diff --git a/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.CachingFilePathComparer.cs b/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.CachingFilePathComparer.cs
new file mode 100644
index 0000000000000..20fe46870c34c
--- /dev/null
+++ b/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.CachingFilePathComparer.cs
@@ -0,0 +1,176 @@
+// Licensed to the .NET Foundation under one or more agreements.
+// The .NET Foundation licenses this file to you under the MIT license.
+// See the LICENSE file in the project root for more information.
+
+// To quiet analyzers asking to change code from dotnet/runtime style to dotnet/roslyn style
+// <auto-generated/>
+
+#nullable enable
+
+using System;
+using System.Collections.Generic;
+using System.Diagnostics;
+using System.Diagnostics.CodeAnalysis;
+using System.Numerics;
+using System.Runtime.CompilerServices;
+using System.Threading;
+
+namespace Microsoft.CodeAnalysis;
+
+internal sealed partial class SolutionState
+{
+    /// <summary>
+    /// String comparer for file paths that caches the last result of the comparison to avoid expensive rehashing of the
+    /// same string over and over again.
+    /// </summary>
+    private sealed class CachingFilePathComparer : IEqualityComparer<string>
+    {
+        /// <summary>
+        /// Note: this insensitive comparer is busted on many systems.  But we do things this way for compat with the logic
+        /// we've had on windows since forever.
+        /// </summary>
+        private static readonly StringComparer s_comparer = StringComparer.OrdinalIgnoreCase;
+
+        public static readonly CachingFilePathComparer Instance = new();
+
+        /// <summary>
+        /// Lock to protect the the last string and hash code we computed.  `enableThreadOwnerTracking: false` as we
+        /// don't need that tracking, and it substantially speeds up the spin lock (removing 0.7% cpu from solution load
+        /// scenario).
+        /// </summary>
+        private SpinLock _lock = new(enableThreadOwnerTracking: false);
+        private string? _lastString;
+        private int _lastHashCode;
+
+        private CachingFilePathComparer()
+        {
+        }
+
+        public bool Equals(string? x, string? y)
+            => s_comparer.Equals(x, y);
+
+        public int GetHashCode([DisallowNull] string obj)
+        {
+            if (TryGetCachedHashCode(obj, out var hashCode))
+                return hashCode;
+
+            // Hashing a different string than last time.  Compute the hash and cache the value.
+
+            // Specialized impl of OrdinalIgnoreCase.GetHashCode that is faster for the common case of an all-ASCII
+            // string. Falls back to normal OrdinalIgnoreCase.GetHashCode for the uncommon case.
+            hashCode = GetNonRandomizedHashCodeOrdinalIgnoreCase(obj);
+
+            var lockTaken = false;
+            try
+            {
+                _lock.Enter(ref lockTaken);
+                _lastString = obj;
+                _lastHashCode = hashCode;
+            }
+            finally
+            {
+                if (lockTaken)
+                    _lock.Exit();
+            }
+
+            return hashCode;
+        }
+
+        private bool TryGetCachedHashCode(string obj, out int hashCode)
+        {
+            var lastString = _lastString;
+
+            // Quickly check if this is definitely *not* trying to hash the same string that this comparer was just used
+            // to hash. If that's the case, we can avoid taking the lock and just return false immediately.  For the
+            // case when a lot of distinct strings are being hashed (say, when a dictionary is being populated), this
+            // means we only spin-wait once.
+            if (!ReferenceEquals(lastString, obj))
+            {
+                hashCode = default;
+                return false;
+            }
+
+            // Otherwise, take the lock, and now copy both the string and hash out.
+            var lockTaken = false;
+            try
+            {
+                _lock.Enter(ref lockTaken);
+                lastString = _lastString;
+                hashCode = _lastHashCode;
+            }
+            finally
+            {
+                if (lockTaken)
+                    _lock.Exit();
+            }
+
+            // Check again, as another thread may have written into this field between the first check and taking the lock.
+            return ReferenceEquals(lastString, obj);
+        }
+
+        // From https://github.com/dotnet/runtime/blob/5aa9687e110faa19d1165ba680e52585a822464d/src/libraries/System.Private.CoreLib/src/System/String.Comparison.cs#L921
+
+        // We "normalize to lowercase" every char by ORing with 0x0020. This casts
+        // a very wide net because it will change, e.g., '^' to '~'. But that should
+        // be ok because we expect this to be very rare in practice. These are valid
+        // for both for big-endian and for little-endian.
+        private const uint NormalizeToLowercase = 0x0020_0020u;
+
+        private unsafe int GetNonRandomizedHashCodeOrdinalIgnoreCase(string obj)
+        {
+            uint hash1 = (5381 << 16) + 5381;
+            uint hash2 = hash1;
+
+            int length = obj.Length;
+            fixed (char* src = obj)
+            {
+                Debug.Assert(src[obj.Length] == '\0', "src[this.Length] == '\\0'");
+                Debug.Assert(((int)src) % 4 == 0, "Managed string should start at 4 bytes boundary");
+
+                uint* ptr = (uint*)src;
+
+                while (length > 2)
+                {
+                    uint p0 = ptr[0];
+                    uint p1 = ptr[1];
+                    if (!AllCharsInUInt32AreAscii(p0 | p1))
+                    {
+                        goto NotAscii;
+                    }
+
+                    length -= 4;
+                    hash1 = (RuntimeBitOperations.RotateLeft(hash1, 5) + hash1) ^ (p0 | NormalizeToLowercase);
+                    hash2 = (RuntimeBitOperations.RotateLeft(hash2, 5) + hash2) ^ (p1 | NormalizeToLowercase);
+                    ptr += 2;
+                }
+
+                if (length > 0)
+                {
+                    uint p0 = ptr[0];
+                    if (!AllCharsInUInt32AreAscii(p0))
+                    {
+                        goto NotAscii;
+                    }
+
+                    hash2 = (RuntimeBitOperations.RotateLeft(hash2, 5) + hash2) ^ (p0 | NormalizeToLowercase);
+                }
+            }
+
+            return (int)(hash1 + (hash2 * 1566083941));
+
+NotAscii:
+            return s_comparer.GetHashCode(obj);
+        }
+
+        // From https://github.com/dotnet/runtime/blob/5aa9687e110faa19d1165ba680e52585a822464d/src/libraries/System.Private.CoreLib/src/System/Text/Unicode/Utf16Utility.cs#L16.
+
+        /// <summary>
+        /// Returns true iff the UInt32 represents two ASCII UTF-16 characters in machine endianness.
+        /// </summary>
+        [MethodImpl(MethodImplOptions.AggressiveInlining)]
+        private static bool AllCharsInUInt32AreAscii(uint value)
+        {
+            return (value & ~0x007F_007Fu) == 0;
+        }
+    }
+}
diff --git a/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.cs b/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.cs
index ec58bc415dfac..347ba082bdf54 100644
--- a/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.cs
+++ b/src/Workspaces/Core/Portable/Workspace/Solution/SolutionState.cs
@@ -33,11 +33,7 @@ internal readonly record struct StateChange(
 /// </summary>
 internal sealed partial class SolutionState
 {
-    /// <summary>
-    /// Note: this insensitive comparer is busted on many systems.  But we do things this way for compat with the logic
-    /// we've had on windows since forever.
-    /// </summary>
-    public static readonly StringComparer FilePathComparer = StringComparer.OrdinalIgnoreCase;
+    public static readonly IEqualityComparer<string> FilePathComparer = CachingFilePathComparer.Instance;
 
     // the version of the workspace this solution is from
     public int WorkspaceVersion { get; }