diff --git a/.github/workflows/benchmark.yml b/.github/workflows/benchmark.yml
index 123abef..de5281e 100644
--- a/.github/workflows/benchmark.yml
+++ b/.github/workflows/benchmark.yml
@@ -11,38 +11,143 @@ on:
 
 permissions:
   contents: read
-  id-token: write
+
+concurrency:
+  group: ${{ github.workflow }}-${{ github.ref }}
+  cancel-in-progress: true
 
 jobs:
-  benchmarks:
-    name: Run benchmarks
+  build:
+    name: Build
     runs-on: ubuntu-latest
 
     steps:
       - name: Checkout
-        uses: actions/checkout@v4
+        uses: actions/checkout@34e114876b0b11c390a56381ad16ebd13914f8d5 # v4
         with:
           submodules: true
 
       - name: Setup Deno
-        uses: denoland/setup-deno@v2
+        uses: denoland/setup-deno@667a34cdef165d8d2b2e98dde39547c9daac7282 # v2
         with:
           deno-version: v2.x
 
-      - name: Setup Node
-        uses: actions/setup-node@v4
+      - name: Cache WASM
+        uses: actions/cache@0057852bfaa89a56745cba8c7296529d2fc39830 # v4
+        id: wasm-cache
         with:
-          node-version: 22
+          path: |
+            clayterm.wasm
+            wasm.ts
+          key: wasm-${{ hashFiles('Makefile', 'src/**', 'tasks/bundle-wasm.ts') }}
 
       - name: Build WASM
+        if: steps.wasm-cache.outputs.cache-hit != 'true'
         run: make
 
+      - name: Cache dependencies
+        uses: actions/cache@0057852bfaa89a56745cba8c7296529d2fc39830 # v4
+        id: deno-cache
+        with:
+          path: node_modules
+          key: deno-${{ hashFiles('deno.lock') }}
+
       - name: Install dependencies
+        if: steps.deno-cache.outputs.cache-hit != 'true'
+        run: deno install
+
+      - name: Upload build artifact
+        uses: actions/upload-artifact@ea165f8d65b6e75b540449e92b4886f43607fa02 # v4
+        with:
+          name: bench-build
+          retention-days: 1
+          path: wasm.ts
+
+  simulation:
+    name: Run benchmarks (simulation)
+    needs: build
+    runs-on: ubuntu-latest
+    permissions:
+      contents: read
+      id-token: write
+
+    steps:
+      - name: Checkout
+        uses: actions/checkout@34e114876b0b11c390a56381ad16ebd13914f8d5 # v4
+
+      - name: Setup Deno
+        uses: denoland/setup-deno@667a34cdef165d8d2b2e98dde39547c9daac7282 # v2
+        with:
+          deno-version: v2.x
+
+      - name: Setup Node
+        uses: actions/setup-node@49933ea5288caeca8642d1e84afbd3f7d6820020 # v4
+        with:
+          node-version: 24
+
+      - name: Download build artifact
+        uses: actions/download-artifact@d3f86a106a0bac45b974a628896c90dbdf5c8093 # v4
+        with:
+          name: bench-build
+
+      - name: Restore dependencies
+        uses: actions/cache@0057852bfaa89a56745cba8c7296529d2fc39830 # v4
+        id: deno-cache
+        with:
+          path: node_modules
+          key: deno-${{ hashFiles('deno.lock') }}
+
+      - name: Install dependencies
+        if: steps.deno-cache.outputs.cache-hit != 'true'
         run: deno install
 
       - name: Run benchmarks
-        uses: CodSpeedHQ/action@v4
+        uses: CodSpeedHQ/action@9d332c4d90b43981c3e55ae8e38e68709996240f # v4
         with:
           mode: simulation
           # IMPORTANT! deno task bench fails in CI due to incompatible V8 bindings
           run: node bench/mod.ts
+
+  walltime:
+    name: Run benchmarks (walltime)
+    needs: build
+    runs-on: codspeed-macro
+    permissions:
+      contents: read
+      id-token: write
+
+    steps:
+      - name: Checkout
+        uses: actions/checkout@34e114876b0b11c390a56381ad16ebd13914f8d5 # v4
+
+      - name: Setup Deno
+        uses: denoland/setup-deno@667a34cdef165d8d2b2e98dde39547c9daac7282 # v2
+        with:
+          deno-version: v2.x
+
+      - name: Setup Node
+        uses: actions/setup-node@49933ea5288caeca8642d1e84afbd3f7d6820020 # v4
+        with:
+          node-version: 24
+
+      - name: Download build artifact
+        uses: actions/download-artifact@d3f86a106a0bac45b974a628896c90dbdf5c8093 # v4
+        with:
+          name: bench-build
+
+      - name: Restore dependencies
+        uses: actions/cache@0057852bfaa89a56745cba8c7296529d2fc39830 # v4
+        id: deno-cache
+        with:
+          path: node_modules
+          key: deno-codspeed-${{ runner.arch }}-${{ hashFiles('deno.lock') }}
+
+      - name: Install dependencies
+        if: steps.deno-cache.outputs.cache-hit != 'true'
+        run: deno install
+
+      - name: Run process startup benchmarks
+        uses: CodSpeedHQ/action@9d332c4d90b43981c3e55ae8e38e68709996240f # v4
+        with:
+          mode: walltime
+          run: node bench/startup.bench.ts
diff --git a/bench/fixtures/create-term/mod.ts b/bench/fixtures/create-term/mod.ts
new file mode 100644
index 0000000..b391f21
--- /dev/null
+++ b/bench/fixtures/create-term/mod.ts
@@ -0,0 +1,3 @@
+import { createTerm } from "../../../term.ts";
+
+await createTerm({ width: 80, height: 24 });
diff --git a/bench/fixtures/render-minimal/mod.ts b/bench/fixtures/render-minimal/mod.ts
new file mode 100644
index 0000000..13b52bb
--- /dev/null
+++ b/bench/fixtures/render-minimal/mod.ts
@@ -0,0 +1,9 @@
+import { createTerm } from "../../../term.ts";
+import { close, grow, open, text } from "../../../ops.ts";
+
+let term = await createTerm({ width: 80, height: 24 });
+term.render([
+  open("root", { layout: { width: grow(), height: grow(), direction: "ttb" } }),
+  text("Hello, World!"),
+  close(),
+]);
diff --git a/bench/fixtures/utils.ts b/bench/fixtures/utils.ts
new file mode 100644
index 0000000..68bf77d
--- /dev/null
+++ b/bench/fixtures/utils.ts
@@ -0,0 +1,14 @@
+import { fileURLToPath } from "node:url";
+import { spawn } from "node:child_process";
+
+export const fixture = (name: string) => {
+  return new URL(`./${name}/mod.ts`, import.meta.url);
+};
+
+export const spawnFixture = (name: string): Promise<void> =>
+  new Promise((resolve) => {
+    spawn(process.execPath, [
+      ...process.execArgv,
+      fileURLToPath(fixture(name)),
+    ], { stdio: "ignore" }).on("close", resolve);
+  });
diff --git a/bench/startup.bench.ts b/bench/startup.bench.ts
new file mode 100644
index 0000000..5a559d0
--- /dev/null
+++ b/bench/startup.bench.ts
@@ -0,0 +1,12 @@
+import { Bench } from "tinybench";
+import { withCodSpeed } from "@codspeed/tinybench-plugin";
+import { spawnFixture } from "./fixtures/utils.ts";
+
+let bench = withCodSpeed(new Bench({ name: "startup" }));
+
+bench
+  .add("createTerm", () => spawnFixture("create-term"))
+  .add("time to first render", () => spawnFixture("render-minimal"));
+
+await bench.run();
+console.table(bench.table());