diff --git a/crates/datadog-serverless-compat/src/main.rs b/crates/datadog-serverless-compat/src/main.rs
index 2112b6ad..24f7f5fb 100644
--- a/crates/datadog-serverless-compat/src/main.rs
+++ b/crates/datadog-serverless-compat/src/main.rs
@@ -27,6 +27,7 @@ use datadog_trace_utils::{config_utils::read_cloud_env, trace_utils::Environment
 
 use dogstatsd::{
     aggregator::Aggregator as MetricsAggregator,
+    api_key::ApiKeyFactory,
     constants::CONTEXTS,
     datadog::{MetricsIntakeUrlPrefix, RetryStrategy, Site},
     dogstatsd::{DogStatsD, DogStatsDConfig},
@@ -203,10 +204,7 @@ async fn start_dogstatsd(
         Some(dd_api_key) => {
             #[allow(clippy::expect_used)]
             let metrics_flusher = Flusher::new(FlusherConfig {
-                api_key_factory: Arc::new(move || {
-                    let api_key = dd_api_key.clone();
-                    Box::pin(async move { api_key })
-                }),
+                api_key_factory: Arc::new(ApiKeyFactory::new(&dd_api_key)),
                 aggregator: Arc::clone(&metrics_aggr),
                 metrics_intake_url_prefix: MetricsIntakeUrlPrefix::new(
                     Some(Site::new(dd_site).expect("Failed to parse site")),
diff --git a/crates/dogstatsd/src/api_key.rs b/crates/dogstatsd/src/api_key.rs
new file mode 100644
index 00000000..6a32c806
--- /dev/null
+++ b/crates/dogstatsd/src/api_key.rs
@@ -0,0 +1,71 @@
+use std::fmt::Debug;
+use std::sync::Arc;
+use std::{future::Future, pin::Pin};
+use tokio::sync::OnceCell;
+
+pub type ApiKeyResolverFn =
+    Arc<dyn Fn() -> Pin<Box<dyn Future<Output = String> + Send>> + Send + Sync>;
+
+#[derive(Clone)]
+pub enum ApiKeyFactory {
+    Static(String),
+    Dynamic {
+        resolver_fn: ApiKeyResolverFn,
+        api_key: Arc<OnceCell<String>>,
+    },
+}
+
+impl ApiKeyFactory {
+    /// Create a new `ApiKeyFactory` with a static API key.
+    pub fn new(api_key: &str) -> Self {
+        Self::Static(api_key.to_string())
+    }
+
+    /// Create a new `ApiKeyFactory` with a dynamic API key resolver function.
+    pub fn new_from_resolver(resolver_fn: ApiKeyResolverFn) -> Self {
+        Self::Dynamic {
+            resolver_fn,
+            api_key: Arc::new(OnceCell::new()),
+        }
+    }
+
+    pub async fn get_api_key(&self) -> &str {
+        match self {
+            Self::Static(api_key) => api_key,
+            Self::Dynamic {
+                resolver_fn,
+                api_key,
+            } => {
+                api_key
+                    .get_or_init(|| async { (resolver_fn)().await })
+                    .await
+            }
+        }
+    }
+}
+
+impl Debug for ApiKeyFactory {
+    fn fmt(&self, f: &mut std::fmt::Formatter<'_>) -> std::fmt::Result {
+        write!(f, "ApiKeyFactory")
+    }
+}
+
+#[cfg(test)]
+pub mod tests {
+    use super::*;
+
+    #[tokio::test]
+    async fn test_new() {
+        let api_key_factory = ApiKeyFactory::new("mock-api-key");
+        assert_eq!(api_key_factory.get_api_key().await, "mock-api-key");
+    }
+
+    #[tokio::test]
+    async fn test_new_from_resolver() {
+        let api_key_factory = Arc::new(ApiKeyFactory::new_from_resolver(Arc::new(move || {
+            let api_key = "mock-api-key".to_string();
+            Box::pin(async move { api_key })
+        })));
+        assert_eq!(api_key_factory.get_api_key().await, "mock-api-key");
+    }
+}
diff --git a/crates/dogstatsd/src/flusher.rs b/crates/dogstatsd/src/flusher.rs
index 5807b371..2947ad7b 100644
--- a/crates/dogstatsd/src/flusher.rs
+++ b/crates/dogstatsd/src/flusher.rs
@@ -2,21 +2,17 @@
 // SPDX-License-Identifier: Apache-2.0
 
 use crate::aggregator::Aggregator;
+use crate::api_key::ApiKeyFactory;
 use crate::datadog::{DdApi, MetricsIntakeUrlPrefix, RetryStrategy};
 use reqwest::{Response, StatusCode};
-use std::future::Future;
-use std::pin::Pin;
 use std::sync::{Arc, Mutex};
 use std::time::Duration;
 use tracing::{debug, error};
 
-pub type ApiKeyFactory =
-    Arc<dyn Fn() -> Pin<Box<dyn Future<Output = String> + Send>> + Send + Sync>;
-
 #[derive(Clone)]
 pub struct Flusher {
-    // Accept a future so the API key resolution is deferred until the flush happens
-    api_key_factory: ApiKeyFactory,
+    // Allow accepting a future so the API key resolution is deferred until the flush happens
+    api_key_factory: Arc<ApiKeyFactory>,
     metrics_intake_url_prefix: MetricsIntakeUrlPrefix,
     https_proxy: Option<String>,
     timeout: Duration,
@@ -26,7 +22,7 @@ pub struct Flusher {
 }
 
 pub struct FlusherConfig {
-    pub api_key_factory: ApiKeyFactory,
+    pub api_key_factory: Arc<ApiKeyFactory>,
     pub aggregator: Arc<Mutex<Aggregator>>,
     pub metrics_intake_url_prefix: MetricsIntakeUrlPrefix,
     pub https_proxy: Option<String>,
@@ -38,7 +34,7 @@ pub struct FlusherConfig {
 impl Flusher {
     pub fn new(config: FlusherConfig) -> Self {
         Flusher {
-            api_key_factory: config.api_key_factory,
+            api_key_factory: Arc::clone(&config.api_key_factory),
             metrics_intake_url_prefix: config.metrics_intake_url_prefix,
             https_proxy: config.https_proxy,
             timeout: config.timeout,
@@ -50,9 +46,9 @@ impl Flusher {
 
     async fn get_dd_api(&mut self) -> &DdApi {
         if self.dd_api.is_none() {
-            let api_key = (self.api_key_factory)().await;
+            let api_key = self.api_key_factory.get_api_key().await;
             self.dd_api = Some(DdApi::new(
-                api_key,
+                api_key.to_string(),
                 self.metrics_intake_url_prefix.clone(),
                 self.https_proxy.clone(),
                 self.timeout,
@@ -63,7 +59,7 @@ impl Flusher {
         #[allow(clippy::expect_used)]
         self.dd_api
             .as_ref()
-            .expect("dd_api should be initialized by this point")
+            .expect("dd_api should have been initialized")
     }
 
     /// Flush metrics from the aggregator
diff --git a/crates/dogstatsd/src/lib.rs b/crates/dogstatsd/src/lib.rs
index 4009db14..6aea675b 100644
--- a/crates/dogstatsd/src/lib.rs
+++ b/crates/dogstatsd/src/lib.rs
@@ -8,6 +8,7 @@
 #![cfg_attr(not(test), deny(clippy::unimplemented))]
 
 pub mod aggregator;
+pub mod api_key;
 pub mod constants;
 pub mod datadog;
 pub mod dogstatsd;
diff --git a/crates/dogstatsd/tests/integration_test.rs b/crates/dogstatsd/tests/integration_test.rs
index 31181e20..4a7f30cf 100644
--- a/crates/dogstatsd/tests/integration_test.rs
+++ b/crates/dogstatsd/tests/integration_test.rs
@@ -4,10 +4,11 @@
 use dogstatsd::metric::SortedTags;
 use dogstatsd::{
     aggregator::Aggregator as MetricsAggregator,
+    api_key::ApiKeyFactory,
     constants::CONTEXTS,
     datadog::{DdDdUrl, MetricsIntakeUrlPrefix, MetricsIntakeUrlPrefixOverride},
     dogstatsd::{DogStatsD, DogStatsDConfig},
-    flusher::{ApiKeyFactory, Flusher, FlusherConfig},
+    flusher::{Flusher, FlusherConfig},
 };
 use mockito::Server;
 use std::sync::{Arc, Mutex};
@@ -40,11 +41,10 @@ async fn dogstatsd_server_ships_series() {
 
     let _ = start_dogstatsd(&metrics_aggr).await;
 
-    let api_key_factory: ApiKeyFactory =
-        Arc::new(|| Box::pin(async move { "mock-api-key".to_string() }));
+    let api_key_factory = ApiKeyFactory::new("mock-api-key");
 
     let mut metrics_flusher = Flusher::new(FlusherConfig {
-        api_key_factory,
+        api_key_factory: Arc::new(api_key_factory),
         aggregator: Arc::clone(&metrics_aggr),
         metrics_intake_url_prefix: MetricsIntakeUrlPrefix::new(
             None,