diff --git a/packages/pi-coding-agent/src/core/extensions/loader.test.ts b/packages/pi-coding-agent/src/core/extensions/loader.test.ts
index 65691e949..da547e525 100644
--- a/packages/pi-coding-agent/src/core/extensions/loader.test.ts
+++ b/packages/pi-coding-agent/src/core/extensions/loader.test.ts
@@ -4,7 +4,7 @@ import * as fs from "node:fs";
 import * as os from "node:os";
 import * as path from "node:path";
 import { isProjectTrusted, trustProject, getUntrustedExtensionPaths } from "./project-trust.js";
-import { containsTypeScriptSyntax, loadExtensions } from "./loader.js";
+import { containsTypeScriptSyntax, loadExtensions, resetExtensionLoaderCache } from "./loader.js";
 
 // ─── helpers ──────────────────────────────────────────────────────────────────
 
@@ -235,3 +235,41 @@ describe("loadExtensions", () => {
 		);
 	});
 });
+
+// ─── resetExtensionLoaderCache ───────────────────────────────────────────────
+
+describe("resetExtensionLoaderCache", () => {
+	let tmpDir: string;
+
+	beforeEach(() => {
+		tmpDir = makeTempDir();
+		// Always start with a clean cache so tests are independent
+		resetExtensionLoaderCache();
+	});
+
+	afterEach(() => {
+		resetExtensionLoaderCache();
+		cleanDir(tmpDir);
+	});
+
+	it("clears the jiti singleton so a fresh instance is created on next load", async () => {
+		// Write a minimal valid extension that returns a name
+		const extPath = path.join(tmpDir, "cache-ext.ts");
+		fs.writeFileSync(
+			extPath,
+			`export default function activate(api: any) { return { name: "cache-ext" }; }\n`,
+		);
+
+		// First load — creates the jiti singleton and caches the module
+		const result1 = await loadExtensions([extPath], tmpDir);
+		assert.equal(result1.extensions.length, 1, "first load should succeed");
+
+		// Reset the cache — nulls the singleton
+		resetExtensionLoaderCache();
+
+		// Second load — should create a new jiti instance (not reuse the old one)
+		// and still successfully load the extension
+		const result2 = await loadExtensions([extPath], tmpDir);
+		assert.equal(result2.extensions.length, 1, "load after reset should succeed with fresh jiti");
+	});
+});
diff --git a/packages/pi-coding-agent/src/core/extensions/loader.ts b/packages/pi-coding-agent/src/core/extensions/loader.ts
index d87eca9e4..7e25c837d 100644
--- a/packages/pi-coding-agent/src/core/extensions/loader.ts
+++ b/packages/pi-coding-agent/src/core/extensions/loader.ts
@@ -624,6 +624,39 @@ export function containsTypeScriptSyntax(source: string): boolean {
 	return TS_SYNTAX_PATTERNS.some((pattern) => pattern.test(source));
 }
 
+/**
+ * Shared jiti instance for loading extension modules.
+ *
+ * Before this fix (#2108), each extension created a NEW jiti instance with
+ * `moduleCache: false`, causing shared dependencies (e.g. @gsd/pi-agent-core)
+ * to be recompiled for every extension — turning a ~3s parallel load into a
+ * ~15-30s serial compilation bottleneck.
+ *
+ * Using a single shared instance with `moduleCache: true` means shared modules
+ * are compiled once and reused across all extensions.
+ */
+let _extensionLoaderJiti: ReturnType<typeof createJiti> | null = null;
+
+/**
+ * Reset the shared jiti singleton so the next call to getExtensionLoaderJiti()
+ * creates a fresh instance.  This prevents memory leaks in long-running daemon
+ * processes (every loaded module stays cached forever) and ensures stale modules
+ * are not returned when extension source changes on disk.
+ */
+export function resetExtensionLoaderCache(): void {
+	_extensionLoaderJiti = null;
+}
+
+function getExtensionLoaderJiti() {
+	if (!_extensionLoaderJiti) {
+		_extensionLoaderJiti = createJiti(import.meta.url, {
+			moduleCache: true,
+			...getJitiOptions(),
+		});
+	}
+	return _extensionLoaderJiti;
+}
+
 async function loadExtensionModule(extensionPath: string) {
 	// Pre-compiled extension loading: if the source is .ts and a sibling .js
 	// file exists with matching or newer mtime, use native import() to skip
@@ -643,10 +676,7 @@ async function loadExtensionModule(extensionPath: string) {
 		}
 	}
 
-	const jiti = createJiti(import.meta.url, {
-		moduleCache: false,
-		...getJitiOptions(),
-	});
+	const jiti = getExtensionLoaderJiti();
 
 	const module = await jiti.import(extensionPath, { default: true });
 	const factory = module as ExtensionFactory;
diff --git a/src/tests/extension-load-perf.test.ts b/src/tests/extension-load-perf.test.ts
new file mode 100644
index 000000000..0142ff5e2
--- /dev/null
+++ b/src/tests/extension-load-perf.test.ts
@@ -0,0 +1,87 @@
+/**
+ * Extension loading performance test
+ *
+ * Regression test for https://github.com/gsd-build/gsd-2/issues/2108
+ *
+ * Verifies that loading multiple extensions sharing common dependencies
+ * does NOT re-compile those dependencies for each extension. The jiti
+ * module cache must be shared across extension loads so that shared
+ * modules are compiled once.
+ *
+ * Uses the built dist/ (not raw TS source) because pi-coding-agent uses
+ * TypeScript features unsupported by --experimental-strip-types.
+ */
+
+import test from "node:test";
+import assert from "node:assert/strict";
+import { mkdtempSync, writeFileSync, mkdirSync, rmSync } from "node:fs";
+import { join } from "node:path";
+import { tmpdir } from "node:os";
+
+// Import loadExtensions from the compiled dist (it IS re-exported from the
+// core/extensions barrel but not from the top-level index).
+// Use process.cwd() rather than import.meta.url-relative navigation — the
+// compiled test lands in dist-test/src/tests/, so relative paths differ between
+// source and compiled contexts. process.cwd() is always the repo root in CI.
+const loaderPath = join(
+  process.cwd(),
+  "packages", "pi-coding-agent", "dist", "core", "extensions", "loader.js",
+);
+
+test("loadExtensions shares module cache across extensions (perf regression #2108)", async () => {
+  const { loadExtensions } = await import(loaderPath);
+
+  // Create a temp directory with two extensions that import a shared helper
+  const tmp = mkdtempSync(join(tmpdir(), "gsd-perf-test-"));
+
+  try {
+    // Shared helper module
+    const sharedDir = join(tmp, "shared");
+    mkdirSync(sharedDir, { recursive: true });
+    writeFileSync(
+      join(sharedDir, "helper.ts"),
+      `export const SHARED_VALUE = "shared-${Date.now()}";\n`,
+    );
+
+    // Extension A — imports the shared helper
+    const extADir = join(tmp, "ext-a");
+    mkdirSync(extADir, { recursive: true });
+    writeFileSync(
+      join(extADir, "index.ts"),
+      `import { SHARED_VALUE } from "${join(sharedDir, "helper.ts").replace(/\\/g, "/")}";\n` +
+      `export default function(api: any) {\n` +
+      `  api.registerCommand("ext-a-cmd", { description: "test A " + SHARED_VALUE, handler: async () => {} });\n` +
+      `}\n`,
+    );
+
+    // Extension B — imports the same shared helper
+    const extBDir = join(tmp, "ext-b");
+    mkdirSync(extBDir, { recursive: true });
+    writeFileSync(
+      join(extBDir, "index.ts"),
+      `import { SHARED_VALUE } from "${join(sharedDir, "helper.ts").replace(/\\/g, "/")}";\n` +
+      `export default function(api: any) {\n` +
+      `  api.registerCommand("ext-b-cmd", { description: "test B " + SHARED_VALUE, handler: async () => {} });\n` +
+      `}\n`,
+    );
+
+    const paths = [join(extADir, "index.ts"), join(extBDir, "index.ts")];
+    const start = Date.now();
+    const result = await loadExtensions(paths, tmp);
+    const elapsed = Date.now() - start;
+
+    // Both extensions should load without errors
+    assert.strictEqual(result.errors.length, 0, `Extension errors: ${JSON.stringify(result.errors)}`);
+    assert.strictEqual(result.extensions.length, 2, "Expected 2 extensions to load");
+
+    // With shared jiti cache, loading 2 trivial extensions that share a
+    // dependency should complete in well under 5 seconds.
+    assert.ok(
+      elapsed < 5000,
+      `Extension loading took ${elapsed}ms — expected < 5000ms. ` +
+      `This suggests jiti module caching is not shared across extensions.`,
+    );
+  } finally {
+    try { rmSync(tmp, { recursive: true, force: true, maxRetries: 3 }); } catch { /* cleanup */ }
+  }
+});