diff --git a/analysis/reanalyze/src/annotation.ml b/analysis/reanalyze/src/annotation.ml
index 806d9db1f2..9e11949b09 100644
--- a/analysis/reanalyze/src/annotation.ml
+++ b/analysis/reanalyze/src/annotation.ml
@@ -61,7 +61,8 @@ let rec get_attribute_payload check_text (attributes : Typedtree.attributes) =
       match payload with
       | PStr [] -> Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_eval (expr, _)} :: _) -> expr |> from_expr
-      | PStr ({pstr_desc = Pstr_extension _} :: _) -> Some UnrecognizedPayload
+      | PStr ({pstr_desc = Pstr_extension _ | Pstr_raw _} :: _) ->
+        Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_value _} :: _) -> Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_primitive _} :: _) -> Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_type _} :: _) -> Some UnrecognizedPayload
diff --git a/analysis/src/completion_front_end.ml b/analysis/src/completion_front_end.ml
index dee20d26c9..7cd50d5a5e 100644
--- a/analysis/src/completion_front_end.ml
+++ b/analysis/src/completion_front_end.ml
@@ -210,8 +210,7 @@ let rec expr_to_context_path_inner ~(in_jsx_context : bool)
     (e : Parsetree.expression) =
   match e.pexp_desc with
   | Pexp_braces {expr} -> expr_to_context_path_inner ~in_jsx_context expr
-  | Pexp_constant (Pconst_string _ | Pconst_raw_source _) ->
-    Some Completable.CPString
+  | Pexp_constant (Pconst_string _) -> Some Completable.CPString
   | Pexp_template _ -> Some Completable.CPString
   | Pexp_tagged_template {tag} -> (
     match expr_to_context_path ~in_jsx_context tag with
@@ -1289,6 +1288,8 @@ let completion_with_parser1 ~debug ~offset ~pos_cursor ~kind_file
         | Pexp_object_literal fields ->
           List.iter (fun (_, e) -> iterator.expr iterator e) fields
         | Pexp_extension ({txt}, _) -> set_result (CextensionNode txt)
+        | Pexp_raw {kind} ->
+          set_result (CextensionNode (Ast_raw.extension_name kind))
         | Pexp_constant _ -> set_result Cnone
         | Pexp_ident lid ->
           let lid_path = flatten_lid_check_dot lid in
diff --git a/analysis/src/document_symbol.ml b/analysis/src/document_symbol.ml
index ed96a799f0..92d77ccda0 100644
--- a/analysis/src/document_symbol.ml
+++ b/analysis/src/document_symbol.ml
@@ -20,8 +20,7 @@ let get_symbols ~source ~kind_file =
     | Pexp_fun _ -> Lsp.Types.SymbolKind.Function
     | Pexp_braces {expr} -> expr_kind expr
     | Pexp_constraint (e, _) -> expr_kind e
-    | Pexp_constant (Pconst_string _ | Pconst_raw_source _) ->
-      Lsp.Types.SymbolKind.String
+    | Pexp_constant (Pconst_string _) -> Lsp.Types.SymbolKind.String
     | Pexp_template _ -> Lsp.Types.SymbolKind.String
     | Pexp_constant (Pconst_float _ | Pconst_integer _) ->
       Lsp.Types.SymbolKind.Number
diff --git a/analysis/src/dump_ast.ml b/analysis/src/dump_ast.ml
index 53437c830e..9da9853f2c 100644
--- a/analysis/src/dump_ast.ml
+++ b/analysis/src/dump_ast.ml
@@ -51,7 +51,6 @@ let print_constant const =
     ^ ", semantic="
     ^ String_literal.string_semantic payload
     ^ ")"
-  | Pconst_raw_source source -> "Pconst_raw_source(" ^ source ^ ")"
   | Pconst_float (s, _) -> "Pconst_float(" ^ s ^ ")"
 
 let print_core_type typ ~pos =
diff --git a/analysis/src/utils.ml b/analysis/src/utils.ml
index 6873491857..001350dd67 100644
--- a/analysis/src/utils.ml
+++ b/analysis/src/utils.ml
@@ -117,6 +117,7 @@ let identify_pexp pexp =
   | Pexp_assert _ -> "Pexp_assert"
   | Pexp_pack _ -> "Pexp_pack"
   | Pexp_extension _ -> "Pexp_extension"
+  | Pexp_raw _ -> "Pexp_raw"
   | Pexp_open _ -> "Pexp_open"
   | Pexp_await _ -> "Pexp_await"
   | Pexp_jsx_element _ -> "Pexp_jsx_element"
diff --git a/changes/raw-extension-nodes.internal.md b/changes/raw-extension-nodes.internal.md
new file mode 100644
index 0000000000..4162d933e1
--- /dev/null
+++ b/changes/raw-extension-nodes.internal.md
@@ -0,0 +1 @@
+- Represent `%raw`, `%ffi` and `%%raw` with dedicated parsetree nodes. https://github.com/rescript-lang/rescript/pull/8879
diff --git a/changes/raw-template-ppx.fix.md b/changes/raw-template-ppx.fix.md
new file mode 100644
index 0000000000..1b72675f4f
--- /dev/null
+++ b/changes/raw-template-ppx.fix.md
@@ -0,0 +1 @@
+- Fix template and braced payloads of `%raw` and `%ffi` compiling differently when a PPX is used. https://github.com/rescript-lang/rescript/pull/8879
diff --git a/compiler/core/js_implementation.ml b/compiler/core/js_implementation.ml
index 2b1719a276..da0b5d784e 100644
--- a/compiler/core/js_implementation.ml
+++ b/compiler/core/js_implementation.ml
@@ -87,7 +87,8 @@ let all_module_alias (ast : Parsetree.structure) =
       | Pstr_attribute _ -> true
       | Pstr_eval _ | Pstr_value _ | Pstr_primitive _ | Pstr_type _
       | Pstr_typext _ | Pstr_exception _ | Pstr_module _ | Pstr_recmodule _
-      | Pstr_modtype _ | Pstr_open _ | Pstr_include _ | Pstr_extension _ ->
+      | Pstr_modtype _ | Pstr_open _ | Pstr_include _ | Pstr_extension _
+      | Pstr_raw _ ->
         false)
 
 let no_export (rest : Parsetree.structure) : Parsetree.structure =
diff --git a/compiler/ext/config.ml b/compiler/ext/config.ml
index 863cd6353e..8b9658a611 100644
--- a/compiler/ext/config.ml
+++ b/compiler/ext/config.ml
@@ -1,10 +1,10 @@
-let cmi_magic_number = "Caml1999I037"
+let cmi_magic_number = "Caml1999I038"
 
 (* Magic numbers for marshaled values of the *current* parsetree, whose layout
    changes across compiler versions. *)
-and ast_impl_magic_number = "ResImpl01316"
+and ast_impl_magic_number = "ResImpl01317"
 
-and ast_intf_magic_number = "ResIntf01316"
+and ast_intf_magic_number = "ResIntf01317"
 
 (* Magic numbers of the frozen Parsetree0 (OCaml 4.06) layout used on the
    external-PPX wire. They must never be written in front of a
@@ -13,7 +13,7 @@ and ast0_impl_magic_number = "Caml1999M022"
 
 and ast0_intf_magic_number = "Caml1999N022"
 
-and cmt_magic_number = "Caml1999T044"
+and cmt_magic_number = "Caml1999T045"
 
 let get_load_path () = (Compiler_request_state.current ()).load_path
 let set_load_path path = (Compiler_request_state.current ()).load_path <- path
diff --git a/compiler/frontend/ast_exp_handle_external.ml b/compiler/frontend/ast_exp_handle_external.ml
index e110d00a4c..c2d80ab2e8 100644
--- a/compiler/frontend/ast_exp_handle_external.ml
+++ b/compiler/frontend/ast_exp_handle_external.ml
@@ -34,6 +34,60 @@ let handle_debugger loc (payload : Ast_payload.t) =
   | _ ->
     Location.raise_errorf ~loc "%%debugger extension doesn't accept arguments"
 
+let raw_type () =
+  Ast_helper.Typ.arrow
+    [Parg_type {attrs = []; lbl = Nolabel; typ = Ast_helper.Typ.any ()}]
+    (Ast_helper.Typ.any ())
+
+(* [exp] is the string constant holding the JavaScript source. *)
+let raw_expression loc ~is_function (exp : Parsetree.expression) =
+  {
+    exp with
+    pexp_desc =
+      Ast_external_mk.local_external_apply loc
+        ~pval_prim:(Prim_name "#raw_expr") ~pval_type:(raw_type ()) [exp];
+    pexp_attributes =
+      (match !is_function with
+      | None -> exp.pexp_attributes
+      | Some _ -> Ast_attributes.internal_expansive :: exp.pexp_attributes);
+  }
+
+let ffi_error loc =
+  Location.raise_errorf ~loc
+    "%%ffi extension can only be applied to a string containing a JavaScript \
+     function such as \"(x) => ...\""
+
+let ffi_expression loc ~is_function (exp : Parsetree.expression) =
+  (* Wrap a type constraint based on arity.
+     E.g. for arity 2 constrain to type (_, _) => _ *)
+  let wrap_type_constraint (e : Parsetree.expression) =
+    let loc = e.pexp_loc in
+    let any = Ast_helper.Typ.any ~loc:e.pexp_loc () in
+    let arrow ~arity =
+      let effective_arity = if arity = 0 then 1 else arity in
+      let args =
+        Ext_list.init effective_arity (fun _ ->
+            Parsetree.Parg_type {attrs = []; lbl = Nolabel; typ = any})
+      in
+      Ast_helper.Typ.arrow ~loc args any
+    in
+    match !is_function with
+    | Some arity -> Ast_helper.Exp.constraint_ ~loc e (arrow ~arity)
+    | _ -> ffi_error loc
+  in
+  match !is_function with
+  | None -> ffi_error loc
+  | Some _ -> wrap_type_constraint (raw_expression loc ~is_function exp)
+
+let raw_structure loc (exp : Parsetree.expression) =
+  Ast_helper.Str.eval
+    {
+      exp with
+      pexp_desc =
+        Ast_external_mk.local_external_apply loc
+          ~pval_prim:(Prim_name "#raw_stmt") ~pval_type:(raw_type ()) [exp];
+    }
+
 let handle_raw loc payload =
   let is_function = ref None in
   match
@@ -41,93 +95,40 @@ let handle_raw loc payload =
   with
   | None ->
     Location.raise_errorf ~loc "%%raw extension can only be applied to a string"
-  | Some exp ->
-    {
-      exp with
-      pexp_desc =
-        Ast_external_mk.local_external_apply loc
-          ~pval_prim:(Prim_name "#raw_expr")
-          ~pval_type:
-            (Ast_helper.Typ.arrow
-               [
-                 Parg_type
-                   {attrs = []; lbl = Nolabel; typ = Ast_helper.Typ.any ()};
-               ]
-               (Ast_helper.Typ.any ()))
-          [exp];
-      pexp_attributes =
-        (match !is_function with
-        | None -> exp.pexp_attributes
-        | Some _ -> Ast_attributes.internal_expansive :: exp.pexp_attributes);
-    }
+  | Some exp -> raw_expression loc ~is_function exp
 
 let handle_ffi ~loc ~payload =
   let is_function = ref None in
-  let err () =
-    Location.raise_errorf ~loc
-      "%%ffi extension can only be applied to a string containing a JavaScript \
-       function such as \"(x) => ...\""
-  in
   match
     Ast_payload.raw_as_string_exp_exn ~kind:Raw_exp ~is_function payload
   with
-  | None -> err ()
-  | Some exp ->
-    (* Wrap a type constraint based on arity.
-       E.g. for arity 2 constrain to type (_, _) => _ *)
-    let wrap_type_constraint (e : Parsetree.expression) =
-      let loc = e.pexp_loc in
-      let any = Ast_helper.Typ.any ~loc:e.pexp_loc () in
-      let arrow ~arity =
-        let effective_arity = if arity = 0 then 1 else arity in
-        let args =
-          Ext_list.init effective_arity (fun _ ->
-              Parsetree.Parg_type {attrs = []; lbl = Nolabel; typ = any})
-        in
-        Ast_helper.Typ.arrow ~loc args any
-      in
-      match !is_function with
-      | Some arity -> Ast_helper.Exp.constraint_ ~loc e (arrow ~arity)
-      | _ -> err ()
-    in
-    wrap_type_constraint
-      {
-        exp with
-        pexp_desc =
-          Ast_external_mk.local_external_apply loc
-            ~pval_prim:(Prim_name "#raw_expr")
-            ~pval_type:
-              (Ast_helper.Typ.arrow
-                 [
-                   Parg_type
-                     {attrs = []; lbl = Nolabel; typ = Ast_helper.Typ.any ()};
-                 ]
-                 (Ast_helper.Typ.any ()))
-            [exp];
-        pexp_attributes =
-          (match !is_function with
-          | None -> exp.pexp_attributes
-          | Some _ -> Ast_attributes.internal_expansive :: exp.pexp_attributes);
-      }
+  | None -> ffi_error loc
+  | Some exp -> ffi_expression loc ~is_function exp
 
 let handle_raw_structure loc payload =
   match Ast_payload.raw_as_string_exp_exn ~kind:Raw_program payload with
-  | Some exp ->
-    Ast_helper.Str.eval
-      {
-        exp with
-        pexp_desc =
-          Ast_external_mk.local_external_apply loc
-            ~pval_prim:(Prim_name "#raw_stmt")
-            ~pval_type:
-              (Ast_helper.Typ.arrow
-                 [
-                   Parg_type
-                     {attrs = []; lbl = Nolabel; typ = Ast_helper.Typ.any ()};
-                 ]
-                 (Ast_helper.Typ.any ()))
-            [exp];
-      }
+  | Some exp -> raw_structure loc exp
   | None ->
     Location.raise_errorf ~loc
       "%%%%raw extension can only be applied to a string"
+
+(* The string constant holding the JavaScript source of a raw node, validated
+   like a raw payload. *)
+let raw_source_expression ~(kind : Js_raw_info.raw_kind) ?is_function
+    (source : Parsetree.raw_source) =
+  let str = Ast_raw.js_source source in
+  let loc = Ast_raw.payload_loc source in
+  Ast_payload.validate_raw_source ~kind ?is_function ~loc
+    ~offset:(Bs_flow_ast_utils.flow_deli_offset (Some "js"))
+    str;
+  Ast_helper.Exp.constant ~loc (Ast_helper.Const.string str)
+
+let handle_raw_node ~loc (kind : Parsetree.raw_kind) source =
+  let is_function = ref None in
+  let exp = raw_source_expression ~kind:Raw_exp ~is_function source in
+  match kind with
+  | Raw_expression -> raw_expression loc ~is_function exp
+  | Raw_function -> ffi_expression loc ~is_function exp
+
+let handle_raw_structure_node ~loc source =
+  raw_structure loc (raw_source_expression ~kind:Raw_program source)
diff --git a/compiler/frontend/ast_exp_handle_external.mli b/compiler/frontend/ast_exp_handle_external.mli
index c8cb803bee..f65304286e 100644
--- a/compiler/frontend/ast_exp_handle_external.mli
+++ b/compiler/frontend/ast_exp_handle_external.mli
@@ -30,3 +30,14 @@ val handle_raw : Location.t -> Ast_payload.t -> Parsetree.expression
 
 val handle_raw_structure :
   Location.t -> Ast_payload.t -> Parsetree.structure_item
+
+val handle_raw_node :
+  loc:Location.t ->
+  Parsetree.raw_kind ->
+  Parsetree.raw_source ->
+  Parsetree.expression
+(** Lower [%raw] or [%ffi], located at [loc]. *)
+
+val handle_raw_structure_node :
+  loc:Location.t -> Parsetree.raw_source -> Parsetree.structure_item
+(** Lower [%%raw], located at [loc]. *)
diff --git a/compiler/frontend/bs_builtin_ppx.ml b/compiler/frontend/bs_builtin_ppx.ml
index de147ec53c..13cbcf9cd5 100644
--- a/compiler/frontend/bs_builtin_ppx.ml
+++ b/compiler/frontend/bs_builtin_ppx.ml
@@ -143,7 +143,7 @@ let expr_mapper ~async_context ~in_function_def (self : mapper)
                Parg_type {attrs = []; lbl = Nolabel; typ = Ast_helper.Typ.any ()};
              ]
              (Ast_helper.Typ.any ()))
-        [Ast_helper.Exp.constant ~loc (Pconst_raw_source source)]
+        [Ast_helper.Exp.constant ~loc (Ast_helper.Const.string source)]
     in
     Ast_helper.Exp.constraint_ ~loc
       ~attrs:(self.attributes self e.pexp_attributes)
@@ -151,6 +151,8 @@ let expr_mapper ~async_context ~in_function_def (self : mapper)
       (Ast_comb.to_regexp_type loc)
   | Pexp_extension extension ->
     Ast_exp_extension.handle_extension e self extension
+  | Pexp_raw {kind; name_loc; source} ->
+    Ast_exp_handle_external.handle_raw_node ~loc:name_loc kind source
   | Pexp_constant (Pconst_integer (s, Some 'l')) ->
     {e with pexp_desc = Pexp_constant (Pconst_integer (s, None))}
   (* End rewriting *)
@@ -752,6 +754,9 @@ let rec structure_mapper ~await_context (self : mapper) (stru : Ast_structure.t)
     | Pstr_extension (({txt = "raw"; loc}, payload), _attrs) ->
       Ast_exp_handle_external.handle_raw_structure loc payload
       :: structure_mapper ~await_context self rest
+    | Pstr_raw {name_loc; source} ->
+      Ast_exp_handle_external.handle_raw_structure_node ~loc:name_loc source
+      :: structure_mapper ~await_context self rest
     (* | Pstr_extension (({txt = "i"}, _),_)
        ->
        structure_mapper self rest *)
diff --git a/compiler/gentype/annotation.ml b/compiler/gentype/annotation.ml
index eed78411a2..d795a752b3 100644
--- a/compiler/gentype/annotation.ml
+++ b/compiler/gentype/annotation.ml
@@ -73,7 +73,8 @@ let rec get_attribute_payload check_text (attributes : Typedtree.attributes) =
       match payload with
       | PStr [] -> Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_eval (expr, _)} :: _) -> expr |> from_expr
-      | PStr ({pstr_desc = Pstr_extension _} :: _) -> Some UnrecognizedPayload
+      | PStr ({pstr_desc = Pstr_extension _ | Pstr_raw _} :: _) ->
+        Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_value _} :: _) -> Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_primitive _} :: _) -> Some UnrecognizedPayload
       | PStr ({pstr_desc = Pstr_type _} :: _) -> Some UnrecognizedPayload
diff --git a/compiler/ml/ast_helper.ml b/compiler/ml/ast_helper.ml
index 8931123e97..2ea399bf5d 100644
--- a/compiler/ml/ast_helper.ml
+++ b/compiler/ml/ast_helper.ml
@@ -194,6 +194,8 @@ module Exp = struct
   let pack ?loc ?attrs a = mk ?loc ?attrs (Pexp_pack a)
   let open_ ?loc ?attrs a b c = mk ?loc ?attrs (Pexp_open (a, b, c))
   let extension ?loc ?attrs a = mk ?loc ?attrs (Pexp_extension a)
+  let raw ?loc ?attrs ~name_loc kind source =
+    mk ?loc ?attrs (Pexp_raw {kind; name_loc; source})
   let regexp ?loc ?attrs pattern flags =
     mk ?loc ?attrs (Pexp_regexp {pattern; flags})
   let template ?loc ?attrs source_segments values =
@@ -318,6 +320,8 @@ module Str = struct
   let open_ ?loc a = mk ?loc (Pstr_open a)
   let include_ ?loc a = mk ?loc (Pstr_include a)
   let extension ?loc ?(attrs = []) a = mk ?loc (Pstr_extension (a, attrs))
+  let raw ?loc ?(attrs = []) ~name_loc source =
+    mk ?loc (Pstr_raw {name_loc; source; attrs})
   let attribute ?loc a = mk ?loc (Pstr_attribute a)
 end
 
diff --git a/compiler/ml/ast_helper.mli b/compiler/ml/ast_helper.mli
index 19d502945e..e840250f02 100644
--- a/compiler/ml/ast_helper.mli
+++ b/compiler/ml/ast_helper.mli
@@ -238,6 +238,13 @@ module Exp : sig
   val open_ :
     ?loc:loc -> ?attrs:attrs -> override_flag -> lid -> expression -> expression
   val extension : ?loc:loc -> ?attrs:attrs -> extension -> expression
+  val raw :
+    ?loc:loc ->
+    ?attrs:attrs ->
+    name_loc:loc ->
+    raw_kind ->
+    raw_source ->
+    expression
   val tagged_template :
     ?loc:loc ->
     ?attrs:attrs ->
@@ -439,6 +446,8 @@ module Str : sig
   val open_ : ?loc:loc -> open_description -> structure_item
   val include_ : ?loc:loc -> include_declaration -> structure_item
   val extension : ?loc:loc -> ?attrs:attrs -> extension -> structure_item
+  val raw :
+    ?loc:loc -> ?attrs:attrs -> name_loc:loc -> raw_source -> structure_item
   val attribute : ?loc:loc -> attribute -> structure_item
 end
 
diff --git a/compiler/ml/ast_iterator.ml b/compiler/ml/ast_iterator.ml
index a8dfb9d199..29617acb1e 100644
--- a/compiler/ml/ast_iterator.ml
+++ b/compiler/ml/ast_iterator.ml
@@ -278,6 +278,10 @@ module M = struct
     | Pstr_extension (x, attrs) ->
       sub.extension sub x;
       sub.attributes sub attrs
+    | Pstr_raw {name_loc; source; attrs} ->
+      sub.location sub name_loc;
+      sub.location sub (Ast_raw.source_loc source);
+      sub.attributes sub attrs
     | Pstr_attribute x -> sub.attribute sub x
 end
 
@@ -416,6 +420,9 @@ module E = struct
       iter_loc sub lid;
       sub.expr sub e
     | Pexp_extension x -> sub.extension sub x
+    | Pexp_raw {name_loc; source} ->
+      sub.location sub name_loc;
+      sub.location sub (Ast_raw.source_loc source)
     | Pexp_regexp _ -> ()
     | Pexp_template {values} -> List.iter (sub.expr sub) values
     | Pexp_tagged_template {tag; values} ->
diff --git a/compiler/ml/ast_mapper.ml b/compiler/ml/ast_mapper.ml
index ad37865225..b3652f28fa 100644
--- a/compiler/ml/ast_mapper.ml
+++ b/compiler/ml/ast_mapper.ml
@@ -71,6 +71,10 @@ let map_opt f = function
 
 let map_loc sub {loc; txt} = {loc = sub.location sub loc; txt}
 
+let map_raw_source sub : raw_source -> raw_source = function
+  | Raw_string source -> Raw_string (map_loc sub source)
+  | Raw_template source -> Raw_template (map_loc sub source)
+
 module T = struct
   (* Type expressions for the core language *)
 
@@ -287,6 +291,11 @@ module M = struct
     | Pstr_include x -> include_ ~loc (sub.include_declaration sub x)
     | Pstr_extension (x, attrs) ->
       extension ~loc (sub.extension sub x) ~attrs:(sub.attributes sub attrs)
+    | Pstr_raw {name_loc; source; attrs} ->
+      raw ~loc
+        ~name_loc:(sub.location sub name_loc)
+        (map_raw_source sub source)
+        ~attrs:(sub.attributes sub attrs)
     | Pstr_attribute x -> attribute ~loc (sub.attribute sub x)
 end
 
@@ -418,6 +427,11 @@ module E = struct
     | Pexp_open (ovf, lid, e) ->
       open_ ~loc ~attrs ovf (map_loc sub lid) (sub.expr sub e)
     | Pexp_extension x -> extension ~loc ~attrs (sub.extension sub x)
+    | Pexp_raw {kind; name_loc; source} ->
+      raw ~loc ~attrs
+        ~name_loc:(sub.location sub name_loc)
+        kind
+        (map_raw_source sub source)
     | Pexp_await e -> await ~loc ~attrs (sub.expr sub e)
     | Pexp_jsx_element
         (Jsx_fragment
diff --git a/compiler/ml/ast_mapper_from0.ml b/compiler/ml/ast_mapper_from0.ml
index 3ad2d426ce..4fc85334ac 100644
--- a/compiler/ml/ast_mapper_from0.ml
+++ b/compiler/ml/ast_mapper_from0.ml
@@ -135,7 +135,7 @@ let map_constant ~loc = function
     Pconst_char {source = String_literal.encode_char_source semantic; semantic}
   | Pconst_string (s, Some ("js" | "*j")) -> source_string ~loc s
   | Pconst_string (s, None) -> semantic_string s
-  | Pconst_string (s, Some "json") -> Pconst_raw_source s
+  | Pconst_string (s, Some "json") -> source_string ~loc s
   (* Other v0 quotation delimiters are syntax, not part of the string value.
      Tagged ReScript templates are represented as applications before PPX. *)
   | Pconst_string (semantic, Some _) -> semantic_string semantic
@@ -151,6 +151,7 @@ let is_raw_source_extension = function
   | "raw" | "ffi" -> true
   | _ -> false
 
+(* A braced string or a template is mapped as usual. *)
 let map_raw_source_payload sub = function
   | PStr
       [
@@ -165,12 +166,22 @@ let map_raw_source_payload sub = function
                 eval_attributes );
           pstr_loc;
         };
-      ] ->
+      ]
+    when not
+           (has_template_attr pexp_attributes
+           || List.exists (fun ({txt}, _) -> txt = "res.braces") pexp_attributes
+           ) ->
+    (* The payload is JavaScript source: keep it as the string's spelling. *)
+    let payload =
+      match String_literal.string_from_source s with
+      | Some payload -> payload
+      | None -> String_literal.string_from_semantic s
+    in
     let expression =
       Ast_helper.Exp.constant
         ~loc:(sub.location sub pexp_loc)
         ~attrs:(sub.attributes sub pexp_attributes)
-        (Pt.Pconst_raw_source s)
+        (Pt.Pconst_string payload)
     in
     Some
       (Pt.PStr
@@ -182,6 +193,30 @@ let map_raw_source_payload sub = function
          ])
   | _ -> None
 
+(* The source of a plain v0 [%raw], [%ffi] or [%%raw] payload: a string, or a
+   template marked as such. Other payloads stay extensions. *)
+let raw_source_from0 sub = function
+  | PStr
+      [
+        {
+          pstr_desc =
+            Pstr_eval
+              ( {
+                  pexp_desc = Pexp_constant (Pconst_string (s, delimiter));
+                  pexp_loc;
+                  pexp_attributes;
+                },
+                [] );
+        };
+      ] -> (
+    let loc = sub.location sub pexp_loc in
+    match pexp_attributes with
+    | [] -> Some (Pt.Raw_string {txt = s; loc})
+    | attrs when has_template_attr attrs && remove_template_attr attrs = [] ->
+      Some (Pt.Raw_template {txt = template_source_from0 (s, delimiter); loc})
+    | _ -> None)
+  | _ -> None
+
 let for_of_attr_name = "_res.for_of"
 let for_await_of_attr_name = "_res.for_await_of"
 
@@ -541,6 +576,14 @@ module M = struct
     | Pstr_class_type () ->
       failwith "Pstr_class_type is no longer present in ReScript"
     | Pstr_include x -> include_ ~loc (sub.include_declaration sub x)
+    | Pstr_extension ((({txt = "raw"} as name), payload), attrs)
+      when raw_source_from0 sub payload <> None -> (
+      match raw_source_from0 sub payload with
+      | Some source ->
+        raw ~loc
+          ~name_loc:(sub.location sub name.loc)
+          source ~attrs:(sub.attributes sub attrs)
+      | None -> assert false)
     | Pstr_extension (x, attrs) ->
       extension ~loc (sub.extension sub x) ~attrs:(sub.attributes sub attrs)
     | Pstr_attribute x -> attribute ~loc (sub.attribute sub x)
@@ -1338,7 +1381,11 @@ module E = struct
             pattern flags
         | _ -> malformed ~loc:(sub.location sub source_loc))
       | _ -> malformed ~loc)
-    | Pexp_extension x -> extension ~loc ~attrs (sub.extension sub x)
+    | Pexp_extension (({txt = name; loc = name_loc}, payload) as x) -> (
+      match (Ast_raw.kind_of_name name, raw_source_from0 sub payload) with
+      | Some kind, Some source ->
+        raw ~loc ~attrs ~name_loc:(sub.location sub name_loc) kind source
+      | _ -> extension ~loc ~attrs (sub.extension sub x))
     | Pexp_unreachable -> assert false
 end
 
diff --git a/compiler/ml/ast_mapper_to0.ml b/compiler/ml/ast_mapper_to0.ml
index e5e8112580..d469b0e0cf 100644
--- a/compiler/ml/ast_mapper_to0.ml
+++ b/compiler/ml/ast_mapper_to0.ml
@@ -80,11 +80,31 @@ let map_constant = function
   | Pconst_char {semantic} -> Pconst_char semantic
   | Pconst_string payload ->
     Pconst_string (String_literal.string_source payload, Some "js")
-  | Pconst_raw_source s -> Pconst_string (s, Some "js")
   | Pconst_float (s, suffix) -> Pconst_float (s, suffix)
 
 let template_attr = (Location.mknoloc "res.template", Pt.PStr [])
 
+(* v0 spells raw JavaScript as the extension it is written as, with the source
+   in a ["js"]-delimited string. *)
+let raw_extension sub ~name ~name_loc (source : Parsetree.raw_source) :
+    Pt.extension =
+  let constant ~attrs ({txt; loc} : string Location.loc) =
+    Ast_helper0.Exp.constant ~loc:(sub.location sub loc) ~attrs
+      (Pt.Pconst_string (txt, Some "js"))
+  in
+  let expression =
+    match source with
+    | Raw_string source -> constant ~attrs:[] source
+    | Raw_template source -> constant ~attrs:[template_attr] source
+  in
+  ( {txt = name; loc = sub.location sub name_loc},
+    Pt.PStr
+      [
+        Ast_helper0.Str.eval
+          ~loc:(sub.location sub (Ast_raw.payload_loc source))
+          expression;
+      ] )
+
 let add_template_attr attrs =
   if Ext_list.exists attrs (fun ({txt}, _) -> txt = "res.template") then attrs
   else template_attr :: attrs
@@ -410,6 +430,10 @@ module M = struct
     | Pstr_include x -> include_ ~loc (sub.include_declaration sub x)
     | Pstr_extension (x, attrs) ->
       extension ~loc (sub.extension sub x) ~attrs:(sub.attributes sub attrs)
+    | Pstr_raw {name_loc; source; attrs} ->
+      extension ~loc
+        (raw_extension sub ~name:"raw" ~name_loc source)
+        ~attrs:(sub.attributes sub attrs)
     | Pstr_attribute x -> attribute ~loc (sub.attribute sub x)
 end
 
@@ -810,6 +834,9 @@ module E = struct
     | Pexp_open (ovf, lid, e) ->
       open_ ~loc ~attrs ovf (map_loc sub lid) (sub.expr sub e)
     | Pexp_extension x -> extension ~loc ~attrs (sub.extension sub x)
+    | Pexp_raw {kind; name_loc; source} ->
+      extension ~loc ~attrs
+        (raw_extension sub ~name:(Ast_raw.extension_name kind) ~name_loc source)
     | Pexp_await e ->
       (* Single v0 attribute slot for two nodes: the await node's own
          attributes go in front of the [res.await] marker, the inner
diff --git a/compiler/ml/ast_payload.ml b/compiler/ml/ast_payload.ml
index 6f5295d575..7dcfdc3475 100644
--- a/compiler/ml/ast_payload.ml
+++ b/compiler/ml/ast_payload.ml
@@ -196,6 +196,11 @@ let validate_raw_source ~(kind : Js_raw_info.raw_kind) ?is_function ~loc ~offset
 
 let raw_as_string_exp_exn ~(kind : Js_raw_info.raw_kind) ?is_function (x : t) :
     Parsetree.expression option =
+  let braced =
+    match x with
+    | PStr [{pstr_desc = Pstr_eval ({pexp_desc = Pexp_braces _}, _)}] -> true
+    | _ -> false
+  in
   let string_expression =
     match unwrap_payload_expression x with
     (* TODO also need detect empty phrase case *)
@@ -223,17 +228,30 @@ let raw_as_string_exp_exn ~(kind : Js_raw_info.raw_kind) ?is_function (x : t) :
           };
         ] -> (
       match constant with
-      | Pconst_raw_source source ->
-        Some (source, Bs_flow_ast_utils.flow_deli_offset (Some "js"), expression)
-      | Pconst_string payload ->
+      | Pconst_string payload when braced ->
+        (* A braced payload is an ordinary string expression, so its escapes
+           are decoded. *)
         Some (String_literal.string_semantic payload, 0, expression)
+      | Pconst_string payload ->
+        (* A raw payload is JavaScript source, so the string is taken as
+           written. *)
+        Some
+          ( String_literal.string_source payload,
+            Bs_flow_ast_utils.flow_deli_offset (Some "js"),
+            expression )
       | _ -> None)
     | _ -> None
   in
   match string_expression with
   | Some (str, offset, ({pexp_loc = loc} as expression)) ->
     validate_raw_source ~kind ?is_function ~loc ~offset str;
-    Some {expression with pexp_desc = Pexp_constant (Pconst_raw_source str)}
+    Some
+      {
+        expression with
+        pexp_desc =
+          Pexp_constant
+            (Pconst_string (String_literal.string_from_semantic str));
+      }
   | None -> None
 
 type lid = string Asttypes.loc
diff --git a/compiler/ml/ast_raw.ml b/compiler/ml/ast_raw.ml
new file mode 100644
index 0000000000..8bebc880dd
--- /dev/null
+++ b/compiler/ml/ast_raw.ml
@@ -0,0 +1,82 @@
+open Parsetree
+
+let extension_name = function
+  | Raw_expression -> "raw"
+  | Raw_function -> "ffi"
+
+let source_loc = function
+  | Raw_string {loc} | Raw_template {loc} -> loc
+
+let js_source = function
+  | Raw_string {txt} -> txt
+  | Raw_template {txt} -> String_literal.decode_raw_template_source txt
+
+let payload_loc = function
+  | Raw_string {loc} -> loc
+  | Raw_template {loc} ->
+    (* The template source ends before the closing backquote. *)
+    if loc.loc_ghost then loc
+    else
+      {
+        loc with
+        loc_end = {loc.loc_end with pos_cnum = loc.loc_end.pos_cnum + 1};
+      }
+
+let kind_of_name = function
+  | "raw" -> Some Raw_expression
+  | "ffi" -> Some Raw_function
+  | _ -> None
+
+let of_payload : payload -> raw_source option = function
+  | PStr
+      [
+        {pstr_desc = Pstr_eval ({pexp_desc; pexp_loc; pexp_attributes = []}, [])};
+      ] -> (
+    match pexp_desc with
+    | Pexp_constant (Pconst_string payload) ->
+      Some
+        (Raw_string {txt = String_literal.string_source payload; loc = pexp_loc})
+    | Pexp_template {source_segments = [source]; values = []} ->
+      Some (Raw_template source)
+    | _ -> None)
+  | _ -> None
+
+(* Whether [source] can be written between double quotes as it is: it has no
+   unescaped double quote. *)
+let fits_double_quotes source =
+  let rec loop index =
+    if index >= String.length source then true
+    else
+      match String.unsafe_get source index with
+      | '"' -> false
+      | '\\' -> index + 1 < String.length source && loop (index + 2)
+      | _ -> loop (index + 1)
+  in
+  loop 0
+
+let to_extension ~name ~name_loc source : extension =
+  let loc = payload_loc source in
+  let expression =
+    match source with
+    | Raw_string source -> (
+      match
+        if fits_double_quotes source.txt then
+          String_literal.string_from_source source.txt
+        else None
+      with
+      | Some payload -> Ast_helper.Exp.constant ~loc (Pconst_string payload)
+      | None ->
+        Ast_helper.Exp.template ~loc
+          [
+            {
+              source with
+              txt = String_literal.encode_raw_template_source source.txt;
+            };
+          ]
+          [])
+    | Raw_template source -> Ast_helper.Exp.template ~loc [source] []
+  in
+  ({txt = name; loc = name_loc}, PStr [Ast_helper.Str.eval ~loc expression])
+
+let uninterpreted ~loc name =
+  Location.errorf ~loc "Uninterpreted extension '%s'." name
diff --git a/compiler/ml/ast_raw.mli b/compiler/ml/ast_raw.mli
new file mode 100644
index 0000000000..1fabb6d7c3
--- /dev/null
+++ b/compiler/ml/ast_raw.mli
@@ -0,0 +1,30 @@
+(** [%raw], [%ffi] and [%%raw]. *)
+
+val extension_name : Parsetree.raw_kind -> string
+(** ["raw"] or ["ffi"]. *)
+
+val source_loc : Parsetree.raw_source -> Location.t
+
+val js_source : Parsetree.raw_source -> string
+(** The JavaScript source that a raw node stands for. *)
+
+val payload_loc : Parsetree.raw_source -> Location.t
+(** The location of the string or template literal holding the source. *)
+
+val kind_of_name : string -> Parsetree.raw_kind option
+(** The kind of [%raw] or [%ffi]. *)
+
+val of_payload : Parsetree.payload -> Parsetree.raw_source option
+(** The source in a parsed [%raw], [%ffi] or [%%raw] payload, if it is a plain
+    string or template. *)
+
+val to_extension :
+  name:string ->
+  name_loc:Location.t ->
+  Parsetree.raw_source ->
+  Parsetree.extension
+(** The extension as parsed, for passes that treat raw JavaScript like the
+    extension it is written as. *)
+
+val uninterpreted : loc:Location.t -> string -> Location.error
+(** The error for an extension that no compiler pass interpreted. *)
diff --git a/compiler/ml/depend.ml b/compiler/ml/depend.ml
index a2e2240685..82960f38b3 100644
--- a/compiler/ml/depend.ml
+++ b/compiler/ml/depend.ml
@@ -320,6 +320,7 @@ let rec add_expr bv exp =
     | Pstr_eval ({pexp_desc = Pexp_construct (c, {txt = []})}, _) -> add bv c
     | _ -> handle_extension e)
   | Pexp_extension e -> handle_extension e
+  | Pexp_raw _ -> ()
   | Pexp_await e -> add_expr bv e
   | Pexp_jsx_element (Jsx_fragment {jsx_fragment_children = children}) ->
     add_jsx_children bv children
@@ -539,7 +540,7 @@ and add_struct_item (bv, m) item : _ String_map.t * _ String_map.t =
     add_names s;
     let add = String_map.fold String_map.add m' in
     (add bv, add m)
-  | Pstr_attribute _ -> (bv, m)
+  | Pstr_attribute _ | Pstr_raw _ -> (bv, m)
   | Pstr_extension (e, _) ->
     handle_extension e;
     (bv, m)
diff --git a/compiler/ml/parsetree.ml b/compiler/ml/parsetree.ml
index bd865de669..f9a008d7b8 100644
--- a/compiler/ml/parsetree.ml
+++ b/compiler/ml/parsetree.ml
@@ -47,11 +47,6 @@ type constant =
      legacy three-digit decimal escapes to hexadecimal escapes. Compiler-created
      Payloads are constructed through [String_literal], which validates this
      relationship. *)
-  | Pconst_raw_source of string
-  (* JavaScript source carried by a compiler extension such as [raw] or [ffi].
-     For example, [%raw("x + 1")] stores ["x + 1"]. The extension
-     interprets the string as JavaScript source rather than as a ReScript
-     runtime string value. *)
   | Pconst_float of string * char option
 (* 3.4 2e5 1.4e-4
 
@@ -401,6 +396,9 @@ and expression_desc =
        let! open M in E *)
   | Pexp_extension of extension
   (* [%id] *)
+  | Pexp_raw of {kind: raw_kind; name_loc: Location.t; source: raw_source}
+  (* %raw("...") and %ffi("..."): JavaScript source. [name_loc] is the
+     location of [%raw] or [%ffi]. *)
   (* . *)
   | Pexp_await of expression
   | Pexp_jsx_element of jsx_element
@@ -809,7 +807,22 @@ and structure_item_desc =
   | Pstr_include of include_declaration (* include ME *)
   | Pstr_attribute of attribute (* [@@@id] *)
   | Pstr_extension of extension * attributes
-(* [%%id] *)
+  (* [%%id] *)
+  | Pstr_raw of {name_loc: Location.t; source: raw_source; attrs: attributes}
+(* %%raw("..."): JavaScript statements. [name_loc] is the location of
+   [%%raw]. *)
+
+and raw_kind =
+  | Raw_expression (* %raw: any JavaScript expression *)
+  | Raw_function (* %ffi: a JavaScript function *)
+
+and raw_source =
+  | Raw_string of string loc
+    (* %raw("..."): the JavaScript source, which is also the text between the
+       quotes. The location is the string literal's. *)
+  | Raw_template of string loc
+(* %raw(`...`): the template source as written, from which
+   [String_literal.decode_raw_template_source] gives the JavaScript source *)
 
 and value_constraint = {
   pvc_newtypes: string loc list;
diff --git a/compiler/ml/pprintast.ml b/compiler/ml/pprintast.ml
index 00bb5711e1..11d9bbd5e9 100644
--- a/compiler/ml/pprintast.ml
+++ b/compiler/ml/pprintast.ml
@@ -252,8 +252,6 @@ let constant f = function
   | Pconst_string payload ->
     pp f "{js|%a|js}" print_string_with_byte_width
       (String_literal.string_source payload)
-  | Pconst_raw_source source ->
-    pp f "{js|%a|js}" print_string_with_byte_width source
   | Pconst_integer (i, None) -> paren (i.[0] = '-') (fun f -> pp f "%s") f i
   | Pconst_integer (i, Some m) ->
     paren (i.[0] = '-') (fun f (i, m) -> pp f "%s%c" i m) f (i, m)
@@ -789,6 +787,11 @@ and expression ctxt f x =
       in
       pp f "@[<2>`%s@;%a@]" l (simple_expr ctxt) payload
     | Pexp_extension e -> extension ctxt f e
+    | Pexp_raw {kind; name_loc; source} ->
+      extension ctxt f
+        (Ast_raw.to_extension
+           ~name:(Ast_raw.extension_name kind)
+           ~name_loc source)
     | Pexp_await e -> pp f "@[<hov2>await@ %a@]" (simple_expr ctxt) e
     | Pexp_regexp {pattern; flags} -> pp f "/%s/%s" pattern flags
     | Pexp_template {source_segments; values} ->
@@ -1321,6 +1324,9 @@ and structure_item ctxt f x =
   | Pstr_extension (e, a) ->
     item_extension ctxt f e;
     item_attributes ctxt f a
+  | Pstr_raw {name_loc; source; attrs} ->
+    item_extension ctxt f (Ast_raw.to_extension ~name:"raw" ~name_loc source);
+    item_attributes ctxt f attrs
 
 and type_param ctxt f (ct, a) =
   pp f "%s%a" (type_variance a) (core_type ctxt) ct
diff --git a/compiler/ml/printast.ml b/compiler/ml/printast.ml
index 574b3c7bb3..aae9592541 100644
--- a/compiler/ml/printast.ml
+++ b/compiler/ml/printast.ml
@@ -66,7 +66,6 @@ let fmt_constant f x =
     fprintf f "PConst_string (source=%S, semantic=%S)"
       (String_literal.string_source payload)
       (String_literal.string_semantic payload)
-  | Pconst_raw_source source -> fprintf f "PConst_raw_source %S" source
   | Pconst_float (s, m) -> fprintf f "PConst_float (%s,%a)" s fmt_char_option m
 
 let fmt_mutable_flag f x =
@@ -140,6 +139,13 @@ let fixed_value i ppf (x : fixed_value) =
   | Pfixed_json source ->
     line i ppf "Pfixed_json %S %a\n" source.txt fmt_location source.loc
 
+let raw_source i ppf (source : raw_source) =
+  match source with
+  | Raw_string {txt; loc} ->
+    line i ppf "Raw_string %S %a\n" txt fmt_location loc
+  | Raw_template {txt; loc} ->
+    line i ppf "Raw_template %S %a\n" txt fmt_location loc
+
 let rec core_type i ppf x =
   line i ppf "core_type %a\n" fmt_location x.ptyp_loc;
   attributes i ppf x.ptyp_attributes;
@@ -413,6 +419,11 @@ and expression i ppf x =
   | Pexp_open (ovf, m, e) ->
     line i ppf "Pexp_open %a \"%a\"\n" fmt_override_flag ovf fmt_longident_loc m;
     expression i ppf e
+  | Pexp_raw {kind; name_loc; source} ->
+    line i ppf "Pexp_raw \"%s\" %a\n"
+      (Ast_raw.extension_name kind)
+      fmt_location name_loc;
+    raw_source i ppf source
   | Pexp_extension (s, arg) ->
     line i ppf "Pexp_extension \"%s\"\n" s.txt;
     payload i ppf arg
@@ -746,6 +757,10 @@ and structure_item i ppf x =
     line i ppf "Pstr_include";
     attributes i ppf incl.pincl_attributes;
     module_expr i ppf incl.pincl_mod
+  | Pstr_raw {name_loc; source; attrs} ->
+    line i ppf "Pstr_raw %a\n" fmt_location name_loc;
+    attributes i ppf attrs;
+    raw_source i ppf source
   | Pstr_extension ((s, arg), attrs) ->
     line i ppf "Pstr_extension \"%s\"\n" s.txt;
     attributes i ppf attrs;
diff --git a/compiler/ml/string_literal.ml b/compiler/ml/string_literal.ml
index 88579e1a3c..ceb25cee63 100644
--- a/compiler/ml/string_literal.ml
+++ b/compiler/ml/string_literal.ml
@@ -252,6 +252,29 @@ let decode_raw_template_source source =
   loop 0;
   Buffer.contents buffer
 
+(* The inverse of [decode_raw_template_source]: escape backquotes, [${] and
+   the backslashes that decoding would otherwise consume. *)
+let encode_raw_template_source source =
+  let length = String.length source in
+  let buffer = Buffer.create length in
+  String.iteri
+    (fun index character ->
+      let next =
+        if index + 1 < length then Some (String.unsafe_get source (index + 1))
+        else None
+      in
+      match character with
+      | '`' -> Buffer.add_string buffer "\\`"
+      | '$' when next = Some '{' -> Buffer.add_string buffer "\\$"
+      | '\\' -> (
+        match next with
+        | None | Some ('\\' | '$' | '`' | '\n' | '\r' | '\226') ->
+          Buffer.add_string buffer "\\\\"
+        | Some _ -> Buffer.add_char buffer character)
+      | _ -> Buffer.add_char buffer character)
+    source;
+  Buffer.contents buffer
+
 type encode_js_mode = String | Template
 
 let encode_js mode s =
diff --git a/compiler/ml/string_literal.mli b/compiler/ml/string_literal.mli
index f3dda64277..eab295699d 100644
--- a/compiler/ml/string_literal.mli
+++ b/compiler/ml/string_literal.mli
@@ -61,6 +61,10 @@ val decode_raw_template_source : string -> string
     Backslashes belonging to the embedded JavaScript, such as [\\n], are
     preserved. *)
 
+val encode_raw_template_source : string -> string
+(** The inverse of [decode_raw_template_source]: the template source for the
+    given JavaScript source. *)
+
 val encode_js_string : string -> string
 (** Encode a semantic UTF-8 string as a canonical JavaScript string-literal
     body. *)
diff --git a/compiler/ml/typecore.ml b/compiler/ml/typecore.ml
index 38f4e491c1..a8766cee57 100644
--- a/compiler/ml/typecore.ml
+++ b/compiler/ml/typecore.ml
@@ -197,7 +197,7 @@ let iter_expression f e =
     f e;
     match e.pexp_desc with
     | Pexp_braces {expr = inner} -> expr inner
-    | Pexp_extension _ (* we don't iterate under extension point *)
+    | Pexp_extension _ (* we don't iterate under extension point *) | Pexp_raw _
     | Pexp_ident _ | Pexp_constant _ ->
       ()
     | Pexp_fun {params; body} ->
@@ -288,7 +288,8 @@ let iter_expression f e =
     | Pstr_eval (e, _) -> expr e
     | Pstr_value (_, pel) -> List.iter binding pel
     | Pstr_primitive _ | Pstr_type _ | Pstr_typext _ | Pstr_exception _
-    | Pstr_modtype _ | Pstr_open _ | Pstr_attribute _ | Pstr_extension _ ->
+    | Pstr_modtype _ | Pstr_open _ | Pstr_attribute _ | Pstr_extension _
+    | Pstr_raw _ ->
       ()
     | Pstr_include {pincl_mod = me} | Pstr_module {pmb_expr = me} ->
       module_expr me
@@ -337,7 +338,6 @@ let constant : Parsetree.constant -> (Asttypes.constant, error) result =
   | Pconst_char {semantic} -> Ok (Const_char semantic)
   | Pconst_string payload ->
     Ok (Const_string (String_literal.string_semantic payload))
-  | Pconst_raw_source s -> Ok (Const_string s)
   | Pconst_float (f, None) -> Ok (Const_float f)
   | Pconst_float (f, Some c) -> Error (Unknown_literal (f, c))
 
@@ -3699,6 +3699,11 @@ and type_expect_ ?deprecated_context ~context ?(recarg = Rejected) env sexp
     | _ -> raise (Error (loc, env, Invalid_extension_constructor_payload)))
   | Pexp_extension ext ->
     raise (Error_forward (Builtin_attributes.error_of_extension ext))
+  | Pexp_raw {kind; name_loc} ->
+    (* The built-in PPX lowers raw JavaScript before type checking. *)
+    raise
+      (Error_forward
+         (Ast_raw.uninterpreted ~loc:name_loc (Ast_raw.extension_name kind)))
   | Pexp_await _ -> (* should be handled earlier *) assert false
   | Pexp_jsx_element _ ->
     raise (Error (sexp.pexp_loc, Env.empty, Jsx_not_enabled))
diff --git a/compiler/ml/typemod.ml b/compiler/ml/typemod.ml
index 6a2d5a3038..00b78b3fce 100644
--- a/compiler/ml/typemod.ml
+++ b/compiler/ml/typemod.ml
@@ -1574,6 +1574,9 @@ and type_structure ?(toplevel = false) funct_body anchor env sstr =
       (Tstr_include incl, sg, new_env)
     | Pstr_extension (ext, _attrs) ->
       raise (Error_forward (Builtin_attributes.error_of_extension ext))
+    | Pstr_raw {name_loc} ->
+      (* The built-in PPX lowers raw JavaScript before type checking. *)
+      raise (Error_forward (Ast_raw.uninterpreted ~loc:name_loc "raw"))
     | Pstr_attribute x ->
       Builtin_attributes.warning_attribute x;
       (Tstr_attribute x, [], env)
diff --git a/compiler/syntax/src/res_comments_table.ml b/compiler/syntax/src/res_comments_table.ml
index 72140ca738..f69fcf9689 100644
--- a/compiler/syntax/src/res_comments_table.ml
+++ b/compiler/syntax/src/res_comments_table.ml
@@ -524,6 +524,10 @@ and walk_structure_item si t comments =
     walk_module_type_declaration mod_typ_decl t comments
   | Pstr_attribute attribute -> walk_attribute attribute t comments
   | Pstr_extension (extension, _) -> walk_extension extension t comments
+  | Pstr_raw {name_loc; source} ->
+    walk_extension
+      (Ast_raw.to_extension ~name:"raw" ~name_loc source)
+      t comments
   | Pstr_include include_declaration ->
     walk_include_declaration include_declaration t comments
   | Pstr_exception extension_constructor ->
@@ -1126,6 +1130,12 @@ and walk_expression expr t comments =
            ExprRecordRow (Location.mkloc (Longident.Lident s.txt) s.loc, e)))
       t comments
   | Pexp_extension extension -> walk_extension extension t comments
+  | Pexp_raw {kind; name_loc; source} ->
+    walk_extension
+      (Ast_raw.to_extension
+         ~name:(Ast_raw.extension_name kind)
+         ~name_loc source)
+      t comments
   | Pexp_letexception (extension_constructor, expr2) ->
     let leading, comments = partition_leading_trailing comments expr.pexp_loc in
     attach t.leading
diff --git a/compiler/syntax/src/res_core.ml b/compiler/syntax/src/res_core.ml
index b990394e08..222cffc834 100644
--- a/compiler/syntax/src/res_core.ml
+++ b/compiler/syntax/src/res_core.ml
@@ -2100,10 +2100,14 @@ and parse_atomic_expr p =
     | Lbracket -> parse_array_exp p
     | Lbrace -> parse_braced_or_record_expr p
     | LessThan -> parse_jsx p
-    | Percent ->
-      let extension = parse_extension p in
+    | Percent -> (
+      let (({Location.txt = name; loc = name_loc}, payload) as extension) =
+        parse_extension p
+      in
       let loc = mk_loc start_pos (Parser.position p) in
-      Ast_helper.Exp.extension ~loc extension
+      match (Ast_raw.kind_of_name name, Ast_raw.of_payload payload) with
+      | Some kind, Some source -> Ast_helper.Exp.raw ~loc ~name_loc kind source
+      | _ -> Ast_helper.Exp.extension ~loc extension)
     | Underscore as token ->
       (* This case is for error recovery. Not sure if it's the correct place *)
       Parser.err p (Diagnostics.lident token);
@@ -6458,11 +6462,16 @@ and parse_structure_item_region pending_structure_items p =
       parse_newline_or_semicolon_structure p;
       let loc = mk_loc start_pos (Parser.position p) in
       Some (Ast_helper.Str.attribute ~loc attr)
-    | PercentPercent ->
-      let extension = parse_extension ~module_language:true p in
+    | PercentPercent -> (
+      let (({Location.txt = name; loc = name_loc}, payload) as extension) =
+        parse_extension ~module_language:true p
+      in
       parse_newline_or_semicolon_structure p;
       let loc = mk_loc start_pos (Parser.position p) in
-      Some (Ast_helper.Str.extension ~attrs ~loc extension)
+      match (name, Ast_raw.of_payload payload) with
+      | "raw", Some source ->
+        Some (Ast_helper.Str.raw ~attrs ~loc ~name_loc source)
+      | _ -> Some (Ast_helper.Str.extension ~attrs ~loc extension))
     | token when Grammar.is_expr_start token ->
       let position = Parser.position p in
       let exp = parse_expr p in
@@ -7438,37 +7447,6 @@ and parse_extension ?(module_language = false) p =
       (Diagnostics.message
          "The %re extension has been removed. Use a regexp literal such as \
           /abc/i.");
-  let payload =
-    match (attr_id.txt, payload) with
-    | ( ("raw" | "ffi"),
-        Parsetree.PStr
-          [
-            ({
-               pstr_desc =
-                 Pstr_eval
-                   ( ({pexp_desc = Pexp_constant (Pconst_string payload)} as
-                      expression),
-                     eval_attrs );
-             } as item);
-          ] ) ->
-      Parsetree.PStr
-        [
-          {
-            item with
-            pstr_desc =
-              Pstr_eval
-                ( {
-                    expression with
-                    pexp_desc =
-                      Pexp_constant
-                        (Pconst_raw_source
-                           (String_literal.string_source payload));
-                  },
-                  eval_attrs );
-          };
-        ]
-    | _ -> payload
-  in
   (attr_id, payload)
 
 (* module signature on the file level *)
diff --git a/compiler/syntax/src/res_parens.ml b/compiler/syntax/src/res_parens.ml
index 325a108f35..e6a8362f31 100644
--- a/compiler/syntax/src/res_parens.ml
+++ b/compiler/syntax/src/res_parens.ml
@@ -106,7 +106,7 @@ let unary_expr_operand expr =
      pexp_desc =
        ( Pexp_assert _ | Pexp_fun _ | Pexp_constraint _ | Pexp_coerce _
        | Pexp_setfield _ | Pexp_extension _ (* readability? maybe remove *)
-       | Pexp_object_literal _ (* ({"a": 1})["a"] *)
+       | Pexp_raw _ | Pexp_object_literal _ (* ({"a": 1})["a"] *)
        | Pexp_object_set _ (* (o["x"] = v)["y"] *) | Pexp_match _ | Pexp_try _
        | Pexp_while _ | Pexp_for _ | Pexp_for_of _ | Pexp_for_await_of _
        | Pexp_ifthenelse _ | Pexp_ternary _ );
@@ -271,9 +271,10 @@ let field_expr expr =
     | {
      pexp_desc =
        ( Pexp_assert _ | Pexp_extension _ (* %extension.x vs (%extension).x *)
-       | Pexp_regexp _ | Pexp_object_literal _ (* ({"a": 1})["a"] *)
-       | Pexp_fun _ | Pexp_constraint _ | Pexp_coerce _ | Pexp_setfield _
-       | Pexp_match _ | Pexp_try _ | Pexp_while _ | Pexp_for _ | Pexp_for_of _
+       | Pexp_raw _ | Pexp_regexp _
+       | Pexp_object_literal _ (* ({"a": 1})["a"] *) | Pexp_fun _
+       | Pexp_constraint _ | Pexp_coerce _ | Pexp_setfield _ | Pexp_match _
+       | Pexp_try _ | Pexp_while _ | Pexp_for _ | Pexp_for_of _
        | Pexp_for_await_of _ | Pexp_ifthenelse _ | Pexp_ternary _ );
     } ->
       Parenthesized
@@ -334,9 +335,9 @@ let jsx_prop_expr expr =
        Parsetree.pexp_desc =
          ( Pexp_ident _ | Pexp_constant _ | Pexp_field _ | Pexp_construct _
          | Pexp_variant _ | Pexp_array _ | Pexp_pack _ | Pexp_record _
-         | Pexp_object_literal _ | Pexp_extension _ | Pexp_letmodule _
-         | Pexp_letexception _ | Pexp_open _ | Pexp_sequence _ | Pexp_let _
-         | Pexp_tuple _ );
+         | Pexp_object_literal _ | Pexp_extension _ | Pexp_raw _
+         | Pexp_letmodule _ | Pexp_letexception _ | Pexp_open _
+         | Pexp_sequence _ | Pexp_let _ | Pexp_tuple _ );
        pexp_attributes = [];
       } ->
         Nothing
diff --git a/compiler/syntax/src/res_parsetree_viewer.ml b/compiler/syntax/src/res_parsetree_viewer.ml
index 9cfa195424..b11c5a0859 100644
--- a/compiler/syntax/src/res_parsetree_viewer.ml
+++ b/compiler/syntax/src/res_parsetree_viewer.ml
@@ -236,8 +236,6 @@ let is_huggable_expression expr =
   | Pexp_constant (Pconst_string payload)
     when is_multiline_text (String_literal.string_source payload) ->
     true
-  | Pexp_constant (Pconst_raw_source source) when is_multiline_text source ->
-    true
   | _ -> false
 
 let is_huggable_rhs expr =
diff --git a/compiler/syntax/src/res_printer.ml b/compiler/syntax/src/res_printer.ml
index 910d699fec..3cb9cd6d65 100644
--- a/compiler/syntax/src/res_printer.ml
+++ b/compiler/syntax/src/res_printer.ml
@@ -641,17 +641,6 @@ let interleave_template_parts sources values =
   in
   loop Doc.nil sources values
 
-let raw_source_fits_double_quotes source =
-  let rec loop index =
-    if index >= String.length source then true
-    else
-      match String.unsafe_get source index with
-      | '"' -> false
-      | '\\' -> index + 1 < String.length source && loop (index + 2)
-      | _ -> loop (index + 1)
-  in
-  loop 0
-
 let print_constant c =
   match c with
   | Parsetree.Pconst_integer (s, suffix) -> (
@@ -665,12 +654,6 @@ let print_constant c =
         print_string_contents (String_literal.string_source payload);
         Doc.text "\"";
       ]
-  | Pconst_raw_source source ->
-    let delimiter =
-      if raw_source_fits_double_quotes source then "\"" else "`"
-    in
-    Doc.concat
-      [Doc.text delimiter; print_string_contents source; Doc.text delimiter]
   | Pconst_char {source} ->
     Doc.concat [Doc.text "'"; Doc.text source; Doc.text "'"]
   | Pconst_float (s, _) -> Doc.text s
@@ -756,6 +739,15 @@ and print_structure_item ~state ?(protect_regexp = false)
   | Pstr_attribute attr ->
     clear_pending ();
     fst (print_attribute ~state ~standalone:true attr cmt_tbl)
+  | Pstr_raw {name_loc; source; attrs} ->
+    clear_pending ();
+    Doc.concat
+      [
+        print_attributes ~state attrs cmt_tbl;
+        print_extension ~state ~at_module_lvl:true
+          (Ast_raw.to_extension ~name:"raw" ~name_loc source)
+          cmt_tbl;
+      ]
   | Pstr_extension (extension, attrs) ->
     clear_pending ();
     Doc.concat
@@ -3548,6 +3540,12 @@ and print_expression ~state (e : Parsetree.expression) cmt_tbl =
            ])
     | Pexp_extension extension ->
       print_extension ~state ~at_module_lvl:false extension cmt_tbl
+    | Pexp_raw {kind; name_loc; source} ->
+      print_extension ~state ~at_module_lvl:false
+        (Ast_raw.to_extension
+           ~name:(Ast_raw.extension_name kind)
+           ~name_loc source)
+        cmt_tbl
     | Pexp_regexp {pattern; flags} -> Doc.text ("/" ^ pattern ^ "/" ^ flags)
     | Pexp_template {source_segments; values} ->
       print_template_literal ~state ~source_segments ~values cmt_tbl
diff --git a/tests/ounit_tests/ounit_ast_mapper0_tests.ml b/tests/ounit_tests/ounit_ast_mapper0_tests.ml
index f0ebbb5b86..c20a3e50ee 100644
--- a/tests/ounit_tests/ounit_ast_mapper0_tests.ml
+++ b/tests/ounit_tests/ounit_ast_mapper0_tests.ml
@@ -1668,21 +1668,159 @@ let test_string_literals_roundtrip_through_ast0 _ =
   assert_string_expr ~expected_source:{|\x61|} ~expected_semantic:"a"
     (map_expr0 (map_expr_to0 source_string))
 
+let test_raw_nodes_roundtrip_through_ast0 _ =
+  (* [%raw("x")] and [%ffi(`y`)] reach v0 as the extensions they are written
+     as, and come back unchanged. *)
+  let string_source : Parsetree.raw_source =
+    Raw_string {txt = "x"; loc = source_loc 5 8}
+  in
+  let template_source : Parsetree.raw_source =
+    Raw_template {txt = "a\\`b"; loc = source_loc 5 10}
+  in
+  let raw kind source =
+    Ast_helper.Exp.raw ~loc:(source_loc 0 12) ~name_loc:(source_loc 0 4) kind
+      source
+  in
+  List.iter
+    (fun (expression : Parsetree.expression) ->
+      let expression0 = map_expr_to0 expression in
+      (match expression0.pexp_desc with
+      | Pexp_extension
+          ( {txt = "raw" | "ffi"; loc = name_loc},
+            PStr
+              [
+                {
+                  pstr_desc =
+                    Pstr_eval
+                      ( {
+                          pexp_desc =
+                            Pexp_constant (Pconst_string (_, Some "js"));
+                        },
+                        [] );
+                };
+              ] ) ->
+        OUnit.assert_equal (source_loc 0 4) name_loc
+      | _ -> assert_failure "Expected a raw extension on the ast0 wire");
+      OUnit.assert_equal expression.pexp_desc (map_expr0 expression0).pexp_desc)
+    [
+      raw Raw_expression string_source;
+      raw Raw_function string_source;
+      raw Raw_expression template_source;
+    ];
+  (* A template keeps its spelling, so its JavaScript is decoded once. *)
+  match
+    (map_expr0 (map_expr_to0 (raw Raw_expression template_source))).pexp_desc
+  with
+  | Pexp_raw {source} ->
+    OUnit.assert_equal ~printer:(Printf.sprintf "%S") "a`b"
+      (Ast_raw.js_source source)
+  | _ -> assert_failure "Expected a raw node"
+
+let test_raw_structure_item_roundtrips_through_ast0 _ =
+  let item =
+    Ast_helper.Str.raw ~loc:(source_loc 0 20) ~name_loc:(source_loc 7 12)
+      ~attrs:[attr "attr" (Parsetree.PStr [])]
+      (Raw_string {txt = "var x"; loc = source_loc 13 20})
+  in
+  let item0 =
+    Ast_mapper_to0.default_mapper.structure_item Ast_mapper_to0.default_mapper
+      item
+  in
+  (match item0.pstr_desc with
+  | Pstr_extension (({txt = "raw"; loc}, PStr [_]), [({txt = "attr"}, _)]) ->
+    OUnit.assert_equal (source_loc 7 12) loc
+  | _ -> assert_failure "Expected a %%raw extension on the ast0 wire");
+  OUnit.assert_equal item.pstr_desc
+    (Ast_mapper_from0.default_mapper.structure_item
+       Ast_mapper_from0.default_mapper item0)
+      .pstr_desc
+
+let test_raw_source_prints_with_fitting_quotes _ =
+  (* A source with a double quote, e.g. from a PPX, prints as a template. *)
+  let payload_desc txt =
+    match
+      Ast_raw.to_extension ~name:"raw" ~name_loc:loc
+        (Raw_string {txt; loc = Location.none})
+    with
+    | _, PStr [{pstr_desc = Pstr_eval ({pexp_desc}, [])}] -> pexp_desc
+    | _ -> assert_failure "Expected a single payload expression"
+  in
+  (match payload_desc "1 + 2" with
+  | Pexp_constant (Pconst_string _) -> ()
+  | _ -> assert_failure "Expected a double-quoted string");
+  match payload_desc {|"img"|} with
+  | Pexp_template {source_segments = [{txt = {|"img"|}}]} -> ()
+  | _ -> assert_failure "Expected a template"
+
+let test_raw_source_template_fallback_reparses _ =
+  (* A source that needs a template escapes the template's own syntax, so it
+     parses back to the same JavaScript. *)
+  List.iter
+    (fun txt ->
+      let structure =
+        [
+          Ast_helper.Str.value ~loc Nonrecursive
+            [
+              Ast_helper.Vb.mk ~loc
+                (Ast_helper.Pat.var ~loc (Location.mknoloc "v"))
+                (Ast_helper.Exp.raw ~loc ~name_loc:loc Raw_expression
+                   (Raw_string {txt; loc}));
+            ];
+        ]
+      in
+      let printed =
+        Res_printer.print_implementation structure ~comments:[] ~width:80
+      in
+      let parsed =
+        Res_driver.parse_implementation_from_source
+          ~display_filename:"RawTemplateFallback.res" ~source:printed
+      in
+      match parsed.parsetree with
+      | [
+       {
+         pstr_desc =
+           Pstr_value (_, [{pvb_expr = {pexp_desc = Pexp_raw {source}}}]);
+       };
+      ]
+        when not parsed.invalid ->
+        OUnit.assert_equal ~printer:(Printf.sprintf "%S") txt
+          (Ast_raw.js_source source)
+      | _ -> assert_failure ("Printed raw source does not reparse: " ^ printed))
+    [
+      {|"${x}"|};
+      {|"a`b"|};
+      {|"\"q\" `r` ${s}"|};
+      {|"a\${b}"|};
+      {|"\\`"|};
+      {|"a\n" + "\|};
+      "\"line\\\ncontinued\"";
+    ]
+
+let test_attributed_raw_template_reprints_after_ast0_roundtrip _ =
+  let source = {|let a = %raw(@foo `"x"`)
+let b = %ffi(@foo `(a) => "\`"`)|} in
+  let parsed =
+    Res_driver.parse_implementation_from_source
+      ~display_filename:"AttributedRawTemplate.res" ~source
+  in
+  OUnit.assert_bool "expected valid ReScript source" (not parsed.invalid);
+  let round_tripped =
+    Ast_mapper_from0.default_mapper.structure Ast_mapper_from0.default_mapper
+      (Ast_mapper_to0.default_mapper.structure Ast_mapper_to0.default_mapper
+         parsed.parsetree)
+  in
+  let print structure =
+    Res_printer.print_implementation structure ~comments:[] ~width:80
+  in
+  OUnit.assert_equal ~printer:(Printf.sprintf "%S") (print parsed.parsetree)
+    (print round_tripped)
+
 let assert_raw_extension_payload ~name ~expected expression =
   match expression.Parsetree.pexp_desc with
-  | Pexp_extension
-      ( {txt},
-        PStr
-          [
-            {
-              pstr_desc =
-                Pstr_eval
-                  ({pexp_desc = Pexp_constant (Pconst_raw_source actual)}, _);
-            };
-          ] ) ->
-    OUnit.assert_equal name txt;
+  | Pexp_raw {kind; source = Raw_string {txt = actual}} ->
+    OUnit.assert_equal name (Ast_raw.extension_name kind);
     OUnit.assert_equal ~printer:(Printf.sprintf "%S") expected actual
-  | _ -> assert_failure "Expected a raw extension string payload"
+  | _ -> assert_failure "Expected a raw node with a string payload"
 
 let test_raw_extension_payloads_roundtrip_through_ast0 _ =
   let encoded = {|'\\n'|} in
@@ -2356,6 +2494,16 @@ let suites =
          "constructor_runtime_tag_reaches_ast0_as_an_attribute"
          >:: test_constructor_runtime_tag_reaches_ast0_as_an_attribute;
          "ppx_context_on_the_wire" >:: test_ppx_context_on_the_wire;
+         "raw_nodes_roundtrip_through_ast0"
+         >:: test_raw_nodes_roundtrip_through_ast0;
+         "raw_structure_item_roundtrips_through_ast0"
+         >:: test_raw_structure_item_roundtrips_through_ast0;
+         "raw_source_prints_with_fitting_quotes"
+         >:: test_raw_source_prints_with_fitting_quotes;
+         "raw_source_template_fallback_reparses"
+         >:: test_raw_source_template_fallback_reparses;
+         "attributed_raw_template_reprints_after_ast0_roundtrip"
+         >:: test_attributed_raw_template_reprints_after_ast0_roundtrip;
          "fixed_argument_roundtrips_through_ast0"
          >:: test_fixed_argument_roundtrips_through_ast0;
          "fixed_argument_is_external_only"
diff --git a/tests/syntax_tests/data/ast-mapping/RawExtensions.res b/tests/syntax_tests/data/ast-mapping/RawExtensions.res
new file mode 100644
index 0000000000..3b21442b87
--- /dev/null
+++ b/tests/syntax_tests/data/ast-mapping/RawExtensions.res
@@ -0,0 +1,20 @@
+let add = %raw("(a, b) => a + b")
+let template = %raw(`function (a) {
+  return "x" + a
+}`)
+let escaped = %raw(`"a\`b\${c}"`)
+let fn = %ffi("(a) => a + 1")
+let applied = %ffi(`(a, b) => a * b`)(2, 3)
+let attributed = @foo %raw("1")
+let leftAsExtension = %raw({"x"})
+let bracedEscapes = %raw({"\"a\tb\""})
+
+%%raw("var top = 1")
+
+@attr
+%%raw(`
+  var multi = 2
+`)
+
+/** Doc comment */
+%%raw("var documented = 3")
diff --git a/tests/syntax_tests/data/ast-mapping/expected/RawExtensions.res.txt b/tests/syntax_tests/data/ast-mapping/expected/RawExtensions.res.txt
new file mode 100644
index 0000000000..3b21442b87
--- /dev/null
+++ b/tests/syntax_tests/data/ast-mapping/expected/RawExtensions.res.txt
@@ -0,0 +1,20 @@
+let add = %raw("(a, b) => a + b")
+let template = %raw(`function (a) {
+  return "x" + a
+}`)
+let escaped = %raw(`"a\`b\${c}"`)
+let fn = %ffi("(a) => a + 1")
+let applied = %ffi(`(a, b) => a * b`)(2, 3)
+let attributed = @foo %raw("1")
+let leftAsExtension = %raw({"x"})
+let bracedEscapes = %raw({"\"a\tb\""})
+
+%%raw("var top = 1")
+
+@attr
+%%raw(`
+  var multi = 2
+`)
+
+/** Doc comment */
+%%raw("var documented = 3")
diff --git a/tests/tests/src/raw_output_test.mjs b/tests/tests/src/raw_output_test.mjs
index c61d251d39..ddb1b46f7a 100644
--- a/tests/tests/src/raw_output_test.mjs
+++ b/tests/tests/src/raw_output_test.mjs
@@ -12,7 +12,13 @@ console.log(1);
 var issue6236 = `${"hello"}`;
 ;
 
+let bracedRaw = "braced";
+
+var bracedItem = "item";
+;
+
 export {
   mk,
+  bracedRaw,
 }
 /*  Not a pure module */
diff --git a/tests/tests/src/raw_output_test.res b/tests/tests/src/raw_output_test.res
index fd4b7f4599..91b5372b2c 100644
--- a/tests/tests/src/raw_output_test.res
+++ b/tests/tests/src/raw_output_test.res
@@ -18,3 +18,7 @@ Console.log((() => 1)())
 %%raw(`
 var issue6236 = \`\${"hello"}\`;
 `)
+
+// A braced string payload is an ordinary string, so its escapes are decoded.
+let bracedRaw = %raw({"\"braced\""})
+%%raw({"var bracedItem = \"item\";"})