diff --git a/src/collections.ts b/src/collections.ts
index 17675494..ce4f4af1 100644
--- a/src/collections.ts
+++ b/src/collections.ts
@@ -2,19 +2,31 @@ import { getLayerDirectories } from '@nuxt/kit'
 import type { Nuxt } from '@nuxt/schema'
 import type { IconifyJSON } from '@iconify/types'
 import type { CustomCollection, ModuleOptions, RemoteCollection } from './types'
+import { fullCollectionCache } from './core/collections'
+
+const fullCollectionCacheByNuxt = new WeakMap<Nuxt, { paths: string, value?: boolean }>()
 
 export function getResolvePaths(nuxt: Nuxt): string[] {
   const layerDirs = getLayerDirectories(nuxt).map(
     dir => dir.root,
   )
 
-  return Array.from(
+  const paths = Array.from(
     new Set(
       [nuxt.options.rootDir, nuxt.options.workspaceDir, ...layerDirs].filter(
         Boolean,
       ),
     ),
   )
+
+  const key = paths.join('\0')
+  let cache = fullCollectionCacheByNuxt.get(nuxt)
+  if (cache?.paths !== key) {
+    cache = { paths: key }
+    fullCollectionCacheByNuxt.set(nuxt, cache)
+  }
+  fullCollectionCache.set(paths, cache)
+  return paths
 }
 
 type ConfiguredCollection = string | IconifyJSON | CustomCollection | RemoteCollection
diff --git a/src/core/collections.ts b/src/core/collections.ts
index 1d746771..c1d59de3 100644
--- a/src/core/collections.ts
+++ b/src/core/collections.ts
@@ -10,7 +10,16 @@ import type { CustomCollection, ServerBundleOptions, RemoteCollection } from './
 
 const logger = consola.withTag('nuxt:icon')
 
+/**
+ * Answers for path lists from `getResolvePaths()`, shared by one Nuxt instance. Each check
+ * resolves `@iconify/json` from every layer root, and the module asks once per collection.
+ */
+export const fullCollectionCache = new WeakMap<string[], { value?: boolean }>()
+
 export function hasFullCollection(resolvePaths: string[]): boolean {
+  const cache = fullCollectionCache.get(resolvePaths)
+  if (cache)
+    return cache.value ??= isPackageExists('@iconify/json', { paths: resolvePaths })
   return isPackageExists('@iconify/json', { paths: resolvePaths })
 }
 
diff --git a/test/fixtures/full-collection-check/nuxt.config.ts b/test/fixtures/full-collection-check/nuxt.config.ts
new file mode 100644
index 00000000..caddb1eb
--- /dev/null
+++ b/test/fixtures/full-collection-check/nuxt.config.ts
@@ -0,0 +1,2 @@
+// The test installs `@nuxt/icon` through `overrides`, so the module is loaded by Vitest and its `local-pkg` mock applies
+export default defineNuxtConfig({})
diff --git a/test/full-collection-check.test.ts b/test/full-collection-check.test.ts
new file mode 100644
index 00000000..ef04b216
--- /dev/null
+++ b/test/full-collection-check.test.ts
@@ -0,0 +1,87 @@
+import { fileURLToPath } from 'node:url'
+import { loadNuxt } from '@nuxt/kit'
+import { isPackageExists } from 'local-pkg'
+import { beforeEach, expect, it, onTestFinished, vi } from 'vitest'
+import { getResolvePaths } from '../src/collections'
+import { getCollectionPath } from '../src/core/collections'
+import Module from '../src/module'
+
+vi.mock('local-pkg', async (importOriginal) => {
+  const mod = await importOriginal<typeof import('local-pkg')>()
+  return { ...mod, isPackageExists: vi.fn(mod.isPackageExists) }
+})
+
+beforeEach(() => {
+  vi.mocked(isPackageExists).mockClear()
+})
+
+function fullCollectionChecks() {
+  return vi.mocked(isPackageExists).mock.calls.filter(([name]) => name === '@iconify/json')
+}
+
+function createNuxt() {
+  return { options: { rootDir: process.cwd(), workspaceDir: process.cwd(), _layers: [] } } as never
+}
+
+it('checks for @iconify/json once per build', async () => {
+  // Answer as if @iconify/json is not installed, so the generated imports don't depend on the checkout
+  const { isPackageExists: actual } = await vi.importActual<typeof import('local-pkg')>('local-pkg')
+  vi.mocked(isPackageExists).mockImplementation((name, options) => name === '@iconify/json' ? false : actual(name, options))
+  onTestFinished(() => {
+    vi.mocked(isPackageExists).mockImplementation(actual)
+  })
+
+  // `loadNuxt` runs the `nitro:config` hook, and collections are discovered from the `@iconify-json/*` dev dependencies
+  const nuxt = await loadNuxt({
+    cwd: fileURLToPath(new URL('./fixtures/full-collection-check', import.meta.url)),
+    dev: false,
+    overrides: {
+      modules: [Module],
+      icon: {
+        serverBundle: { externalizeIconsJson: true },
+      },
+    },
+  })
+  onTestFinished(() => nuxt.close())
+
+  const template = nuxt.options.build.templates.find(t => t.filename === 'nuxt-icon-server-bundle.mjs')!
+  const code = await template.getContents!({ nuxt, app: {}, options: {} } as never)
+  const traceInclude = (nuxt as unknown as { _nitro: { options: { externals: { traceInclude: string[] } } } })._nitro.options.externals.traceInclude
+
+  expect(fullCollectionChecks()).toHaveLength(1)
+  for (const collection of ['logos', 'ph', 'uil']) {
+    expect(code).toContain(`'${collection}': () => import('@iconify-json/${collection}/icons.json', { with: { type: 'json' } })`)
+    expect(traceInclude).toContainEqual(expect.stringMatching(`/@iconify-json/${collection}/icons.json$`))
+  }
+})
+
+it('checks again when the paths of a Nuxt instance change', () => {
+  const nuxt = createNuxt() as { options: { workspaceDir: string } }
+  vi.mocked(isPackageExists).mockReturnValueOnce(true)
+  expect(getCollectionPath('ph', getResolvePaths(nuxt as never))).toBe('@iconify/json/json/ph.json')
+  nuxt.options.workspaceDir = '/elsewhere'
+  vi.mocked(isPackageExists).mockReturnValueOnce(false)
+  expect(getCollectionPath('ph', getResolvePaths(nuxt as never))).toBe('@iconify-json/ph/icons.json')
+  expect(fullCollectionChecks()).toHaveLength(2)
+})
+
+it('reuses the answer within a Nuxt instance and checks again in a new one', () => {
+  const nuxt = createNuxt()
+  vi.mocked(isPackageExists).mockReturnValueOnce(true)
+  expect(getCollectionPath('ph', getResolvePaths(nuxt))).toBe('@iconify/json/json/ph.json')
+  expect(getCollectionPath('uil', getResolvePaths(nuxt))).toBe('@iconify/json/json/uil.json')
+  expect(fullCollectionChecks()).toHaveLength(1)
+
+  vi.mocked(isPackageExists).mockReturnValueOnce(false)
+  expect(getCollectionPath('ph', getResolvePaths(createNuxt()))).toBe('@iconify-json/ph/icons.json')
+  expect(fullCollectionChecks()).toHaveLength(2)
+})
+
+it('checks on every call for paths that do not come from getResolvePaths', () => {
+  const resolvePaths = [process.cwd()]
+  vi.mocked(isPackageExists).mockReturnValueOnce(true)
+  expect(getCollectionPath('ph', resolvePaths)).toBe('@iconify/json/json/ph.json')
+  vi.mocked(isPackageExists).mockReturnValueOnce(false)
+  expect(getCollectionPath('ph', resolvePaths)).toBe('@iconify-json/ph/icons.json')
+  expect(fullCollectionChecks()).toHaveLength(2)
+})