diff --git a/.changeset/twelve-meals-tease.md b/.changeset/twelve-meals-tease.md
new file mode 100644
index 000000000..fad62505b
--- /dev/null
+++ b/.changeset/twelve-meals-tease.md
@@ -0,0 +1,5 @@
+---
+"@preact/signals": minor
+---
+
+Add `asyncComputed` primitive to have a first class util to handle (suspenseful) data fetching.
diff --git a/packages/preact/README.md b/packages/preact/README.md
index 9c303a587..fdfbee61c 100644
--- a/packages/preact/README.md
+++ b/packages/preact/README.md
@@ -189,6 +189,68 @@ function Component() {
 }
 ```
 
+### `useAsyncComputed<T>(compute: () => Promise<T> | T, options?: AsyncComputedOptions)`
+
+A Preact hook that creates a signal that computes its value asynchronously. This is particularly useful for handling async data fetching and other asynchronous operations in a reactive way.
+
+> You can also import `asyncComputed` as a non-hook way
+
+#### Parameters
+
+- `compute`: A function that returns either a Promise or a direct value.
+  Using signals here will track them, when the signal changes it will re-execute `compute`.
+- `options`: Configuration options
+  - `suspend?: boolean`: Whether to enable Suspense support (defaults to true)
+
+#### Returns
+
+An `AsyncComputed<T>` object with the following properties:
+
+- `value: T | undefined`: The current value (undefined while loading)
+- `error: Signal<unknown>`: Signal containing any error that occurred
+- `running: Signal<boolean>`: Signal indicating if the computation is in progress
+
+> When inputs to `compute` change the value and error will be retained but `running` will be `true`.
+
+#### Example
+
+```typescript
+import { useAsyncComputed } from "@preact/signals/utils";
+
+function UserProfile({ userId }: { userId: Signal<string> }) {
+	const userData = useAsyncComputed(
+		async () => {
+			const response = await fetch(`/api/users/${userId.value}`);
+			return response.json();
+		},
+		{ suspend: false }
+	);
+
+	if (userData.running.value) {
+		return <div>Loading...</div>;
+	}
+
+	if (userData.error.value) {
+		return <div>Error: {String(userData.error.value)}</div>;
+	}
+
+	return (
+		<div>
+			<h1>{userData.value?.name}</h1>
+			<p>{userData.value?.email}</p>
+		</div>
+	);
+}
+```
+
+The hook will automatically:
+
+- Recompute when dependencies change (e.g., when `userId` changes)
+- Handle loading and error states
+- Clean up subscriptions when the component unmounts
+- Cache results between re-renders
+- Support Suspense when `suspend: true`
+
 ## License
 
 `MIT`, see the [LICENSE](../../LICENSE) file.
diff --git a/packages/preact/utils/src/index.ts b/packages/preact/utils/src/index.ts
index 98478882d..22a91aabd 100644
--- a/packages/preact/utils/src/index.ts
+++ b/packages/preact/utils/src/index.ts
@@ -1,7 +1,7 @@
-import { ReadonlySignal, Signal } from "@preact/signals-core";
+import { ReadonlySignal, signal, Signal, effect } from "@preact/signals-core";
 import { useSignal } from "@preact/signals";
 import { Fragment, createElement, JSX } from "preact";
-import { useMemo } from "preact/hooks";
+import { useMemo, useRef, useEffect, useId } from "preact/hooks";
 
 interface ShowProps<T = boolean> {
 	when: Signal<T> | ReadonlySignal<T>;
@@ -69,3 +69,164 @@ const refSignalProto = {
 		this.value = v;
 	},
 };
+
+/**
+ * Represents a Promise with optional value and error properties
+ */
+interface AugmentedPromise<T> extends Promise<T> {
+	value?: T;
+	error?: unknown;
+}
+
+/**
+ * Represents the state and behavior of an async computed value
+ */
+interface AsyncComputed<T> extends Signal<T> {
+	value: T;
+	error: Signal<unknown>;
+	running: Signal<boolean>;
+	pending?: AugmentedPromise<T> | null;
+	/** @internal */
+	_cleanup(): void;
+}
+
+/**
+ * Options for configuring async computed behavior
+ */
+interface AsyncComputedOptions {
+	/** Whether to throw pending promises for Suspense support */
+	suspend?: boolean;
+}
+
+/**
+ * Creates a signal that computes its value asynchronously
+ * @template T The type of the computed value
+ * @param compute Function that returns a Promise or value
+ * @returns AsyncComputed signal
+ */
+export function asyncComputed<T>(
+	compute: () => Promise<T> | T
+): AsyncComputed<T | undefined> {
+	const out = signal<T | undefined>(undefined) as AsyncComputed<T | undefined>;
+	out.error = signal<unknown>(undefined);
+	out.running = signal<boolean>(false);
+
+	const applyResult = (value: T | undefined, error?: unknown) => {
+		if (out.running.value) {
+			out.running.value = false;
+		}
+
+		if (out.pending) {
+			out.pending.error = error;
+			out.pending.value = value;
+			out.pending = null;
+		}
+
+		if (out.error.peek() !== error) {
+			out.error.value = error;
+		}
+
+		if (out.peek() !== value) {
+			out.value = value;
+		}
+	};
+
+	let computeCounter = 0;
+
+	out._cleanup = effect(() => {
+		const currentId = ++computeCounter;
+
+		try {
+			const result = compute();
+
+			// Handle synchronous resolution
+			if (isPromise(result)) {
+				if ("error" in result) {
+					return applyResult(undefined, result.error);
+				}
+				if ("value" in result) {
+					return applyResult(result.value as T);
+				}
+
+				out.running.value = true;
+
+				// Handle async resolution
+				out.pending = result.then(
+					(value: T) => {
+						if (currentId === computeCounter) {
+							applyResult(value);
+						}
+						return value;
+					},
+					(error: unknown) => {
+						if (currentId === computeCounter) {
+							applyResult(undefined, error);
+						}
+						return undefined;
+					}
+				) as AugmentedPromise<T>;
+			} else {
+				out.running.value = false;
+				applyResult(result);
+			}
+		} catch (error) {
+			applyResult(undefined, error);
+		}
+	});
+
+	return out;
+}
+
+const ASYNC_COMPUTED_CACHE = new Map<string, AsyncComputed<any>>();
+
+/**
+ * Hook for using async computed values with optional Suspense support
+ * @template T The type of the computed value
+ * @param compute Function that returns a Promise or value
+ * @param options Configuration options
+ * @returns AsyncComputed signal
+ */
+export function useAsyncComputed<T>(
+	compute: () => Promise<T> | T,
+	options: AsyncComputedOptions = {}
+): AsyncComputed<T | undefined> {
+	const id = useId();
+	const computeRef = useRef(compute);
+	computeRef.current = compute;
+
+	const result = useMemo(() => {
+		const cached = ASYNC_COMPUTED_CACHE.get(id);
+		const incoming = asyncComputed(() => computeRef.current());
+
+		if (cached) {
+			incoming.running = cached.running;
+			incoming.value = cached.value;
+			incoming.error.value = cached.error.peek();
+			cached._cleanup();
+		}
+
+		if (options.suspend !== false) {
+			ASYNC_COMPUTED_CACHE.set(id, incoming);
+		}
+
+		return incoming;
+	}, []);
+
+	useEffect(() => result._cleanup, [result]);
+
+	if (
+		options.suspend !== false &&
+		result.pending &&
+		!result.value &&
+		!result.error.value
+	) {
+		throw result.pending;
+	}
+
+	ASYNC_COMPUTED_CACHE.delete(id);
+	return result;
+}
+
+function isPromise(obj: any): obj is Promise<any> {
+	return obj && "then" in obj;
+}
diff --git a/packages/preact/utils/test/browser/index.test.tsx b/packages/preact/utils/test/browser/index.test.tsx
index dc1653634..534aad8dc 100644
--- a/packages/preact/utils/test/browser/index.test.tsx
+++ b/packages/preact/utils/test/browser/index.test.tsx
@@ -1,5 +1,10 @@
 import { signal } from "@preact/signals";
-import { For, Show, useSignalRef } from "@preact/signals/utils";
+import {
+	For,
+	Show,
+	useAsyncComputed,
+	useSignalRef,
+} from "@preact/signals/utils";
 import { render, createElement } from "preact";
 import { act } from "preact/test-utils";
 
@@ -81,4 +86,121 @@ describe("@preact/signals-utils", () => {
 			expect((ref as any).value instanceof HTMLSpanElement).to.eq(true);
 		});
 	});
+
+	describe("asyncComputed", () => {
+		let resolve: (value: { foo: string }) => void;
+		const fetchResult = (url: string): Promise<{ foo: string }> => {
+			// eslint-disable-next-line no-console
+			console.log("fetching", url);
+			return new Promise(res => {
+				resolve = res;
+			});
+		};
+
+		it("Should reactively update when the promise resolves", async () => {
+			const AsyncComponent = (props: any) => {
+				const data = useAsyncComputed<{ foo: string }>(
+					async () => fetchResult(props.url.value),
+					{ suspend: false }
+				);
+				const hasData = data.value !== undefined;
+				return (
+					<p>
+						{data.pending ? "pending" : hasData ? data.value?.foo : "error"}
+					</p>
+				);
+			};
+			const url = signal("/api/foo?id=1");
+			act(() => {
+				render(<AsyncComponent url={url} />, scratch);
+			});
+			expect(scratch.innerHTML).to.eq("<p>pending</p>");
+
+			await act(async () => {
+				await resolve({ foo: "bar" });
+				await new Promise(resolve => setTimeout(resolve, 100));
+			});
+
+			expect(scratch.innerHTML).to.eq("<p>bar</p>");
+		});
+
+		it("Should fetch when the input changes", async () => {
+			const AsyncComponent = (props: any) => {
+				const data = useAsyncComputed<{ foo: string }>(
+					async () => fetchResult(props.url.value),
+					{ suspend: false }
+				);
+				const hasData = data.value !== undefined;
+				return (
+					<p>
+						{data.pending ? "pending" : hasData ? data.value?.foo : "error"}
+					</p>
+				);
+			};
+			const url = signal("/api/foo?id=1");
+			act(() => {
+				render(<AsyncComponent url={url} />, scratch);
+			});
+			expect(scratch.innerHTML).to.eq("<p>pending</p>");
+
+			await act(async () => {
+				await resolve({ foo: "bar" });
+				await new Promise(resolve => setTimeout(resolve));
+			});
+
+			expect(scratch.innerHTML).to.eq("<p>bar</p>");
+
+			act(() => {
+				url.value = "/api/foo?id=2";
+			});
+
+			await act(async () => {
+				await resolve({ foo: "baz" });
+				await new Promise(resolve => setTimeout(resolve));
+			});
+			expect(scratch.innerHTML).to.eq("<p>baz</p>");
+		});
+
+		it("Should apply the 'running' signal", async () => {
+			const AsyncComponent = (props: any) => {
+				const data = useAsyncComputed<{ foo: string }>(
+					async () => fetchResult(props.url.value),
+					{ suspend: false }
+				);
+				const hasData = data.value !== undefined;
+				return (
+					<p>
+						{data.running.value
+							? "running"
+							: hasData
+							? data.value?.foo
+							: "error"}
+					</p>
+				);
+			};
+			const url = signal("/api/foo?id=1");
+			act(() => {
+				render(<AsyncComponent url={url} />, scratch);
+			});
+			expect(scratch.innerHTML).to.eq("<p>running</p>");
+
+			await act(async () => {
+				await resolve({ foo: "bar" });
+				await new Promise(resolve => setTimeout(resolve));
+			});
+
+			expect(scratch.innerHTML).to.eq("<p>bar</p>");
+
+			act(() => {
+				url.value = "/api/foo?id=2";
+			});
+			expect(scratch.innerHTML).to.eq("<p>running</p>");
+
+			await act(async () => {
+				await resolve({ foo: "baz" });
+				await new Promise(resolve => setTimeout(resolve));
+			});
+			expect(scratch.innerHTML).to.eq("<p>baz</p>");
+		});
+	});
 });