diff --git a/packages/compiler/src/frontend/lowering/lower-classes.ts b/packages/compiler/src/frontend/lowering/lower-classes.ts
index ba3fcba05..e41978229 100644
--- a/packages/compiler/src/frontend/lowering/lower-classes.ts
+++ b/packages/compiler/src/frontend/lowering/lower-classes.ts
@@ -238,7 +238,7 @@ export function returnsOnlyThisValue(member: ts.MethodDeclaration): boolean {
   return valid;
 }
 
-function functionLocalClass(decl: ts.ClassLikeDeclaration): boolean {
+export function functionLocalClass(decl: ts.ClassLikeDeclaration): boolean {
   for (
     let parent: ts.Node | undefined = decl.parent;
     parent && !ts.isSourceFile(parent);
diff --git a/packages/compiler/src/frontend/lowering/lower-exprs.ts b/packages/compiler/src/frontend/lowering/lower-exprs.ts
index ac8b02b69..2bde5f2aa 100644
--- a/packages/compiler/src/frontend/lowering/lower-exprs.ts
+++ b/packages/compiler/src/frontend/lowering/lower-exprs.ts
@@ -1,4 +1,10 @@
 import { keyedHelperName } from "./stable-names.js";
+import {
+  isNewTarget,
+  lowerNewTarget,
+  lowerNewTargetComparison,
+  lowerNewTargetName,
+} from "./new-target.js";
 import { lowerWebAssemblyValue, refuseWebAssemblyUse } from "./builtins/webassembly.js";
 import { lowerAwaitedUniformPromiseAll } from "./builtins/promises.js";
 import { dynUndefinedExpr, nodeThrowExpr, numLit, strLit, varRef } from "../../ir/build.js";
@@ -713,7 +719,8 @@ function lowerExprInner(lowerer: Lowerer, expr: ts.Expression): IrExpr {
   if (ts.isPrefixUnaryExpression(expr)) return lowerer.lowerPrefixUnary(expr);
   // `x++` / `x--` in expression position: yields the OLD value.
   if (ts.isPostfixUnaryExpression(expr)) return lowerIncDec(lowerer, expr, false);
-  if (ts.isBinaryExpression(expr)) return lowerer.lowerBinary(expr);
+  if (ts.isBinaryExpression(expr))
+    return lowerNewTargetComparison(lowerer, expr) ?? lowerer.lowerBinary(expr);
   if (ts.isCallExpression(expr)) {
     // `h.return?.()` on a helper object: the method exists, so the
     // optional call is the call.
@@ -729,13 +736,15 @@ function lowerExprInner(lowerer: Lowerer, expr: ts.Expression): IrExpr {
   if (ts.isElementAccessExpression(expr)) return lowerer.lowerElementAccess(expr);
   if (ts.isConditionalExpression(expr)) return lowerTernary(lowerer, expr);
 
-  if (ts.isPropertyAccessExpression(expr)) return lowerPropertyAccessExpr(lowerer, expr, loc);
+  if (ts.isPropertyAccessExpression(expr))
+    return lowerNewTargetName(lowerer, expr) ?? lowerPropertyAccessExpr(lowerer, expr, loc);
 
   // Meta-properties, named: `new.target` reflects HOW a function was
   // invoked (compiled functions are never constructors of themselves —
   // no runtime invocation record exists), and `import.meta`/
   // `import.defer` are module-loader surface a native binary does not
   // carry.
+  if (isNewTarget(expr)) return lowerNewTarget(lowerer, expr);
   if (ts.isMetaProperty(expr)) {
     const name =
       expr.keywordToken === ts.SyntaxKind.NewKeyword ? "new.target" : `import.${expr.name.text}`;
diff --git a/packages/compiler/src/frontend/lowering/lowerer.ts b/packages/compiler/src/frontend/lowering/lowerer.ts
index 80db45f3a..6023c24aa 100644
--- a/packages/compiler/src/frontend/lowering/lowerer.ts
+++ b/packages/compiler/src/frontend/lowering/lowerer.ts
@@ -2188,6 +2188,9 @@ export class Lowerer {
    * and erased instances). */
   erasingDepth = 0;
   localClassInstantiations: { owner: ts.FunctionLikeDeclaration; name: string }[] = [];
+  /** The function-local classes of the program with an `extends` clause, whether lowering collected
+   * them yet or not (new-target.ts); found on first use. */
+  functionLocalSubclasses: ts.ClassLikeDeclaration[] | undefined = undefined;
   /** Instance types (by checker type id) of the local classes generic
    * factory calls return, and the per-instance class each names. */
   readonly localClassInstanceTypes = new Map<number, string>();
diff --git a/packages/compiler/src/frontend/lowering/new-target.ts b/packages/compiler/src/frontend/lowering/new-target.ts
new file mode 100644
index 000000000..83994ca6f
--- /dev/null
+++ b/packages/compiler/src/frontend/lowering/new-target.ts
@@ -0,0 +1,357 @@
+/* `new.target`. Compiled code has no invocation record, but inside a class
+ * constructor `new.target` is always the class of the object under
+ * construction: a compiled `new` allocates the instance with its concrete
+ * class before any constructor of the chain runs, and every constructor of
+ * the chain receives that instance as `this`. The program's class
+ * hierarchy is closed, so the value is a static dispatch over the
+ * constructor's class and its descendants: the deepest class the instance
+ * is an instance of is its exact class.
+ *
+ * The checker rejects `new.target` in methods, accessors, static blocks and
+ * field initializers. Plain functions (constructible in JavaScript) keep
+ * the refusal. */
+import * as ts from "../ts7/adapter.js";
+import { BOOL, STRING, type IrExpr, type IrType, type SrcLoc } from "../../ir/ir.js";
+import { varRef } from "../../ir/build.js";
+import { locOf } from "../program.js";
+import type { Lowerer } from "./lowerer.js";
+import type { ClassInfo } from "./lower-classes.js";
+import { classValueRef, functionLocalClass } from "./lower-classes.js";
+
+export function isNewTarget(node: ts.Node): node is ts.MetaProperty {
+  return (
+    ts.isMetaProperty(node) &&
+    node.keywordToken === ts.SyntaxKind.NewKeyword &&
+    node.name.text === "target"
+  );
+}
+
+/** Where `new.target` is bound: a class constructor, or a plain function
+ * (refused). */
+type Binding =
+  | { kind: "constructor"; declaration: ts.ConstructorDeclaration }
+  | { kind: "function" };
+
+function bindingOf(node: ts.Node): Binding {
+  for (let p = node.parent; p !== undefined; p = p.parent) {
+    if (ts.isArrowFunction(p)) continue;
+    if (ts.isConstructorDeclaration(p)) return { kind: "constructor", declaration: p };
+    if (ts.isFunctionLike(p) || ts.isSourceFile(p)) return { kind: "function" };
+  }
+  return { kind: "function" };
+}
+
+interface Dispatch {
+  info: ClassInfo;
+  /** The constructor's descendants, deepest first, then its class. A
+   * generic family stands for its instantiations, also those that later
+   * bodies instantiate: its interval holds them all. */
+  classes: ClassInfo[];
+  self: IrExpr | null;
+}
+
+function depth(info: ClassInfo): number {
+  let d = 0;
+  for (let c = info.base; c; c = c.base) d++;
+  return d;
+}
+
+/** The function-local classes of the program that extend a class. */
+function functionLocalSubclasses(lowerer: Lowerer): ts.ClassLikeDeclaration[] {
+  let found = lowerer.functionLocalSubclasses;
+  if (found === undefined) {
+    const classes: ts.ClassLikeDeclaration[] = [];
+    for (const sf of lowerer.moduleOrder)
+      ts.walkPreorder(sf, (node) => {
+        if (
+          (ts.isClassDeclaration(node) || ts.isClassExpression(node)) &&
+          baseExpressionOf(node) !== undefined &&
+          functionLocalClass(node)
+        )
+          classes.push(node);
+      });
+    lowerer.functionLocalSubclasses = found = classes;
+  }
+  return found;
+}
+
+function baseExpressionOf(node: ts.ClassLikeDeclaration): ts.Expression | undefined {
+  let base = node.heritageClauses?.nodes.find(
+    (clause) => clause.token === ts.SyntaxKind.ExtendsKeyword,
+  )?.types?.nodes[0]?.expression;
+  while (base !== undefined && ts.isParenthesizedExpression(base)) base = base.expression;
+  return base;
+}
+
+/** Whether the class `node` extends the class of `info` (for an
+ * instantiation, its family), directly or through other classes, as far as
+ * its `extends` clauses name classes. */
+function derivesFrom(
+  lowerer: Lowerer,
+  node: ts.ClassLikeDeclaration,
+  info: ClassInfo,
+  seen: Set<ts.Node>,
+): boolean {
+  if (seen.has(node)) return false;
+  seen.add(node);
+  const base = baseExpressionOf(node);
+  const name =
+    base === undefined
+      ? undefined
+      : ts.isIdentifier(base)
+        ? base
+        : ts.isPropertyAccessExpression(base)
+          ? base.name
+          : undefined;
+  let symbol = name === undefined ? undefined : lowerer.checker.getSymbolAtLocation(name);
+  if (symbol !== undefined && (symbol.flags & ts.SymbolFlags.Alias) !== 0)
+    symbol = lowerer.checker.getAliasedSymbol(symbol);
+  if (symbol === undefined) return false;
+  const named = lowerer.classBySymbol.get(symbol);
+  if (named !== undefined)
+    return (
+      named === info ||
+      named === info.genericInstance?.family ||
+      lowerer.isSubclassOf(named.def.name, info.def.name)
+    );
+  // A class lowering has not collected: through its declaration.
+  for (const declaration of symbol.declarations) {
+    let cls: ts.Node | undefined = declaration;
+    if (ts.isVariableDeclaration(cls)) {
+      cls = cls.initializer;
+      while (cls !== undefined && ts.isParenthesizedExpression(cls)) cls = cls.expression;
+    }
+    if (
+      cls !== undefined &&
+      (ts.isClassDeclaration(cls) || ts.isClassExpression(cls)) &&
+      derivesFrom(lowerer, cls, info, seen)
+    )
+      return true;
+  }
+  return false;
+}
+
+/** `node`'s name, quoted, for diagnostics. */
+function localClassName(node: ts.ClassLikeDeclaration): string {
+  if (node.name) return `'${node.name.text}'`;
+  const parent = node.parent;
+  return parent && ts.isVariableDeclaration(parent) && ts.isIdentifier(parent.name)
+    ? `'${parent.name.text}'`
+    : "a class expression";
+}
+
+/** The classes `new.target` can denote in the constructor being lowered,
+ * or null after a diagnostic. */
+function dispatchOf(lowerer: Lowerer, expr: ts.MetaProperty): Dispatch | null {
+  const binding = bindingOf(expr);
+  if (binding.kind !== "constructor") return null;
+  const info = lowerer.currentClass;
+  const cls = binding.declaration.parent;
+  if (!info || (info.decl !== null && info.decl !== cls)) {
+    lowerer.unsupported(
+      "SC1090",
+      expr,
+      "'new.target' in this constructor (its class has no lowering here)",
+    );
+    return null;
+  }
+  // An instantiation's subclasses can also be instantiations of generic
+  // subclasses of its family (`class G<T> extends Box<T>` under Box<number>).
+  const family = info.genericInstance?.family;
+  const descendants: ClassInfo[] = [];
+  for (const other of lowerer.classes.values()) {
+    if (other === info) continue;
+    if (
+      lowerer.isSubclassOf(other.def.name, info.def.name) ||
+      (family !== undefined &&
+        other.generic !== undefined &&
+        other !== family &&
+        lowerer.isSubclassOf(other.def.name, family.def.name))
+    )
+      descendants.push(other);
+  }
+  descendants.sort((a, b) => depth(b) - depth(a));
+  const classes = [...descendants, info];
+  for (const c of classes) {
+    if (c.localClass) {
+      lowerer.unsupported(
+        "SC1090",
+        expr,
+        `'new.target' where '${c.def.jsName ?? c.def.name}' is a function-local class (each evaluation creates a new class)`,
+      );
+      return null;
+    }
+  }
+  // Lowering collects a function-local class with the body declaring it,
+  // which may come after this constructor.
+  for (const local of functionLocalSubclasses(lowerer)) {
+    if (!derivesFrom(lowerer, local, info, new Set())) continue;
+    lowerer.unsupported(
+      "SC1090",
+      expr,
+      `'new.target' where ${localClassName(local)} is a function-local class (each evaluation creates a new class)`,
+    );
+  }
+  let self: IrExpr | null = null;
+  if (classes.length > 1) {
+    const thisLocal = lowerer.resolveThis(expr);
+    if (!thisLocal || thisLocal.type.kind !== "object") {
+      lowerer.unsupported(
+        "SC1090",
+        expr,
+        "'new.target' where the constructor's 'this' has no class representation",
+      );
+      return null;
+    }
+    self = varRef(thisLocal.id, thisLocal.type, locOf(expr));
+  }
+  return { info, classes, self };
+}
+
+/** A conditional chain selecting `arm(D)` for the exact class D of the
+ * instance under construction. */
+function select(
+  dispatch: Dispatch,
+  type: IrType,
+  loc: SrcLoc,
+  arm: (info: ClassInfo) => IrExpr,
+): IrExpr {
+  const { classes, self } = dispatch;
+  let result = arm(classes[classes.length - 1]!);
+  for (let i = classes.length - 2; i >= 0; i--) {
+    const c = classes[i]!;
+    result = {
+      kind: "ternary",
+      cond: { kind: "instanceOf", value: self!, className: c.def.name, type: BOOL, loc },
+      then: arm(c),
+      else_: result,
+      type,
+      loc,
+    };
+  }
+  return result;
+}
+
+function refuseFunction(lowerer: Lowerer, expr: ts.MetaProperty): never {
+  return lowerer.unsupported(
+    "SC1090",
+    expr,
+    "'new.target' in a plain function (a constructible function's invocation record does not exist in compiled code; use a class constructor)",
+  );
+}
+
+/** `new.target` as a value. */
+export function lowerNewTarget(lowerer: Lowerer, expr: ts.MetaProperty): IrExpr {
+  const loc = locOf(expr);
+  if (bindingOf(expr).kind === "function") refuseFunction(lowerer, expr);
+  const dispatch = dispatchOf(lowerer, expr)!;
+  const type: IrType = { kind: "classval", className: dispatch.info.def.name };
+  for (const c of dispatch.classes) {
+    if (c.generic) {
+      lowerer.unsupported(
+        "SC1090",
+        expr,
+        `'new.target' as a value where '${c.def.jsName ?? c.def.name}' is a generic subclass (its instantiations have no common class value; read 'new.target.name' or compare 'new.target' with a class instead)`,
+      );
+    }
+    if (c !== dispatch.info && !lowerer.ctorAbiEquals(c, dispatch.info)) {
+      lowerer.unsupported(
+        "SC1090",
+        expr,
+        `'new.target' as a value where '${c.def.jsName ?? c.def.name}' constructs with a different signature than '${dispatch.info.def.jsName ?? dispatch.info.def.name}' (read 'new.target.name' or compare 'new.target' with a class instead)`,
+      );
+    }
+  }
+  return select(dispatch, type, loc, (c) =>
+    lowerer.coerceToExpected(classValueRef(lowerer, c, expr), type),
+  );
+}
+
+/** `new.target.name`: the exact class's name, without materializing a
+ * class value (subclasses may construct with other signatures). */
+export function lowerNewTargetName(
+  lowerer: Lowerer,
+  access: ts.PropertyAccessExpression,
+): IrExpr | null {
+  if (access.questionDotToken || access.name.text !== "name") return null;
+  let target: ts.Expression = access.expression;
+  while (ts.isParenthesizedExpression(target)) target = target.expression;
+  if (!isNewTarget(target) || bindingOf(target).kind !== "constructor") return null;
+  const dispatch = dispatchOf(lowerer, target);
+  if (!dispatch) return null;
+  const loc = locOf(access);
+  return select(dispatch, STRING, loc, (c) => {
+    // An own static `name` field replaces the class's name; a subclass has
+    // its own name. An instantiation's statics are its family's.
+    const owner = c.genericInstance?.family ?? c;
+    const field = owner.staticFields.find((f) => f.name === "name");
+    if (field !== undefined) {
+      if (field.type.kind !== "string")
+        lowerer.unsupported(
+          "SC1090",
+          access,
+          `'new.target.name' where '${c.def.jsName ?? c.def.name}' declares a static 'name' that is not a string`,
+        );
+      return { kind: "varRef", localId: field.globalId, type: field.type, loc };
+    }
+    if (owner.staticMethods?.has("name") || owner.genericStatics?.has("name"))
+      lowerer.unsupported(
+        "SC1090",
+        access,
+        `'new.target.name' where '${c.def.jsName ?? c.def.name}' declares a static method 'name'`,
+      );
+    // A generic family's instantiations share its name.
+    if (c.generic)
+      return { kind: "strLit", value: c.def.jsName ?? c.generic.baseName, type: STRING, loc };
+    return {
+      kind: "libCall",
+      fn: "class.name",
+      args: [classValueRef(lowerer, c, target)],
+      type: STRING,
+      loc,
+    };
+  });
+}
+
+/** `new.target === C` (and `!==`, `==`, `!=`, either operand order) with a
+ * program class named by the other operand: an exact-class test. */
+export function lowerNewTargetComparison(
+  lowerer: Lowerer,
+  expr: ts.BinaryExpression,
+): IrExpr | null {
+  const op = expr.operatorToken.kind;
+  const negated =
+    op === ts.SyntaxKind.ExclamationEqualsEqualsToken ||
+    op === ts.SyntaxKind.ExclamationEqualsToken;
+  if (
+    !negated &&
+    op !== ts.SyntaxKind.EqualsEqualsEqualsToken &&
+    op !== ts.SyntaxKind.EqualsEqualsToken
+  )
+    return null;
+  const strip = (e: ts.Expression): ts.Expression => {
+    while (ts.isParenthesizedExpression(e)) e = e.expression;
+    return e;
+  };
+  const left = strip(expr.left);
+  const right = strip(expr.right);
+  const target = isNewTarget(left) ? left : isNewTarget(right) ? right : null;
+  if (!target || bindingOf(target).kind !== "constructor") return null;
+  const other = target === left ? right : left;
+  if (!ts.isIdentifier(other)) return null;
+  // A constructor's new.target is never undefined.
+  if (other.text === "undefined" && (lowerer.typeOf(other).flags & ts.TypeFlags.Undefined) !== 0)
+    return { kind: "boolLit", value: negated, type: BOOL, loc: locOf(expr) };
+  const symbol = lowerer.resolveValueSymbol(other);
+  const named = symbol ? lowerer.classBySymbol.get(symbol) : undefined;
+  if (!named || named.generic || named.localClass) return null;
+  const dispatch = dispatchOf(lowerer, target);
+  if (!dispatch) return null;
+  const loc = locOf(expr);
+  return select(dispatch, BOOL, loc, (c) => ({
+    kind: "boolLit",
+    value: (c === named) !== negated,
+    type: BOOL,
+    loc,
+  }));
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7364-new-target-late-instantiations.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7364-new-target-late-instantiations.ts.json
new file mode 100644
index 000000000..20d761c6c
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7364-new-target-late-instantiations.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/corpus/7364-new-target-late-instantiations.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7560-new-target-constructors.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7560-new-target-constructors.ts.json
new file mode 100644
index 000000000..b4426af2c
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7560-new-target-constructors.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/corpus/7560-new-target-constructors.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7561-new-target-generic-registry.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7561-new-target-generic-registry.ts.json
new file mode 100644
index 000000000..dc4eab819
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/corpus/7561-new-target-generic-registry.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/corpus/7561-new-target-generic-registry.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-late-local-subclass.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-late-local-subclass.ts.json
new file mode 100644
index 000000000..7046e28d5
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-late-local-subclass.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/diagnostics/new-target-late-local-subclass.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-local-subclass.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-local-subclass.ts.json
new file mode 100644
index 000000000..4f597a8a2
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-local-subclass.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/diagnostics/new-target-local-subclass.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-plain-function.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-plain-function.ts.json
new file mode 100644
index 000000000..9f424457c
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-plain-function.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/diagnostics/new-target-plain-function.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-value-generic-subclass.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-value-generic-subclass.ts.json
new file mode 100644
index 000000000..1abcce3ad
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-value-generic-subclass.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/diagnostics/new-target-value-generic-subclass.ts"
+ ],
+ "diags": []
+}
diff --git a/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-value-signatures.ts.json b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-value-signatures.ts.json
new file mode 100644
index 000000000..249f8f4bd
--- /dev/null
+++ b/packages/compiler/test/ts7/baselines/order-parity/tests/diagnostics/new-target-value-signatures.ts.json
@@ -0,0 +1,6 @@
+{
+ "order": [
+  "<repo>/tests/diagnostics/new-target-value-signatures.ts"
+ ],
+ "diags": []
+}
diff --git a/tests/corpus/7364-new-target-late-instantiations.ts b/tests/corpus/7364-new-target-late-instantiations.ts
new file mode 100644
index 000000000..3fa7ff94a
--- /dev/null
+++ b/tests/corpus/7364-new-target-late-instantiations.ts
@@ -0,0 +1,71 @@
+// new.target in a constructor whose subclasses are generic classes
+// instantiated only in bodies lowered later, and classes whose own static
+// `name` field replaces their name.
+class Plain {
+  readonly label: string;
+  readonly plain: boolean;
+  constructor() {
+    this.label = new.target.name;
+    this.plain = new.target === Plain;
+  }
+}
+class Sub<T> extends Plain {
+  readonly v: T;
+  constructor(v: T) {
+    super();
+    this.v = v;
+  }
+}
+
+class Box<T> {
+  readonly label: string;
+  readonly exact: boolean;
+  readonly value: T;
+  constructor(value: T) {
+    this.value = value;
+    this.label = new.target.name;
+    this.exact = new.target === Leaf;
+  }
+}
+class Tagged<T> extends Box<T> {}
+class Leaf extends Tagged<number> {}
+
+class Named {
+  static name = "custom";
+  readonly label: string;
+  constructor() {
+    this.label = new.target.name;
+  }
+}
+class Child extends Named {}
+class Other extends Named {
+  static name = "other";
+}
+class Family<T> {
+  static name = "family";
+  readonly label: string;
+  readonly v: T;
+  constructor(v: T) {
+    this.label = new.target.name;
+    this.v = v;
+  }
+}
+
+function later(): void {
+  const n = new Sub<number>(1);
+  const p = new Plain();
+  console.log(n.label, new Sub<string>("s").label, p.label, n.plain, p.plain);
+  const t = new Tagged<number>(1);
+  const s = new Tagged<string>("a");
+  const b = new Box<number>(2);
+  const l = new Leaf(3);
+  console.log(t.label, s.label, b.label, l.label, t.exact, l.exact, b.exact);
+  console.log(new Family<boolean>(true).label);
+}
+
+// The bases construct here first; their subclasses only in later().
+console.log(new Plain().label, new Box<boolean>(false).label);
+console.log(new Named().label, new Child().label, new Other().label);
+Named.name = "changed";
+console.log(new Named().label, new Child().label, new Other().label);
+later();
diff --git a/tests/corpus/7560-new-target-constructors.ts b/tests/corpus/7560-new-target-constructors.ts
new file mode 100644
index 000000000..9e94200bf
--- /dev/null
+++ b/tests/corpus/7560-new-target-constructors.ts
@@ -0,0 +1,55 @@
+// new.target in class constructors: the class under construction, through
+// inherited and explicit subclass constructors, Error subclasses, arrows,
+// identity comparisons and class values.
+abstract class AppError extends Error {
+  abstract readonly status: number;
+  constructor(message: string) {
+    super(message);
+    this.name = new.target.name;
+  }
+}
+class NotFound extends AppError {
+  readonly status = 404;
+}
+class Invalid extends AppError {
+  readonly status = 400;
+  readonly field: string;
+  constructor(field: string, detail: number) {
+    super(`bad ${field} ${detail}`);
+    this.field = field;
+  }
+}
+class Strict extends Invalid {}
+const errors: AppError[] = [new NotFound("missing"), new Invalid("isbn", 3), new Strict("title", 1)];
+for (const e of errors) console.log(e.name, e.status, e.message, String(e), e instanceof Invalid);
+
+class Shape {
+  readonly kind: string;
+  readonly exact: boolean;
+  constructor() {
+    this.kind = new.target.name;
+    this.exact = new.target === Shape;
+    const probe = () => new.target !== Circle;
+    console.log("probe", probe(), new.target == Square, new.target === undefined);
+  }
+  describe(): string {
+    return `${this.kind}${this.exact ? " (exact)" : ""}`;
+  }
+}
+class Circle extends Shape {}
+class Square extends Shape {
+  constructor() {
+    super();
+    console.log("square ctor sees", new.target.name);
+  }
+}
+for (const s of [new Shape(), new Circle(), new Square()]) console.log(s.describe());
+
+class Node2 {
+  static make(): Node2 { return new this(); }
+  readonly origin: typeof Node2;
+  constructor() { this.origin = new.target; }
+  where(): string | undefined { return typeof (() => 1)() === "number" ? String(this.origin.name) : undefined; }
+}
+class Leaf extends Node2 {}
+console.log(new Node2().origin === Node2, new Leaf().origin === Leaf, new Leaf().where(), Node2.make().origin.name);
diff --git a/tests/corpus/7561-new-target-generic-registry.ts b/tests/corpus/7561-new-target-generic-registry.ts
new file mode 100644
index 000000000..17866d143
--- /dev/null
+++ b/tests/corpus/7561-new-target-generic-registry.ts
@@ -0,0 +1,32 @@
+// new.target in generic classes and as a construction registry key.
+class Box<T> {
+  readonly label: string;
+  readonly value: T;
+  constructor(value: T) {
+    this.value = value;
+    this.label = `${new.target.name}<${typeof value}>`;
+  }
+}
+class NumBox extends Box<number> {
+  constructor(n: number) {
+    super(n * 2);
+  }
+}
+const a = new Box("s");
+const b = new NumBox(4);
+console.log(a.label, b.label, b.value);
+
+class Registry {
+  static readonly created: string[] = [];
+  constructor() {
+    Registry.created.push(new.target.name);
+    if (new.target === Registry) console.log("plain registry");
+  }
+}
+class Users extends Registry {}
+class Books extends Registry {}
+new Users();
+new Books();
+new Registry();
+new Books();
+console.log(Registry.created.join(","));
diff --git a/tests/diagnostics/new-target-late-local-subclass.ts b/tests/diagnostics/new-target-late-local-subclass.ts
new file mode 100644
index 000000000..658a7148e
--- /dev/null
+++ b/tests/diagnostics/new-target-late-local-subclass.ts
@@ -0,0 +1,15 @@
+// A function-local subclass refuses new.target in its base's constructor
+// also when lowering collects it after that constructor: make() is lowered
+// after the top-level code that constructs Base.
+class Base {
+  readonly label: string;
+  constructor() {
+    this.label = new.target.name;
+  }
+}
+console.log(new Base().label);
+function make(): Base {
+  const Local = class extends Base {};
+  return new Local();
+}
+console.log(make().label);
diff --git a/tests/diagnostics/new-target-local-subclass.ts b/tests/diagnostics/new-target-local-subclass.ts
new file mode 100644
index 000000000..a5f153049
--- /dev/null
+++ b/tests/diagnostics/new-target-local-subclass.ts
@@ -0,0 +1,5 @@
+// A function-local subclass makes a new class per evaluation, so the
+// base constructor's new.target has no static dispatch.
+class A { constructor() { console.log(new.target.name); } }
+function make() { class Local extends A {} return new Local(); }
+make();
diff --git a/tests/diagnostics/new-target-plain-function.ts b/tests/diagnostics/new-target-plain-function.ts
new file mode 100644
index 000000000..da592e084
--- /dev/null
+++ b/tests/diagnostics/new-target-plain-function.ts
@@ -0,0 +1,3 @@
+// new.target in a plain function has no invocation record to read.
+function F(this: unknown) { console.log(new.target === undefined); }
+F.call(null);
diff --git a/tests/diagnostics/new-target-value-generic-subclass.ts b/tests/diagnostics/new-target-value-generic-subclass.ts
new file mode 100644
index 000000000..2107a39a5
--- /dev/null
+++ b/tests/diagnostics/new-target-value-generic-subclass.ts
@@ -0,0 +1,5 @@
+// new.target as a class value where a subclass is generic: its
+// instantiations have no common class value.
+class A { readonly t: typeof A; constructor() { this.t = new.target; } }
+class B<T> extends A { readonly v: T | undefined = undefined; }
+console.log(new B<number>().t.name);
diff --git a/tests/diagnostics/new-target-value-signatures.ts b/tests/diagnostics/new-target-value-signatures.ts
new file mode 100644
index 000000000..af0c906e5
--- /dev/null
+++ b/tests/diagnostics/new-target-value-signatures.ts
@@ -0,0 +1,5 @@
+// new.target as a class value needs every subclass to construct with the
+// base's signature; B's constructor takes a parameter A's does not.
+class A { readonly t: typeof A; constructor() { this.t = new.target; } }
+class B extends A { constructor(readonly n: number) { super(); } }
+console.log(new B(1).t.name);
diff --git a/tests/harness/__snapshots__/new-target-late-local-subclass.ts.txt b/tests/harness/__snapshots__/new-target-late-local-subclass.ts.txt
new file mode 100644
index 000000000..feb663813
--- /dev/null
+++ b/tests/harness/__snapshots__/new-target-late-local-subclass.ts.txt
@@ -0,0 +1,6 @@
+new-target-late-local-subclass.ts:7:18 - error SC1090: 'new.target' where 'Local' is a function-local class (each evaluation creates a new class) is not supported yet
+
+  6 |   constructor() {
+  7 |     this.label = new.target.name;
+    |                  ^~~~~~~~~~
+  8 |   }
\ No newline at end of file
diff --git a/tests/harness/__snapshots__/new-target-local-subclass.ts.txt b/tests/harness/__snapshots__/new-target-local-subclass.ts.txt
new file mode 100644
index 000000000..0f1d465b1
--- /dev/null
+++ b/tests/harness/__snapshots__/new-target-local-subclass.ts.txt
@@ -0,0 +1,6 @@
+new-target-local-subclass.ts:3:39 - error SC1090: 'new.target' where 'Local' is a function-local class (each evaluation creates a new class) is not supported yet
+
+  2 | // base constructor's new.target has no static dispatch.
+  3 | class A { constructor() { console.log(new.target.name); } }
+    |                                       ^~~~~~~~~~
+  4 | function make() { class Local extends A {} return new Local(); }
\ No newline at end of file
diff --git a/tests/harness/__snapshots__/new-target-plain-function.ts.txt b/tests/harness/__snapshots__/new-target-plain-function.ts.txt
new file mode 100644
index 000000000..5005f5915
--- /dev/null
+++ b/tests/harness/__snapshots__/new-target-plain-function.ts.txt
@@ -0,0 +1,6 @@
+new-target-plain-function.ts:2:41 - error SC1090: 'new.target' in a plain function (a constructible function's invocation record does not exist in compiled code; use a class constructor) is not supported yet
+
+  1 | // new.target in a plain function has no invocation record to read.
+  2 | function F(this: unknown) { console.log(new.target === undefined); }
+    |                                         ^~~~~~~~~~
+  3 | F.call(null);
\ No newline at end of file
diff --git a/tests/harness/__snapshots__/new-target-value-generic-subclass.ts.txt b/tests/harness/__snapshots__/new-target-value-generic-subclass.ts.txt
new file mode 100644
index 000000000..0e5cf2e52
--- /dev/null
+++ b/tests/harness/__snapshots__/new-target-value-generic-subclass.ts.txt
@@ -0,0 +1,6 @@
+new-target-value-generic-subclass.ts:3:58 - error SC1090: 'new.target' as a value where 'B' is a generic subclass (its instantiations have no common class value; read 'new.target.name' or compare 'new.target' with a class instead) is not supported yet
+
+  2 | // instantiations have no common class value.
+  3 | class A { readonly t: typeof A; constructor() { this.t = new.target; } }
+    |                                                          ^~~~~~~~~~
+  4 | class B<T> extends A { readonly v: T | undefined = undefined; }
\ No newline at end of file
diff --git a/tests/harness/__snapshots__/new-target-value-signatures.ts.txt b/tests/harness/__snapshots__/new-target-value-signatures.ts.txt
new file mode 100644
index 000000000..9c38e4d51
--- /dev/null
+++ b/tests/harness/__snapshots__/new-target-value-signatures.ts.txt
@@ -0,0 +1,6 @@
+new-target-value-signatures.ts:3:58 - error SC1090: 'new.target' as a value where 'B' constructs with a different signature than 'A' (read 'new.target.name' or compare 'new.target' with a class instead) is not supported yet
+
+  2 | // base's signature; B's constructor takes a parameter A's does not.
+  3 | class A { readonly t: typeof A; constructor() { this.t = new.target; } }
+    |                                                          ^~~~~~~~~~
+  4 | class B extends A { constructor(readonly n: number) { super(); } }
\ No newline at end of file
diff --git a/tests/harness/corpus-costs/7364-new-target-late-instantiations.ts.json b/tests/harness/corpus-costs/7364-new-target-late-instantiations.ts.json
new file mode 100644
index 000000000..725cf769c
--- /dev/null
+++ b/tests/harness/corpus-costs/7364-new-target-late-instantiations.ts.json
@@ -0,0 +1 @@
+{ "plain": 4300, "san": 17500 }
diff --git a/tests/harness/corpus-costs/7560-new-target-constructors.ts.json b/tests/harness/corpus-costs/7560-new-target-constructors.ts.json
new file mode 100644
index 000000000..2c7339a24
--- /dev/null
+++ b/tests/harness/corpus-costs/7560-new-target-constructors.ts.json
@@ -0,0 +1 @@
+{ "plain": 6000, "san": 26000 }
diff --git a/tests/harness/corpus-costs/7561-new-target-generic-registry.ts.json b/tests/harness/corpus-costs/7561-new-target-generic-registry.ts.json
new file mode 100644
index 000000000..eceea988d
--- /dev/null
+++ b/tests/harness/corpus-costs/7561-new-target-generic-registry.ts.json
@@ -0,0 +1 @@
+{ "plain": 4500, "san": 23500 }