diff --git a/packages/react/src/__tests__/ReactJSXRuntime-test.js b/packages/react/src/__tests__/ReactJSXRuntime-test.js
index 0ed8391f3605e..e1ca87d5d0224 100644
--- a/packages/react/src/__tests__/ReactJSXRuntime-test.js
+++ b/packages/react/src/__tests__/ReactJSXRuntime-test.js
@@ -375,9 +375,8 @@ describe('ReactJSXRuntime', () => {
     expect(didCall).toBe(false);
   });
 
-  // @gate enableRefAsProp
-  // @gate disableStringRefs
-  it('does not clone props object if key is not spread', async () => {
+  // @gate enableFastJSX && enableRefAsProp && disableStringRefs
+  it('does not clone props object if key and ref is not spread', async () => {
     const config = {
       foo: 'foo',
       bar: 'bar',
@@ -386,7 +385,7 @@ describe('ReactJSXRuntime', () => {
     const element = __DEV__
       ? JSXDEVRuntime.jsxDEV('div', config)
       : JSXRuntime.jsx('div', config);
-    expect(element.props).toBe(config);
+    expect(Object.is(element.props, config)).toBe(true);
 
     const configWithKey = {
       foo: 'foo',
diff --git a/packages/react/src/jsx/ReactJSXElement.js b/packages/react/src/jsx/ReactJSXElement.js
index d8452a2e360a2..fad4d42bcc50d 100644
--- a/packages/react/src/jsx/ReactJSXElement.js
+++ b/packages/react/src/jsx/ReactJSXElement.js
@@ -22,6 +22,7 @@ import {
   enableRefAsProp,
   disableStringRefs,
   disableDefaultPropsExceptForClasses,
+  enableFastJSX,
 } from 'shared/ReactFeatureFlags';
 import {checkPropStringCoercion} from 'shared/CheckStringCoercion';
 import {ClassComponent} from 'react-reconciler/src/ReactWorkTags';
@@ -51,6 +52,10 @@ if (__DEV__) {
   didWarnAboutElementRef = {};
 }
 
+const enableFastJSXWithStringRefs = enableFastJSX && enableRefAsProp;
+const enableFastJSXWithoutStringRefs =
+  enableFastJSXWithStringRefs && disableStringRefs;
+
 function hasValidRef(config) {
   if (__DEV__) {
     if (hasOwnProperty.call(config, 'ref')) {
@@ -355,7 +360,11 @@ export function jsxProd(type, config, maybeKey) {
   }
 
   let props;
-  if (enableRefAsProp && disableStringRefs && !('key' in config)) {
+  if (
+    (enableFastJSXWithoutStringRefs ||
+      (enableFastJSXWithStringRefs && !('ref' in config))) &&
+    !('key' in config)
+  ) {
     // If key was not spread in, we can reuse the original props object. This
     // only works for `jsx`, not `createElement`, because `jsx` is a compiler
     // target and the compiler always passes a new object. For `createElement`,
@@ -578,7 +587,11 @@ export function jsxDEV(type, config, maybeKey, isStaticChildren, source, self) {
     }
 
     let props;
-    if (enableRefAsProp && disableStringRefs && !('key' in config)) {
+    if (
+      (enableFastJSXWithoutStringRefs ||
+        (enableFastJSXWithStringRefs && !('ref' in config))) &&
+      !('key' in config)
+    ) {
       // If key was not spread in, we can reuse the original props object. This
       // only works for `jsx`, not `createElement`, because `jsx` is a compiler
       // target and the compiler always passes a new object. For `createElement`,
diff --git a/packages/shared/ReactFeatureFlags.js b/packages/shared/ReactFeatureFlags.js
index bfb48e65df4a1..7606367c36969 100644
--- a/packages/shared/ReactFeatureFlags.js
+++ b/packages/shared/ReactFeatureFlags.js
@@ -183,6 +183,7 @@ export const enableInfiniteRenderLoopDetection = true;
 // during element creation.
 export const enableRefAsProp = true;
 export const disableStringRefs = true;
+export const enableFastJSX = true;
 
 // Warn on any usage of ReactTestRenderer
 export const enableReactTestRendererWarning = true;
diff --git a/packages/shared/ReactVersion.js b/packages/shared/ReactVersion.js
index 13dd40e747e0d..446e5880c0c97 100644
--- a/packages/shared/ReactVersion.js
+++ b/packages/shared/ReactVersion.js
@@ -1,15 +1 @@
-/**
- * Copyright (c) Meta Platforms, Inc. and affiliates.
- *
- * This source code is licensed under the MIT license found in the
- * LICENSE file in the root directory of this source tree.
- */
-
-// TODO: this is special because it gets imported during build.
-//
-// It exists as a placeholder so that DevTools can support work tag changes between releases.
-// When we next publish a release, update the matching TODO in backend/renderer.js
-// TODO: This module is used both by the release scripts and to expose a version
-// at runtime. We should instead inject the version number as part of the build
-// process, and use the ReactVersions.js module as the single source of truth.
-export default '19.0.0';
+export default '19.0.0-PLACEHOLDER';
diff --git a/packages/shared/forks/ReactFeatureFlags.native-fb.js b/packages/shared/forks/ReactFeatureFlags.native-fb.js
index dd046dc7a4ccb..189b8baceb290 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-fb.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-fb.js
@@ -97,6 +97,7 @@ export const enableServerComponentLogs = true;
 // because JSX is an extremely hot path.
 export const enableRefAsProp = false;
 export const disableStringRefs = false;
+export const enableFastJSX = false;
 
 export const enableReactTestRendererWarning = false;
 export const disableLegacyMode = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.native-oss.js b/packages/shared/forks/ReactFeatureFlags.native-oss.js
index 243f63b623d72..7b4fe447388c9 100644
--- a/packages/shared/forks/ReactFeatureFlags.native-oss.js
+++ b/packages/shared/forks/ReactFeatureFlags.native-oss.js
@@ -20,6 +20,7 @@ import typeof * as ExportsType from './ReactFeatureFlags.native-oss';
 const __TODO_NEXT_RN_MAJOR__ = false;
 export const enableRefAsProp = __TODO_NEXT_RN_MAJOR__;
 export const disableStringRefs = __TODO_NEXT_RN_MAJOR__;
+export const enableFastJSX = __TODO_NEXT_RN_MAJOR__;
 export const disableLegacyMode = __TODO_NEXT_RN_MAJOR__;
 export const disableDOMTestUtils = __TODO_NEXT_RN_MAJOR__;
 export const useModernStrictMode = __TODO_NEXT_RN_MAJOR__;
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.js
index e80af511bb71b..ff953bcadf3b7 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.js
@@ -90,6 +90,7 @@ export const renameElementSymbol = true;
 // const __NEXT_MAJOR__ = __EXPERIMENTAL__;
 export const enableRefAsProp = true;
 export const disableStringRefs = true;
+export const enableFastJSX = true;
 export const disableLegacyMode = true;
 export const disableLegacyContext = true;
 export const disableDOMTestUtils = true;
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.native-fb.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.native-fb.js
index 2338dfcc4d557..1e92c819013bd 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.native-fb.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.native-fb.js
@@ -82,6 +82,7 @@ export const enableServerComponentLogs = true;
 
 export const enableRefAsProp = false;
 export const disableStringRefs = false;
+export const enableFastJSX = false;
 
 export const enableReactTestRendererWarning = false;
 export const disableLegacyMode = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js b/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
index dc6fcc3cec8be..ffde6a1af1d4b 100644
--- a/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.test-renderer.www.js
@@ -82,6 +82,7 @@ export const enableInfiniteRenderLoopDetection = false;
 
 export const enableRefAsProp = false;
 export const disableStringRefs = false;
+export const enableFastJSX = false;
 
 export const enableReactTestRendererWarning = false;
 export const disableLegacyMode = false;
diff --git a/packages/shared/forks/ReactFeatureFlags.www-dynamic.js b/packages/shared/forks/ReactFeatureFlags.www-dynamic.js
index af5071c47af3b..a56661e9cdee4 100644
--- a/packages/shared/forks/ReactFeatureFlags.www-dynamic.js
+++ b/packages/shared/forks/ReactFeatureFlags.www-dynamic.js
@@ -24,6 +24,7 @@ export const enableDO_NOT_USE_disableStrictPassiveEffect = __VARIANT__;
 export const enableUseDeferredValueInitialArg = __VARIANT__;
 export const enableRenderableContext = __VARIANT__;
 export const enableRefAsProp = __VARIANT__;
+export const enableFastJSX = __VARIANT__;
 export const enableRetryLaneExpiration = __VARIANT__;
 export const favorSafetyOverHydrationPerf = __VARIANT__;
 export const disableDefaultPropsExceptForClasses = __VARIANT__;
diff --git a/packages/shared/forks/ReactFeatureFlags.www.js b/packages/shared/forks/ReactFeatureFlags.www.js
index 252571251f55a..b88f5559e3ff5 100644
--- a/packages/shared/forks/ReactFeatureFlags.www.js
+++ b/packages/shared/forks/ReactFeatureFlags.www.js
@@ -35,6 +35,7 @@ export const {
   favorSafetyOverHydrationPerf,
   disableDefaultPropsExceptForClasses,
   enableNoCloningMemoCache,
+  enableFastJSX,
 } = dynamicFeatureFlags;
 
 // On WWW, __EXPERIMENTAL__ is used for a new modern build.