diff --git a/tracking/src/link_tests.rs b/tracking/src/link_tests.rs
new file mode 100644
index 000000000..b927f33b5
--- /dev/null
+++ b/tracking/src/link_tests.rs
@@ -0,0 +1,260 @@
+use super::*;
+use axum::{extract::State, http::StatusCode, response::IntoResponse, routing::get, Router};
+use std::sync::atomic::AtomicUsize;
+use tokio::sync::Barrier;
+
+struct Backend {
+    calls: AtomicUsize,
+    status: AtomicU32,
+    delay: Duration,
+    body: String,
+}
+
+async fn lookup(
+    State(backend): State<Arc<Backend>>,
+    headers: axum::http::HeaderMap,
+) -> impl IntoResponse {
+    assert_eq!(
+        headers[axum::http::header::AUTHORIZATION],
+        "Bearer fixture-token"
+    );
+    backend.calls.fetch_add(1, Ordering::Relaxed);
+    tokio::time::sleep(backend.delay).await;
+    (
+        StatusCode::from_u16(backend.status.load(Ordering::Relaxed) as u16).unwrap(),
+        backend.body.clone(),
+    )
+}
+
+struct Fixture {
+    resolver: Arc<LinkResolver>,
+    backend: Arc<Backend>,
+    server: tokio::task::JoinHandle<()>,
+}
+
+impl Fixture {
+    async fn new(status: u16, body: &str, delay: Duration) -> Self {
+        let _ = rustls::crypto::ring::default_provider().install_default();
+        let backend = Arc::new(Backend {
+            calls: AtomicUsize::new(0),
+            status: AtomicU32::new(status.into()),
+            delay,
+            body: body.into(),
+        });
+        let app = Router::new()
+            .route("/api/v1/internal/tracked-links/:id", get(lookup))
+            .with_state(backend.clone());
+        let listener = tokio::net::TcpListener::bind("127.0.0.1:0").await.unwrap();
+        let resolver = Arc::new(LinkResolver::new(
+            format!("http://{}", listener.local_addr().unwrap()),
+            "fixture-token".into(),
+        ));
+        let server = tokio::spawn(async move { axum::serve(listener, app).await.unwrap() });
+        Self {
+            resolver,
+            backend,
+            server,
+        }
+    }
+
+    async fn wave(&self, ticket: &str, callers: usize, same_source: bool) -> Vec<Resolution> {
+        let gate = Arc::new(Barrier::new(callers));
+        let mut tasks = Vec::new();
+        for i in 0..callers {
+            let (gate, resolver) = (gate.clone(), self.resolver.clone());
+            let ticket = ticket.to_string();
+            tasks.push(tokio::spawn(async move {
+                gate.wait().await;
+                resolver
+                    .resolve(
+                        &ticket,
+                        &format!("source-{}", if same_source { 0 } else { i }),
+                    )
+                    .await
+            }));
+        }
+        let mut results = Vec::new();
+        for task in tasks {
+            results.push(task.await.unwrap());
+        }
+        results
+    }
+
+    fn calls(&self) -> usize {
+        self.backend.calls.load(Ordering::Relaxed)
+    }
+}
+
+impl Drop for Fixture {
+    fn drop(&mut self) {
+        self.server.abort();
+    }
+}
+
+const LINK: &str = r#"{"destination":"https://example.com/a?q=1#top","task_id":"11111111-2222-3333-4444-555555555555","identify":true}"#;
+
+fn assert_link(result: Resolution, identify: bool) {
+    match result {
+        Resolution::Found(link) => {
+            assert_eq!(link.destination, "https://example.com/a?q=1#top");
+            assert_eq!(link.task_id, "11111111-2222-3333-4444-555555555555");
+            assert_eq!(link.identify, identify);
+        }
+        _ => panic!("expected a verified destination"),
+    }
+}
+
+#[tokio::test(flavor = "multi_thread", worker_threads = 4)]
+async fn concurrent_ticket_lookups_share_one_backend_request() {
+    let fixture = Fixture::new(200, LINK, Duration::from_millis(40)).await;
+    for result in fixture.wave("ticket", 32, false).await {
+        assert_link(result, true);
+    }
+    assert_eq!(fixture.calls(), 1);
+    assert_link(fixture.resolver.resolve("ticket", "source-0").await, true);
+    assert_eq!(
+        fixture.calls(),
+        1,
+        "repeat clicks use the same positive cache"
+    );
+    assert_link(
+        fixture.resolver.resolve("another-ticket", "source-0").await,
+        true,
+    );
+    assert_eq!(fixture.calls(), 2, "different tickets are not merged");
+}
+
+#[tokio::test]
+async fn old_ticket_payloads_still_default_to_no_identification() {
+    let fixture = Fixture::new(200, &LINK.replace(",\"identify\":true", ""), Duration::ZERO).await;
+    assert_link(fixture.resolver.resolve("ticket", "source").await, false);
+}
+
+#[tokio::test(flavor = "multi_thread", worker_threads = 4)]
+async fn coalesced_unknown_tickets_charge_each_source_and_keep_the_miss_budget() {
+    let fixture = Fixture::new(404, "unknown", Duration::from_millis(40)).await;
+    for result in fixture.wave("unknown", 8, false).await {
+        assert!(matches!(result, Resolution::NotFound));
+    }
+    assert_eq!(fixture.calls(), 1);
+    for i in 0..8 {
+        let source = format!("source-{i}");
+        assert_eq!(
+            fixture
+                .resolver
+                .miss_budget
+                .get(&source)
+                .await
+                .unwrap()
+                .load(Ordering::Relaxed),
+            1
+        );
+    }
+    for result in fixture.wave("unknown", 12, true).await {
+        assert!(matches!(result, Resolution::NotFound));
+    }
+    assert_eq!(fixture.calls(), 1, "negative hits never look up again");
+    assert_eq!(
+        fixture
+            .resolver
+            .miss_budget
+            .get("source-0")
+            .await
+            .unwrap()
+            .load(Ordering::Relaxed),
+        13
+    );
+    assert!(matches!(
+        fixture.resolver.resolve("fresh", "source-0").await,
+        Resolution::NotFound
+    ));
+    assert_eq!(
+        fixture.calls(),
+        1,
+        "miss budget must still stop backend requests"
+    );
+    fixture.backend.status.store(200, Ordering::Relaxed);
+    // A confirmed positive ticket remains available even to a source that spent its miss budget.
+    fixture
+        .resolver
+        .found
+        .insert(
+            "positive".into(),
+            ResolvedLink {
+                destination: "https://example.com/a?q=1#top".into(),
+                task_id: "11111111-2222-3333-4444-555555555555".into(),
+                identify: true,
+            },
+        )
+        .await;
+    assert_link(fixture.resolver.resolve("positive", "source-0").await, true);
+}
+
+#[tokio::test(flavor = "multi_thread", worker_threads = 4)]
+async fn backend_errors_are_not_cached_or_charged_as_unknown_tickets() {
+    let fixture = Fixture::new(503, LINK, Duration::from_millis(40)).await;
+    for result in fixture.wave("ticket", 8, false).await {
+        assert!(matches!(result, Resolution::Unavailable));
+    }
+    assert_eq!(fixture.calls(), 1);
+    assert_eq!(fixture.resolver.breaker_failures.load(Ordering::Relaxed), 1);
+    assert!(!fixture.resolver.not_found.contains_key("ticket"));
+    for i in 0..8 {
+        assert!(fixture.resolver.miss_allowed(&format!("source-{i}")).await);
+    }
+    fixture.backend.status.store(200, Ordering::Relaxed);
+    assert_link(fixture.resolver.resolve("ticket", "source-0").await, true);
+    assert_eq!(fixture.calls(), 2, "a backend error does not prevent retry");
+    assert_eq!(fixture.resolver.breaker_failures.load(Ordering::Relaxed), 0);
+}
+
+#[tokio::test]
+async fn decode_errors_fail_closed_and_actual_failures_still_trip_the_breaker() {
+    let fixture = Fixture::new(200, "not json", Duration::ZERO).await;
+    for _ in 0..BREAKER_TRIP {
+        assert!(matches!(
+            fixture.resolver.resolve("ticket", "source").await,
+            Resolution::Unavailable
+        ));
+    }
+    assert_eq!(fixture.calls(), BREAKER_TRIP as usize);
+    assert!(fixture.resolver.breaker_is_open());
+    assert!(matches!(
+        fixture.resolver.resolve("other-ticket", "source").await,
+        Resolution::Unavailable
+    ));
+    assert_eq!(fixture.calls(), BREAKER_TRIP as usize);
+    assert!(!fixture.resolver.not_found.contains_key("ticket"));
+    assert!(fixture.resolver.miss_allowed("source").await);
+}
+
+#[tokio::test]
+async fn denied_internal_requests_fail_closed_without_becoming_cache_entries() {
+    for status in [401, 403] {
+        let fixture = Fixture::new(status, LINK, Duration::ZERO).await;
+        assert!(matches!(
+            fixture.resolver.resolve("ticket", "source").await,
+            Resolution::Unavailable
+        ));
+        assert!(!fixture.resolver.not_found.contains_key("ticket"));
+        assert!(fixture.resolver.found.get("ticket").await.is_none());
+        fixture.backend.status.store(200, Ordering::Relaxed);
+        assert_link(fixture.resolver.resolve("ticket", "source").await, true);
+        assert_eq!(fixture.calls(), 2);
+    }
+}
+
+#[tokio::test(flavor = "multi_thread", worker_threads = 4)]
+#[ignore = "synthetic localhost call-count benchmark; run with --ignored --nocapture"]
+async fn benchmark_concurrent_ticket_resolution() {
+    let fixture = Fixture::new(200, LINK, Duration::from_millis(40)).await;
+    let started = Instant::now();
+    const TICKETS: usize = 25;
+    const CALLERS: usize = 32;
+    for i in 0..TICKETS {
+        for result in fixture.wave(&format!("ticket-{i}"), CALLERS, false).await {
+            assert_link(result, true);
+        }
+    }
+    println!("synthetic cold-cache tickets={TICKETS}, callers_per_ticket={CALLERS}, backend_calls={}, elapsed_ms={}", fixture.calls(), started.elapsed().as_millis());
+}
diff --git a/tracking/src/links.rs b/tracking/src/links.rs
index a850a1205..c6f2ba4ca 100644
--- a/tracking/src/links.rs
+++ b/tracking/src/links.rs
@@ -44,6 +44,12 @@ pub enum Resolution {
     Unavailable,
 }
 
+#[derive(Debug)]
+enum LookupError {
+    NotFound,
+    Unavailable,
+}
+
 /// Consecutive backend failures before the breaker opens.
 const BREAKER_TRIP: u32 = 5;
 /// How long the breaker stays open once tripped.
@@ -114,6 +120,31 @@ impl LinkResolver {
             return Resolution::Unavailable;
         }
 
+        // Coalesce immutable-ticket cache fills, but charge every caller's own misses.
+        match self
+            .found
+            .try_get_with(link_id.to_string(), self.fetch(link_id))
+            .await
+        {
+            Ok(link) => Resolution::Found(link),
+            Err(error) => match error.as_ref() {
+                LookupError::NotFound => {
+                    self.count_miss(source).await;
+                    Resolution::NotFound
+                }
+                LookupError::Unavailable => Resolution::Unavailable,
+            },
+        }
+    }
+
+    async fn fetch(&self, link_id: &str) -> Result<ResolvedLink, LookupError> {
+        if self.not_found.contains_key(link_id) {
+            return Err(LookupError::NotFound);
+        }
+        if self.breaker_is_open() {
+            return Err(LookupError::Unavailable);
+        }
+
         let url = format!(
             "{}/api/v1/internal/tracked-links/{}",
             self.backend_url, link_id
@@ -129,35 +160,32 @@ impl LinkResolver {
             Ok(resp) if resp.status().is_success() => match resp.json::<LinkResponse>().await {
                 Ok(body) => {
                     self.breaker_failures.store(0, Ordering::Relaxed);
-                    let link = ResolvedLink {
+                    Ok(ResolvedLink {
                         destination: body.destination,
                         task_id: body.task_id,
                         identify: body.identify,
-                    };
-                    self.found.insert(link_id.to_string(), link.clone()).await;
-                    Resolution::Found(link)
+                    })
                 }
                 Err(e) => {
                     warn!("tracked-link decode failed: {}", e);
                     self.record_failure();
-                    Resolution::Unavailable
+                    Err(LookupError::Unavailable)
                 }
             },
             Ok(resp) if resp.status() == reqwest::StatusCode::NOT_FOUND => {
                 self.breaker_failures.store(0, Ordering::Relaxed);
                 self.not_found.insert(link_id.to_string(), ()).await;
-                self.count_miss(source).await;
-                Resolution::NotFound
+                Err(LookupError::NotFound)
             }
             Ok(resp) => {
                 warn!("tracked-link lookup unexpected status: {}", resp.status());
                 self.record_failure();
-                Resolution::Unavailable
+                Err(LookupError::Unavailable)
             }
             Err(e) => {
                 warn!("tracked-link lookup failed: {}", e);
                 self.record_failure();
-                Resolution::Unavailable
+                Err(LookupError::Unavailable)
             }
         }
     }
@@ -198,3 +226,7 @@ impl LinkResolver {
         }
     }
 }
+
+#[cfg(test)]
+#[path = "link_tests.rs"]
+mod tests;