diff --git a/RELEASES.md b/RELEASES.md
index c152459a49d0..7ddd1e42cbf3 100644
--- a/RELEASES.md
+++ b/RELEASES.md
@@ -6,6 +6,13 @@ Unreleased.
 
 ### Changed
 
+* `Config::operator_cost` now applies to operators inside constant expressions
+  (global initializers, element and data segment offsets, element segment
+  expressions) and to the synthesized call to a module's `start` function.
+  Previously each of those was charged 1 fuel unit regardless of the configured
+  cost.
+  [#14215](https://github.com/bytecodealliance/wasmtime/pull/14215)
+
 --------------------------------------------------------------------------------
 
 Release notes for previous releases of Wasmtime can be found on the respective
diff --git a/crates/cranelift/src/func_environ.rs b/crates/cranelift/src/func_environ.rs
index b722c22b3bac..0da899c472d8 100644
--- a/crates/cranelift/src/func_environ.rs
+++ b/crates/cranelift/src/func_environ.rs
@@ -6115,7 +6115,9 @@ impl FuncEnvironment<'_> {
         // Manuall manage fuel around the call as the `Call` opcode does for
         // normal wasm to ensure that it's correctly accounted for.
         if self.tunables.consume_fuel {
-            self.fuel_consumed += 1;
+            self.fuel_consumed += self.tunables.operator_cost.cost(&Operator::Call {
+                function_index: func.as_u32(),
+            });
             self.fuel_increment_var(builder);
             self.fuel_save_from_var(builder);
         }
@@ -6145,7 +6147,7 @@ impl FuncEnvironment<'_> {
         let mut stack = Vec::new();
         for op in expr.ops() {
             if self.tunables.consume_fuel {
-                self.fuel_consumed += 1;
+                self.fuel_consumed += self.tunables.operator_cost.cost(&op.to_operator());
             }
             match op {
                 ConstOp::I32Const(i) => {
diff --git a/crates/environ/src/types.rs b/crates/environ/src/types.rs
index 2f7782e1ea24..c3c5b1f759ce 100644
--- a/crates/environ/src/types.rs
+++ b/crates/environ/src/types.rs
@@ -2145,6 +2145,67 @@ impl ConstOp {
             }
         })
     }
+
+    /// Convert a `ConstOp` back to a `wasmparser::Operator`.
+    ///
+    /// `RefNull`'s heap type does not round-trip, so only use this where the
+    /// immediates do not matter, such as looking up an operator's fuel cost.
+    pub fn to_operator(&self) -> wasmparser::Operator<'static> {
+        use wasmparser::{AbstractHeapType, HeapType, Ieee32, Ieee64, Operator, V128};
+        match self {
+            ConstOp::I32Const(value) => Operator::I32Const { value: *value },
+            ConstOp::I64Const(value) => Operator::I64Const { value: *value },
+            ConstOp::F32Const(bits) => Operator::F32Const {
+                value: Ieee32::from(f32::from_bits(*bits)),
+            },
+            ConstOp::F64Const(bits) => Operator::F64Const {
+                value: Ieee64::from(f64::from_bits(*bits)),
+            },
+            ConstOp::V128Const(value) => Operator::V128Const {
+                value: V128::from(*value as i128),
+            },
+            ConstOp::GlobalGet(index) => Operator::GlobalGet {
+                global_index: index.as_u32(),
+            },
+            ConstOp::RefI31 => Operator::RefI31,
+            ConstOp::RefNull(_) => Operator::RefNull {
+                hty: HeapType::Abstract {
+                    shared: false,
+                    ty: AbstractHeapType::Any,
+                },
+            },
+            ConstOp::RefFunc(index) => Operator::RefFunc {
+                function_index: index.as_u32(),
+            },
+            ConstOp::I32Add => Operator::I32Add,
+            ConstOp::I32Sub => Operator::I32Sub,
+            ConstOp::I32Mul => Operator::I32Mul,
+            ConstOp::I64Add => Operator::I64Add,
+            ConstOp::I64Sub => Operator::I64Sub,
+            ConstOp::I64Mul => Operator::I64Mul,
+            ConstOp::StructNew { struct_type_index } => Operator::StructNew {
+                struct_type_index: struct_type_index.as_u32(),
+            },
+            ConstOp::StructNewDefault { struct_type_index } => Operator::StructNewDefault {
+                struct_type_index: struct_type_index.as_u32(),
+            },
+            ConstOp::ArrayNew { array_type_index } => Operator::ArrayNew {
+                array_type_index: array_type_index.as_u32(),
+            },
+            ConstOp::ArrayNewDefault { array_type_index } => Operator::ArrayNewDefault {
+                array_type_index: array_type_index.as_u32(),
+            },
+            ConstOp::ArrayNewFixed {
+                array_type_index,
+                array_size,
+            } => Operator::ArrayNewFixed {
+                array_type_index: array_type_index.as_u32(),
+                array_size: *array_size,
+            },
+            ConstOp::ExternConvertAny => Operator::ExternConvertAny,
+            ConstOp::AnyConvertExtern => Operator::AnyConvertExtern,
+        }
+    }
 }
 
 /// The type that can be used to index into [Memory] and [Table].
diff --git a/crates/wasmtime/src/config.rs b/crates/wasmtime/src/config.rs
index f172503ca9de..cf9163c2cf37 100644
--- a/crates/wasmtime/src/config.rs
+++ b/crates/wasmtime/src/config.rs
@@ -651,6 +651,10 @@ impl Config {
     /// configures per-byte, per-element, and per-page costs for operators whose
     /// work depends on a runtime operand.
     ///
+    /// These costs apply both to operators in function bodies and to operators
+    /// in constant expressions evaluated at instantiation time, such as global
+    /// initializers and element or data segment offsets.
+    ///
     /// This is only relevant when [`Config::consume_fuel`] is enabled.
     pub fn operator_cost(&mut self, cost: OperatorCost) -> &mut Self {
         self.tunables.operator_cost = Some(OperatorCostStrategy::table(cost));
diff --git a/tests/all/fuel.rs b/tests/all/fuel.rs
index 1192fdc46d8c..f6a06a21f025 100644
--- a/tests/all/fuel.rs
+++ b/tests/all/fuel.rs
@@ -1052,3 +1052,76 @@ fn fuel_around_table_grow() -> Result<()> {
     assert_eq!(trap, Trap::TableOutOfBounds);
     Ok(())
 }
+
+#[wasmtime_test(wasm_features(extended_const))]
+#[cfg_attr(miri, ignore)]
+fn const_expr_honors_operator_cost(config: &mut Config) -> Result<()> {
+    const WAT: &str = r#"
+        (module
+          (global $g i32 (i32.add (i32.const 1) (i32.const 2)))
+          (export "g" (global $g))
+          (func $start)
+          (start $start))
+    "#;
+
+    fn instantiation_fuel(config: &mut Config, op_cost: OperatorCost) -> Result<u64> {
+        config.consume_fuel(true).operator_cost(op_cost);
+        let engine = Engine::new(config)?;
+        let module = Module::new(&engine, WAT)?;
+
+        let mut store = Store::new(&engine, ());
+        store.set_fuel(10_000)?;
+        let instance = Instance::new(&mut store, &module, &[])?;
+
+        let g = instance
+            .get_global(&mut store, "g")
+            .unwrap()
+            .get(&mut store);
+        assert_eq!(g.i32(), Some(3), "global initializer did not run");
+
+        Ok(10_000 - store.get_fuel()?)
+    }
+
+    assert_eq!(instantiation_fuel(config, OperatorCost::default())?, 6);
+
+    let custom = OperatorCost {
+        I32Const: 7,
+        I32Add: 100,
+        ..Default::default()
+    };
+    assert_eq!(instantiation_fuel(config, custom)?, 117);
+
+    Ok(())
+}
+
+#[wasmtime_test]
+#[cfg_attr(miri, ignore)]
+fn module_start_call_honors_operator_cost(config: &mut Config) -> Result<()> {
+    const WAT: &str = r#"
+        (module
+          (func $start)
+          (start $start))
+    "#;
+
+    fn instantiation_fuel(config: &mut Config, op_cost: OperatorCost) -> Result<u64> {
+        config.consume_fuel(true).operator_cost(op_cost);
+        let engine = Engine::new(config)?;
+        let module = Module::new(&engine, WAT)?;
+
+        let mut store = Store::new(&engine, ());
+        store.set_fuel(10_000)?;
+        Instance::new(&mut store, &module, &[])?;
+
+        Ok(10_000 - store.get_fuel()?)
+    }
+
+    assert_eq!(instantiation_fuel(config, OperatorCost::default())?, 3);
+
+    let custom = OperatorCost {
+        Call: 50,
+        ..Default::default()
+    };
+    assert_eq!(instantiation_fuel(config, custom)?, 52);
+
+    Ok(())
+}