diff --git a/.changeset/pack-bundle-dependencies.md b/.changeset/pack-bundle-dependencies.md
new file mode 100644
index 0000000000..5c5b9411e7
--- /dev/null
+++ b/.changeset/pack-bundle-dependencies.md
@@ -0,0 +1,6 @@
+---
+"@pnpm/fs.packlist": patch
+"pnpm": patch
+---
+
+Fix `pnpm pack` not bundling dependencies listed in `bundleDependencies` (or `bundledDependencies`). The npm-packlist upgrade in pnpm 11 changed its API to require the caller to pre-populate the dependency tree, which the wrapper was not doing — `bundleDependencies` were silently dropped from the tarball [#11519](https://github.com/pnpm/pnpm/issues/11519).
diff --git a/fs/packlist/src/index.ts b/fs/packlist/src/index.ts
index e0a993c884..e0cf24e3e6 100644
--- a/fs/packlist/src/index.ts
+++ b/fs/packlist/src/index.ts
@@ -1,26 +1,113 @@
-import fs from 'node:fs/promises'
+import fs from 'node:fs'
 import path from 'node:path'
 import util from 'node:util'
 
 import npmPacklist from 'npm-packlist'
 
+interface Edge {
+  to: TreeNode
+  peer: boolean
+  dev: boolean
+}
+
+interface TreeNode {
+  path: string
+  package: Record<string, unknown>
+  isProjectRoot?: boolean
+  isLink: boolean
+  target: TreeNode
+  edgesOut: Map<string, Edge>
+}
+
 export async function packlist (pkgDir: string, opts?: {
   manifest?: Record<string, unknown>
 }): Promise<string[]> {
-  const pkg = opts?.manifest ?? await readPackageJson(pkgDir)
-  const tree = {
-    path: pkgDir,
-    package: normalizePackage(pkg),
-    isProjectRoot: true,
-    edgesOut: new Map(),
-  }
+  const pkg = opts?.manifest ?? readPackageJson(pkgDir)
+  const tree = buildRootTree(pkgDir, pkg)
   const files = await npmPacklist(tree)
   return files.map((file) => file.replace(/^\.[/\\]/, ''))
 }
 
-async function readPackageJson (dir: string): Promise<Record<string, unknown>> {
+function buildRootTree (pkgDir: string, pkg: Record<string, unknown>): TreeNode {
+  const bundledDeps = getRootBundledDeps(pkg)
+  // npm-packlist's gatherBundles() iterates package.bundleDependencies directly,
+  // so the field must be an array. Normalize true/undefined to an explicit list.
+  const normalizedPkg = normalizePackage(pkg)
+  normalizedPkg.bundleDependencies = bundledDeps
+  delete normalizedPkg.bundledDependencies
+  const root = makeNode(pkgDir, normalizedPkg, true)
+  const seen = new Map<string, TreeNode>([[pkgDir, root]])
+  populateEdges(root, bundledDeps, seen)
+  return root
+}
+
+function buildBundledTree (pkgDir: string, seen: Map<string, TreeNode>): TreeNode {
+  const cached = seen.get(pkgDir)
+  if (cached) return cached
+  const pkg = readPackageJson(pkgDir)
+  const node = makeNode(pkgDir, normalizePackage(pkg), false)
+  seen.set(pkgDir, node)
+  populateEdges(node, getNestedBundledDeps(pkg), seen)
+  return node
+}
+
+function populateEdges (node: TreeNode, deps: string[], seen: Map<string, TreeNode>): void {
+  for (const dep of deps) {
+    const depDir = resolveDependency(dep, node.path)
+    if (!depDir) continue
+    const depNode = buildBundledTree(depDir, seen)
+    node.edgesOut.set(dep, { to: depNode, peer: false, dev: false })
+  }
+}
+
+function makeNode (pkgDir: string, pkg: Record<string, unknown>, isProjectRoot: boolean): TreeNode {
+  const node = {
+    path: pkgDir,
+    package: pkg,
+    isProjectRoot,
+    isLink: false,
+    edgesOut: new Map<string, Edge>(),
+  } as TreeNode
+  node.target = node
+  return node
+}
+
+function getRootBundledDeps (pkg: Record<string, unknown>): string[] {
+  const bundle = pkg.bundleDependencies ?? pkg.bundledDependencies
+  if (Array.isArray(bundle)) return bundle as string[]
+  if (bundle === true) {
+    return Object.keys((pkg.dependencies ?? {}) as Record<string, string>)
+  }
+  return []
+}
+
+function getNestedBundledDeps (pkg: Record<string, unknown>): string[] {
+  const dependencies = (pkg.dependencies ?? {}) as Record<string, string>
+  const optionalDependencies = (pkg.optionalDependencies ?? {}) as Record<string, string>
+  return [...Object.keys(dependencies), ...Object.keys(optionalDependencies)]
+}
+
+function resolveDependency (depName: string, fromDir: string): string | undefined {
+  let currentDir = fromDir
+  while (true) {
+    const candidate = path.join(currentDir, 'node_modules', depName)
+    try {
+      const stat = fs.statSync(path.join(candidate, 'package.json'))
+      if (stat.isFile()) return candidate
+    } catch (err: unknown) {
+      if (!util.types.isNativeError(err) || !('code' in err) || err.code !== 'ENOENT') {
+        throw err
+      }
+    }
+    const parent = path.dirname(currentDir)
+    if (parent === currentDir) return undefined
+    currentDir = parent
+  }
+}
+
+function readPackageJson (dir: string): Record<string, unknown> {
   try {
-    return JSON.parse(await fs.readFile(path.join(dir, 'package.json'), 'utf8'))
+    return JSON.parse(fs.readFileSync(path.join(dir, 'package.json'), 'utf8'))
   } catch (err: unknown) {
     if (util.types.isNativeError(err) && 'code' in err && err.code === 'ENOENT') {
       return {}
diff --git a/releasing/commands/test/publish/pack.ts b/releasing/commands/test/publish/pack.ts
index d1e094878a..1d27c81f3d 100644
--- a/releasing/commands/test/publish/pack.ts
+++ b/releasing/commands/test/publish/pack.ts
@@ -99,6 +99,97 @@ test('pack: with dry-run', async () => {
   expect(fs.existsSync('package.json')).toBeTruthy()
 })
 
+test('pack: bundles dependencies listed in bundleDependencies', async () => {
+  prepare({
+    name: 'pkg-with-bundle-deps',
+    version: '0.0.0',
+    bundleDependencies: ['bundled-dep'],
+  })
+
+  fs.mkdirSync('node_modules/bundled-dep', { recursive: true })
+  fs.writeFileSync('node_modules/bundled-dep/package.json', JSON.stringify({ name: 'bundled-dep', version: '1.0.0' }), 'utf8')
+  fs.writeFileSync('node_modules/bundled-dep/index.js', 'module.exports = 42', 'utf8')
+  fs.mkdirSync('node_modules/not-bundled', { recursive: true })
+  fs.writeFileSync('node_modules/not-bundled/package.json', JSON.stringify({ name: 'not-bundled', version: '1.0.0' }), 'utf8')
+
+  await pack.handler({
+    ...DEFAULT_OPTS,
+    nodeLinker: 'hoisted',
+    argv: { original: [] },
+    dir: process.cwd(),
+    extraBinPaths: [],
+    packDestination: process.cwd(),
+  })
+
+  await tar.x({ file: 'pkg-with-bundle-deps-0.0.0.tgz' })
+  expect(fs.existsSync('package/node_modules/bundled-dep/package.json')).toBeTruthy()
+  expect(fs.existsSync('package/node_modules/bundled-dep/index.js')).toBeTruthy()
+  expect(fs.existsSync('package/node_modules/not-bundled/package.json')).toBeFalsy()
+})
+
+test('pack: bundles every dependency when bundleDependencies is true', async () => {
+  prepare({
+    name: 'pkg-with-bundle-deps-true',
+    version: '0.0.0',
+    dependencies: {
+      'bundled-dep': '1.0.0',
+    },
+    bundleDependencies: true,
+  })
+
+  fs.mkdirSync('node_modules/bundled-dep', { recursive: true })
+  fs.writeFileSync('node_modules/bundled-dep/package.json', JSON.stringify({ name: 'bundled-dep', version: '1.0.0' }), 'utf8')
+  fs.writeFileSync('node_modules/bundled-dep/index.js', 'module.exports = 42', 'utf8')
+  fs.mkdirSync('node_modules/not-a-dep', { recursive: true })
+  fs.writeFileSync('node_modules/not-a-dep/package.json', JSON.stringify({ name: 'not-a-dep', version: '1.0.0' }), 'utf8')
+
+  await pack.handler({
+    ...DEFAULT_OPTS,
+    nodeLinker: 'hoisted',
+    argv: { original: [] },
+    dir: process.cwd(),
+    extraBinPaths: [],
+    packDestination: process.cwd(),
+  })
+
+  await tar.x({ file: 'pkg-with-bundle-deps-true-0.0.0.tgz' })
+  expect(fs.existsSync('package/node_modules/bundled-dep/index.js')).toBeTruthy()
+  expect(fs.existsSync('package/node_modules/bundled-dep/package.json')).toBeTruthy()
+  expect(fs.existsSync('package/node_modules/not-a-dep/package.json')).toBeFalsy()
+})
+
+test('pack: bundles transitive dependencies of bundled dependencies (hoisted)', async () => {
+  prepare({
+    name: 'pkg-with-transitive-bundle-deps',
+    version: '0.0.0',
+    bundledDependencies: ['top'],
+  })
+
+  fs.mkdirSync('node_modules/top', { recursive: true })
+  fs.writeFileSync(
+    'node_modules/top/package.json',
+    JSON.stringify({ name: 'top', version: '1.0.0', dependencies: { nested: '1.0.0' } }),
+    'utf8'
+  )
+  fs.writeFileSync('node_modules/top/index.js', 'top', 'utf8')
+  fs.mkdirSync('node_modules/nested', { recursive: true })
+  fs.writeFileSync('node_modules/nested/package.json', JSON.stringify({ name: 'nested', version: '1.0.0' }), 'utf8')
+  fs.writeFileSync('node_modules/nested/index.js', 'nested', 'utf8')
+
+  await pack.handler({
+    ...DEFAULT_OPTS,
+    nodeLinker: 'hoisted',
+    argv: { original: [] },
+    dir: process.cwd(),
+    extraBinPaths: [],
+    packDestination: process.cwd(),
+  })
+
+  await tar.x({ file: 'pkg-with-transitive-bundle-deps-0.0.0.tgz' })
+  expect(fs.existsSync('package/node_modules/top/index.js')).toBeTruthy()
+  expect(fs.existsSync('package/node_modules/nested/index.js')).toBeTruthy()
+})
+
 test('pack when there is bundledDependencies but without node-linker=hoisted', async () => {
   prepare({
     name: 'bundled-deps-without-node-linker-hoisted',