diff --git a/src/Workspaces/Core/Portable/Serialization/SerializerService_Reference.cs b/src/Workspaces/Core/Portable/Serialization/SerializerService_Reference.cs
index 5937e1dec48d6..7bb2618b19b0a 100644
--- a/src/Workspaces/Core/Portable/Serialization/SerializerService_Reference.cs
+++ b/src/Workspaces/Core/Portable/Serialization/SerializerService_Reference.cs
@@ -70,7 +70,7 @@ protected virtual Checksum CreateChecksum(AnalyzerReference reference)
             {
                 case AnalyzerFileReference fileReference:
                     writer.WriteString(fileReference.FullPath);
-                    writer.WriteGuid(IsolatedAnalyzerReferenceSet.TryGetAnalyzerFileReferenceMvid(fileReference));
+                    writer.WriteGuid(IsolatedAnalyzerReferenceSet.TryGetFileReferenceMvid(fileReference.FullPath));
                     break;
 
                 case AnalyzerImageReference analyzerImageReference:
diff --git a/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Core.cs b/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Core.cs
index cf92f4720e2ad..b013c9736ed04 100644
--- a/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Core.cs
+++ b/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Core.cs
@@ -7,6 +7,7 @@
 using System;
 using System.Collections.Generic;
 using System.Collections.Immutable;
+using System.Runtime.CompilerServices;
 using System.Runtime.Loader;
 using System.Threading;
 using System.Threading.Tasks;
@@ -82,7 +83,11 @@ internal sealed partial class IsolatedAnalyzerReferenceSet
     /// </summary>
     /// <remarks>Guarded by <see cref="s_gate"/>.  Note that while the gate is static, this is instance data on the <see
     /// cref="s_lastCreatedAnalyzerReferenceSet"/>.  And we only want to mutate that instance data from one thread at a
-    /// time.</remarks>
+    /// time.
+    /// 
+    /// Stored as an <see cref="IReadOnlyList{T}"/> so this can safely be used as a key in caches that map from a list
+    /// of items to some value (for example in an <see cref="ConditionalWeakTable{TKey, TValue}"/>.
+    /// </remarks>
     private readonly Dictionary<Checksum, ImmutableArray<AnalyzerReference>> _analyzerReferences = [];
 
     private IsolatedAnalyzerReferenceSet(
@@ -304,7 +309,7 @@ static void PopulateFilePathToMvidMap(
                 // Can ignore all other analyzer reference types.  This is only about analyzer references changing on disk.
                 var analyzerReference = GetUnderlyingAnalyzerReference(initialReference);
                 if (analyzerReference is AnalyzerFileReference analyzerFileReference)
-                    pathToMvidMap[analyzerFileReference.FullPath] = TryGetAnalyzerFileReferenceMvid(analyzerFileReference);
+                    pathToMvidMap[analyzerFileReference.FullPath] = TryGetFileReferenceMvid(analyzerFileReference.FullPath);
             }
         }
     }
diff --git a/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Desktop.cs b/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Desktop.cs
index 48f925592c3b8..06505901c4213 100644
--- a/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Desktop.cs
+++ b/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.Desktop.cs
@@ -5,6 +5,7 @@
 #if !NET
 
 using System;
+using System.Collections.Generic;
 using System.Collections.Immutable;
 using System.Threading;
 using System.Threading.Tasks;
diff --git a/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.cs b/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.cs
index 73b337dbacd3f..dc661417bc6c9 100644
--- a/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.cs
+++ b/src/Workspaces/Core/Portable/Workspace/IsolatedAnalyzerReferenceSet.cs
@@ -51,11 +51,11 @@ private static async ValueTask<ImmutableArray<AnalyzerReference>> DefaultCreateI
         return await getReferencesAsync().ConfigureAwait(false);
     }
 
-    public static Guid TryGetAnalyzerFileReferenceMvid(AnalyzerFileReference file)
+    public static Guid TryGetFileReferenceMvid(string filePath)
     {
         try
         {
-            return AssemblyUtilities.ReadMvid(file.FullPath);
+            return AssemblyUtilities.ReadMvid(filePath);
         }
         catch
         {
diff --git a/src/Workspaces/Core/Portable/Workspace/Solution/StateChecksums.cs b/src/Workspaces/Core/Portable/Workspace/Solution/StateChecksums.cs
index 8c96d86647948..40abdf29896e9 100644
--- a/src/Workspaces/Core/Portable/Workspace/Solution/StateChecksums.cs
+++ b/src/Workspaces/Core/Portable/Workspace/Solution/StateChecksums.cs
@@ -8,6 +8,7 @@
 using System.Collections.Immutable;
 using System.Diagnostics;
 using System.Runtime.CompilerServices;
+using System.Runtime.InteropServices;
 using System.Threading;
 using System.Threading.Tasks;
 using Microsoft.CodeAnalysis.Shared.Extensions;
@@ -568,16 +569,38 @@ public static Checksum GetOrCreate<TValue, TArg>(TValue value, Func<TValue, TArg
         return StronglyTypedChecksumCache<TValue, Checksum>.GetOrCreate(value, checksumCreator, arg);
     }
 
+    public static ChecksumCollection GetOrCreateChecksumCollection<TReference>(
+        ImmutableArray<TReference> references, ISerializerService serializer, CancellationToken cancellationToken) where TReference : class
+    {
+        // Grab the internal array from the immutable array.  This is safe as the callers can't modify it, and we just
+        // want the internal reference object to use as the key in the cache.
+        return GetOrCreateChecksumCollection(
+            ImmutableCollectionsMarshal.AsArray(references)!, serializer, cancellationToken);
+    }
+
     public static ChecksumCollection GetOrCreateChecksumCollection<TReference>(
         IReadOnlyList<TReference> references, ISerializerService serializer, CancellationToken cancellationToken) where TReference : class
     {
+        // Cache both at the list-of-references level...
         return StronglyTypedChecksumCache<IReadOnlyList<TReference>, ChecksumCollection>.GetOrCreate(
             references,
             static (references, tuple) =>
             {
+                var (serializer, cancellationToken) = tuple;
                 var checksums = new FixedSizeArrayBuilder<Checksum>(references.Count);
                 foreach (var reference in references)
-                    checksums.Add(tuple.serializer.CreateChecksum(reference, tuple.cancellationToken));
+                {
+                    // ... and cache at the individual reference level.
+                    var checksum = GetOrCreate(
+                        reference,
+                        static (reference, arg) =>
+                        {
+                            var (serializer, cancellationToken) = arg;
+                            return serializer.CreateChecksum(reference, cancellationToken);
+                        },
+                        arg: (serializer, cancellationToken));
+                    checksums.Add(checksum);
+                }
 
                 return new ChecksumCollection(checksums.MoveToImmutable());
             },