diff --git a/backend/druks/durable/reads.py b/backend/druks/durable/reads.py
index ffae9f8c..38f11c30 100644
--- a/backend/druks/durable/reads.py
+++ b/backend/druks/durable/reads.py
@@ -146,28 +146,23 @@ def read_slice(path: Path, *, offset: int, limit: int) -> TextSlice:
 
 
 def read_transcript_chunk(
-    engine: Engine,
-    call_id: str,
+    call: AgentCall,
     stream: Literal["stdout", "stderr"],
     *,
     offset: int,
     limit: int,
-) -> TranscriptChunk | None:
+) -> TranscriptChunk:
     # One paginated slice of an agent call's stdout/stderr log — the initial
-    # backfill before the live tail takes over. None if the call is gone; an empty
-    # eof chunk if it has produced no log yet. The platform owns the log path.
-    with session_scope(engine):
-        call = AgentCall.get(call_id)
-        if not call:
-            return
-        path = call.get_stream_path(stream)
+    # backfill before the live tail takes over. An empty eof chunk while the call
+    # has produced no log yet. The platform owns the log path.
+    path = call.get_stream_path(stream)
     if not path:
         return TranscriptChunk(
-            call_id=call_id, stream=stream, offset=offset, next_offset=offset, eof=True, text=""
+            call_id=call.id, stream=stream, offset=offset, next_offset=offset, eof=True, text=""
         )
     piece = read_slice(path, offset=offset, limit=limit)
     return TranscriptChunk(
-        call_id=call_id,
+        call_id=call.id,
         stream=stream,
         offset=piece.offset,
         next_offset=piece.next_offset,
diff --git a/backend/druks/extensions/base.py b/backend/druks/extensions/base.py
index a7fb84d4..f76a2f44 100644
--- a/backend/druks/extensions/base.py
+++ b/backend/druks/extensions/base.py
@@ -273,17 +273,21 @@ def _get_transcript_routes(cls) -> "APIRouter":
         import mimetypes
         from typing import Literal
 
-        from fastapi import APIRouter, HTTPException, status
+        from fastapi import APIRouter, HTTPException, Response, status
         from fastapi.responses import FileResponse, StreamingResponse
 
         from druks.api.dependencies import EngineDep
         from druks.durable import reads
+        from druks.durable.enums import AgentCallStatus
         from druks.durable.live import SSE_HEADERS
         from druks.durable.models import AgentCall
         from druks.durable.schemas import AgentCallFiles, TranscriptChunk
 
         default_limit = 64 * 1024
         max_limit = 256 * 1024
+        # A call that has stopped writing never appends to its log again, so the
+        # byte range this serves is permanent.
+        settled_cache = "public, max-age=31536000, immutable"
 
         router = APIRouter(prefix="/transcripts/{call_id}", tags=[f"{cls.name}:transcripts"])
 
@@ -291,7 +295,7 @@ def _get_transcript_routes(cls) -> "APIRouter":
         async def get_transcript(
             call_id: str,
             stream: Literal["stdout", "stderr"],
-            engine: EngineDep,
+            response: Response,
             offset: int = 0,
             limit: int = default_limit,
         ) -> TranscriptChunk:
@@ -301,10 +305,14 @@ async def get_transcript(
                 raise HTTPException(
                     status.HTTP_400_BAD_REQUEST, f"limit must be in 1..{max_limit}."
                 )
-            chunk = reads.read_transcript_chunk(engine, call_id, stream, offset=offset, limit=limit)
-            if not chunk:
+            call = AgentCall.get(call_id)
+            if not call:
                 raise HTTPException(status.HTTP_404_NOT_FOUND, "Run not found.")
-            return chunk
+            if call.get_live_status() == AgentCallStatus.RUNNING:
+                response.headers["Cache-Control"] = "no-store"
+            else:
+                response.headers["Cache-Control"] = settled_cache
+            return reads.read_transcript_chunk(call, stream, offset=offset, limit=limit)
 
         @router.get("/stream", response_class=StreamingResponse)
         async def stream_transcript(
diff --git a/backend/tests/conftest.py b/backend/tests/conftest.py
index c4ab984a..9c158a4f 100644
--- a/backend/tests/conftest.py
+++ b/backend/tests/conftest.py
@@ -464,6 +464,7 @@ def seed_agent_run(
     host_id: str | None = None,
     model: str | None = "gpt-5.5",
     workflow_id: str | None = None,
+    run_state: str = "running",
 ):
     """Create a build Run and an AgentCall on it, returning the AgentCall.
 
@@ -482,7 +483,7 @@ def seed_agent_run(
                 project = Project.create(name=repo)
                 ProjectRepo.create(project_id=project.id, full_name=repo)
             work_item_id = WorkItem.create(project_id=project.id, title="x", repo=repo).id
-        run = seed_build_run(session, work_item_id=work_item_id)
+        run = seed_build_run(session, work_item_id=work_item_id, state=run_state)
         workflow_id = run.id
     else:
         run = Run.get(workflow_id)
diff --git a/backend/tests/test_agent_routes.py b/backend/tests/test_agent_routes.py
index c286c03d..80b9277c 100644
--- a/backend/tests/test_agent_routes.py
+++ b/backend/tests/test_agent_routes.py
@@ -192,7 +192,7 @@ def test_cancel_run_route(client: TestClient, db_session):
     assert again.json()["result"] == "already_cancelled"
 
 
-def test_transcript_route_matches_the_read_machinery(client: TestClient, db_session, db_engine):
+def test_transcript_route_matches_the_read_machinery(client: TestClient, db_session):
     call = seed_agent_run()
     call_dir = call.call_dir
     call_dir.mkdir(parents=True, exist_ok=True)
@@ -202,7 +202,7 @@ def test_transcript_route_matches_the_read_machinery(client: TestClient, db_sess
         f"/api/build/transcripts/{call.id}", params={"stream": "stdout", "limit": 7}
     )
     assert response.status_code == 200
-    chunk = read_transcript_chunk(db_engine, call.id, "stdout", offset=0, limit=7)
+    chunk = read_transcript_chunk(call, "stdout", offset=0, limit=7)
     assert response.json() == chunk.model_dump(mode="json", by_alias=True)
     # The 7-byte cut lands mid-é; the window serves the seam's one �.
     assert response.json()["text"] == "hello �"
diff --git a/backend/tests/test_api_runs.py b/backend/tests/test_api_runs.py
index 5669bb8e..3f310a4a 100644
--- a/backend/tests/test_api_runs.py
+++ b/backend/tests/test_api_runs.py
@@ -21,10 +21,10 @@ def client(tmp_path: Path, db_session, monkeypatch):
         yield client
 
 
-def _seed_run(*, tmp_path: Path) -> str:
+def _seed_run(*, tmp_path: Path, finished: bool = True, run_state: str = "running") -> str:
     from conftest import finish_agent_run, seed_agent_run
 
-    run = seed_agent_run()
+    run = seed_agent_run(run_state=run_state)
 
     # The harness writes every file for a call into run-<run_id>/<call_id>/.
     call_dir = run.call_dir
@@ -34,7 +34,8 @@ def _seed_run(*, tmp_path: Path) -> str:
     (call_dir / "stdout.jsonl").write_bytes(b"hello stdout output")
     (call_dir / "stderr.log").write_bytes(b"warning text")
 
-    finish_agent_run(run)
+    if finished:
+        finish_agent_run(run)
     return run.id
 
 
@@ -69,6 +70,7 @@ def test_transcript_range_fetch_paginates(
         params={"stream": "stdout", "limit": 5},
     )
     assert first.status_code == 200
+    assert first.headers["cache-control"] == "public, max-age=31536000, immutable"
     data = first.json()
     assert data["offset"] == 0
     assert data["nextOffset"] == 5
@@ -85,6 +87,40 @@ def test_transcript_range_fetch_paginates(
     assert data["eof"] is True
 
 
+def test_transcript_of_a_running_call_is_never_cached(
+    client: TestClient,
+    tmp_path: Path,
+    db_session,
+):
+    call_id = _seed_run(tmp_path=tmp_path, finished=False)
+
+    response = client.get(
+        f"/api/build/transcripts/{call_id}",
+        params={"stream": "stdout", "limit": 5},
+    )
+
+    assert response.status_code == 200
+    assert response.headers["cache-control"] == "no-store"
+
+
+def test_transcript_of_an_abandoned_call_is_cached_immutably(
+    client: TestClient,
+    tmp_path: Path,
+    db_session,
+):
+    # The call never wrote finished_at, but its run died — nothing will append
+    # to that log again, so the chunk is as permanent as a finished call's.
+    call_id = _seed_run(tmp_path=tmp_path, finished=False, run_state="failed")
+
+    response = client.get(
+        f"/api/build/transcripts/{call_id}",
+        params={"stream": "stdout", "limit": 5},
+    )
+
+    assert response.status_code == 200
+    assert response.headers["cache-control"] == "public, max-age=31536000, immutable"
+
+
 def test_transcript_missing_file_returns_eof(
     client: TestClient,
     tmp_path: Path,
diff --git a/frontend/src/components/RunTranscript.test.tsx b/frontend/src/components/RunTranscript.test.tsx
new file mode 100644
index 00000000..71bbe951
--- /dev/null
+++ b/frontend/src/components/RunTranscript.test.tsx
@@ -0,0 +1,88 @@
+import { act, cleanup, render, screen } from '@testing-library/react'
+import { afterEach, describe, expect, it, vi } from 'vitest'
+
+import { useSSE } from '../api/sse'
+import { RunTranscript } from './RunTranscript'
+
+vi.mock('../api/sse', () => ({
+  useSSE: vi.fn(),
+}))
+
+const useSSEMock = vi.mocked(useSSE)
+
+function chunkResponse(text: string, nextOffset: number, eof: boolean): Response {
+  return new Response(JSON.stringify({ text, nextOffset, eof }), { status: 200 })
+}
+
+function deferred<T>() {
+  let resolve!: (value: T) => void
+  const promise = new Promise<T>((resolvePromise) => {
+    resolve = resolvePromise
+  })
+  return { promise, resolve }
+}
+
+afterEach(() => {
+  cleanup()
+  vi.unstubAllGlobals()
+  vi.clearAllMocks()
+})
+
+describe('RunTranscript', () => {
+  it('renders each terminal transcript chunk as it arrives', async () => {
+    const secondResponse = deferred<Response>()
+    const fetchMock = vi
+      .fn<(url: string, init?: RequestInit) => Promise<Response>>()
+      .mockResolvedValueOnce(chunkResponse('first row\n', 10, false))
+      .mockReturnValueOnce(secondResponse.promise)
+    vi.stubGlobal('fetch', fetchMock)
+
+    render(<RunTranscript basePath="/api/build/transcripts/call-1" isLive={false} />)
+
+    expect(await screen.findByText('first row')).toBeTruthy()
+    expect(fetchMock).toHaveBeenCalledTimes(2)
+
+    await act(async () => {
+      secondResponse.resolve(chunkResponse('second row\n', 21, true))
+      await secondResponse.promise
+    })
+
+    expect(screen.getByText('first row')).toBeTruthy()
+    expect(await screen.findByText('second row')).toBeTruthy()
+  })
+
+  it('hands a live transcript from the first chunk to SSE until finished', async () => {
+    const fetchMock = vi.fn<(url: string, init?: RequestInit) => Promise<Response>>(
+      async () => chunkResponse('initial row\n', 12, false),
+    )
+    vi.stubGlobal('fetch', fetchMock)
+
+    render(<RunTranscript basePath="/api/build/transcripts/call-2" isLive />)
+
+    expect(await screen.findByText('initial row')).toBeTruthy()
+    expect(fetchMock).toHaveBeenCalledTimes(1)
+    expect(fetchMock).toHaveBeenCalledWith(
+      '/api/build/transcripts/call-2?stream=stdout&offset=0&limit=262144',
+      { headers: { Accept: 'application/json' } },
+    )
+    expect(useSSEMock).toHaveBeenLastCalledWith(
+      '/api/build/transcripts/call-2/stream?stream=stdout&offset=12',
+      expect.objectContaining({ enabled: true }),
+    )
+
+    act(() => {
+      const handlers = useSSEMock.mock.calls.at(-1)?.[1].handlers
+      handlers?.['transcript.chunk']?.({ text: 'streamed row\n' })
+    })
+    expect(await screen.findByText('streamed row')).toBeTruthy()
+
+    act(() => {
+      const handlers = useSSEMock.mock.calls.at(-1)?.[1].handlers
+      handlers?.['agent_call.finished']?.({})
+    })
+    expect(useSSEMock).toHaveBeenLastCalledWith(
+      '/api/build/transcripts/call-2/stream?stream=stdout&offset=12',
+      expect.objectContaining({ enabled: false }),
+    )
+  })
+})
diff --git a/frontend/src/components/RunTranscript.tsx b/frontend/src/components/RunTranscript.tsx
index 833780c8..552c5f88 100644
--- a/frontend/src/components/RunTranscript.tsx
+++ b/frontend/src/components/RunTranscript.tsx
@@ -16,10 +16,10 @@ interface RunTranscriptProps {
 }
 
 /**
- * Shared live transcript: fetches the full log up-front (paginated), then —
- * when ``isLive`` — opens an SSE stream pinned at the trailing offset and
- * appends chunks until ``agent_call.finished``. Used by the agent-call and
- * work-item pages; the only difference is ``basePath``.
+ * Shared transcript: progressively renders the paginated backfill, then — when
+ * ``isLive`` — opens an SSE stream pinned at the trailing offset and appends
+ * chunks until ``agent_call.finished``. Used by the agent-call and work-item
+ * pages; the only difference is ``basePath``.
  */
 export function RunTranscript({ basePath, stream = 'stdout', isLive }: RunTranscriptProps) {
   const transcriptKey = `${basePath}:${stream}`
@@ -36,20 +36,24 @@ export function RunTranscript({ basePath, stream = 'stdout', isLive }: RunTransc
       let offset = 0
       let text = ''
       let eof = false
+      let ok: boolean
       do {
         const res = await fetch(
           `${basePath}?stream=${stream}&offset=${offset}&limit=${TRANSCRIPT_CHUNK_LIMIT}`,
           { headers: { Accept: 'application/json' } },
         )
-        if (!res.ok) break
-        const chunk = (await res.json()) as { text: string; nextOffset: number; eof: boolean }
-        text += chunk.text
-        offset = chunk.nextOffset
-        eof = chunk.eof
-      } while (!cancelled && !isLive && !eof)
-      if (!cancelled) {
+        ok = res.ok
+        if (ok) {
+          const chunk = (await res.json()) as { text: string; nextOffset: number; eof: boolean }
+          text += chunk.text
+          offset = chunk.nextOffset
+          eof = chunk.eof
+        }
+        if (cancelled) return
+        // Publish after every chunk so a long backfill renders as it arrives,
+        // and once more on a failed fetch so the view stops saying "loading".
         setInitial({ key: transcriptKey, text, nextOffset: offset, eof })
-      }
+      } while (ok && !isLive && !eof)
     })()
     return () => {
       cancelled = true
@@ -60,36 +64,34 @@ export function RunTranscript({ basePath, stream = 'stdout', isLive }: RunTransc
     return <pre className="run-pre mono dim">loading transcript…</pre>
   }
 
-  return (
-    <RunTranscriptLive
-      key={transcriptKey}
-      eventsUrl={`${basePath}/stream?stream=${stream}&offset=${initial.nextOffset}`}
-      initialText={initial.text}
-      initialEof={initial.eof}
-      isLive={isLive}
-    />
-  )
+  if (isLive) {
+    return (
+      <RunTranscriptLive
+        key={transcriptKey}
+        eventsUrl={`${basePath}/stream?stream=${stream}&offset=${initial.nextOffset}`}
+        initialText={initial.text}
+      />
+    )
+  }
+
+  return <StreamTranscript text={initial.text} complete={initial.eof} />
 }
 
 function RunTranscriptLive({
   eventsUrl,
   initialText,
-  initialEof,
-  isLive,
 }: {
   eventsUrl: string
   initialText: string
-  initialEof: boolean
-  isLive: boolean
 }) {
   const [text, setText] = useState(initialText)
-  const [complete, setComplete] = useState(!isLive && initialEof)
+  const [complete, setComplete] = useState(false)
 
   // Gate ``enabled`` on ``!complete`` so useSSE closes the EventSource on
   // ``agent_call.finished`` — otherwise a native EventSource auto-reconnects to the
   // offset-pinned URL and replays the whole file, duplicating the transcript.
   useSSE(eventsUrl, {
-    enabled: isLive && !complete,
+    enabled: !complete,
     handlers: useMemo(
       () => ({
         'transcript.chunk': (payload) => {