diff --git a/.changeset/rotten-ligers-agree.md b/.changeset/rotten-ligers-agree.md
new file mode 100644
index 000000000000..53c62e7602e2
--- /dev/null
+++ b/.changeset/rotten-ligers-agree.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: ensure $inspect.trace works correctly with null values
diff --git a/packages/svelte/src/internal/client/dev/tracing.js b/packages/svelte/src/internal/client/dev/tracing.js
index 1426e9efc9ed..302a8f648024 100644
--- a/packages/svelte/src/internal/client/dev/tracing.js
+++ b/packages/svelte/src/internal/client/dev/tracing.js
@@ -51,7 +51,9 @@ function log_entry(signal, entry) {
 		status !== 'clean'
 			? 'color: CornflowerBlue; font-weight: bold'
 			: 'color: grey; font-weight: bold',
-		typeof value === 'object' && STATE_SYMBOL in value ? snapshot(value, true) : value
+		typeof value === 'object' && value !== null && STATE_SYMBOL in value
+			? snapshot(value, true)
+			: value
 	);
 
 	if (type === '$derived') {