diff --git a/.changeset/tall-cherries-fix.md b/.changeset/tall-cherries-fix.md
new file mode 100644
index 000000000000..df25e02da91e
--- /dev/null
+++ b/.changeset/tall-cherries-fix.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: emit right error for a shadowed invalid rune
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
index efbbe6cfa287..89a81127c1fa 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
@@ -39,7 +39,7 @@ export function Identifier(node, context) {
 		if (
 			is_rune(node.name) &&
 			context.state.scope.get(node.name) === null &&
-			context.state.scope.get(node.name.slice(1)) === null
+			context.state.scope.get(node.name.slice(1))?.kind !== 'store_sub'
 		) {
 			/** @type {Expression} */
 			let current = node;
diff --git a/packages/svelte/tests/compiler-errors/samples/invalid-rune-name-shadowed/_config.js b/packages/svelte/tests/compiler-errors/samples/invalid-rune-name-shadowed/_config.js
new file mode 100644
index 000000000000..a24996677cd3
--- /dev/null
+++ b/packages/svelte/tests/compiler-errors/samples/invalid-rune-name-shadowed/_config.js
@@ -0,0 +1,8 @@
+import { test } from '../../test';
+
+export default test({
+	error: {
+		code: 'rune_invalid_name',
+		message: '`$state.foo` is not a valid rune'
+	}
+});
diff --git a/packages/svelte/tests/compiler-errors/samples/invalid-rune-name-shadowed/main.svelte.js b/packages/svelte/tests/compiler-errors/samples/invalid-rune-name-shadowed/main.svelte.js
new file mode 100644
index 000000000000..966f7bc63b61
--- /dev/null
+++ b/packages/svelte/tests/compiler-errors/samples/invalid-rune-name-shadowed/main.svelte.js
@@ -0,0 +1,5 @@
+class State {
+	value = $state.foo();
+}
+
+export const state = new State();