diff --git a/Cargo.lock b/Cargo.lock
index 9050ea4f39a9e..1bf83b7abf454 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -616,18 +616,17 @@ dependencies = [
 
 [[package]]
 name = "axum"
-version = "0.6.20"
+version = "0.7.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3b829e4e32b91e643de6eafe82b1d90675f5874230191a4ffbc1b336dec4d6bf"
+checksum = "3a6c9af12842a67734c9a2e355436e5d03b22383ed60cf13cd0c18fbfe3dcbcf"
 dependencies = [
  "async-trait",
  "axum-core",
- "bitflags 1.3.2",
  "bytes",
  "futures-util",
- "http 0.2.11",
- "http-body",
- "hyper",
+ "http 1.1.0",
+ "http-body 1.0.1",
+ "http-body-util",
  "itoa",
  "matchit",
  "memchr",
@@ -644,17 +643,20 @@ dependencies = [
 
 [[package]]
 name = "axum-core"
-version = "0.3.4"
+version = "0.4.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "759fa577a247914fd3f7f76d62972792636412fbfd634cd452f6a385a74d2d2c"
+checksum = "09f2bd6146b97ae3359fa0cc6d6b376d9539582c7b4220f041a33ec24c226199"
 dependencies = [
  "async-trait",
  "bytes",
  "futures-util",
- "http 0.2.11",
- "http-body",
+ "http 1.1.0",
+ "http-body 1.0.1",
+ "http-body-util",
  "mime",
+ "pin-project-lite",
  "rustversion",
+ "sync_wrapper",
  "tower-layer",
  "tower-service",
 ]
@@ -728,7 +730,7 @@ dependencies = [
  "bitflags 2.5.0",
  "cexpr",
  "clang-sys",
- "itertools 0.10.5",
+ "itertools 0.13.0",
  "log",
  "prettyplease",
  "proc-macro2",
@@ -1296,10 +1298,11 @@ dependencies = [
 
 [[package]]
 name = "console-api"
-version = "0.5.0"
+version = "0.8.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c2895653b4d9f1538a83970077cb01dfc77a4810524e51a110944688e916b18e"
+checksum = "8030735ecb0d128428b64cd379809817e620a40e5001c54465b99ec5feec2857"
 dependencies = [
+ "futures-core",
  "prost",
  "prost-types",
  "tonic",
@@ -1308,16 +1311,18 @@ dependencies = [
 
 [[package]]
 name = "console-subscriber"
-version = "0.1.10"
+version = "0.4.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d4cf42660ac07fcebed809cfe561dd8730bcd35b075215e6479c516bcd0d11cb"
+checksum = "6539aa9c6a4cd31f4b1c040f860a1eac9aa80e7df6b05d506a6e7179936d6a01"
 dependencies = [
  "console-api",
  "crossbeam-channel",
  "crossbeam-utils",
- "futures",
+ "futures-task",
  "hdrhistogram",
  "humantime",
+ "hyper-util",
+ "prost",
  "prost-types",
  "serde",
  "serde_json",
@@ -2673,6 +2678,25 @@ dependencies = [
  "tracing",
 ]
 
+[[package]]
+name = "h2"
+version = "0.4.7"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "ccae279728d634d083c00f6099cb58f01cc99c145b84b8be2f6c74618d79922e"
+dependencies = [
+ "atomic-waker",
+ "bytes",
+ "fnv",
+ "futures-core",
+ "futures-sink",
+ "http 1.1.0",
+ "indexmap 2.5.0",
+ "slab",
+ "tokio",
+ "tokio-util",
+ "tracing",
+]
+
 [[package]]
 name = "half"
 version = "2.4.1"
@@ -2856,6 +2880,29 @@ dependencies = [
  "pin-project-lite",
 ]
 
+[[package]]
+name = "http-body"
+version = "1.0.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1efedce1fb8e6913f23e0c92de8e62cd5b772a67e7b3946df930a62566c93184"
+dependencies = [
+ "bytes",
+ "http 1.1.0",
+]
+
+[[package]]
+name = "http-body-util"
+version = "0.1.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "793429d76616a256bcb62c2a2ec2bed781c8307e797e2598c50010f2bee2544f"
+dependencies = [
+ "bytes",
+ "futures-util",
+ "http 1.1.0",
+ "http-body 1.0.1",
+ "pin-project-lite",
+]
+
 [[package]]
 name = "httparse"
 version = "1.8.0"
@@ -2881,7 +2928,7 @@ dependencies = [
  "crossbeam-utils",
  "form_urlencoded",
  "futures-util",
- "hyper",
+ "hyper 0.14.28",
  "isahc",
  "lazy_static",
  "levenshtein",
@@ -2911,20 +2958,41 @@ dependencies = [
  "futures-channel",
  "futures-core",
  "futures-util",
- "h2",
+ "h2 0.3.24",
  "http 0.2.11",
- "http-body",
+ "http-body 0.4.5",
  "httparse",
  "httpdate",
  "itoa",
  "pin-project-lite",
- "socket2 0.4.9",
+ "socket2 0.5.8",
  "tokio",
  "tower-service",
  "tracing",
  "want",
 ]
 
+[[package]]
+name = "hyper"
+version = "1.5.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "256fb8d4bd6413123cc9d91832d78325c48ff41677595be797d90f42969beae0"
+dependencies = [
+ "bytes",
+ "futures-channel",
+ "futures-util",
+ "h2 0.4.7",
+ "http 1.1.0",
+ "http-body 1.0.1",
+ "httparse",
+ "httpdate",
+ "itoa",
+ "pin-project-lite",
+ "smallvec",
+ "tokio",
+ "want",
+]
+
 [[package]]
 name = "hyper-rustls"
 version = "0.23.2"
@@ -2932,7 +3000,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "1788965e61b367cd03a62950836d5cd41560c3577d90e40e0819373194d1661c"
 dependencies = [
  "http 0.2.11",
- "hyper",
+ "hyper 0.14.28",
  "rustls 0.20.9",
  "tokio",
  "tokio-rustls",
@@ -2940,14 +3008,15 @@ dependencies = [
 
 [[package]]
 name = "hyper-timeout"
-version = "0.4.1"
+version = "0.5.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bbb958482e8c7be4bc3cf272a766a2b0bf1a6755e7a6ae777f017a31d11b13b1"
+checksum = "2b90d566bffbce6a75bd8b09a05aa8c2cb1fabb6cb348f8840c9e4c90a0d83b0"
 dependencies = [
- "hyper",
+ "hyper 1.5.2",
+ "hyper-util",
  "pin-project-lite",
  "tokio",
- "tokio-io-timeout",
+ "tower-service",
 ]
 
 [[package]]
@@ -2957,7 +3026,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d6183ddfa99b85da61a140bea0efc93fdf56ceaa041b37d553518030827f9905"
 dependencies = [
  "bytes",
- "hyper",
+ "hyper 0.14.28",
  "native-tls",
  "tokio",
  "tokio-native-tls",
@@ -2969,13 +3038,32 @@ version = "0.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "880b8b1c98a5ec2a505c7c90db6d3f6f1f480af5655d9c5b55facc9382a5a5b5"
 dependencies = [
- "hyper",
+ "hyper 0.14.28",
  "pin-project",
  "tokio",
  "tokio-tungstenite",
  "tungstenite 0.18.0",
 ]
 
+[[package]]
+name = "hyper-util"
+version = "0.1.10"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "df2dcfbe0677734ab2f3ffa7fa7bfd4706bfdc1ef393f2ee30184aed67e631b4"
+dependencies = [
+ "bytes",
+ "futures-channel",
+ "futures-util",
+ "http 1.1.0",
+ "http-body 1.0.1",
+ "hyper 1.5.2",
+ "pin-project-lite",
+ "socket2 0.5.8",
+ "tokio",
+ "tower-service",
+ "tracing",
+]
+
 [[package]]
 name = "iana-time-zone"
 version = "0.1.57"
@@ -4472,6 +4560,7 @@ version = "0.0.0"
 dependencies = [
  "anyhow",
  "backtrace",
+ "console-subscriber",
  "dhat",
  "fxhash",
  "getrandom",
@@ -5367,9 +5456,9 @@ dependencies = [
 
 [[package]]
 name = "prost"
-version = "0.11.9"
+version = "0.13.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0b82eaa1d779e9a4bc1c3217db8ffbeabaae1dca241bf70183242128d48681cd"
+checksum = "2c0fef6c4230e4ccf618a35c59d7ede15dea37de8427500f50aff708806e42ec"
 dependencies = [
  "bytes",
  "prost-derive",
@@ -5377,22 +5466,22 @@ dependencies = [
 
 [[package]]
 name = "prost-derive"
-version = "0.11.9"
+version = "0.13.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e5d2d8d10f3c6ded6da8b05b5fb3b8a5082514344d56c9f871412d29b4e075b4"
+checksum = "157c5a9d7ea5c2ed2d9fb8f495b64759f7816c7eaea54ba3978f0d63000162e3"
 dependencies = [
  "anyhow",
- "itertools 0.10.5",
+ "itertools 0.13.0",
  "proc-macro2",
  "quote",
- "syn 1.0.109",
+ "syn 2.0.95",
 ]
 
 [[package]]
 name = "prost-types"
-version = "0.11.9"
+version = "0.13.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "213622a1460818959ac1181aaeb2dc9c7f63df720db7d788b3e24eacd1983e13"
+checksum = "cc2f1e56baa61e93533aebc21af4d2134b70f66275e0fcdf3cbe43d77ff7e8fc"
 dependencies = [
  "prost",
 ]
@@ -5797,10 +5886,10 @@ dependencies = [
  "encoding_rs",
  "futures-core",
  "futures-util",
- "h2",
+ "h2 0.3.24",
  "http 0.2.11",
- "http-body",
- "hyper",
+ "http-body 0.4.5",
+ "hyper 0.14.28",
  "hyper-rustls",
  "hyper-tls",
  "ipnet",
@@ -8226,9 +8315,9 @@ dependencies = [
 
 [[package]]
 name = "sync_wrapper"
-version = "0.1.2"
+version = "1.0.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2047c6ded9c721764247e62cd3b03c09ffc529b2ba5b10ec482ae507a4a70160"
+checksum = "0bf256ce5efdfa370213c1dabab5935a12e49f2c58d15e9eac2870d3b4f27263"
 
 [[package]]
 name = "synstructure"
@@ -8524,16 +8613,6 @@ dependencies = [
  "windows-sys 0.52.0",
 ]
 
-[[package]]
-name = "tokio-io-timeout"
-version = "1.2.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "30b74022ada614a1b4834de765f9bb43877f910cc8ce4be40e89042c9223a8bf"
-dependencies = [
- "pin-project-lite",
- "tokio",
-]
-
 [[package]]
 name = "tokio-macros"
 version = "2.4.0"
@@ -8578,9 +8657,9 @@ dependencies = [
 
 [[package]]
 name = "tokio-stream"
-version = "0.1.15"
+version = "0.1.17"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "267ac89e0bec6e691e5813911606935d77c476ff49024f98abcea3e7b15e37af"
+checksum = "eca58d7bba4a75707817a2c44174253f9236b2d5fbd055602e9d5c07c139a047"
 dependencies = [
  "futures-core",
  "pin-project-lite",
@@ -8685,24 +8764,26 @@ dependencies = [
 
 [[package]]
 name = "tonic"
-version = "0.9.2"
+version = "0.12.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3082666a3a6433f7f511c7192923fa1fe07c69332d3c6a2e6bb040b569199d5a"
+checksum = "877c5b330756d856ffcc4553ab34a5684481ade925ecc54bcd1bf02b1d0d4d52"
 dependencies = [
+ "async-stream",
  "async-trait",
  "axum",
- "base64 0.21.4",
+ "base64 0.22.1",
  "bytes",
- "futures-core",
- "futures-util",
- "h2",
- "http 0.2.11",
- "http-body",
- "hyper",
+ "h2 0.4.7",
+ "http 1.1.0",
+ "http-body 1.0.1",
+ "http-body-util",
+ "hyper 1.5.2",
  "hyper-timeout",
+ "hyper-util",
  "percent-encoding",
  "pin-project",
  "prost",
+ "socket2 0.5.8",
  "tokio",
  "tokio-stream",
  "tower",
@@ -9483,7 +9564,7 @@ dependencies = [
  "async-compression",
  "auto-hash-map",
  "futures",
- "hyper",
+ "hyper 0.14.28",
  "hyper-tungstenite",
  "indexmap 2.5.0",
  "mime",
diff --git a/Cargo.toml b/Cargo.toml
index 63330e07f3937..0f1566d1206af 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -132,7 +132,7 @@ chrono = "0.4.23"
 clap = { version = "4.5.2", features = ["derive"] }
 concurrent-queue = "2.5.0"
 console = "0.15.5"
-console-subscriber = "0.1.8"
+console-subscriber = "0.4.1"
 criterion = "0.5.1"
 crossbeam-channel = "0.5.8"
 dashmap = "6.1.0"
diff --git a/crates/napi/Cargo.toml b/crates/napi/Cargo.toml
index 452362368ae7f..950f2e1c3284b 100644
--- a/crates/napi/Cargo.toml
+++ b/crates/napi/Cargo.toml
@@ -37,12 +37,16 @@ __internal_dhat-heap = ["dhat"]
 # effectively does nothing.
 __internal_dhat-ad-hoc = ["dhat"]
 
+# Enable support for the tokio console: https://github.com/tokio-rs/console
+tokio-console = ["dep:console-subscriber"]
+
 [lints]
 workspace = true
 
 [dependencies]
 anyhow = "1.0.66"
 backtrace = "0.3"
+console-subscriber = { workspace = true, optional = true }
 fxhash = "0.2.1"
 dhat = { workspace = true, optional = true }
 indexmap = { workspace = true }
diff --git a/crates/napi/src/next_api/project.rs b/crates/napi/src/next_api/project.rs
index 709632ea6c0e0..4539fb3cdc1a6 100644
--- a/crates/napi/src/next_api/project.rs
+++ b/crates/napi/src/next_api/project.rs
@@ -296,10 +296,18 @@ pub async fn project_new(
 ) -> napi::Result<External<ProjectInstance>> {
     register();
 
-    let trace = std::env::var("NEXT_TURBOPACK_TRACING").ok();
+    let mut trace = std::env::var("NEXT_TURBOPACK_TRACING")
+        .ok()
+        .filter(|v| !v.is_empty());
     let (exit, exit_receiver) = ExitHandler::new_receiver();
 
-    if let Some(mut trace) = trace.filter(|v| !v.is_empty()) {
+    if cfg!(feature = "tokio-console") && trace.is_none() {
+        // ensure `trace` is set to *something* so that the `tokio-console` feature works, otherwise
+        // you just get empty output from `tokio-console`, which can be confusing.
+        trace = Some("overview".to_owned());
+    }
+
+    if let Some(mut trace) = trace {
         // Trace presets
         match trace.as_str() {
             "overview" | "1" => {
@@ -319,6 +327,12 @@ pub async fn project_new(
 
         let subscriber = Registry::default();
 
+        if cfg!(feature = "tokio-console") {
+            trace = format!("{trace},tokio=trace,runtime=trace");
+        }
+        #[cfg(feature = "tokio-console")]
+        let subscriber = subscriber.with(console_subscriber::spawn());
+
         let subscriber = subscriber.with(FilterLayer::try_new(&trace).unwrap());
         let dist_dir = options.dist_dir.clone();