diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6c202e968edd..2322250042cf 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -255,3 +255,5 @@
 - Name package-target resolution options explicitly to satisfy the Rust Mordant lint without changing resolution behavior.
 
 - Destroy Duplex-backed TLS transports without calling `end()`, preserve wrapped-socket close ordering, and honor half-open shutdown like Node.js. Ports HTTP/2 teardown from [oven-sh/bun#38195](https://github.com/oven-sh/bun/pull/38195) and adapts coverage from [oven-sh/bun#38154](https://github.com/oven-sh/bun/pull/38154); thanks @robobun!
+
+- Verify dead-realm FinalizationRegistry cancellation only after observing collection, while requiring a collected realm and preserving zero callbacks for every collected context. Adapts [oven-sh/bun#44544](https://github.com/oven-sh/bun/pull/44544); thanks @robobun!
diff --git a/test/js/node/vm/vm.test.ts b/test/js/node/vm/vm.test.ts
index ecf124460208..bed9e7a478dc 100644
--- a/test/js/node/vm/vm.test.ts
+++ b/test/js/node/vm/vm.test.ts
@@ -2895,32 +2895,44 @@ test.concurrent("a FinalizationRegistry cleanup job is dropped when its context
     const nextTurn = () => new Promise(resolve => setImmediate(resolve));
     const liveContextCleanedUp = Promise.withResolvers();
     let liveContext;
-    let deadContextCleanups = 0;
+    const cleanups = [0, 0, 0, 0];
+    const dropped = [];
 
     function setup() {
       // A collection sweeps the first 8 cells of a type itself and leaves the rest for later. ~JSGlobalObject
       // cancels the job too, so these contexts are past the first 8 and their registries are not.
       const swept = Array.from({ length: 8 }, () => vm.createContext({}));
-      const contexts = Array.from({ length: 4 }, () => vm.createContext({ onCleanup: () => deadContextCleanups++ }));
+      const contexts = Array.from(cleanups, (_, index) => vm.createContext({ onCleanup: () => cleanups[index]++ }));
+      // Each realm strongly holds its sandbox, so a cleared sandbox witness proves that realm was unmarked.
+      for (const context of contexts) dropped.push(new WeakRef(context));
       liveContext = vm.createContext({ onCleanup: liveContextCleanedUp.resolve });
       contexts.push(liveContext);
       for (const context of contexts) vm.runInContext("globalThis.registry = new FinalizationRegistry(onCleanup)", context);
       edenGC(); // Old generation now: the next eden collection leaves them marked.
       for (const context of contexts) for (let i = 0; i < 5; i++) context.registry.register({ i }, i);
+      contexts.length = 0; // A stale reference to this array must not retain every dropped context.
     }
 
     await nextTurn().then(setup);
     await nextTurn();
+    const cleanupsBeforeCollection = cleanups.slice();
     edenGC(); // The registered objects are dead: every registry posts its cleanup job.
-    fullGC(); // All contexts but one are dead, and their registries are destroyed.
+    fullGC(); // Cancel jobs for realms this collection finds dead, before yielding to their cleanup jobs.
+    const collected = dropped.map(context => context.deref() === undefined);
     await liveContextCleanedUp.promise;
     await nextTurn(); // A job posted after the live context's has run by now too.
-    console.log({ deadContextCleanups });
+    console.log({
+      cleanupsBeforeCollection,
+      // One collected realm exercises cancellation; requiring all four assumes a particular stack layout.
+      someContextCollected: collected.includes(true),
+      collectedContextsHadNoCleanups: cleanups.every((count, index) => !collected[index] || count === 0),
+    });
   `;
   await using proc = Bun.spawn({ cmd: [bunExe(), "-e", fixture], env: bunEnv, stdout: "pipe", stderr: "pipe" });
   const [stdout, stderr, exitCode] = await Promise.all([proc.stdout.text(), proc.stderr.text(), proc.exited]);
   expect({ stdout, stderr, exitCode }).toEqual({
-    stdout: "{\n  deadContextCleanups: 0,\n}\n",
+    stdout:
+      "{\n  cleanupsBeforeCollection: [ 0, 0, 0, 0 ],\n  someContextCollected: true,\n  collectedContextsHadNoCleanups: true,\n}\n",
     stderr: "",
     exitCode: 0,
   });