diff --git a/IronKernel.Tests/CompilerTests.fs b/IronKernel.Tests/CompilerTests.fs
index a703378..3d26cfd 100644
--- a/IronKernel.Tests/CompilerTests.fs
+++ b/IronKernel.Tests/CompilerTests.fs
@@ -578,6 +578,38 @@ let ``inline cache preserves raw operands for operatives`` () =
     assertEqv (invokeSite compiled env) (Atom "whatever")
     assertEqv (invokeSite compiled env) (Atom "whatever")
 
+[<Fact>]
+let ``inline cache dispatches per environment under concurrent invocation`` () =
+    // A host embedding the compiler can invoke one compiled form from several
+    // threads. Publishing the cache field by field let a caller validate its own
+    // environment and then dispatch a combiner another caller had just stored,
+    // silently returning the other environment's result. Long parent chains
+    // widen the resolution window the race needs.
+    let build result =
+        let root = freshEnv ()
+        ignore (evalIn root $"(define f (wrap (vau (x) _ {result})))")
+        let mutable env = root
+        for _ in 1..1000 do
+            env <- newEnv [env]
+        env
+
+    let envA = build 1
+    let envB = build 2
+    let compiled = compileLispValGuarded envA (parseOk "(f 0)")
+    let mismatches = ref 0
+
+    System.Threading.Tasks.Parallel.For(
+        0,
+        500_000,
+        System.Action<int>(fun index ->
+            let env, expected = if index % 2 = 0 then envA, 1 else envB, 2
+            match compiled.Invoke(env, newContinuation env) with
+            | Choice2Of2 (Obj (:? int as actual)) when actual = expected -> ()
+            | _ -> System.Threading.Interlocked.Increment(&mismatches.contents) |> ignore))
+    |> ignore
+
+    Assert.Equal(0, mismatches.Value)
+
 [<Fact>]
 let ``inline cache reports unbound operand variables`` () =
     let env = freshEnv ()
diff --git a/IronKernel/RuntimeDispatch.fs b/IronKernel/RuntimeDispatch.fs
index 625013f..392211a 100644
--- a/IronKernel/RuntimeDispatch.fs
+++ b/IronKernel/RuntimeDispatch.fs
@@ -4,6 +4,7 @@ namespace IronKernel
 module RuntimeDispatch =
 
     open System
+    open System.Threading
     open Ast
     open Errors
     open Eval
@@ -14,6 +15,25 @@ module RuntimeDispatch =
         | Choice1Of2 error -> throwError error
         | Choice2Of2 combiner -> operate env cont combiner (Array.toList operands)
 
+    /// One call site's resolved binding, immutable once constructed so that it can
+    /// be published to other threads with a single reference write.
+    [<Sealed; AllowNullLiteral>]
+    type ResolvedCallSite
+        (
+            env: LispVal,
+            path: SymbolTable.VisitedFrame[],
+            cell: BindingCell,
+            version: int64,
+            combiner: LispVal,
+            eagerUnderlying: LispVal voption
+        ) =
+        member _.Env = env
+        member _.Path = path
+        member _.Cell = cell
+        member _.Version = version
+        member _.Combiner = combiner
+        member _.EagerUnderlying = eagerUnderlying
+
     /// Monomorphic inline cache for a compiled `(name operand ...)` call site.
     ///
     /// The cache is valid while the invoking environment is the same instance,
@@ -35,12 +55,12 @@ module RuntimeDispatch =
                 | List (_ :: _) -> false
                 | _ -> true)
 
-        let mutable cachedEnv : LispVal = Nil
-        let mutable cachedPath : SymbolTable.VisitedFrame[] = null
-        let mutable cachedCell : BindingCell = Unchecked.defaultof<BindingCell>
-        let mutable cachedVersion = 0L
-        let mutable cachedCombiner : LispVal = Nil
-        let mutable eagerUnderlying : LispVal voption = ValueNone
+        /// The whole cache is one immutable snapshot behind a single reference so
+        /// that a refill can never be observed half-applied. Publishing the parts
+        /// separately let one caller validate its own environment and then
+        /// dispatch a combiner another caller had already stored, invoking the
+        /// wrong binding.
+        let mutable cache : ResolvedCallSite = null
 
         let classifyEager combiner =
             if not simpleOperands then ValueNone
@@ -55,13 +75,14 @@ module RuntimeDispatch =
                     | _ -> ValueNone
                 | _ -> ValueNone
 
-        let cacheValid env =
-            obj.ReferenceEquals(env, cachedEnv)
-            && cachedCell.state.version = cachedVersion
-            && (let mutable consistent = true
+        let cacheValid (resolved: ResolvedCallSite) env =
+            obj.ReferenceEquals(env, resolved.Env)
+            && resolved.Cell.state.version = resolved.Version
+            && (let path = resolved.Path
+                let mutable consistent = true
                 let mutable index = 0
-                while consistent && index < cachedPath.Length do
-                    let entry = cachedPath.[index]
+                while consistent && index < path.Length do
+                    let entry = path.[index]
                     consistent <- entry.frame.bindings.Count = entry.bindingCount
                     index <- index + 1
                 consistent)
@@ -75,29 +96,33 @@ module RuntimeDispatch =
                 | Choice1Of2 error -> Choice1Of2 error
             | value :: rest -> evaluateSimpleOperands env (value :: evaluated) rest
 
-        let dispatch env cont =
-            match eagerUnderlying with
+        let dispatch (resolved: ResolvedCallSite) env cont =
+            match resolved.EagerUnderlying with
             | ValueSome underlying ->
                 match evaluateSimpleOperands env [] operands with
                 | Choice1Of2 error -> throwError error
                 | Choice2Of2 args -> operate env cont underlying args
-            | ValueNone -> operate env cont cachedCombiner operands
+            | ValueNone -> operate env cont resolved.Combiner operands
 
         member _.Invoke(env: LispVal, cont: LispVal) : ThrowsError<LispVal> =
-            if not (isNull cachedPath) && cacheValid env then
-                dispatch env cont
+            let cached = Volatile.Read(&cache)
+            if not (isNull cached) && cacheValid cached env then
+                dispatch cached env cont
             else
                 match SymbolTable.resolveBindingCellWithPath env name with
                 | ValueNone -> throwError (UnboundVar("Getting an unbound variable", name))
                 | ValueSome(cell, visitedPath) ->
                     let state = cell.state
-                    cachedEnv <- env
-                    cachedPath <- visitedPath
-                    cachedCell <- cell
-                    cachedVersion <- state.version
-                    cachedCombiner <- state.value
-                    eagerUnderlying <- classifyEager state.value
-                    dispatch env cont
+                    let resolved =
+                        ResolvedCallSite(
+                            env,
+                            visitedPath,
+                            cell,
+                            state.version,
+                            state.value,
+                            classifyEager state.value)
+                    Volatile.Write(&cache, resolved)
+                    dispatch resolved env cont
 
     type GeneratedFunc = Func<LispVal, LispVal, ThrowsError<LispVal>>