diff --git a/common.gypi b/common.gypi
index de80a68f492f..eeebab06807f 100644
--- a/common.gypi
+++ b/common.gypi
@@ -44,7 +44,7 @@
 
     # Reset this number to 0 on major V8 upgrades.
     # Increment by one for each non-official patch applied to deps/v8.
-    'v8_embedder_string': '-node.37',
+    'v8_embedder_string': '-node.38',
 
     ##### V8 defaults for Node.js #####
 
diff --git a/deps/v8/src/maglev/maglev-code-generator.cc b/deps/v8/src/maglev/maglev-code-generator.cc
index 5cd614bd3bf2..ebea2905d39c 100644
--- a/deps/v8/src/maglev/maglev-code-generator.cc
+++ b/deps/v8/src/maglev/maglev-code-generator.cc
@@ -1499,17 +1499,9 @@ class MaglevFrameTranslationBuilder {
     return kNotDuplicated;
   }
 
-  void BuildHeapNumber(const VirtualObject* vobject) {
-    DCHECK_EQ(vobject->object_type(), vobj::ObjectType::kHeapNumber);
-    ValueNode* value_node = vobject->get(HeapNumber::kValueOffset);
-    return BuildHeapNumber(value_node->Cast<Float64Constant>()->value());
-  }
-
-  void BuildHeapNumber(Float64 number) {
-    DirectHandle<Object> value =
-        local_isolate_->factory()->NewHeapNumberFromBits<AllocationType::kOld>(
-            number.get_bits());
-    translation_array_builder_->StoreLiteral(GetDeoptLiteral(*value));
+  int CreateUnduplicatableId() {
+    object_ids_.push_back(kNotDuplicated);
+    return kNotDuplicated;
   }
 
   void BuildNestedValue(const ValueNode* value,
@@ -1564,12 +1556,16 @@ class MaglevFrameTranslationBuilder {
                           const InputLocation*& input_location,
                           const VirtualObjectList& virtual_objects) {
     vobj::ObjectType object_type = object->object_type();
-    if (object_type == vobj::ObjectType::kHeapNumber) {
-      // TODO(jgruber): Could we use the standard path below instead?
-      return BuildHeapNumber(object);
-    }
+    DCHECK_NOT_NULL(object->allocation());
+    // HeapNumbers may be mutable object fields; each materialization must
+    // create a fresh box, so they are never deduplicated.
+    // TODO(victorgomes): Constrain which objects may contain mutable
+    // HeapNumbers. Immutable HeapNumbers can be stored as a literal object
+    // instead of a captured object.
     int dup_id =
-        GetDuplicatedId(reinterpret_cast<intptr_t>(object->allocation()));
+        object_type == vobj::ObjectType::kHeapNumber
+            ? CreateUnduplicatableId()
+            : GetDuplicatedId(reinterpret_cast<intptr_t>(object->allocation()));
     if (dup_id != kNotDuplicated) {
       translation_array_builder_->DuplicateObject(dup_id);
       object->ForEachNestedRuntimeInput(
@@ -1708,7 +1704,7 @@ class MaglevFrameTranslationBuilder {
   IdentityMap<int, base::DefaultAllocationPolicy>* protected_deopt_literals_;
   IdentityMap<int, base::DefaultAllocationPolicy>* deopt_literals_;
 
-  static const int kNotDuplicated = -1;
+  static constexpr int kNotDuplicated = -1;
   std::vector<intptr_t> object_ids_;
 };
 
diff --git a/deps/v8/src/maglev/maglev-ir.h b/deps/v8/src/maglev/maglev-ir.h
index d6282a00ebb3..d3720049d225 100644
--- a/deps/v8/src/maglev/maglev-ir.h
+++ b/deps/v8/src/maglev/maglev-ir.h
@@ -5622,11 +5622,9 @@ class VirtualObject : public FixedInputValueNodeT<0, VirtualObject> {
         vobj::Field snd = FieldForOffset(ConsString::kSecondOffset);
         return callback(slots_[snd.slot_index], snd);
       }
-      if (object_type() == vobj::ObjectType::kHeapNumber) {
-        // HeapNumber materialization creates a literal object instead of
-        // slot traversal.
-        return true;
-      }
+      // TODO(victorgomes): Constrain which objects may contain mutable
+      // HeapNumbers. Immutable HeapNumbers can be stored as a literal object
+      // instead of traversing their slots.
     }
     for (int i = 0; i < slot_count(); i++) {
       if (!callback(slots_[i], FieldForSlot(i))) {
@@ -5917,8 +5915,8 @@ struct VirtualPrimitiveHeapObjectShape : VirtualHeapObjectShape {};
 
 struct VirtualHeapNumberShape : VirtualPrimitiveHeapObjectShape {
   using T = HeapNumber;
-  // Special handling needed; deopt materialization uses a special path.
-  // TODO(jgruber): .. but could it take the standard path instead?
+  // Special handling needed; instances may be mutable object fields and thus
+  // must never be deduplicated in deopt frames.
   static constexpr vobj::ObjectType kObjectType = vobj::ObjectType::kHeapNumber;
 #define FIELD_LIST(V) V(value, T::kValueOffset, vobj::FieldType::kFloat64)
   DEF_SHAPE(VirtualPrimitiveHeapObjectShape, FIELD_LIST);
diff --git a/deps/v8/test/mjsunit/maglev/regress-547819997.js b/deps/v8/test/mjsunit/maglev/regress-547819997.js
new file mode 100644
index 000000000000..43a8e395d3fc
--- /dev/null
+++ b/deps/v8/test/mjsunit/maglev/regress-547819997.js
@@ -0,0 +1,38 @@
+// Copyright 2026 the V8 project authors. All rights reserved.
+// Use of this source code is governed by a BSD-style license that can be
+// found in the LICENSE file.
+
+// Flags: --allow-natives-syntax --maglev
+
+const boxes = [];
+
+// Never called during warm-up, so this call site has no feedback and Maglev
+// emits an unconditional deopt for it. The literal below is therefore only
+// used by deopt frames and gets elided by escape analysis.
+function sink(o) {
+  boxes.push(o);
+}
+
+function foo(depth, take) {
+  const o = {x: 1.5};
+  if (depth > 0) foo(depth - 1, take);
+  if (take) sink(o);
+}
+
+%PrepareFunctionForOptimization(foo);
+foo(3, false);
+foo(3, false);
+%OptimizeMaglevOnNextCall(foo);
+foo(3, false);
+
+// Deopts the innermost activation eagerly and the outer ones lazily, so every
+// activation materializes its own object.
+foo(3, true);
+
+assertEquals(4, boxes.length);
+for (let i = 0; i < boxes.length; i++) {
+  boxes[i].x = i;
+}
+for (let i = 0; i < boxes.length; i++) {
+  assertEquals(i, boxes[i].x);
+}