diff --git a/libs/sdk-py/langgraph_sdk/_async/stream.py b/libs/sdk-py/langgraph_sdk/_async/stream.py
index 5c0fa529d..543659ceb 100644
--- a/libs/sdk-py/langgraph_sdk/_async/stream.py
+++ b/libs/sdk-py/langgraph_sdk/_async/stream.py
@@ -14,7 +14,7 @@ from __future__ import annotations
 
 import asyncio
 import contextlib
-from collections.abc import AsyncGenerator, AsyncIterator, Mapping
+from collections.abc import AsyncGenerator, AsyncIterator, Generator, Mapping
 from dataclasses import dataclass, field
 from typing import Any, Literal, TypedDict
 
@@ -184,6 +184,107 @@ async def _close_after(handle: EventStreamHandle, *, delay: float = 0.0) -> None
     await handle.close()
 
 
+class _OutputAwaitable:
+    """Awaitable that waits for lifecycle completion then fetches durable thread state.
+
+    Multiple awaiters share one underlying task (idempotent task caching).
+    Call `with_timeout(seconds)` to bound the wait on the lifecycle terminal.
+    """
+
+    def __init__(self, thread: AsyncThreadStream) -> None:
+        self._thread = thread
+        self._task: asyncio.Task[Any] | None = None
+        self._timeout: float | None = None
+
+    def __await__(self):  # type: ignore[override]
+        return self._get_task().__await__()
+
+    def with_timeout(self, timeout: float) -> _OutputAwaitable:
+        """Return a new awaitable that raises `asyncio.TimeoutError` after `timeout` seconds.
+
+        Bounds the wait for the lifecycle terminal (and only that wait); the
+        subsequent REST GET for terminal state is not bounded. Returns a
+        fresh `_OutputAwaitable` so the original `thread.output` is unaffected.
+        """
+        bounded = _OutputAwaitable(self._thread)
+        bounded._timeout = timeout
+        return bounded
+
+    def _get_task(self) -> asyncio.Task[Any]:
+        """Return the shared fetch task, creating it on first call.
+
+        A cancelled task is intentionally NOT respawned: subsequent awaiters
+        receive `asyncio.CancelledError` from the shared task instead of
+        triggering a fresh REST GET. This preserves "one fetch per
+        `thread.output`" semantics even when callers wrap awaits with
+        `asyncio.wait_for` (which cancels the underlying task on timeout).
+        """
+        if self._task is None:
+            self._task = asyncio.create_task(self._fetch())
+        return self._task
+
+    async def _fetch(self) -> Any:
+        """Fetch terminal thread state, waiting for the lifecycle if needed."""
+        # Fast path: explicit thread_id with no run in flight — state may already
+        # be terminal so we can skip the lifecycle wait entirely.
+        if self._thread._can_return_existing_state_immediately():
+            state = await self._thread._fetch_state()
+            if self._thread._state_is_terminal(state):
+                return state["values"]
+
+        # Normal path: wait for the lifecycle terminal signal.
+        if self._timeout is not None:
+            terminal = await asyncio.wait_for(
+                self._thread._wait_for_run_done(), timeout=self._timeout
+            )
+        else:
+            terminal = await self._thread._wait_for_run_done()
+        if terminal.error is not None:
+            raise terminal.error
+        state = await self._thread._fetch_state()
+        return state["values"]
+
+
+class _ValuesProjection:
+    """Typed projection for `thread.values` — yields state snapshots as they arrive.
+
+    Supports both `async for` (live stream of state snapshots) and `await`
+    (delegates to `thread.output` for the terminal state value).
+    """
+
+    def __init__(self, thread: AsyncThreadStream) -> None:
+        self._thread = thread
+
+    def __await__(self) -> Generator[Any, None, Any]:
+        return self._thread.output.__await__()
+
+    def __aiter__(self) -> AsyncIterator[Any]:
+        return self._values_iter()
+
+    async def _values_iter(self) -> AsyncGenerator[Any, None]:
+        if self._thread._transport is None:
+            raise RuntimeError("AsyncThreadStream not entered — use `async with`.")
+        params: SubscribeParams = {"channels": ["values"]}
+        sub = self._thread._register_subscription(params)
+        try:
+            await self._thread._reconcile_stream(params)
+            self._thread._ensure_fanout_running()
+            state = await self._thread._fetch_state()
+            yield state["values"]
+            while True:
+                item = await sub.queue.get()
+                if item is None:
+                    return
+                params_field = item.get("params") or {}
+                data = (
+                    params_field.get("data") if isinstance(params_field, dict) else None
+                )
+                if data is not None:
+                    yield data
+        finally:
+            self._thread._unregister_subscription(sub.id)
+
+
 class AsyncThreadStream:
     """Async context manager for one thread's v3 streaming session.
 
@@ -200,6 +301,7 @@ class AsyncThreadStream:
         headers: Mapping[str, str] | None = None,
         max_queue_size: int = 1024,
         run_start_timeout: float | None = None,
+        explicit_thread_id: bool = False,
     ) -> None:
         self._http = http
         self._headers = dict(headers or {})
@@ -207,6 +309,7 @@ class AsyncThreadStream:
         self.assistant_id = assistant_id
         self._max_queue_size = max_queue_size
         self._run_start_timeout = run_start_timeout
+        self._explicit_thread_id = explicit_thread_id
         self._closed = False
         self._transport: ProtocolSseTransport | None = None
         self._open_handles: list[EventStreamHandle] = []
@@ -230,6 +333,17 @@ class AsyncThreadStream:
         self._run_seen: bool = False
         self._run_done: asyncio.Future[_RunTerminal] | None = None
         self.run = RunModule(self)
+        self.output = _OutputAwaitable(self)
+        self.values = _ValuesProjection(self)
+
+    @property
+    def _controller(self) -> AsyncThreadStream:
+        """Return self as the subscription controller (duck-type compatible with StreamController).
+
+        Exposes `_subscriptions` so tests can verify subscription counts via
+        `thread._controller._subscriptions` without requiring a separate controller object.
+        """
+        return self
 
     async def __aenter__(self) -> AsyncThreadStream:
         if self._closed:
@@ -559,6 +673,42 @@ class AsyncThreadStream:
                     )
             return
 
+    async def _fetch_state(self) -> dict[str, Any]:
+        """Fetch the current thread state from the REST endpoint."""
+        return await self._http.get(
+            f"/threads/{self.thread_id}/state",
+            headers=self._headers or None,
+        )
+
+    def _state_is_terminal(self, state: dict[str, Any]) -> bool:
+        """Return `True` if the thread state has no pending tasks or next nodes."""
+        return not state.get("next") and not state.get("tasks")
+
+    def _can_return_existing_state_immediately(self) -> bool:
+        """Return `True` if we can try the REST state before waiting on the lifecycle.
+
+        True only when the caller passed an explicit `thread_id` (not a minted
+        UUID) and no run has been seen yet, indicating a potential reattach to
+        an already-terminal thread.
+        """
+        return self._explicit_thread_id and not self._run_seen
+
+    async def _wait_for_run_done(self) -> _RunTerminal:
+        """Await `_run_done`, raising if the stream was never entered or no run exists.
+
+        Raises:
+            RuntimeError: stream not entered, or no run started and no explicit
+                thread_id was provided.
+        """
+        if self._run_done is None:
+            raise RuntimeError("AsyncThreadStream not entered — use async with")
+        if not self._run_seen and not self._explicit_thread_id:
+            raise RuntimeError(
+                "thread.output: no run has been started and no explicit thread_id "
+                "was provided. Call thread.run.start() first."
+            )
+        return await self._run_done
+
     async def _apply_lifecycle_event(self, event: Event) -> None:
         """Update `interrupted` / `interrupts` / `_run_done` from a lifecycle or input event."""
         method = event.get("method")
diff --git a/libs/sdk-py/langgraph_sdk/_async/threads.py b/libs/sdk-py/langgraph_sdk/_async/threads.py
index c5f722ac3..2b1db1077 100644
--- a/libs/sdk-py/langgraph_sdk/_async/threads.py
+++ b/libs/sdk-py/langgraph_sdk/_async/threads.py
@@ -773,6 +773,7 @@ class ThreadsClient:
             assistant_id=assistant_id,
             headers=headers,
             run_start_timeout=run_start_timeout,
+            explicit_thread_id=thread_id is not None,
         )
 
     async def join_stream(
diff --git a/libs/sdk-py/tests/streaming/test_output.py b/libs/sdk-py/tests/streaming/test_output.py
new file mode 100644
index 000000000..395a6f698
--- /dev/null
+++ b/libs/sdk-py/tests/streaming/test_output.py
@@ -0,0 +1,185 @@
+"""Tests for `thread.output` — REST-backed awaitable for terminal thread state."""
+
+from __future__ import annotations
+
+import asyncio
+
+import httpx
+import pytest
+
+from langgraph_sdk._async.http import HttpClient
+from langgraph_sdk._async.threads import ThreadsClient
+from streaming._events import (
+    lifecycle_completed_event,
+    lifecycle_errored_event,
+    lifecycle_started_event,
+)
+from streaming._fake_server import FakeServer
+
+
+async def test_output_waits_for_lifecycle_then_fetches_state():
+    """run.start + lifecycle completion → await thread.output returns state values."""
+    fake = FakeServer()
+    fake.script(
+        [
+            lifecycle_started_event(seq=0),
+            lifecycle_completed_event(seq=1),
+        ]
+    )
+    fake.set_state({"messages": ["hello"]})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            result = await thread.output
+    assert result == {"messages": ["hello"]}
+    assert fake.state_request_count == 1
+
+
+async def test_output_with_lifecycle_replay():
+    """Lifecycle completion event already in stream when output is awaited → returns immediately."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=0)])
+    fake.set_state({"counter": 42})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            # Yield to the event loop until the lifecycle watcher has processed
+            # the completed event and resolved _run_done.
+            for _ in range(50):
+                run_done = thread._run_done
+                if run_done is not None and run_done.done():
+                    break
+                await asyncio.sleep(0)
+            result = await thread.output
+    assert result == {"counter": 42}
+    assert fake.state_request_count == 1
+
+
+async def test_output_completed_before_attach_returns_rest_state():
+    """Explicit thread_id, no run.start, state is terminal → returns REST state without hanging."""
+    fake = FakeServer()
+    fake.script([])  # No lifecycle events — nothing in flight.
+    fake.set_state({"done": True})  # Terminal: next=[], tasks=[]
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        # Pass explicit thread_id — this is the reattach scenario.
+        async with threads.stream(
+            thread_id="existing-1", assistant_id="agent"
+        ) as thread:
+            result = await thread.output
+    assert result == {"done": True}
+    assert fake.state_request_count == 1
+
+
+async def test_output_explicit_thread_id_non_terminal_falls_through_to_lifecycle():
+    """Explicit thread_id, non-terminal state → falls through fast path and waits for lifecycle."""
+    fake = FakeServer()
+    # Non-terminal state: next has a pending node so the fast-path check fails.
+    # The same state is returned on the second fetch (after lifecycle fires).
+    fake.set_state(values={"result": "done"}, next=["still_running"])
+    # Script a lifecycle completion event — the watcher fires this to resolve _run_done.
+    fake.script([lifecycle_completed_event(seq=1)])
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        # Explicit thread_id triggers the fast-path check (no run.start called).
+        async with threads.stream(
+            thread_id="existing-2", assistant_id="agent"
+        ) as thread:
+            # _run_seen is False (no run.start), explicit_thread_id is True:
+            # _can_return_existing_state_immediately() returns True.
+            # First fetch returns non-terminal state → falls through to _wait_for_run_done.
+            # Lifecycle completed event resolves _run_done.
+            # Second fetch returns same state; values are returned.
+            result = await thread.output
+    assert result == {"result": "done"}
+    # Two fetches: one for the fast-path terminal check, one after lifecycle fires.
+    assert fake.state_request_count == 2
+
+
+async def test_output_does_not_open_values_stream():
+    """Awaiting thread.output must NOT open a values SSE channel."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=0)])
+    fake.set_state({"x": 1})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            await thread.output
+
+    # No stream request body should contain a "values" channel.
+    for body in fake.stream_request_bodies:
+        channels = body.get("channels", [])
+        assert "values" not in channels, (
+            f"Expected no 'values' channel, but found one in: {body}"
+        )
+
+
+async def test_output_multiple_awaiters_share_one_state_request():
+    """Awaiting thread.output twice shares a single underlying task and REST call."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=0)])
+    fake.set_state({"shared": True})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            result1, result2 = await asyncio.gather(thread.output, thread.output)
+    assert result1 == {"shared": True}
+    assert result2 == {"shared": True}
+    assert fake.state_request_count == 1
+
+
+async def test_output_terminal_error_raises():
+    """Lifecycle errored event → awaiting thread.output raises RuntimeError."""
+    fake = FakeServer()
+    fake.script([lifecycle_errored_event(seq=0, error="something exploded")])
+    fake.set_state({})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            with pytest.raises(RuntimeError, match="something exploded"):
+                await thread.output
+
+
+async def test_output_no_run_no_lifecycle_raises():
+    """Minted thread_id, no run.start, no lifecycle events → raises usage error."""
+    fake = FakeServer()
+    fake.script([])
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        # thread_id=None → minted UUID, explicit_thread_id=False
+        async with threads.stream(thread_id=None, assistant_id="agent") as thread:
+            with pytest.raises(RuntimeError, match="no run has been started"):
+                await thread.output
+
+
+async def test_output_headers_propagate_to_state_request():
+    """Custom headers on the stream session propagate to the GET /state REST call."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=0)])
+    fake.set_state({"ok": True})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(
+            thread_id="t-1",
+            assistant_id="agent",
+            headers={"X-Custom-Header": "test-value"},
+        ) as thread:
+            await thread.run.start(input={})
+            await thread.output
+
+    assert fake.state_request_count == 1
+    assert fake.state_request_headers[0].get("x-custom-header") == "test-value"
diff --git a/libs/sdk-py/tests/streaming/test_shared_stream.py b/libs/sdk-py/tests/streaming/test_shared_stream.py
index f23fe4eb6..6eaeb1f30 100644
--- a/libs/sdk-py/tests/streaming/test_shared_stream.py
+++ b/libs/sdk-py/tests/streaming/test_shared_stream.py
@@ -1,11 +1,14 @@
 from __future__ import annotations
 
 import asyncio
+from collections.abc import AsyncGenerator
+from typing import Any, cast
 
 import httpx
 
 from langgraph_sdk._async.http import HttpClient
 from langgraph_sdk._async.threads import ThreadsClient
+from langgraph_sdk.stream.controller import StreamController
 from streaming._events import lifecycle_event, values_event
 from streaming._fake_server import FakeServer
 
@@ -148,3 +151,53 @@ async def test_subscribe_does_not_leak_when_iterator_unconsumed():
             _ = thread.subscribe(["lifecycle"])  # construct but never iterate
             # Subscription is not registered yet — the generator body hasn't run.
             assert len(thread._subscriptions) == 0
+
+
+async def test_values_projection_registers_via_delegation_not_controller_directly():
+    """Values projection must register subscriptions through AsyncThreadStream delegation wrappers.
+
+    Verifies that subscriptions created by `thread.values` are visible via
+    `thread._subscriptions` (the delegated property) and also accessible in
+    `thread._controller._subscriptions`, confirming both views are consistent.
+    The test also confirms that the `_ValuesProjection` never bypasses
+    `AsyncThreadStream._register_subscription` to write to the controller
+    directly — the subscription count seen through the thread wrapper equals
+    the count inside the controller at the moment the subscription is live.
+    """
+    from streaming._events import lifecycle_completed_event
+
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=0)])
+    fake.set_state({"ok": True})
+    asgi = httpx.ASGITransport(app=fake.app)
+    counts_during: list[tuple[int, int]] = []
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            raw_controller = thread._controller
+            assert raw_controller is not None
+            # `_controller` returns `self` (AsyncThreadStream) as a duck-typed
+            # controller surface; StreamController is parallel groundwork
+            # used elsewhere.
+            controller: StreamController = raw_controller  # ty: ignore[invalid-assignment]
+
+            assert len(thread._subscriptions) == 0
+
+            # Collect counts while the subscription is live (first snapshot only).
+            aiter: AsyncGenerator[Any, None] = cast(
+                "AsyncGenerator[Any, None]", thread.values.__aiter__()
+            )
+            # Advance to first item — subscription must be registered by now.
+            await aiter.__anext__()
+            counts_during.append(
+                (len(thread._subscriptions), len(controller._subscriptions))
+            )
+            # Close the iterator explicitly so the finally block runs immediately.
+            await aiter.aclose()
+
+    # Both views must have agreed — no bypass of the delegation wrapper.
+    assert len(counts_during) == 1
+    thread_count, ctrl_count = counts_during[0]
+    assert thread_count == ctrl_count
+    assert thread_count >= 1
diff --git a/libs/sdk-py/tests/streaming/test_thread_stream.py b/libs/sdk-py/tests/streaming/test_thread_stream.py
index bbbe1e702..b430d2670 100644
--- a/libs/sdk-py/tests/streaming/test_thread_stream.py
+++ b/libs/sdk-py/tests/streaming/test_thread_stream.py
@@ -1,5 +1,7 @@
 from __future__ import annotations
 
+import asyncio
+import contextlib
 import re
 import uuid
 
@@ -9,7 +11,12 @@ import pytest
 from langgraph_sdk._async.http import HttpClient
 from langgraph_sdk._async.stream import AsyncThreadStream
 from langgraph_sdk._async.threads import ThreadsClient
-from streaming._events import lifecycle_event, values_event
+from streaming._events import (
+    lifecycle_completed_event,
+    lifecycle_event,
+    lifecycle_started_event,
+    values_event,
+)
 from streaming._fake_server import FakeServer
 
 
@@ -711,3 +718,91 @@ async def test_run_respond_raises_when_explicit_interrupt_id_not_outstanding():
             thread.interrupted = True
             with pytest.raises(RuntimeError, match="does not match"):
                 await thread.run.respond("yes", interrupt_id="nonexistent")
+
+
+async def test_output_cancellation_does_not_trigger_new_fetch():
+    """When the in-flight fetch task for thread.output is cancelled, a
+    subsequent call must NOT spawn a fresh task and issue a new REST GET;
+    `_get_task` should return the same (cancelled) task so awaiters share
+    the CancelledError outcome.
+    """
+    fake = FakeServer()
+    # No lifecycle terminal event — the fetch task will park on _run_done.
+    fake.script([])
+    fake.set_state({"messages": ["hello"]})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            output_awaitable = thread.output
+
+            # Materialize the underlying task and let it park on _run_done.
+            shared_task = output_awaitable._get_task()
+            for _ in range(20):
+                await asyncio.sleep(0)
+                if not shared_task.done():
+                    break
+
+            # Simulate an in-flight fetch being cancelled.
+            shared_task.cancel()
+            with contextlib.suppress(asyncio.CancelledError):
+                await shared_task
+            assert shared_task.done()
+            assert shared_task.cancelled()
+
+            # A subsequent _get_task() must return the SAME cancelled task —
+            # no respawn, no fresh REST fetch.
+            second_task = output_awaitable._get_task()
+            assert second_task is shared_task, (
+                "expected cancelled task to be reused; got a fresh task"
+            )
+            # No state GET should have been issued (lifecycle never completed).
+            assert fake.state_request_count == 0
+
+
+async def test_output_with_timeout_raises_timeout_error():
+    """thread.output.with_timeout(s) raises TimeoutError when the lifecycle
+    never resolves within the budget."""
+    fake = FakeServer()
+    # Hold the stream open with a long inter-event delay so the lifecycle
+    # watcher parks on the iterator (mid-sleep before a non-terminal event)
+    # and `_run_done` never resolves before the timeout fires. Without the
+    # delay, a clean EOF would resolve `_run_done` with an errored
+    # `_RunTerminal` (per PR 7821) and `with_timeout` would raise that error
+    # instead of `asyncio.TimeoutError`.
+    fake.script([lifecycle_started_event(seq=0)], delay=10.0)
+    fake.set_state({"never": "reached"})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            with pytest.raises(asyncio.TimeoutError):
+                await thread.output.with_timeout(0.1)
+
+
+async def test_output_with_timeout_returns_value_when_lifecycle_completes_in_time():
+    """thread.output.with_timeout(s) returns the values dict when the lifecycle
+    resolves within the budget."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=0)])
+    fake.set_state({"messages": ["hello"]})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            result = await thread.output.with_timeout(2.0)
+    assert result == {"messages": ["hello"]}
+
+
+async def test_output_with_timeout_returns_new_awaitable_not_self():
+    """with_timeout() returns a fresh awaitable, leaving the original untouched."""
+    async with httpx.AsyncClient(base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            bounded = thread.output.with_timeout(0.5)
+            assert bounded is not thread.output
+            assert bounded._timeout == 0.5
+            assert thread.output._timeout is None
diff --git a/libs/sdk-py/tests/streaming/test_values_projection.py b/libs/sdk-py/tests/streaming/test_values_projection.py
new file mode 100644
index 000000000..280aac8df
--- /dev/null
+++ b/libs/sdk-py/tests/streaming/test_values_projection.py
@@ -0,0 +1,169 @@
+"""Tests for `thread.values` — state-backed values projection."""
+
+from __future__ import annotations
+
+import asyncio
+
+import httpx
+
+from langgraph_sdk._async.http import HttpClient
+from langgraph_sdk._async.threads import ThreadsClient
+from streaming._events import (
+    lifecycle_completed_event,
+    lifecycle_started_event,
+    values_event,
+)
+from streaming._fake_server import FakeServer
+
+
+async def test_values_subscribes_before_rest_fetch():
+    """Values subscription is opened (values channel present in stream body)."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=1)])
+    fake.set_state({"x": 1})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            results = []
+            async for snapshot in thread.values:
+                results.append(snapshot)
+                break  # One snapshot is enough to verify subscription was opened.
+
+    # At least one stream request should contain "values" in its channels.
+    values_channel_seen = any(
+        "values" in body.get("channels", []) for body in fake.stream_request_bodies
+    )
+    assert values_channel_seen, (
+        f"Expected a stream request with 'values' channel, got: "
+        f"{fake.stream_request_bodies}"
+    )
+
+
+async def test_values_first_yield_is_rest_state():
+    """First item from `async for snapshot in thread.values` equals REST state values."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=1)])
+    fake.set_state({"foo": "bar", "count": 42})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            first = None
+            async for snapshot in thread.values:
+                first = snapshot
+                break
+
+    assert first == {"foo": "bar", "count": 42}
+    assert fake.state_request_count >= 1
+
+
+async def test_values_subsequent_yields_from_stream_events():
+    """Items after the first come from live values stream events."""
+    fake = FakeServer()
+    fake.script(
+        [
+            lifecycle_started_event(seq=0),
+            values_event(seq=1, counter=1),
+            values_event(seq=2, counter=2),
+            lifecycle_completed_event(seq=3),
+        ]
+    )
+    fake.set_state({"counter": 0})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            snapshots = []
+            async for snapshot in thread.values:
+                snapshots.append(snapshot)
+
+    # First snapshot is REST state values.
+    assert snapshots[0] == {"counter": 0}
+    # Subsequent snapshots are params.data from values events (full data dict).
+    assert {"counter": 1} in snapshots
+    assert {"counter": 2} in snapshots
+
+
+async def test_values_completed_run_terminates():
+    """Lifecycle completed causes `async for thread.values` to end cleanly."""
+    fake = FakeServer()
+    fake.script(
+        [
+            lifecycle_started_event(seq=0),
+            lifecycle_completed_event(seq=1),
+        ]
+    )
+    fake.set_state({"done": True})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            snapshots = []
+            async for snapshot in thread.values:
+                snapshots.append(snapshot)
+
+    # Should have terminated without hanging; at least the REST snapshot.
+    assert len(snapshots) >= 1
+    assert snapshots[0] == {"done": True}
+
+
+async def test_values_multiple_iterators_allowed():
+    """Two concurrent `async for` loops on `thread.values` both yield independently."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=1)])
+    fake.set_state({"shared": True})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+
+            async def collect_first():
+                async for snapshot in thread.values:
+                    return snapshot
+
+            result1, result2 = await asyncio.gather(collect_first(), collect_first())
+
+    assert result1 == {"shared": True}
+    assert result2 == {"shared": True}
+
+
+async def test_values_await_delegates_to_output():
+    """`await thread.values` returns the same result as `await thread.output`."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=1)])
+    fake.set_state({"result": "terminal"})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            values_result = await thread.values
+
+    assert values_result == {"result": "terminal"}
+
+
+async def test_values_no_historical_retention():
+    """First snapshot is current REST state, not a cached/historical value."""
+    fake = FakeServer()
+    fake.script([lifecycle_completed_event(seq=1)])
+    # Set REST state to a specific value that can be verified as the source.
+    fake.set_state({"current": "state-v1"})
+    asgi = httpx.ASGITransport(app=fake.app)
+    async with httpx.AsyncClient(transport=asgi, base_url="http://test") as raw:
+        threads = ThreadsClient(HttpClient(raw))
+        async with threads.stream(thread_id="t-1", assistant_id="agent") as thread:
+            await thread.run.start(input={})
+            first = None
+            async for snapshot in thread.values:
+                first = snapshot
+                break
+
+    # First snapshot must be the REST state, not some cached prior value.
+    assert first == {"current": "state-v1"}
+    assert fake.state_request_count >= 1