diff --git a/cmake/wasi-sdk-sysroot.cmake b/cmake/wasi-sdk-sysroot.cmake
index c19d0c60f..38f804c73 100644
--- a/cmake/wasi-sdk-sysroot.cmake
+++ b/cmake/wasi-sdk-sysroot.cmake
@@ -101,12 +101,23 @@ function(define_compiler_rt target)
   add_dependencies(compiler-rt-build compiler-rt-build-${target})
 endfunction()
 
+# The `compiler-rt` for `wasm32-wasip1` will be reused for `wasm32-wasip2` and
+# `wasm32-wasi`. The version for `wasm32-wasip1-threads` will be reused for
+# `wasm32-wasi-threads`. Different builds are needed for different codegen flags
+# and such across the threaded/not target.
 define_compiler_rt(wasm32-wasip1)
 define_compiler_rt(wasm32-wasip1-threads)
 
+# If a p3 target is requested, also build compiler-rt for that target. WASIp3
+# will eventually have a different ABI than wasm32-wasip2, so this separate
+# build is needed.
+if(WASI_SDK_TARGETS MATCHES p3)
+  define_compiler_rt(wasm32-wasip3)
+endif()
+
 # In addition to the default installation of `compiler-rt` itself also copy
 # around some headers and make copies of the `wasi` directory as `wasip1` and
-# `wasip2`
+# `wasip2` and `wasip3`
 execute_process(
   COMMAND ${CMAKE_C_COMPILER} -print-resource-dir
   OUTPUT_VARIABLE clang_resource_dir
@@ -134,7 +145,6 @@ add_dependencies(compiler-rt-post-build compiler-rt-build)
 
 add_custom_target(compiler-rt DEPENDS compiler-rt-build compiler-rt-post-build)
 
-
 # =============================================================================
 # wasi-libc build logic
 # =============================================================================
@@ -144,9 +154,9 @@ function(define_wasi_libc_sub target target_suffix lto)
   get_property(directory_cflags DIRECTORY ${CMAKE_CURRENT_SOURCE_DIR} PROPERTY COMPILE_OPTIONS)
   set(extra_cflags_list "${WASI_SDK_CPU_CFLAGS} ${CMAKE_C_FLAGS} ${directory_cflags}")
 
-  if(${target} MATCHES p2)
-    # Always enable `-fPIC` for the `wasm32-wasip2` target. This makes `libc.a`
-    # more flexible and usable in dynamic linking situations.
+  if(${target} MATCHES "p[23]")
+    # Always enable `-fPIC` for the `wasm32-wasip2` and `wasm32-wasip3` targets.
+    # This makes `libc.a` more flexible and usable in dynamic linking situations.
     list(APPEND extra_cflags_list -fPIC)
   endif()
 
diff --git a/cmake/wasi-sdk-toolchain.cmake b/cmake/wasi-sdk-toolchain.cmake
index c02560d6b..848bd264f 100644
--- a/cmake/wasi-sdk-toolchain.cmake
+++ b/cmake/wasi-sdk-toolchain.cmake
@@ -156,6 +156,7 @@ copy_misc_file(wasi-sdk.cmake cmake)
 copy_misc_file(wasi-sdk-pthread.cmake cmake)
 copy_misc_file(wasi-sdk-p1.cmake cmake)
 copy_misc_file(wasi-sdk-p2.cmake cmake)
+copy_misc_file(wasi-sdk-p3.cmake cmake)
 copy_misc_file(cmake/Platform/WASI.cmake cmake/Platform)
 
 function(copy_cfg_file compiler)
diff --git a/tests/CMakeLists.txt b/tests/CMakeLists.txt
index 3ed477658..c573aea65 100644
--- a/tests/CMakeLists.txt
+++ b/tests/CMakeLists.txt
@@ -102,6 +102,9 @@ function(add_testcase runwasi test)
           if(WASI_SDK_EXCEPTIONS)
             set(runner "${runner} -Wexceptions")
           endif()
+          if(target MATCHES "wasip3")
+            set(runner "${runner} -Wcomponent-model-async -Sp3")
+          endif()
         endif()
         add_test(
           NAME test-${target_name}
diff --git a/wasi-sdk-p3.cmake b/wasi-sdk-p3.cmake
new file mode 100644
index 000000000..f73756225
--- /dev/null
+++ b/wasi-sdk-p3.cmake
@@ -0,0 +1,37 @@
+# Cmake toolchain description file for the Makefile
+
+# Until Platform/WASI.cmake is upstream we need to inject the path to it
+# into CMAKE_MODULE_PATH.
+list(APPEND CMAKE_MODULE_PATH "${CMAKE_CURRENT_LIST_DIR}")
+
+set(CMAKE_SYSTEM_NAME WASI)
+set(CMAKE_SYSTEM_VERSION 1)
+set(CMAKE_SYSTEM_PROCESSOR wasm32)
+set(triple wasm32-wasip3)
+
+if(WIN32)
+	set(WASI_HOST_EXE_SUFFIX ".exe")
+else()
+	set(WASI_HOST_EXE_SUFFIX "")
+endif()
+
+# When building from source, WASI_SDK_PREFIX represents the generated directory
+if(NOT WASI_SDK_PREFIX)
+    set(WASI_SDK_PREFIX ${CMAKE_CURRENT_LIST_DIR}/../../)
+endif()
+
+set(CMAKE_C_COMPILER ${WASI_SDK_PREFIX}/bin/clang${WASI_HOST_EXE_SUFFIX})
+set(CMAKE_CXX_COMPILER ${WASI_SDK_PREFIX}/bin/clang++${WASI_HOST_EXE_SUFFIX})
+set(CMAKE_ASM_COMPILER ${WASI_SDK_PREFIX}/bin/clang${WASI_HOST_EXE_SUFFIX})
+set(CMAKE_AR ${WASI_SDK_PREFIX}/bin/llvm-ar${WASI_HOST_EXE_SUFFIX})
+set(CMAKE_RANLIB ${WASI_SDK_PREFIX}/bin/llvm-ranlib${WASI_HOST_EXE_SUFFIX})
+set(CMAKE_C_COMPILER_TARGET ${triple})
+set(CMAKE_CXX_COMPILER_TARGET ${triple})
+set(CMAKE_ASM_COMPILER_TARGET ${triple})
+
+# Don't look in the sysroot for executables to run during the build
+set(CMAKE_FIND_ROOT_PATH_MODE_PROGRAM NEVER)
+# Only look in the sysroot (not in the host paths) for the rest
+set(CMAKE_FIND_ROOT_PATH_MODE_LIBRARY ONLY)
+set(CMAKE_FIND_ROOT_PATH_MODE_INCLUDE ONLY)
+set(CMAKE_FIND_ROOT_PATH_MODE_PACKAGE ONLY)