diff --git a/build.cm b/build.cm
index 69d775b0..8ed32357 100644
--- a/build.cm
+++ b/build.cm
@@ -467,6 +467,64 @@ Build.build_static = function(packages, target, output, buildtype) {
 // Native .cm compilation (source → mcode → QBE IL → .o → .dylib)
 // ============================================================================
 
+// Batched native compilation: split functions into batches, run QBE on each,
+// assemble in parallel, return array of .o paths.
+// il_parts: {data: text, functions: [text, ...]}
+// cc: C compiler path
+// tmp_prefix: prefix for temp files (e.g. /tmp/cell_native_<hash>)
+function compile_native_batched(il_parts, cc, tmp_prefix) {
+  var nfuncs = length(il_parts.functions)
+  var nbatch = 8
+  var o_paths = []
+  var s_paths = []
+  var asm_cmds = []
+  var batch_fns = null
+  var batch_il = null
+  var asm_text = null
+  var s_path = null
+  var o_path = null
+  var end = 0
+  var bi = 0
+  var fi = 0
+  var ai = 0
+  var rc = null
+  var parallel_cmd = null
+
+  if (nfuncs < nbatch) nbatch = nfuncs
+  if (nbatch < 1) nbatch = 1
+
+  // Generate .s files: run QBE on each batch
+  while (bi < nbatch) {
+    batch_fns = []
+    end = nfuncs * (bi + 1) / nbatch
+    while (fi < end) {
+      batch_fns[] = il_parts.functions[fi]
+      fi = fi + 1
+    }
+    batch_il = il_parts.data + "\n\n" + text(batch_fns, "\n")
+    asm_text = os.qbe(batch_il)
+    s_path = tmp_prefix + '_b' + text(bi) + '.s'
+    o_path = tmp_prefix + '_b' + text(bi) + '.o'
+    fd.slurpwrite(s_path, stone(blob(asm_text)))
+    s_paths[] = s_path
+    o_paths[] = o_path
+    bi = bi + 1
+  }
+
+  // Assemble all batches in parallel
+  while (ai < length(s_paths)) {
+    asm_cmds[] = cc + ' -c ' + s_paths[ai] + ' -o ' + o_paths[ai]
+    ai = ai + 1
+  }
+  parallel_cmd = text(asm_cmds, ' & ') + ' & wait'
+  rc = os.system(parallel_cmd)
+  if (rc != 0) {
+    print('Parallel assembly failed'); disrupt
+  }
+
+  return o_paths
+}
+
 // Post-process QBE IL: insert dead labels after ret/jmp (QBE requirement)
 function qbe_insert_dead_labels(il_text) {
   var lines = array(il_text, "\n")
@@ -536,10 +594,8 @@ Build.compile_native = function(src_path, target, buildtype, pkg) {
   if (pkg) {
     sym_name = shop.c_symbol_for_file(pkg, fd.basename(src_path))
   }
-  var il = qbe_emit(optimized, qbe_macros, sym_name)
-
-  // Step 3: Post-process (insert dead labels)
-  il = qbe_insert_dead_labels(il)
+  var il_parts = qbe_emit(optimized, qbe_macros, sym_name)
+  var il = il_parts.data + "\n\n" + text(il_parts.functions, "\n")
 
   // Content hash for cache key
   var hash = content_hash(src + '\n' + _target + '\nnative')
@@ -550,22 +606,14 @@ Build.compile_native = function(src_path, target, buildtype, pkg) {
   if (fd.is_file(dylib_path))
     return dylib_path
 
-  // Step 4: QBE compile IR to assembly (in-process)
+  // Compile and assemble via batched parallel pipeline
   var tmp = '/tmp/cell_native_' + hash
-  var s_path = tmp + '.s'
-  var o_path = tmp + '.o'
   var rt_o_path = '/tmp/cell_qbe_rt.o'
 
-  var asm_text = os.qbe(il)
-  fd.slurpwrite(s_path, stone(blob(asm_text)))
+  var o_paths = compile_native_batched(il_parts, cc, tmp)
 
-  // Step 5: Assemble
-  var rc = os.system(cc + ' -c ' + s_path + ' -o ' + o_path)
-  if (rc != 0) {
-    print('Assembly failed for: ' + src_path); disrupt
-  }
-
-  // Step 7: Compile QBE runtime stubs if needed
+  // Compile QBE runtime stubs if needed
+  var rc = null
   if (!fd.is_file(rt_o_path)) {
     qbe_rt_path = shop.get_package_dir('core') + '/qbe_rt.c'
     rc = os.system(cc + ' -c ' + qbe_rt_path + ' -o ' + rt_o_path + ' -fPIC')
@@ -574,14 +622,19 @@ Build.compile_native = function(src_path, target, buildtype, pkg) {
     }
   }
 
-  // Step 8: Link dylib
+  // Link dylib
   var link_cmd = cc + ' -shared -fPIC'
   if (tc.system == 'darwin') {
     link_cmd = link_cmd + ' -undefined dynamic_lookup'
   } else if (tc.system == 'linux') {
     link_cmd = link_cmd + ' -Wl,--allow-shlib-undefined'
   }
-  link_cmd = link_cmd + ' ' + o_path + ' ' + rt_o_path + ' -o ' + dylib_path
+  var oi = 0
+  while (oi < length(o_paths)) {
+    link_cmd = link_cmd + ' ' + o_paths[oi]
+    oi = oi + 1
+  }
+  link_cmd = link_cmd + ' ' + rt_o_path + ' -o ' + dylib_path
 
   rc = os.system(link_cmd)
   if (rc != 0) {
@@ -625,8 +678,7 @@ Build.compile_native_ir = function(optimized, src_path, opts) {
   if (pkg) {
     sym_name = shop.c_symbol_for_file(pkg, fd.basename(src_path))
   }
-  var il = qbe_emit(optimized, qbe_macros, sym_name)
-  il = qbe_insert_dead_labels(il)
+  var il_parts = qbe_emit(optimized, qbe_macros, sym_name)
 
   var src = text(fd.slurp(src_path))
   var hash = content_hash(src + '\n' + _target + '\nnative')
@@ -637,19 +689,14 @@ Build.compile_native_ir = function(optimized, src_path, opts) {
   if (fd.is_file(dylib_path))
     return dylib_path
 
+  // Compile and assemble via batched parallel pipeline
   var tmp = '/tmp/cell_native_' + hash
-  var s_path = tmp + '.s'
-  var o_path = tmp + '.o'
   var rt_o_path = '/tmp/cell_qbe_rt.o'
 
-  var asm_text = os.qbe(il)
-  fd.slurpwrite(s_path, stone(blob(asm_text)))
-
-  var rc = os.system(cc + ' -c ' + s_path + ' -o ' + o_path)
-  if (rc != 0) {
-    print('Assembly failed for: ' + src_path); disrupt
-  }
+  var o_paths = compile_native_batched(il_parts, cc, tmp)
 
+  // Compile QBE runtime stubs if needed
+  var rc = null
   if (!fd.is_file(rt_o_path)) {
     qbe_rt_path = shop.get_package_dir('core') + '/qbe_rt.c'
     rc = os.system(cc + ' -c ' + qbe_rt_path + ' -o ' + rt_o_path + ' -fPIC')
@@ -658,13 +705,19 @@ Build.compile_native_ir = function(optimized, src_path, opts) {
     }
   }
 
+  // Link dylib
   var link_cmd = cc + ' -shared -fPIC'
   if (tc.system == 'darwin') {
     link_cmd = link_cmd + ' -undefined dynamic_lookup'
   } else if (tc.system == 'linux') {
     link_cmd = link_cmd + ' -Wl,--allow-shlib-undefined'
   }
-  link_cmd = link_cmd + ' ' + o_path + ' ' + rt_o_path + ' -o ' + dylib_path
+  var oi = 0
+  while (oi < length(o_paths)) {
+    link_cmd = link_cmd + ' ' + o_paths[oi]
+    oi = oi + 1
+  }
+  link_cmd = link_cmd + ' ' + rt_o_path + ' -o ' + dylib_path
 
   rc = os.system(link_cmd)
   if (rc != 0) {
diff --git a/compare_aot.ce b/compare_aot.ce
index 35b2bcbc..e0539e73 100644
--- a/compare_aot.ce
+++ b/compare_aot.ce
@@ -7,6 +7,7 @@ var build = use('build')
 var fd_mod = use('fd')
 var os = use('os')
 var json = use('json')
+var time = use('time')
 
 var show = function(v) {
   if (v == null) return "null"
@@ -39,12 +40,28 @@ var fold = use('fold')
 var mcode_mod = use('mcode')
 var streamline_mod = use('streamline')
 
+var t0 = time.number()
 var src = text(fd_mod.slurp(abs))
+var t1 = time.number()
 var tok = tokenize(src, abs)
+var t2 = time.number()
 var ast = parse_mod(tok.tokens, src, abs, tokenize)
+var t3 = time.number()
 var folded = fold(ast)
+var t4 = time.number()
 var compiled = mcode_mod(folded)
+var t5 = time.number()
 var optimized = streamline_mod(compiled)
+var t6 = time.number()
+
+print('--- front-end timing ---')
+print('  read:       ' + text(t1 - t0) + 's')
+print('  tokenize:   ' + text(t2 - t1) + 's')
+print('  parse:      ' + text(t3 - t2) + 's')
+print('  fold:       ' + text(t4 - t3) + 's')
+print('  mcode:      ' + text(t5 - t4) + 's')
+print('  streamline: ' + text(t6 - t5) + 's')
+print('  total:      ' + text(t6 - t0) + 's')
 
 // Shared env for both paths — only non-intrinsic runtime functions.
 // Intrinsics (starts_with, ends_with, logical, some, every, etc.) live on
diff --git a/qbe_emit.cm b/qbe_emit.cm
index faa301c9..c0f7f130 100644
--- a/qbe_emit.cm
+++ b/qbe_emit.cm
@@ -127,6 +127,8 @@ var qbe_emit = function(ir, qbe, export_name) {
       emit(`  storel ${sv}, %${t}`)
     }
 
+    var needs_exc_ret = false
+
     var refresh_fp = function() {
       emit(`  %fp =l call $cell_rt_refresh_fp_checked(l %ctx)`)
       var exc = fresh()
@@ -134,9 +136,8 @@ var qbe_emit = function(ir, qbe, export_name) {
       if (has_handler && !in_handler) {
         emit(`  jnz %${exc}, @disruption_handler, @${exc}_ok`)
       } else {
-        emit(`  jnz %${exc}, @${exc}_exc, @${exc}_ok`)
-        emit(`@${exc}_exc`)
-        emit(`  ret 15`)
+        needs_exc_ret = true
+        emit(`  jnz %${exc}, @_exc_ret, @${exc}_ok`)
       }
       emit(`@${exc}_ok`)
     }
@@ -161,9 +162,9 @@ var qbe_emit = function(ir, qbe, export_name) {
       }
       i = i + 1
 
-      // Labels are plain strings; skip _nop_ur_ pseudo-labels from streamline
+      // Labels are plain strings; skip nop pseudo-labels from streamline
       if (is_text(instr)) {
-        if (starts_with(instr, "_nop_ur_")) continue
+        if (starts_with(instr, "_nop_ur_") || starts_with(instr, "_nop_tc_")) continue
         lbl = sanitize(instr)
         if (!last_was_term) {
           emit(`  jmp @${lbl}`)
@@ -839,9 +840,8 @@ var qbe_emit = function(ir, qbe, export_name) {
         if (has_handler) {
           emit(`  jnz %${chk}, @disruption_handler, @${chk}_ok`)
         } else {
-          emit(`  jnz %${chk}, @${chk}_exc, @${chk}_ok`)
-          emit(`@${chk}_exc`)
-          emit(`  ret 15`)
+          needs_exc_ret = true
+          emit(`  jnz %${chk}, @_exc_ret, @${chk}_ok`)
         }
         emit(`@${chk}_ok`)
         refresh_fp()
@@ -857,9 +857,8 @@ var qbe_emit = function(ir, qbe, export_name) {
         if (has_handler) {
           emit(`  jnz %${chk}, @disruption_handler, @${chk}_ok`)
         } else {
-          emit(`  jnz %${chk}, @${chk}_exc, @${chk}_ok`)
-          emit(`@${chk}_exc`)
-          emit(`  ret 15`)
+          needs_exc_ret = true
+          emit(`  jnz %${chk}, @_exc_ret, @${chk}_ok`)
         }
         emit(`@${chk}_ok`)
         refresh_fp()
@@ -886,9 +885,8 @@ var qbe_emit = function(ir, qbe, export_name) {
           refresh_fp()
           emit(`  ret %${p}`)
         } else {
-          emit(`  jnz %${chk}, @${chk}_exc, @${chk}_ok`)
-          emit(`@${chk}_exc`)
-          emit(`  ret 15`)
+          needs_exc_ret = true
+          emit(`  jnz %${chk}, @_exc_ret, @${chk}_ok`)
           emit(`@${chk}_ok`)
           emit(`  ret %${p}`)
         }
@@ -1028,6 +1026,12 @@ var qbe_emit = function(ir, qbe, export_name) {
     emit(`  call $cell_rt_disrupt(l %ctx)`)
     emit(`  ret 15`)
 
+    // Shared exception return (for functions without disruption handler)
+    if (needs_exc_ret) {
+      emit("@_exc_ret")
+      emit("  ret 15")
+    }
+
     emit("}")
     emit("")
   }
@@ -1036,30 +1040,23 @@ var qbe_emit = function(ir, qbe, export_name) {
   // Main: compile all functions then main
   // ============================================================
 
+  var fn_bodies = []
   var fi = 0
   while (fi < length(ir.functions)) {
+    out = []
     compile_fn(ir.functions[fi], fi, false)
+    fn_bodies[] = text(out, "\n")
     fi = fi + 1
   }
 
+  out = []
   compile_fn(ir.main, -1, true)
+  fn_bodies[] = text(out, "\n")
 
-  // Assemble: data section first, then function bodies
-  var result = []
-  var di = 0
-  while (di < length(data_out)) {
-    push(result, data_out[di])
-    di = di + 1
+  return {
+    data: text(data_out, "\n"),
+    functions: fn_bodies
   }
-  if (length(data_out) > 0) push(result, "")
-
-  di = 0
-  while (di < length(out)) {
-    push(result, out[di])
-    di = di + 1
-  }
-
-  return text(result, "\n")
 }
 
 return qbe_emit