diff --git a/Cargo.lock b/Cargo.lock
index b347a8b9fddd..f3fef848788b 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -665,7 +665,7 @@ dependencies = [
  "target-lexicon",
  "thiserror",
  "toml",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wat",
 ]
 
@@ -844,7 +844,7 @@ dependencies = [
  "serde_derive",
  "smallvec",
  "target-lexicon",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime-types",
  "wat",
 ]
@@ -2632,7 +2632,7 @@ version = "0.0.0"
 dependencies = [
  "cargo_metadata",
  "heck",
- "wit-component 0.20.1",
+ "wit-component 0.21.0",
 ]
 
 [[package]]
@@ -2945,7 +2945,7 @@ name = "verify-component-adapter"
 version = "19.0.0"
 dependencies = [
  "anyhow",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wat",
 ]
 
@@ -3052,7 +3052,7 @@ dependencies = [
  "byte-array-literals",
  "object",
  "wasi",
- "wasm-encoder 0.41.0",
+ "wasm-encoder",
  "wit-bindgen",
 ]
 
@@ -3129,27 +3129,18 @@ checksum = "ca6ad05a4870b2bf5fe995117d3728437bd27d7cd5f06f13c17443ef369775a1"
 
 [[package]]
 name = "wasm-encoder"
-version = "0.38.1"
+version = "0.41.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0ad2b51884de9c7f4fe2fd1043fccb8dcad4b1e29558146ee57a144d15779f3f"
-dependencies = [
- "leb128",
-]
-
-[[package]]
-name = "wasm-encoder"
-version = "0.41.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e09bca7d6388637d27fb5edbeab11f56bfabcef8743c55ae34370e1e5030a071"
+checksum = "972f97a5d8318f908dded23594188a90bcd09365986b1163e66d70170e5287ae"
 dependencies = [
  "leb128",
 ]
 
 [[package]]
 name = "wasm-metadata"
-version = "0.10.17"
+version = "0.10.20"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c853d3809fc9fccf3bc0ad63f4f51d8eefad0bacf88f957aa991c1d9b88b016e"
+checksum = "18ebaa7bd0f9e7a5e5dd29b9a998acf21c4abed74265524dd7e85934597bfb10"
 dependencies = [
  "anyhow",
  "indexmap 2.0.0",
@@ -3157,35 +3148,36 @@ dependencies = [
  "serde_derive",
  "serde_json",
  "spdx",
- "wasm-encoder 0.41.0",
- "wasmparser 0.121.0",
+ "wasm-encoder",
+ "wasmparser",
 ]
 
 [[package]]
 name = "wasm-mutate"
-version = "0.2.46"
+version = "0.2.48"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "82e89f070944fe6b516669e81589f63ddd90fe8f94f33b119908ebdf22593cbf"
+checksum = "66190ebefee2459923201c7683489eda894e703625b0c91324b1186b830410e0"
 dependencies = [
  "egg",
  "log",
  "rand",
  "thiserror",
- "wasm-encoder 0.41.0",
- "wasmparser 0.121.0",
+ "wasm-encoder",
+ "wasmparser",
 ]
 
 [[package]]
 name = "wasm-smith"
-version = "0.15.1"
+version = "0.16.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4ea4e4f4234958299a110ccc01b4ad396cece58a02fced8771b319c56d596f6d"
+checksum = "9411792ad7c3f356ec2b31685d6553e4e8c20ed9efa192c24ab7f7560c290598"
 dependencies = [
+ "anyhow",
  "arbitrary",
  "flagset",
  "indexmap 2.0.0",
  "leb128",
- "wasm-encoder 0.41.0",
+ "wasm-encoder",
 ]
 
 [[package]]
@@ -3230,19 +3222,9 @@ dependencies = [
 
 [[package]]
 name = "wasmparser"
-version = "0.118.1"
+version = "0.121.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "95ee9723b928e735d53000dec9eae7b07a60e490c85ab54abb66659fc61bfcd9"
-dependencies = [
- "indexmap 2.0.0",
- "semver",
-]
-
-[[package]]
-name = "wasmparser"
-version = "0.121.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "953cf6a7606ab31382cb1caa5ae403e77ba70c7f8e12eeda167e7040d42bfda8"
+checksum = "9dbe55c8f9d0dbd25d9447a5a889ff90c0cc3feaa7395310d3d826b2c703eaab"
 dependencies = [
  "bitflags 2.4.1",
  "indexmap 2.0.0",
@@ -3260,12 +3242,12 @@ dependencies = [
 
 [[package]]
 name = "wasmprinter"
-version = "0.2.78"
+version = "0.2.80"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "05e32c13c59fdc64d3f6998a1d52eb1d362b6904a88b754190ccb85661ad577a"
+checksum = "60e73986a6b7fdfedb7c5bf9e7eb71135486507c8fbc4c0c42cffcb6532988b7"
 dependencies = [
  "anyhow",
- "wasmparser 0.121.0",
+ "wasmparser",
 ]
 
 [[package]]
@@ -3296,8 +3278,8 @@ dependencies = [
  "target-lexicon",
  "tempfile",
  "wasi-cap-std-sync",
- "wasm-encoder 0.41.0",
- "wasmparser 0.121.0",
+ "wasm-encoder",
+ "wasmparser",
  "wasmtime-cache",
  "wasmtime-component-macro",
  "wasmtime-component-util",
@@ -3429,7 +3411,7 @@ dependencies = [
  "tokio",
  "tracing",
  "walkdir",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime",
  "wasmtime-cache",
  "wasmtime-cli-flags",
@@ -3443,10 +3425,10 @@ dependencies = [
  "wasmtime-wasi-nn",
  "wasmtime-wasi-threads",
  "wasmtime-wast",
- "wast 70.0.2",
+ "wast 71.0.1",
  "wat",
  "windows-sys 0.52.0",
- "wit-component 0.20.1",
+ "wit-component 0.21.0",
 ]
 
 [[package]]
@@ -3475,7 +3457,7 @@ dependencies = [
  "wasmtime",
  "wasmtime-component-util",
  "wasmtime-wit-bindgen",
- "wit-parser",
+ "wit-parser 0.14.0",
 ]
 
 [[package]]
@@ -3499,7 +3481,7 @@ dependencies = [
  "object",
  "target-lexicon",
  "thiserror",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime-cranelift-shared",
  "wasmtime-environ",
  "wasmtime-versioned-export-macros",
@@ -3538,8 +3520,8 @@ dependencies = [
  "serde_derive",
  "target-lexicon",
  "thiserror",
- "wasm-encoder 0.41.0",
- "wasmparser 0.121.0",
+ "wasm-encoder",
+ "wasmparser",
  "wasmprinter",
  "wasmtime-component-util",
  "wasmtime-types",
@@ -3554,7 +3536,7 @@ dependencies = [
  "component-fuzz-util",
  "env_logger",
  "libfuzzer-sys",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmprinter",
  "wasmtime-environ",
  "wat",
@@ -3611,7 +3593,7 @@ dependencies = [
  "rand",
  "smallvec",
  "target-lexicon",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime",
  "wasmtime-fuzzing",
 ]
@@ -3631,12 +3613,12 @@ dependencies = [
  "target-lexicon",
  "tempfile",
  "v8",
- "wasm-encoder 0.41.0",
+ "wasm-encoder",
  "wasm-mutate",
  "wasm-smith",
  "wasm-spec-interpreter",
  "wasmi",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmprinter",
  "wasmtime",
  "wasmtime-wast",
@@ -3683,7 +3665,7 @@ dependencies = [
  "rand",
  "rustix",
  "sptr",
- "wasm-encoder 0.41.0",
+ "wasm-encoder",
  "wasmtime-asm-macros",
  "wasmtime-environ",
  "wasmtime-fiber",
@@ -3701,7 +3683,7 @@ dependencies = [
  "serde",
  "serde_derive",
  "thiserror",
- "wasmparser 0.121.0",
+ "wasmparser",
 ]
 
 [[package]]
@@ -3812,7 +3794,7 @@ dependencies = [
  "anyhow",
  "log",
  "wasmtime",
- "wast 70.0.2",
+ "wast 71.0.1",
 ]
 
 [[package]]
@@ -3824,7 +3806,7 @@ dependencies = [
  "gimli",
  "object",
  "target-lexicon",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime-cranelift-shared",
  "wasmtime-environ",
  "winch-codegen",
@@ -3837,7 +3819,7 @@ dependencies = [
  "anyhow",
  "heck",
  "indexmap 2.0.0",
- "wit-parser",
+ "wit-parser 0.14.0",
 ]
 
 [[package]]
@@ -3855,24 +3837,24 @@ dependencies = [
 
 [[package]]
 name = "wast"
-version = "70.0.2"
+version = "71.0.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a3d5061300042ff5065123dae1e27d00c03f567d34a2937c8472255148a216dc"
+checksum = "647c3ac4354da32688537e8fc4d2fe6c578df51896298cb64727d98088a1fd26"
 dependencies = [
  "bumpalo",
  "leb128",
  "memchr",
  "unicode-width",
- "wasm-encoder 0.41.0",
+ "wasm-encoder",
 ]
 
 [[package]]
 name = "wat"
-version = "1.0.85"
+version = "1.0.88"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "afd7357b6cc46d46a2509c43dcb1dd4131dafbf4e75562d87017b5a05ffad2d6"
+checksum = "b69c36f634411568a2c6d24828b674961e37ea03340fe1d605c337ed8162d901"
 dependencies = [
- "wast 70.0.2",
+ "wast 71.0.1",
 ]
 
 [[package]]
@@ -3997,7 +3979,7 @@ dependencies = [
  "regalloc2",
  "smallvec",
  "target-lexicon",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime-environ",
 ]
 
@@ -4013,7 +3995,7 @@ dependencies = [
  "similar",
  "target-lexicon",
  "toml",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime-environ",
  "wat",
  "winch-codegen",
@@ -4043,7 +4025,7 @@ dependencies = [
  "similar",
  "target-lexicon",
  "toml",
- "wasmparser 0.121.0",
+ "wasmparser",
  "wasmtime-environ",
  "wat",
  "winch-codegen",
@@ -4213,9 +4195,9 @@ dependencies = [
 
 [[package]]
 name = "wit-bindgen"
-version = "0.15.0"
+version = "0.17.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d0e367a0bdb6b9f6db939a21749dfcd398b62a23f58afa5c44e7de16289dbeba"
+checksum = "6237168d93497b26dacdab157b08ad2787d74cdce10f89735f791b2a225eba4d"
 dependencies = [
  "bitflags 2.4.1",
  "wit-bindgen-rust-macro",
@@ -4223,33 +4205,33 @@ dependencies = [
 
 [[package]]
 name = "wit-bindgen-core"
-version = "0.15.0"
+version = "0.17.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "147bee3fde39f80da448dc971d3357c34f5810605e0ba59345ebe576002371c8"
+checksum = "a3d22547a645a7d3e4311b977a34f12e1d47df48125dc06e11e45984c99282ed"
 dependencies = [
  "anyhow",
- "wit-component 0.18.2",
- "wit-parser",
+ "wit-component 0.20.1",
+ "wit-parser 0.13.1",
 ]
 
 [[package]]
 name = "wit-bindgen-rust"
-version = "0.15.0"
+version = "0.17.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3033046c0f9112a67dc6c1e4281347c8d5f1e01d4cafc01321c259d45e3b8e4f"
+checksum = "c6a691b95d07cc4e7f7aa259b480f7f0208c4ded49406fd4f8bfd5a5a61c5db1"
 dependencies = [
  "anyhow",
  "heck",
  "wasm-metadata",
  "wit-bindgen-core",
- "wit-component 0.18.2",
+ "wit-component 0.20.1",
 ]
 
 [[package]]
 name = "wit-bindgen-rust-macro"
-version = "0.15.0"
+version = "0.17.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f191047320b2c8bd05a5d367a28c7fe0ad409d43153efc8881aa775a652ca112"
+checksum = "763cc6195d4ede622e5388051e381d397930016c8dc2f1199d3b48eb26781b6a"
 dependencies = [
  "anyhow",
  "proc-macro2",
@@ -4257,14 +4239,14 @@ dependencies = [
  "syn 2.0.32",
  "wit-bindgen-core",
  "wit-bindgen-rust",
- "wit-component 0.18.2",
+ "wit-component 0.20.1",
 ]
 
 [[package]]
 name = "wit-component"
-version = "0.18.2"
+version = "0.20.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5b8a35a2a9992898c9d27f1664001860595a4bc99d32dd3599d547412e17d7e2"
+checksum = "331de496d439010797c17637d8002712b9b69110f1669164c09dfa226ad277bb"
 dependencies = [
  "anyhow",
  "bitflags 2.4.1",
@@ -4273,17 +4255,17 @@ dependencies = [
  "serde",
  "serde_derive",
  "serde_json",
- "wasm-encoder 0.38.1",
+ "wasm-encoder",
  "wasm-metadata",
- "wasmparser 0.118.1",
- "wit-parser",
+ "wasmparser",
+ "wit-parser 0.13.1",
 ]
 
 [[package]]
 name = "wit-component"
-version = "0.20.1"
+version = "0.21.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "331de496d439010797c17637d8002712b9b69110f1669164c09dfa226ad277bb"
+checksum = "be60cd1b2ff7919305301d0c27528d4867bd793afe890ba3837743da9655d91b"
 dependencies = [
  "anyhow",
  "bitflags 2.4.1",
@@ -4292,10 +4274,10 @@ dependencies = [
  "serde",
  "serde_derive",
  "serde_json",
- "wasm-encoder 0.41.0",
+ "wasm-encoder",
  "wasm-metadata",
- "wasmparser 0.121.0",
- "wit-parser",
+ "wasmparser",
+ "wit-parser 0.14.0",
 ]
 
 [[package]]
@@ -4315,6 +4297,24 @@ dependencies = [
  "unicode-xid",
 ]
 
+[[package]]
+name = "wit-parser"
+version = "0.14.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1ee4ad7310367bf272507c0c8e0c74a80b4ed586b833f7c7ca0b7588f686f11a"
+dependencies = [
+ "anyhow",
+ "id-arena",
+ "indexmap 2.0.0",
+ "log",
+ "semver",
+ "serde",
+ "serde_derive",
+ "serde_json",
+ "unicode-xid",
+ "wasmparser",
+]
+
 [[package]]
 name = "witx"
 version = "0.9.1"
diff --git a/Cargo.toml b/Cargo.toml
index 18b6c0c17548..2e7ebfd6bdd7 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -230,18 +230,18 @@ io-extras = "0.18.0"
 rustix = "0.38.21"
 is-terminal = "0.4.0"
 # wit-bindgen:
-wit-bindgen = { version = "0.15.0", default-features = false }
+wit-bindgen = { version = "0.17.0", default-features = false }
 
 # wasm-tools family:
-wasmparser = "0.121.0"
-wat = "1.0.85"
-wast = "70.0.2"
-wasmprinter = "0.2.78"
-wasm-encoder = "0.41.0"
-wasm-smith = "0.15.1"
-wasm-mutate = "0.2.46"
-wit-parser = "0.13.1"
-wit-component = "0.20.1"
+wasmparser = "0.121.2"
+wat = "1.0.88"
+wast = "71.0.1"
+wasmprinter = "0.2.80"
+wasm-encoder = "0.41.2"
+wasm-smith = "0.16.1"
+wasm-mutate = "0.2.48"
+wit-parser = "0.14.0"
+wit-component = "0.21.0"
 
 # Non-Bytecode Alliance maintained dependencies:
 # --------------------------
diff --git a/crates/fuzzing/src/generators/module.rs b/crates/fuzzing/src/generators/module.rs
index e274220212cd..b669ff25d71c 100644
--- a/crates/fuzzing/src/generators/module.rs
+++ b/crates/fuzzing/src/generators/module.rs
@@ -62,7 +62,7 @@ impl ModuleConfig {
         let mut module = wasm_smith::Module::new(self.config.clone(), input)?;
 
         if let Some(default_fuel) = default_fuel {
-            module.ensure_termination(default_fuel);
+            module.ensure_termination(default_fuel).unwrap();
         }
 
         Ok(module)
diff --git a/crates/fuzzing/src/oracles.rs b/crates/fuzzing/src/oracles.rs
index 8831865d9db0..9381e5785537 100644
--- a/crates/fuzzing/src/oracles.rs
+++ b/crates/fuzzing/src/oracles.rs
@@ -21,6 +21,7 @@ mod stacks;
 use self::diff_wasmtime::WasmtimeInstance;
 use self::engine::{DiffEngine, DiffInstance};
 use crate::generators::{self, DiffValue, DiffValueType};
+use crate::single_module_fuzzer::KnownValid;
 use arbitrary::Arbitrary;
 pub use stacks::check_stacks;
 use std::sync::atomic::{AtomicBool, AtomicUsize, Ordering::SeqCst};
@@ -135,7 +136,12 @@ pub enum Timeout {
 /// panic or segfault or anything else that can be detected "passively".
 ///
 /// The engine will be configured using provided config.
-pub fn instantiate(wasm: &[u8], known_valid: bool, config: &generators::Config, timeout: Timeout) {
+pub fn instantiate(
+    wasm: &[u8],
+    known_valid: KnownValid,
+    config: &generators::Config,
+    timeout: Timeout,
+) {
     let mut store = config.to_store();
 
     let module = match compile_module(store.engine(), wasm, known_valid, config) {
@@ -193,7 +199,7 @@ pub enum Command {
 /// The modules are expected to *not* have start functions as no timeouts are configured.
 pub fn instantiate_many(
     modules: &[Vec<u8>],
-    known_valid: bool,
+    known_valid: KnownValid,
     config: &generators::Config,
     commands: &[Command],
 ) {
@@ -246,13 +252,13 @@ pub fn instantiate_many(
 fn compile_module(
     engine: &Engine,
     bytes: &[u8],
-    known_valid: bool,
+    known_valid: KnownValid,
     config: &generators::Config,
 ) -> Option<Module> {
     log_wasm(bytes);
     match config.compile(engine, bytes) {
         Ok(module) => Some(module),
-        Err(_) if !known_valid => None,
+        Err(_) if known_valid == KnownValid::No => None,
         Err(e) => {
             if let generators::InstanceAllocationStrategy::Pooling(c) = &config.wasmtime.strategy {
                 // When using the pooling allocator, accept failures to compile
@@ -602,7 +608,7 @@ pub fn table_ops(
 
         let wasm = ops.to_wasm_binary();
         log_wasm(&wasm);
-        let module = match compile_module(store.engine(), &wasm, false, &fuzz_config) {
+        let module = match compile_module(store.engine(), &wasm, KnownValid::No, &fuzz_config) {
             Some(m) => m,
             None => return 0,
         };
diff --git a/crates/fuzzing/src/oracles/diff_wasmtime.rs b/crates/fuzzing/src/oracles/diff_wasmtime.rs
index 9333c02e6579..f844a1901270 100644
--- a/crates/fuzzing/src/oracles/diff_wasmtime.rs
+++ b/crates/fuzzing/src/oracles/diff_wasmtime.rs
@@ -4,6 +4,7 @@ use crate::generators::{self, DiffValue, DiffValueType, WasmtimeConfig};
 use crate::oracles::dummy;
 use crate::oracles::engine::DiffInstance;
 use crate::oracles::{compile_module, engine::DiffEngine, StoreLimits};
+use crate::single_module_fuzzer::KnownValid;
 use anyhow::{Context, Error, Result};
 use arbitrary::Unstructured;
 use wasmtime::{Extern, FuncType, Instance, Module, Store, Trap, Val};
@@ -36,7 +37,7 @@ impl DiffEngine for WasmtimeEngine {
 
     fn instantiate(&mut self, wasm: &[u8]) -> Result<Box<dyn DiffInstance>> {
         let store = self.config.to_store();
-        let module = compile_module(store.engine(), wasm, true, &self.config).unwrap();
+        let module = compile_module(store.engine(), wasm, KnownValid::Yes, &self.config).unwrap();
         let instance = WasmtimeInstance::new(store, module)?;
         Ok(Box::new(instance))
     }
diff --git a/crates/fuzzing/src/single_module_fuzzer.rs b/crates/fuzzing/src/single_module_fuzzer.rs
index 6e2ef0738fde..3a0f3cb13036 100644
--- a/crates/fuzzing/src/single_module_fuzzer.rs
+++ b/crates/fuzzing/src/single_module_fuzzer.rs
@@ -95,8 +95,8 @@ macro_rules! single_module_fuzzer {
 /// module.
 pub fn execute<'a, T, U>(
     input: &'a [u8],
-    run: fn(&[u8], bool, T, &mut Unstructured<'a>) -> Result<U>,
-    gen_module: fn(&mut T, &mut Unstructured<'a>) -> Result<Vec<u8>>,
+    run: fn(&[u8], KnownValid, T, &mut Unstructured<'a>) -> Result<U>,
+    gen_module: fn(&mut T, &mut Unstructured<'a>) -> Result<(Vec<u8>, KnownValid)>,
 ) -> Result<U>
 where
     T: Arbitrary<'a>,
@@ -113,12 +113,29 @@ where
     };
     let mut u = Unstructured::new(fuzz_data);
     let mut config = u.arbitrary()?;
-    let generated = gen_module(&mut config, &mut u)?;
+    let (generated, known_valid) = gen_module(&mut config, &mut u)?;
     let module = module_in_input.unwrap_or(&generated);
     if let Ok(file) = std::env::var("WRITE_FUZZ_INPUT_TO") {
         std::fs::write(file, encode_module(&module, &fuzz_data)).unwrap();
     }
-    run(module, module_in_input.is_none(), config, &mut u)
+    let known_valid = if module_in_input.is_some() {
+        KnownValid::No
+    } else {
+        known_valid
+    };
+    run(module, known_valid, config, &mut u)
+}
+
+/// Used as part of `execute` above to determine whether a module is known to
+/// be valid ahead of time.
+#[derive(Debug, PartialEq, Eq, Copy, Clone)]
+pub enum KnownValid {
+    /// This module is known to be valid so it should assert compilation
+    /// succeeds for example.
+    Yes,
+    /// This module is not known to be valid and it may not compile
+    /// successfully. Note that it's also not known to compile unsuccessfully.
+    No,
 }
 
 const SECTION_NAME: &str = "wasmtime-fuzz-input";
@@ -133,7 +150,7 @@ pub fn mutate<T>(
     data: &mut [u8],
     mut size: usize,
     max_size: usize,
-    gen_module: fn(&mut T, &mut Unstructured<'_>) -> Result<Vec<u8>>,
+    gen_module: fn(&mut T, &mut Unstructured<'_>) -> Result<(Vec<u8>, KnownValid)>,
     mutate: fn(&mut [u8], usize, usize) -> usize,
 ) -> usize
 where
@@ -170,7 +187,7 @@ where
         .arbitrary()
         .and_then(|mut config| gen_module(&mut config, &mut u))
     {
-        Ok(module) => {
+        Ok((module, _known_valid)) => {
             let module = encode_module(&module, &data[..new_size]);
 
             if module.len() < max_size {
@@ -295,10 +312,10 @@ mod tests {
             let run2 = run_config::<(u32, u32)>;
 
             if let Ok((module, known_valid)) = execute(&buf[..seed_size], run1, gen) {
-                assert!(known_valid);
+                assert_eq!(known_valid, KnownValid::Yes);
                 let new_size = mutate(&mut buf, seed_size, max_size, gen, noop_mutate);
                 if let Ok((module2, known_valid)) = execute(&buf[..new_size], run2, gen) {
-                    assert!(!known_valid);
+                    assert_eq!(known_valid, KnownValid::No);
                     compares += 1;
                     if module != module2 {
                         panic!("modules differ");
@@ -313,21 +330,24 @@ mod tests {
 
         fn run_config<T>(
             data: &[u8],
-            known_valid: bool,
+            known_valid: KnownValid,
             _: T,
             _: &mut Unstructured<'_>,
-        ) -> Result<(Vec<u8>, bool)>
+        ) -> Result<(Vec<u8>, KnownValid)>
         where
             T: for<'a> Arbitrary<'a>,
         {
             Ok((data.to_vec(), known_valid))
         }
 
-        fn gen<T>(_: &mut T, u: &mut Unstructured<'_>) -> Result<Vec<u8>>
+        fn gen<T>(_: &mut T, u: &mut Unstructured<'_>) -> Result<(Vec<u8>, KnownValid)>
         where
             T: for<'a> Arbitrary<'a>,
         {
-            Ok(u.arbitrary::<wasm_smith::Module>()?.to_bytes())
+            Ok((
+                u.arbitrary::<wasm_smith::Module>()?.to_bytes(),
+                KnownValid::Yes,
+            ))
         }
 
         fn noop_mutate(_buf: &mut [u8], size: usize, _new_size: usize) -> usize {
diff --git a/fuzz/Cargo.toml b/fuzz/Cargo.toml
index 99608a879eef..2eea42d97c4b 100644
--- a/fuzz/Cargo.toml
+++ b/fuzz/Cargo.toml
@@ -85,12 +85,6 @@ path = "fuzz_targets/stacks.rs"
 test = false
 doc = false
 
-[[bin]]
-name = "compile-maybe-invalid"
-path = "fuzz_targets/compile-maybe-invalid.rs"
-test = false
-doc = false
-
 [[bin]]
 name = "cranelift-fuzzgen"
 path = "fuzz_targets/cranelift-fuzzgen.rs"
diff --git a/fuzz/fuzz_targets/compile-maybe-invalid.rs b/fuzz/fuzz_targets/compile-maybe-invalid.rs
deleted file mode 100644
index 2cdb282f8598..000000000000
--- a/fuzz/fuzz_targets/compile-maybe-invalid.rs
+++ /dev/null
@@ -1,12 +0,0 @@
-#![no_main]
-
-use libfuzzer_sys::fuzz_target;
-use wasmtime::{Engine, Module};
-use wasmtime_fuzzing::wasm_smith::MaybeInvalidModule;
-
-fuzz_target!(|module: MaybeInvalidModule| {
-    let engine = Engine::default();
-    let wasm = module.to_bytes();
-    wasmtime_fuzzing::oracles::log_wasm(&wasm);
-    drop(Module::new(&engine, &wasm));
-});
diff --git a/fuzz/fuzz_targets/instantiate-many.rs b/fuzz/fuzz_targets/instantiate-many.rs
index 48f1248a181d..0ee9fa2ebcbc 100644
--- a/fuzz/fuzz_targets/instantiate-many.rs
+++ b/fuzz/fuzz_targets/instantiate-many.rs
@@ -5,6 +5,7 @@
 
 use libfuzzer_sys::arbitrary::{Result, Unstructured};
 use libfuzzer_sys::fuzz_target;
+use wasmtime_fuzzing::single_module_fuzzer::KnownValid;
 use wasmtime_fuzzing::{generators, oracles};
 
 const MAX_MODULES: usize = 5;
@@ -56,7 +57,7 @@ fn execute_one(data: &[u8]) -> Result<()> {
             .collect::<Result<Vec<_>>>()?,
     );
 
-    oracles::instantiate_many(&modules, true, &config, &commands);
+    oracles::instantiate_many(&modules, KnownValid::Yes, &config, &commands);
 
     Ok(())
 }
diff --git a/fuzz/fuzz_targets/instantiate.rs b/fuzz/fuzz_targets/instantiate.rs
index 8e552bea0dcd..cc5ae10f516b 100644
--- a/fuzz/fuzz_targets/instantiate.rs
+++ b/fuzz/fuzz_targets/instantiate.rs
@@ -3,6 +3,7 @@
 use libfuzzer_sys::arbitrary::{Arbitrary, Result, Unstructured};
 use wasmtime_fuzzing::generators::Config;
 use wasmtime_fuzzing::oracles::{instantiate, Timeout};
+use wasmtime_fuzzing::single_module_fuzzer::KnownValid;
 
 wasmtime_fuzzing::single_module_fuzzer!(execute gen_module);
 
@@ -31,7 +32,7 @@ impl<'a> Arbitrary<'a> for InstantiateInput {
 
 fn execute(
     module: &[u8],
-    known_valid: bool,
+    known_valid: KnownValid,
     mut input: InstantiateInput,
     u: &mut Unstructured<'_>,
 ) -> Result<()> {
@@ -39,21 +40,40 @@ fn execute(
         // If the input module isn't a "known valid" module then it can't be
         // relied on self-regulating itself, so force a timeout via epochs/fuel
         // in the configuration.
-        Timeout::None if !known_valid => input.config.generate_timeout(u)?,
+        Timeout::None if known_valid == KnownValid::No => input.config.generate_timeout(u)?,
         other => other,
     };
     instantiate(module, known_valid, &input.config, timeout);
     Ok(())
 }
 
-fn gen_module(input: &mut InstantiateInput, u: &mut Unstructured<'_>) -> Result<Vec<u8>> {
-    let module = input.config.generate(
-        u,
-        if let Timeout::None = input.timeout {
-            Some(1000)
-        } else {
-            None
-        },
-    )?;
-    Ok(module.to_bytes())
+fn gen_module(
+    input: &mut InstantiateInput,
+    u: &mut Unstructured<'_>,
+) -> Result<(Vec<u8>, KnownValid)> {
+    // With a small-ish chance take raw fuzz input and put it in the module to
+    // stress module compilation/validation. In such a situation we can't use
+    // `ensure_termination` in wasm-smith so list the timeout as `None` to time
+    // out via epochs or Wasmtime-level fuel.
+    //
+    // Otherwise though if no timeout is configured use wasm-smith fuel to
+    // ensure termination.
+    let allow_invalid_funcs = u.ratio(1, 10)?;
+
+    let default_fuel = if allow_invalid_funcs {
+        input.config.module_config.config.allow_invalid_funcs = true;
+        input.timeout = Timeout::None;
+        None
+    } else if let Timeout::None = input.timeout {
+        Some(1000)
+    } else {
+        None
+    };
+    let module = input.config.generate(u, default_fuel)?;
+    let known_valid = if allow_invalid_funcs {
+        KnownValid::No
+    } else {
+        KnownValid::Yes
+    };
+    Ok((module.to_bytes(), known_valid))
 }
diff --git a/supply-chain/imports.lock b/supply-chain/imports.lock
index b4cc454f488a..fd7a42fef762 100644
--- a/supply-chain/imports.lock
+++ b/supply-chain/imports.lock
@@ -1068,6 +1068,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wasm-encoder]]
+version = "0.41.2"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wasm-metadata]]
 version = "0.10.17"
 when = "2024-01-29"
@@ -1075,6 +1082,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wasm-metadata]]
+version = "0.10.20"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wasm-mutate]]
 version = "0.2.46"
 when = "2024-01-29"
@@ -1082,6 +1096,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wasm-mutate]]
+version = "0.2.48"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wasm-smith]]
 version = "0.15.1"
 when = "2024-01-29"
@@ -1089,6 +1110,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wasm-smith]]
+version = "0.16.1"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wasmparser]]
 version = "0.118.1"
 when = "2023-11-29"
@@ -1103,6 +1131,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wasmparser]]
+version = "0.121.2"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wasmprinter]]
 version = "0.2.78"
 when = "2024-01-29"
@@ -1110,6 +1145,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wasmprinter]]
+version = "0.2.80"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wasmtime]]
 version = "17.0.0"
 when = "2024-01-25"
@@ -1261,6 +1303,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wast]]
+version = "71.0.1"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wat]]
 version = "1.0.85"
 when = "2024-01-29"
@@ -1268,6 +1317,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wat]]
+version = "1.0.88"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wiggle]]
 version = "17.0.0"
 when = "2024-01-25"
@@ -1523,6 +1579,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wit-bindgen]]
+version = "0.17.0"
+when = "2024-02-05"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wit-bindgen-core]]
 version = "0.15.0"
 when = "2023-11-27"
@@ -1530,6 +1593,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wit-bindgen-core]]
+version = "0.17.0"
+when = "2024-02-05"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wit-bindgen-rust]]
 version = "0.15.0"
 when = "2023-11-27"
@@ -1537,6 +1607,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wit-bindgen-rust]]
+version = "0.17.0"
+when = "2024-02-05"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wit-bindgen-rust-macro]]
 version = "0.15.0"
 when = "2023-11-27"
@@ -1544,6 +1621,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wit-bindgen-rust-macro]]
+version = "0.17.0"
+when = "2024-02-05"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wit-component]]
 version = "0.18.2"
 when = "2023-11-20"
@@ -1558,6 +1642,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wit-component]]
+version = "0.21.0"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[publisher.wit-parser]]
 version = "0.13.1"
 when = "2024-01-09"
@@ -1565,6 +1656,13 @@ user-id = 1
 user-login = "alexcrichton"
 user-name = "Alex Crichton"
 
+[[publisher.wit-parser]]
+version = "0.14.0"
+when = "2024-02-12"
+user-id = 1
+user-login = "alexcrichton"
+user-name = "Alex Crichton"
+
 [[audits.embark-studios.wildcard-audits.spdx]]
 who = "Jake Shadle <opensource@embark-studios.com>"
 criteria = "safe-to-deploy"