diff --git a/packages/compiler/src/backend/llvm/emit-statements.ts b/packages/compiler/src/backend/llvm/emit-statements.ts
index ffd47c467..4fe1a27bd 100644
--- a/packages/compiler/src/backend/llvm/emit-statements.ts
+++ b/packages/compiler/src/backend/llvm/emit-statements.ts
@@ -1910,9 +1910,11 @@ export function emitSwitch(emitter: LlEmitter, s: IrStmt & { kind: "switch" }):
 /** The loop copies a callback loop version needs: the bindings the loop
  * calls that the constant-callback census resolves to one function, each
  * with that function's direct entry. Only small loops of optimized
- * synchronous functions, and only bindings declared before the loop that
- * an enclosing version has not already proved, qualify: the guard reads
- * each binding before the loop runs. */
+ * synchronous functions, and only bindings declared before the loop,
+ * qualify: the guard reads each binding before the loop runs. Versions do
+ * not nest: a loop inside either copy of a version (including the
+ * versioned loop itself, emitted again for each copy) keeps its calls as
+ * they are, so a loop nest is emitted at most twice. */
 function callbackVersionBindings(
   emitter: LlEmitter,
   s: IrStmt & { kind: "for" | "while" | "doWhile" },
@@ -1920,7 +1922,7 @@ function callbackVersionBindings(
   if (
     !emitter.callbackVersionsEnabled ||
     emitter.currentConstantCallbacks.size === 0 ||
-    emitter.callbackVersioning.has(s)
+    emitter.callbackVersioning.size > 0
   )
     return null;
   const found = new Map<string, { ref: IrExpr & { kind: "varRef" }; direct: string }>();
@@ -1930,12 +1932,7 @@ function callbackVersionBindings(
   const expr = (e: IrExpr): boolean => {
     if (++cost > MAX_CALLBACK_VERSION_COST) return false;
     if (e.kind === "assignExpr") bound.add(e.localId);
-    if (
-      e.kind === "callValue" &&
-      e.callee.kind === "varRef" &&
-      !emitter.knownCallbacks.has(e.callee.localId) &&
-      !found.has(e.callee.localId)
-    ) {
+    if (e.kind === "callValue" && e.callee.kind === "varRef" && !found.has(e.callee.localId)) {
       const local = emitter.currentLocals.get(e.callee.localId);
       const target =
         local && local.tdz !== true ? emitter.knownCallbackTarget(e.callee) : undefined;
diff --git a/packages/compiler/test/callback-loop-versions.test.ts b/packages/compiler/test/callback-loop-versions.test.ts
index c26abe1c4..63a669fd4 100644
--- a/packages/compiler/test/callback-loop-versions.test.ts
+++ b/packages/compiler/test/callback-loop-versions.test.ts
@@ -81,3 +81,34 @@ test("a callback declared in the loop body is not read before the loop", async (
   `);
   expect(llvm).not.toContain("callback.version");
 });
+
+test("loops inside a callback version are not versioned again", async () => {
+  // Each inner loop calls a callback a factory builds just before it; without
+  // the limit, every copy of a version would version the next loop again.
+  const llvm = await emitLlvm(`
+    function adder(k: number): (v: number) => number {
+      return (v: number) => v + k;
+    }
+    function nest(n: number, f: (v: number) => number): number {
+      let s = 0;
+      for (let i = 0; i < n; i++) {
+        s += f(i);
+        const g = adder(i);
+        for (let j = 0; j < n; j++) {
+          s += g(j);
+          const h = adder(j);
+          for (let k = 0; k < n; k++) s += h(k);
+        }
+      }
+      return s;
+    }
+    console.log(nest(3, (v) => v - 1), nest(2, (v) => v * 3));
+  `);
+  // One version for the outer loop of each compiled `nest`; its two copies
+  // keep the inner loops whole.
+  const versions = [...llvm.matchAll(/^define [^\n]*@sc_bf_nest[^]*?^}/gm)].map(
+    ([body]) => body.match(/^callback\.version\.fast\d+:$/gm)?.length ?? 0,
+  );
+  expect(versions.every((count) => count <= 1)).toBe(true);
+  expect(versions.some((count) => count === 1)).toBe(true);
+});