diff --git a/TUI.Test/TextElementTests.cs b/TUI.Test/TextElementTests.cs
index 54a941f..a0f6adf 100644
--- a/TUI.Test/TextElementTests.cs
+++ b/TUI.Test/TextElementTests.cs
@@ -288,6 +288,49 @@ public void WordWrapLeavesNoEmptyLineWhenAWordDividesExactly()
 		Assert.AreEqual("def", provider.Writes[1].Text);
 	}
 
+	private static readonly string[] ExpectedIndentedWrappedLines = ["  key:  aa", "bb  cc"];
+
+	/// <summary>
+	/// Turning on word wrap must not change a line that already fits: indentation and runs of
+	/// spaces stay as written (ktsu-dev/TUI#150).
+	/// </summary>
+	[TestMethod]
+	public void WordWrapLeavesALineThatFitsUnchanged()
+	{
+		// Arrange
+		TextElement element = CreateElement("    indented  two", width: 40, height: 3);
+		element.WordWrap = true;
+		RecordingConsoleProvider provider = new();
+
+		// Act
+		element.Render(provider);
+
+		// Assert
+		Assert.AreEqual("    indented  two", provider.Writes.Single().Text);
+		Assert.AreEqual(17, element.CalculateRequiredDimensions(40).Width);
+	}
+
+	/// <summary>
+	/// A paragraph that does wrap keeps its indentation and inner spacing, and loses spaces only
+	/// where a line breaks (ktsu-dev/TUI#150).
+	/// </summary>
+	[TestMethod]
+	public void WordWrapKeepsSpacesExceptAtBreakPoints()
+	{
+		// Arrange
+		TextElement element = CreateElement("  key:  aa   bb  cc", width: 10, height: 5);
+		element.WordWrap = true;
+		RecordingConsoleProvider provider = new();
+
+		// Act
+		element.Render(provider);
+
+		// Assert
+		Assert.AreSequenceEqual(
+			ExpectedIndentedWrappedLines,
+			provider.Writes.Select(w => w.Text));
+	}
+
 	/// <summary>
 	/// An element that is not visible must draw nothing.
 	/// </summary>
diff --git a/TUI/Elements/Primitives/TextElement.cs b/TUI/Elements/Primitives/TextElement.cs
index 21a153b..305181f 100644
--- a/TUI/Elements/Primitives/TextElement.cs
+++ b/TUI/Elements/Primitives/TextElement.cs
@@ -207,20 +207,40 @@ private static string[] SplitIntoLines(string text, int wrapWidth)
 		})];
 	}
 
+	/// <summary>
+	/// Wraps one paragraph to <paramref name="maxWidth"/> cells. Spaces are kept as written,
+	/// including leading indentation and runs between words, and are dropped only where a line
+	/// breaks; a paragraph that already fits comes back unchanged (ktsu-dev/TUI#150).
+	/// </summary>
+	/// <param name="text">The paragraph to wrap, with no line breaks in it</param>
+	/// <param name="maxWidth">The width to wrap to, in cells</param>
+	/// <returns>The wrapped lines, in order</returns>
 	private static string[] WrapText(string text, int maxWidth)
 	{
-		if (maxWidth <= 0)
+		if (maxWidth <= 0 || MeasureCells(text) <= maxWidth)
 		{
 			return [text];
 		}
 
 		List<string> lines = [];
-		string[] words = text.Split(' ', StringSplitOptions.RemoveEmptyEntries);
 		string currentLine = string.Empty;
+		string pendingSpaces = string.Empty;
 
-		foreach (string word in words)
+		foreach (string word in SplitKeepingSpaces(text))
 		{
-			string testLine = string.IsNullOrEmpty(currentLine) ? word : $"{currentLine} {word}";
+			if (word[0] == ' ')
+			{
+				// Spaces at the start of a wrapped line are what was left over from the break
+				if (currentLine.Length > 0 || lines.Count == 0)
+				{
+					pendingSpaces = word;
+				}
+
+				continue;
+			}
+
+			string testLine = currentLine + pendingSpaces + word;
+			pendingSpaces = string.Empty;
 
 			if (MeasureCells(testLine) <= maxWidth)
 			{
@@ -234,24 +254,7 @@ private static string[] WrapText(string text, int maxWidth)
 				lines.Add(currentLine);
 			}
 
-			// A word longer than max width has to be broken, and one slice is not enough:
-			// keep slicing until what is left actually fits, or the tail overflows the line.
-			string remainder = word;
-			while (MeasureCells(remainder) > maxWidth)
-			{
-				string slice = TakeCells(remainder, maxWidth);
-				if (slice.Length == 0)
-				{
-					// A single character wider than the whole line still has to go somewhere,
-					// or the loop would never shrink the remainder.
-					slice = StringInfo.GetNextTextElement(remainder);
-				}
-
-				lines.Add(slice);
-				remainder = remainder[slice.Length..];
-			}
-
-			currentLine = remainder;
+			currentLine = BreakOverlongWord(word, maxWidth, lines);
 		}
 
 		if (!string.IsNullOrEmpty(currentLine))
@@ -262,6 +265,56 @@ private static string[] WrapText(string text, int maxWidth)
 		return [.. lines];
 	}
 
+	/// <summary>
+	/// Adds full-width slices of a word longer than <paramref name="maxWidth"/> to
+	/// <paramref name="lines"/>, and returns the tail that fits, to start the next line with
+	/// </summary>
+	/// <param name="word">The word to break</param>
+	/// <param name="maxWidth">The width to break it to, in cells</param>
+	/// <param name="lines">The lines to add the full slices to</param>
+	/// <returns>What is left of the word once it fits</returns>
+	private static string BreakOverlongWord(string word, int maxWidth, List<string> lines)
+	{
+		// A word longer than max width has to be broken, and one slice is not enough:
+		// keep slicing until what is left actually fits, or the tail overflows the line.
+		string remainder = word;
+		while (MeasureCells(remainder) > maxWidth)
+		{
+			string slice = TakeCells(remainder, maxWidth);
+			if (slice.Length == 0)
+			{
+				// A single character wider than the whole line still has to go somewhere,
+				// or the loop would never shrink the remainder.
+				slice = StringInfo.GetNextTextElement(remainder);
+			}
+
+			lines.Add(slice);
+			remainder = remainder[slice.Length..];
+		}
+
+		return remainder;
+	}
+
+	/// <summary>
+	/// Splits text into alternating runs of spaces and runs of everything else, so that joining
+	/// the pieces gives back the original text
+	/// </summary>
+	/// <param name="text">The text to split</param>
+	/// <returns>The runs, in order; none is empty</returns>
+	private static IEnumerable<string> SplitKeepingSpaces(string text)
+	{
+		int start = 0;
+		for (int i = 1; i <= text.Length; i++)
+		{
+			bool runIsSpaces = text[start] == ' ';
+			if (i == text.Length || text[i] == ' ' != runIsSpaces)
+			{
+				yield return text[start..i];
+				start = i;
+			}
+		}
+	}
+
 	/// <summary>
 	/// Measures text in terminal cells, the unit the console lays it out in. A <see cref="string.Length"/>
 	/// count is wrong for wide characters such as CJK ideographs, which take two cells for one char,