus()', () => {
       // @gate enableFragmentRefs
@@ -1045,6 +1092,126 @@ describe('FragmentRefs', () => {
         {withoutStack: true},
       );
     });
+
+    // @gate enableFragmentRefs && enableFragmentRefsInstanceHandles
+    it('attaches handles to observed elements to allow caching of observers', async () => {
+      const targetToCallbackMap = new WeakMap();
+      let cachedObserver = null;
+      function createObserverIfNeeded(fragmentInstance, onIntersection) {
+        const callbacks = targetToCallbackMap.get(fragmentInstance);
+        targetToCallbackMap.set(
+          fragmentInstance,
+          callbacks ? [...callbacks, onIntersection] : [onIntersection],
+        );
+        if (cachedObserver !== null) {
+          return cachedObserver;
+        }
+        const observer = new IntersectionObserver(entries => {
+          entries.forEach(entry => {
+            const fragmentInstances = entry.target.unstable_reactFragments;
+            if (fragmentInstances) {
+              Array.from(fragmentInstances).forEach(fInstance => {
+                const cbs = targetToCallbackMap.get(fInstance) || [];
+                cbs.forEach(callback => {
+                  callback(entry);
+                });
+              });
+            }
+
+            targetToCallbackMap.get(entry.target)?.forEach(callback => {
+              callback(entry);
+            });
+          });
+        });
+        cachedObserver = observer;
+        return observer;
+      }
+
+      function IntersectionObserverFragment({onIntersection, children}) {
+        const fragmentRef = React.useRef(null);
+        React.useLayoutEffect(() => {
+          const observer = createObserverIfNeeded(
+            fragmentRef.current,
+            onIntersection,
+          );
+          fragmentRef.current.observeUsing(observer);
+          const lastRefValue = fragmentRef.current;
+          return () => {
+            lastRefValue.unobserveUsing(observer);
+          };
+        }, []);
+        return <React.Fragment ref={fragmentRef}>{children}</React.Fragment>;
+      }
+
+      let logs = [];
+      function logIntersection(id) {
+        logs.push(`observe: ${id}`);
+      }
+
+      function ChildWithManualIO({id}) {
+        const divRef = React.useRef(null);
+        React.useLayoutEffect(() => {
+          const observer = createObserverIfNeeded(divRef.current, entry => {
+            logIntersection(id);
+          });
+          observer.observe(divRef.current);
+          return () => {
+            observer.unobserve(divRef.current);
+          };
+        }, []);
+        return (
+          <div id={id} ref={divRef}>
+            {id}
+          </div>
+        );
+      }
+
+      function Test() {
+        return (
+          <>
+            <IntersectionObserverFragment
+              onIntersection={() => logIntersection('grandparent')}>
+              <IntersectionObserverFragment
+                onIntersection={() => logIntersection('parentA')}>
+                <div id="childA">A</div>
+              </IntersectionObserverFragment>
+            </IntersectionObserverFragment>
+            <IntersectionObserverFragment
+              onIntersection={() => logIntersection('parentB')}>
+              <div id="childB">B</div>
+              <ChildWithManualIO id="childC" />
+            </IntersectionObserverFragment>
+          </>
+        );
+      }
+
+      const root = ReactDOMClient.createRoot(container);
+      await act(() => root.render(<Test />));
+
+      simulateIntersection([
+        container.querySelector('#childA'),
+        {y: 0, x: 0, width: 1, height: 1},
+        1,
+      ]);
+      expect(logs).toEqual(['observe: grandparent', 'observe: parentA']);
+
+      logs = [];
+
+      simulateIntersection([
+        container.querySelector('#childB'),
+        {y: 0, x: 0, width: 1, height: 1},
+        1,
+      ]);
+      expect(logs).toEqual(['observe: parentB']);
+
+      logs = [];
+      simulateIntersection([
+        container.querySelector('#childC'),
+        {y: 0, x: 0, width: 1, height: 1},
+        1,
+      ]);
+      expect(logs).toEqual(['observe: parentB', 'observe: childC']);
+    });
   });
 
   describe('getClientRects', () => {
diff --git a/packages/react-native-renderer/src/ReactFiberConfigFabric.js b/packages/react-native-renderer/src/ReactFiberConfigFabric.js
index 0f334eea86..f5a4361fd4 100644
--- a/packages/react-native-renderer/src/ReactFiberConfigFabric.js
+++ b/packages/react-native-renderer/src/ReactFiberConfigFabric.js
@@ -40,6 +40,7 @@ import {
   type PublicTextInstance,
   type PublicRootInstance,
 } from 'react-native/Libraries/ReactPrivate/ReactNativePrivateInterface';
+import {enableFragmentRefsInstanceHandles} from 'shared/ReactFeatureFlags';
 
 const {
   createNode,
@@ -119,6 +120,9 @@ export type TextInstance = {
 };
 export type HydratableInstance = Instance | TextInstance;
 export type PublicInstance = ReactNativePublicInstance;
+type PublicInstanceWithFragmentHandles = PublicInstance & {
+  unstable_reactFragments?: Set<FragmentInstanceType>,
+};
 export type Container = {
   containerTag: number,
   publicInstance: PublicRootInstance | null,
@@ -794,10 +798,45 @@ function collectClientRects(child: Fiber, rects: Array<DOMRect>): boolean {
   return false;
 }
 
+function addFragmentHandleToFiber(
+  child: Fiber,
+  fragmentInstance: FragmentInstanceType,
+): boolean {
+  if (enableFragmentRefsInstanceHandles) {
+    const instance = ((getPublicInstanceFromHostFiber(
+      child,
+    ): any): PublicInstanceWithFragmentHandles);
+    if (instance != null) {
+      addFragmentHandleToInstance(instance, fragmentInstance);
+    }
+  }
+  return false;
+}
+
+function addFragmentHandleToInstance(
+  instance: PublicInstanceWithFragmentHandles,
+  fragmentInstance: FragmentInstanceType,
+): void {
+  if (enableFragmentRefsInstanceHandles) {
+    if (instance.unstable_reactFragments == null) {
+      instance.unstable_reactFragments = new Set();
+    }
+    instance.unstable_reactFragments.add(fragmentInstance);
+  }
+}
+
 export function createFragmentInstance(
   fragmentFiber: Fiber,
 ): FragmentInstanceType {
-  return new (FragmentInstance: any)(fragmentFiber);
+  const fragmentInstance = new (FragmentInstance: any)(fragmentFiber);
+  if (enableFragmentRefsInstanceHandles) {
+    traverseFragmentInstance(
+      fragmentFiber,
+      addFragmentHandleToFiber,
+      fragmentInstance,
+    );
+  }
+  return fragmentInstance;
 }
 
 export function updateFragmentInstanceFiber(
@@ -821,13 +860,26 @@ export function commitNewChildToFragmentInstance(
       observer.observe(publicInstance);
     });
   }
+  if (enableFragmentRefsInstanceHandles) {
+    addFragmentHandleToInstance(
+      ((publicInstance: any): PublicInstanceWithFragmentHandles),
+      fragmentInstance,
+    );
+  }
 }
 
 export function deleteChildFromFragmentInstance(
-  child: Instance,
+  childInstance: Instance,
   fragmentInstance: FragmentInstanceType,
 ): void {
-  // Noop
+  const publicInstance = ((getPublicInstance(
+    childInstance,
+  ): any): PublicInstanceWithFragmentHandles);
+  if (enableFragmentRefsInstanceHandles) {
+    if (publicInstance.unstable_reactFragments != null) {
+      publicInstance.unstable_reactFragments.delete(fragmentInstance);
+    }
+  }
 }
 
 export const NotPendingTransition: TransitionStatus = null;
diff --git a/packages/shared/ReactFeatureFlags.js b/packages/shared/ReactFeatureFlags.js
index 4e08b56d11..68410612b5 100644
--- a/packages/shared/ReactFeatureFlags.js
+++ b/packages/shared/ReactFeatureFlags.js
@@ -147,6 +147,7 @@ export const enableInfiniteRenderLoopDetection: boolean = false;
 
 export const enableFragmentRefs: boolean = true;
 export const enableFragmentRefsScrollIntoView: boolean = true;
+export const enableFragmentRefsInstanceHandles: boolean = false;
 
 // -----------------------------------------------------------------------------
 // Ready for next major.
diff --git a/packages/shared/forks/ReactFeatureFlags.native-fb-dynamic.js b/packages/shared/forks/ReactFeatureFlags.native-fb-dynamic.js
index 0cbcd61a87..f139a3fcf2 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-fb-dynamic.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-fb-dynamic.js
@@ -25,4 +25,5 @@ export const passChildrenWhenCloningPersistedNodes = __VARIANT__;
 export const renameElementSymbol = __VARIANT__;
 export const enableFragmentRefs = __VARIANT__;
 export const enableFragmentRefsScrollIntoView = __VARIANT__;
+export const enableFragmentRefsInstanceHandles = __VARIANT__;
 export const enableComponentPerformanceTrack = __VARIANT__;
diff --git a/packages/shared/forks/ReactFeatureFlags.native-fb.js b/packages/shared/forks/ReactFeatureFlags.native-fb.js
index dd0bd8624f..8a2e7921bd 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-fb.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-fb.js
@@ -27,6 +27,7 @@ export const {
   renameElementSymbol,
   enableFragmentRefs,
   enableFragmentRefsScrollIntoView,
+  enableFragmentRefsInstanceHandles,
 } = dynamicFlags;
 
 // The rest of the flags are static for better dead code elimination.
diff --git a/packages/shared/forks/ReactFeatureFlags.native-oss.js b/packages/shared/forks/ReactFeatureFlags.native-oss.js
index 555307cef0..e9de8e6b4a 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-oss.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-oss.js
@@ -74,6 +74,7 @@ export const ownerStackLimit = 1e4;
 
 export const enableFragmentRefs: boolean = true;
 export const enableFragmentRefsScrollIntoView: boolean = false;
+export const enableFragmentRefsInstanceHandles: boolean = false;
 
 // Profiling Only
 export const enableProfilerTimer: boolean = __PROFILE__;
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.js
index 9d2e73024d..57de815d9c 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.js
@@ -75,6 +75,7 @@ export const ownerStackLimit = 1e4;
 
 export const enableFragmentRefs: boolean = true;
 export const enableFragmentRefsScrollIntoView: boolean = true;
+export const enableFragmentRefsInstanceHandles: boolean = false;
 
 // TODO: This must be in sync with the main ReactFeatureFlags file because
 // the Test Renderer's value must be the same as the one used by the
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
index f652ec4047..90e24f264d 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
@@ -82,6 +82,7 @@ export const enableDefaultTransitionIndicator: boolean = true;
 
 export const enableFragmentRefs: boolean = false;
 export const enableFragmentRefsScrollIntoView: boolean = false;
+export const enableFragmentRefsInstanceHandles: boolean = false;
 export const ownerStackLimit = 1e4;
 
 // Flow magic to verify the exports of this file match the original version.
diff --git a/packages/shared/forks/ReactFeatureFlags.www.js b/packages/shared/forks/ReactFeatureFlags.www.js
index 6ba56d9d54..9d8be29c65 100644
--- a/packages/shared/forks/ReactFeatureFlags.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.www.js
@@ -111,5 +111,7 @@ export const enableDefaultTransitionIndicator: boolean = true;
 
 export const ownerStackLimit = 1e4;
 
+export const enableFragmentRefsInstanceHandles: boolean = true;
+
 // Flow magic to verify the exports of this file match the original version.
 ((((null: any): ExportsType): FeatureFlagsType): ExportsType);