diff --git a/.changeset/shell-safe-config-set.md b/.changeset/shell-safe-config-set.md
new file mode 100644
index 0000000000..fd7d2f671f
--- /dev/null
+++ b/.changeset/shell-safe-config-set.md
@@ -0,0 +1,6 @@
+---
+"@pnpm/config": patch
+"pnpm": patch
+---
+
+Hardened the warning printed when a project `.npmrc` uses environment variables in registry/auth settings: the suggested `pnpm config set` command is now only included for keys made up of shell-inert characters. Because the key comes from a repository-controlled `.npmrc` and a shell expands `$(...)`, backticks, and `$VAR` even inside double quotes, a crafted key could otherwise have turned the suggested copy-paste command into command execution.
diff --git a/config/config/src/dropUntrustedEnvExpansions.ts b/config/config/src/dropUntrustedEnvExpansions.ts
index f72ab3c1fb..30b5b21e2b 100644
--- a/config/config/src/dropUntrustedEnvExpansions.ts
+++ b/config/config/src/dropUntrustedEnvExpansions.ts
@@ -90,12 +90,17 @@ export function hasEnvPlaceholder (value: string): boolean {
 
 const DOCS_URL = 'https://pnpm.io/npmrc'
 
-// A runnable `pnpm config set` example is only safe to suggest when the key has
-// no `${...}` placeholder — embedding such a key in a shell command would let
-// the shell expand it on copy-paste, producing a different key and possibly
-// leaking an env value into shell history.
+// The key embedded in the suggested `pnpm config set` command comes from a
+// repository-controlled .npmrc. A shell expands `$(...)`, backticks and `$VAR`
+// even inside double quotes, so suggesting a runnable command built from an
+// arbitrary key would turn this warning into a copy-paste command-injection
+// vector. Only emit the runnable example for keys made up entirely of
+// shell-inert characters — which covers every real registry/auth key
+// (`//host/:_authToken`, `@scope:registry`, `registry`, `https-proxy`, …).
+const SHELL_SAFE_KEY = /^[\w@.:/-]+$/
+
 function configSetExample (key: string): string {
-  return hasEnvPlaceholder(key) ? '' : ` (for example, run: pnpm config set "${key}" <value>)`
+  return SHELL_SAFE_KEY.test(key) ? ` (for example, run: pnpm config set "${key}" <value>)` : ''
 }
 
 function warnIgnoredRequestDestinationEnv (filePath: string, key: string, warnings: string[]): void {
diff --git a/config/config/test/index.ts b/config/config/test/index.ts
index 91c59e3398..1dfa17611e 100644
--- a/config/config/test/index.ts
+++ b/config/config/test/index.ts
@@ -317,6 +317,30 @@ describe('project .npmrc env expansion trust boundary', () => {
     expect(urlScopedWarning).toContain('~/.npmrc')
   })
 
+  test('the warning never embeds a shell-unsafe key in a runnable pnpm config set command', async () => {
+    prepare()
+
+    // A malicious repository could craft a key with shell metacharacters; the
+    // suggested copy-paste command must not become a command-injection vector.
+    fs.writeFileSync('.npmrc', '//$(touch pwned)`id`/:_authToken=${PNPM_TEST_TOKEN}\n', 'utf8')
+    fs.mkdirSync('user-home')
+    fs.writeFileSync(path.resolve('user-home', '.npmrc'), '', 'utf8')
+
+    const { warnings } = await getConfig({
+      cliOptions: {
+        userconfig: path.resolve('user-home', '.npmrc'),
+      },
+      packageManager: {
+        name: 'pnpm',
+        version: '1.0.0',
+      },
+    })
+
+    const unsafeWarning = warnings.find((w) => w.includes('$(touch pwned)')) ?? ''
+    expect(unsafeWarning).not.toBe('')
+    expect(unsafeWarning).not.toContain('pnpm config set "')
+  })
+
   test('project .npmrc does not expand env variables in auth values', async () => {
     prepare()