diff --git a/packages/forms/signals/src/api/rules/validation/validate_async.ts b/packages/forms/signals/src/api/rules/validation/validate_async.ts
index 4cc9682e9e99..b24fb4f9af08 100644
--- a/packages/forms/signals/src/api/rules/validation/validate_async.ts
+++ b/packages/forms/signals/src/api/rules/validation/validate_async.ts
@@ -6,7 +6,14 @@
  * found in the LICENSE file at https://angular.dev/license
  */
 
-import {DebounceTimer, Resource, Signal, computed, debounced, ɵchain} from '@angular/core';
+import {
+  DebounceTimer,
+  Resource,
+  Signal,
+  computed,
+  debounced,
+  resourceFromSnapshots,
+} from '@angular/core';
 import {FieldNode} from '../../../field/node';
 import {addDefaultField} from '../../../field/validation';
 import {FieldPathNode} from '../../../schema/path_node';
@@ -81,6 +88,8 @@ export interface AsyncValidatorOptions<
    * A function that receives the resource params and returns a resource of the given params.
    * The given params should be used as is to create the resource.
    * The forms system will report the params as `undefined` when this validation doesn't need to be run.
+   * When debouncing, params keeps its previous value until the debounce completes, while validation
+   * remains pending.
    *
    * @param params The params to use for constructing the resource
    * @returns A reference to the constructed resource.
@@ -136,8 +145,15 @@ export function validateAsync<TValue, TParams, TResult, TPathKind extends PathKi
     (_state, params) => {
       if (opts.debounce !== undefined) {
         const debouncedResource = debounced(() => params(), opts.debounce);
-        const wrappedParams = computed(() => ɵchain(debouncedResource));
-        return opts.factory(wrappedParams);
+        // `chain` relies on `resource()` params evaluation to catch its thrown status markers.
+        // Factories may read params elsewhere (e.g. in effects), where those markers would escape.
+        // Pass safe params to the factory and compose resource statuses through snapshots instead.
+        const debouncedParams = computed(() => {
+          const snapshot = debouncedResource.snapshot();
+          return snapshot.status === 'error' ? undefined : snapshot.value;
+        });
+        const factoryResource = opts.factory(debouncedParams);
+        return safeChainResources(debouncedResource, factoryResource);
       }
       return opts.factory(params);
     },
@@ -178,3 +194,32 @@ export function validateAsync<TValue, TParams, TResult, TPathKind extends PathKi
     }
   });
 }
+
+/** Composes two resources, propagating the source status until its value is ready. */
+function safeChainResources<TSource, TResult>(
+  source: Resource<TSource>,
+  target: Resource<TResult>,
+): Resource<TResult | undefined> {
+  return Object.assign(
+    resourceFromSnapshots<TResult | undefined>(() => {
+      const snapshot = source.snapshot();
+      switch (snapshot.status) {
+        case 'resolved':
+        case 'local':
+          return target.snapshot();
+        case 'error':
+          return snapshot;
+        default:
+          return {status: snapshot.status, value: undefined};
+      }
+    }),
+    {
+      reload: () => {
+        if (source.isLoading() || source.status() === 'error') {
+          return false;
+        }
+        return 'reload' in target && typeof target.reload === 'function' ? target.reload() : false;
+      },
+    },
+  );
+}
diff --git a/packages/forms/signals/test/node/resource.spec.ts b/packages/forms/signals/test/node/resource.spec.ts
index 3dd010af219a..cbb64294948c 100644
--- a/packages/forms/signals/test/node/resource.spec.ts
+++ b/packages/forms/signals/test/node/resource.spec.ts
@@ -10,13 +10,16 @@ import {HttpTestingController, provideHttpClientTesting} from '@angular/common/h
 import {
   ApplicationRef,
   assertNotInReactiveContext,
+  effect,
   Injector,
   resource,
+  resourceFromSnapshots,
+  ResourceSnapshot,
   signal,
   type Signal,
 } from '@angular/core';
 import {TestBed} from '@angular/core/testing';
-import {isNode, timeout, useAutoTick} from '@angular/private/testing';
+import {isNode, timeout, useAutoTick, waitFor} from '@angular/private/testing';
 
 import {
   applyEach,
@@ -441,6 +444,207 @@ describe('resources', () => {
     expect(usernameForm().valid()).toBe(false);
   });
 
+  describe('validateAsync with debounce', () => {
+    it('should allow effects and snapshots to read params while debounce is pending', async () => {
+      const consumeParams = jasmine.createSpy('consumeParams');
+      const {promise: debouncePromise, resolve: resolveDebounce} = Promise.withResolvers<void>();
+      const model = signal('initial');
+      const validationForm = form(
+        model,
+        (path) => {
+          validateAsync(path, {
+            params: ({value}) => value(),
+            debounce: async () => debouncePromise,
+            factory: (params) => {
+              expect(params()).toBe('initial');
+              effect(() => consumeParams(params()));
+              return resourceFromSnapshots(() => ({status: 'resolved', value: params()}));
+            },
+            onSuccess: (value) => (value === 'updated' ? {kind: 'custom'} : undefined),
+            onError: () => undefined,
+          });
+        },
+        {injector},
+      );
+
+      await appRef.whenStable();
+      expect(consumeParams).toHaveBeenCalledOnceWith('initial');
+      expect(validationForm().valid()).toBe(true);
+
+      model.set('intermediate');
+      await appRef.whenStable();
+      expect(consumeParams).toHaveBeenCalledOnceWith('initial');
+      expect(validationForm().pending()).toBe(true);
+      expect(validationForm().valid()).toBe(false);
+
+      model.set('updated');
+      await appRef.whenStable();
+      expect(consumeParams).toHaveBeenCalledOnceWith('initial');
+
+      resolveDebounce();
+      await waitFor(() => {
+        throwUnless(consumeParams).toHaveBeenCalledTimes(2);
+      });
+      await appRef.whenStable();
+
+      expect(consumeParams.calls.allArgs()).toEqual([['initial'], ['updated']]);
+      expect(validationForm().pending()).toBe(false);
+      expect(validationForm().errors()).toEqual([{kind: 'custom', fieldTree: validationForm}]);
+    });
+
+    it('should propagate factory snapshots after debounce settles', async () => {
+      const {promise: debouncePromise, resolve: resolveDebounce} = Promise.withResolvers<void>();
+      const snapshot = signal<ResourceSnapshot<string | undefined>>({
+        status: 'idle',
+        value: undefined,
+      });
+      const validationForm = form(
+        signal('initial'),
+        (path) => {
+          validateAsync(path, {
+            params: ({value}) => value(),
+            debounce: () => debouncePromise,
+            factory: () => resourceFromSnapshots(snapshot),
+            onSuccess: (value) => ({kind: value}),
+            onError: () => ({kind: 'error'}),
+          });
+        },
+        {injector},
+      );
+
+      await appRef.whenStable();
+      expect(validationForm().valid()).toBe(true);
+
+      snapshot.set({status: 'loading', value: undefined});
+      await appRef.whenStable();
+      expect(validationForm().pending()).toBe(true);
+
+      snapshot.set({status: 'resolved', value: 'old'});
+      await appRef.whenStable();
+      expect(validationForm().errors()).toEqual([{kind: 'old', fieldTree: validationForm}]);
+
+      validationForm().value.set('updated');
+      await appRef.whenStable();
+      expect(validationForm().pending()).toBe(true);
+      expect(validationForm().errors()).toEqual([]);
+
+      snapshot.set({status: 'error', error: new Error('stale request failed')});
+      await appRef.whenStable();
+      expect(validationForm().pending()).toBe(true);
+      expect(validationForm().errors()).toEqual([]);
+
+      resolveDebounce();
+      await waitFor(() => {
+        throwUnless(validationForm().pending()).toBe(false);
+      });
+      await appRef.whenStable();
+      expect(validationForm().pending()).toBe(false);
+      expect(validationForm().errors()).toEqual([{kind: 'error', fieldTree: validationForm}]);
+
+      snapshot.set({status: 'reloading', value: 'old'});
+      await appRef.whenStable();
+      expect(validationForm().pending()).toBe(true);
+
+      snapshot.set({status: 'local', value: 'new'});
+      await appRef.whenStable();
+      expect(validationForm().pending()).toBe(false);
+      expect(validationForm().errors()).toEqual([{kind: 'new', fieldTree: validationForm}]);
+
+      expect(() => validationForm().reloadValidation()).not.toThrow();
+    });
+
+    it('should report params errors without throwing in factory effects and recover', async () => {
+      const {promise: debouncePromise, resolve: resolveDebounce} = Promise.withResolvers<void>();
+      const error = new Error('params failed');
+      const onError = jasmine.createSpy('onError').and.returnValue({kind: 'params'});
+      const consumeParams = jasmine.createSpy('consumeParams');
+      const validationForm = form(
+        signal('initial'),
+        (path) => {
+          validateAsync(path, {
+            params: ({value}) => {
+              if (value() === 'error') {
+                throw error;
+              }
+              return value();
+            },
+            debounce: () => debouncePromise,
+            factory: (params) => {
+              effect(() => consumeParams(params()));
+              return resourceFromSnapshots(() => ({status: 'resolved', value: params()}));
+            },
+            onSuccess: () => undefined,
+            onError,
+          });
+        },
+        {injector},
+      );
+
+      await appRef.whenStable();
+      expect(validationForm().valid()).toBe(true);
+
+      validationForm().value.set('error');
+      await appRef.whenStable();
+      expect(validationForm().errors()).toEqual([{kind: 'params', fieldTree: validationForm}]);
+      expect(onError.calls.mostRecent().args[0]).toBe(error);
+      expect(consumeParams.calls.mostRecent().args).toEqual([undefined]);
+
+      validationForm().value.set('recovered');
+      await appRef.whenStable();
+      resolveDebounce();
+      await waitFor(() => {
+        throwUnless(consumeParams.calls.mostRecent().args).toEqual(['recovered']);
+      });
+      await appRef.whenStable();
+      expect(validationForm().valid()).toBe(true);
+      expect(consumeParams.calls.mostRecent().args).toEqual(['recovered']);
+    });
+
+    it('should reload the factory resource only after debounce settles', async () => {
+      const {promise: debouncePromise, resolve: resolveDebounce} = Promise.withResolvers<void>();
+      const loader = jasmine
+        .createSpy('loader')
+        .and.callFake(async ({params}: {params: string}) => params);
+      const validationForm = form(
+        signal('initial'),
+        (path) => {
+          validateAsync(path, {
+            params: ({value}) => value(),
+            debounce: () => debouncePromise,
+            factory: (params) => resource({params, loader}),
+            onSuccess: () => undefined,
+            onError: () => undefined,
+          });
+        },
+        {injector},
+      );
+
+      await appRef.whenStable();
+      expect(validationForm().valid()).toBe(true);
+      expect(loader).toHaveBeenCalledTimes(1);
+
+      validationForm().reloadValidation();
+      await appRef.whenStable();
+      expect(loader).toHaveBeenCalledTimes(2);
+
+      validationForm().value.set('updated');
+      await appRef.whenStable();
+      validationForm().reloadValidation();
+      await appRef.whenStable();
+      expect(loader).toHaveBeenCalledTimes(2);
+      expect(validationForm().pending()).toBe(true);
+
+      resolveDebounce();
+      await waitFor(() => {
+        throwUnless(loader).toHaveBeenCalledTimes(3);
+      });
+      await appRef.whenStable();
+      expect(loader).toHaveBeenCalledTimes(3);
+      expect(loader.calls.mostRecent().args[0].params).toBe('updated');
+      expect(validationForm().valid()).toBe(true);
+    });
+  });
+
   describe('reloadValidation', () => {
     it('should trigger a reload of async http validation', async () => {
       const usernameForm = form(