diff --git a/packages/metro/src/DeltaBundler/Graph.js b/packages/metro/src/DeltaBundler/Graph.js
index e81e4e55e9..284bb38ffd 100644
--- a/packages/metro/src/DeltaBundler/Graph.js
+++ b/packages/metro/src/DeltaBundler/Graph.js
@@ -29,7 +29,6 @@
  *    nodes and entries in the importBundleNodes set.
  */
 
-import type {RequireContext} from '../lib/contextModule';
 import type {RequireContextParams} from '../ModuleGraph/worker/collectDependencies';
 import type {
   Dependencies,
@@ -41,6 +40,7 @@ import type {
   Options,
   ResolvedDependency,
   TransformInputOptions,
+  VirtualSource,
 } from './types';
 
 import {fileMatchesContext} from '../lib/contextModule';
@@ -149,8 +149,11 @@ export class Graph<T = MixedOutput> {
     possibleCycleRoots: new Set(),
   };
 
-  /** Resolved context parameters from `require.context`. */
-  #resolvedContexts: Map<string, RequireContext> = new Map();
+  /**
+   * Sources of the modules in the graph that have no file, keyed by module
+   * path.
+   */
+  #virtualSources: Map<string, VirtualSource> = new Map();
 
   constructor(options: GraphInputOptions) {
     this.entryPoints = options.entryPoints;
@@ -348,7 +351,7 @@ export class Graph<T = MixedOutput> {
     options: InternalOptions<T>,
     moduleFilter?: (path: string) => boolean,
   ): Promise<Delta<T>> {
-    const subGraph = await buildSubgraph(pathsToVisit, this.#resolvedContexts, {
+    const subGraph = await buildSubgraph(pathsToVisit, this.#virtualSources, {
       resolve: options.resolve,
       shouldTraverse: (dependency: ResolvedDependency) => {
         if (options.shallow || isWeakOrLazy(dependency, options)) {
@@ -356,9 +359,9 @@ export class Graph<T = MixedOutput> {
         }
         return moduleFilter == null || moduleFilter(dependency.absolutePath);
       },
-      transform: async (absolutePath, requireContext) => {
+      transform: async (absolutePath, virtualSource) => {
         options.onDependencyAdd();
-        const result = await options.transform(absolutePath, requireContext);
+        const result = await options.transform(absolutePath, virtualSource);
         options.onDependencyAdded();
         return result;
       },
@@ -394,7 +397,7 @@ export class Graph<T = MixedOutput> {
     const previousDependencies = previousModule?.dependencies ?? new Map();
     const {
       dependencies: currentDependencies,
-      resolvedContexts,
+      virtualSources,
       ...transformResult
     } = currentModule;
 
@@ -449,7 +452,7 @@ export class Graph<T = MixedOutput> {
             nextModule,
             key,
             curDependency,
-            resolvedContexts.get(key),
+            virtualSources.get(key),
             delta,
             options,
           );
@@ -507,7 +510,7 @@ export class Graph<T = MixedOutput> {
     parentModule: Module<T>,
     key: string,
     dependency: Dependency,
-    requireContext: ?RequireContext,
+    virtualSource: ?VirtualSource,
     delta: Delta<T>,
     options: InternalOptions<T>,
   ): void {
@@ -555,12 +558,12 @@ export class Graph<T = MixedOutput> {
 
     if (isResolvedDependency(dependency)) {
       const path = dependency.absolutePath;
-      if (requireContext) {
-        this.#resolvedContexts.set(path, requireContext);
+      if (virtualSource) {
+        this.#virtualSources.set(path, virtualSource);
       } else {
         // This dependency may have existed previously as a require.context -
         // clean it up.
-        this.#resolvedContexts.delete(path);
+        this.#virtualSources.delete(path);
       }
     }
 
@@ -623,10 +626,11 @@ export class Graph<T = MixedOutput> {
     filePath: string,
     modifiedPaths: Set<string> | CountingSet<string>,
   ) {
-    for (const [absolutePath, context] of this.#resolvedContexts) {
+    for (const [absolutePath, virtualSource] of this.#virtualSources) {
       if (
+        virtualSource.type === 'requireContext' &&
         !modifiedPaths.has(absolutePath) &&
-        fileMatchesContext(filePath, context)
+        fileMatchesContext(filePath, virtualSource.requireContext)
       ) {
         modifiedPaths.add(absolutePath);
       }
@@ -761,23 +765,21 @@ export class Graph<T = MixedOutput> {
     const {dependencies, getSource, output, unstable_transformResultKey} =
       module;
 
-    const resolvedContexts: Map<string, RequireContext> = new Map();
+    const virtualSources: Map<string, VirtualSource> = new Map();
     for (const [key, dependency] of dependencies) {
       if (!isResolvedDependency(dependency)) {
         continue;
       }
-      const resolvedContext = this.#resolvedContexts.get(
-        dependency.absolutePath,
-      );
-      if (resolvedContext != null) {
-        resolvedContexts.set(key, resolvedContext);
+      const virtualSource = this.#virtualSources.get(dependency.absolutePath);
+      if (virtualSource != null) {
+        virtualSources.set(key, virtualSource);
       }
     }
     return {
       dependencies: new Map(dependencies),
       getSource,
       output,
-      resolvedContexts,
+      virtualSources,
       unstable_transformResultKey,
     };
   }
@@ -828,7 +830,7 @@ export class Graph<T = MixedOutput> {
     this.dependencies.delete(module.path);
     this.#gc.possibleCycleRoots.delete(module.path);
     this.#gc.color.delete(module.path);
-    this.#resolvedContexts.delete(module.path);
+    this.#virtualSources.delete(module.path);
   }
 
   // Mark a module as a possible cycle root
diff --git a/packages/metro/src/DeltaBundler/__tests__/Graph-test.js b/packages/metro/src/DeltaBundler/__tests__/Graph-test.js
index 803c892a5b..f7f139d522 100644
--- a/packages/metro/src/DeltaBundler/__tests__/Graph-test.js
+++ b/packages/metro/src/DeltaBundler/__tests__/Graph-test.js
@@ -32,7 +32,6 @@
  *   boxes/lines as needed).
  */
 
-import type {RequireContext} from '../../lib/contextModule';
 import type {RequireContextParams} from '../../ModuleGraph/worker/collectDependencies';
 import type {Result} from '../Graph';
 import type {
@@ -46,6 +45,7 @@ import type {
   TransformFn,
   TransformResultDependency,
   TransformResultWithSource,
+  VirtualSource,
 } from '../types';
 
 import {deriveAbsolutePathFromContext} from '../../lib/contextModule';
@@ -357,10 +357,10 @@ beforeEach(async () => {
 
   mockTransform = jest
     .fn<
-      [string, ?RequireContext],
+      [string, ?VirtualSource],
       Promise<TransformResultWithSource<MixedOutput>>,
     >()
-    .mockImplementation(async (path: string, context: ?RequireContext) => {
+    .mockImplementation(async (path: string, context: ?VirtualSource) => {
       const override = transformOverrides.get(path);
       if (override != null) {
         return override(path, context);
@@ -556,7 +556,7 @@ test('should retry traversing dependencies after a transform error', async () =>
 
   const localOptions = {
     ...options,
-    transform(path: string, context: ?RequireContext) {
+    transform(path: string, context: ?VirtualSource) {
       if (path === '/bad') {
         throw new BadError();
       }
@@ -2351,7 +2351,7 @@ describe('edge cases', () => {
       let fastResolved = false;
 
       localMockTransform.mockImplementation(
-        async (path: string, context: ?RequireContext) => {
+        async (path: string, context: ?VirtualSource) => {
           const result = await mockTransform(path, context);
 
           if (path === slowPath && !fastResolved) {
@@ -2967,10 +2967,13 @@ describe('require.context', () => {
   };
 
   const ctxResolved = {
-    recursive: true,
-    mode: 'sync',
-    filter: /.*/,
-    from: p('/ctx'),
+    type: 'requireContext',
+    requireContext: {
+      recursive: true,
+      mode: 'sync',
+      filter: /.*/,
+      from: p('/ctx'),
+    },
   };
 
   const ctxPath = deriveAbsolutePathFromContext(p('/ctx'), ctxParams);
@@ -3301,10 +3304,13 @@ describe('require.context', () => {
     };
 
     const narrowCtxResolved = {
-      recursive: true,
-      mode: 'sync',
-      filter: /\.\/narrow\/.*/,
-      from: p('/ctx'),
+      type: 'requireContext',
+      requireContext: {
+        recursive: true,
+        mode: 'sync',
+        filter: /\.\/narrow\/.*/,
+        from: p('/ctx'),
+      },
     };
 
     const narrowCtxPath = deriveAbsolutePathFromContext(
@@ -3592,7 +3598,7 @@ describe('optional dependencies', () => {
   const createMockTransform = (notOptional?: string[]) => {
     /* $FlowFixMe[missing-this-annot] The 'this' type annotation(s) required by
      * Flow's LTI update could not be added via codemod */
-    return async function (path: string, context: ?RequireContext) {
+    return async function (path: string, context: ?VirtualSource) {
       const result = await mockTransform.call(this, path, context);
       return {
         ...result,
diff --git a/packages/metro/src/DeltaBundler/__tests__/buildSubgraph-test.js b/packages/metro/src/DeltaBundler/__tests__/buildSubgraph-test.js
index a64bc90207..74c35f191b 100644
--- a/packages/metro/src/DeltaBundler/__tests__/buildSubgraph-test.js
+++ b/packages/metro/src/DeltaBundler/__tests__/buildSubgraph-test.js
@@ -117,7 +117,7 @@ describe('GraphTraversal', () => {
       ]),
       getSource: expect.any(Function),
       output: [],
-      resolvedContexts: new Map(),
+      virtualSources: new Map(),
     });
   });
 
@@ -139,7 +139,7 @@ describe('GraphTraversal', () => {
     };
     expect(params.transform).toHaveBeenCalledWith(
       p('/virtual?ctx=af3bf59b8564d441084c02bdf04c4d662d74d3bd'),
-      expectedResolvedContext,
+      {type: 'requireContext', requireContext: expectedResolvedContext},
     );
     expect(params.transform).toHaveBeenCalledWith(
       p('/contextMatch'),
@@ -167,8 +167,14 @@ describe('GraphTraversal', () => {
                 },
               ],
             ]),
-            resolvedContexts: new Map([
-              ['key-virtual', expectedResolvedContext],
+            virtualSources: new Map([
+              [
+                'key-virtual',
+                {
+                  type: 'requireContext',
+                  requireContext: expectedResolvedContext,
+                },
+              ],
             ]),
             output: [],
             getSource: expect.any(Function),
@@ -178,7 +184,7 @@ describe('GraphTraversal', () => {
           p('/contextMatch'),
           {
             dependencies: new Map(),
-            resolvedContexts: new Map(),
+            virtualSources: new Map(),
             output: [],
             getSource: expect.any(Function),
           },
@@ -201,7 +207,7 @@ describe('GraphTraversal', () => {
                 },
               ],
             ]),
-            resolvedContexts: new Map(),
+            virtualSources: new Map(),
             output: [],
             getSource: expect.any(Function),
           },
diff --git a/packages/metro/src/DeltaBundler/buildSubgraph.js b/packages/metro/src/DeltaBundler/buildSubgraph.js
index 0b26dbde04..dadf39a629 100644
--- a/packages/metro/src/DeltaBundler/buildSubgraph.js
+++ b/packages/metro/src/DeltaBundler/buildSubgraph.js
@@ -16,6 +16,7 @@ import type {
   ResolveFn,
   TransformFn,
   TransformResultDependency,
+  VirtualSource,
 } from './types';
 
 import {deriveAbsolutePathFromContext} from '../lib/contextModule';
@@ -34,10 +35,10 @@ function resolveDependencies(
   resolve: ResolveFn,
 ): {
   dependencies: Map<string, Dependency>,
-  resolvedContexts: Map<string, RequireContext>,
+  virtualSources: Map<string, VirtualSource>,
 } {
   const maybeResolvedDeps = new Map<string, Dependency>();
-  const resolvedContexts = new Map<string, RequireContext>();
+  const virtualSources = new Map<string, VirtualSource>();
 
   for (const dep of dependencies) {
     let maybeResolvedDep: Dependency;
@@ -61,7 +62,10 @@ function resolveDependencies(
         recursive: contextParams.recursive,
       };
 
-      resolvedContexts.set(key, resolvedContext);
+      virtualSources.set(key, {
+        type: 'requireContext',
+        requireContext: resolvedContext,
+      });
 
       maybeResolvedDep = {
         absolutePath,
@@ -95,13 +99,13 @@ function resolveDependencies(
 
   return {
     dependencies: maybeResolvedDeps,
-    resolvedContexts,
+    virtualSources,
   };
 }
 
 export async function buildSubgraph<T>(
   entryPaths: ReadonlySet<string>,
-  resolvedContexts: ReadonlyMap<string, ?RequireContext>,
+  virtualSources: ReadonlyMap<string, ?VirtualSource>,
   {resolve, transform, shouldTraverse}: Parameters<T>,
 ): Promise<{
   moduleData: Map<string, ModuleData<T>>,
@@ -113,13 +117,13 @@ export async function buildSubgraph<T>(
 
   async function visit(
     absolutePath: string,
-    requireContext: ?RequireContext,
+    virtualSource: ?VirtualSource,
   ): Promise<void> {
     if (visitedPaths.has(absolutePath)) {
       return;
     }
     visitedPaths.add(absolutePath);
-    const transformResult = await transform(absolutePath, requireContext);
+    const transformResult = await transform(absolutePath, virtualSource);
 
     // Get the absolute path of all sub-dependencies (some of them could have been
     // moved but maintain the same relative path).
@@ -143,7 +147,7 @@ export async function buildSubgraph<T>(
         .map(dependency =>
           visit(
             dependency.absolutePath,
-            resolutionResult.resolvedContexts.get(dependency.data.data.key),
+            resolutionResult.virtualSources.get(dependency.data.data.key),
           ).catch(error => errors.set(dependency.absolutePath, error)),
         ),
     );
@@ -151,7 +155,7 @@ export async function buildSubgraph<T>(
 
   await Promise.all(
     [...entryPaths].map(absolutePath =>
-      visit(absolutePath, resolvedContexts.get(absolutePath)).catch(error =>
+      visit(absolutePath, virtualSources.get(absolutePath)).catch(error =>
         errors.set(absolutePath, error),
       ),
     ),
diff --git a/packages/metro/src/DeltaBundler/types.js b/packages/metro/src/DeltaBundler/types.js
index ac000fa07a..688bfd42ea 100644
--- a/packages/metro/src/DeltaBundler/types.js
+++ b/packages/metro/src/DeltaBundler/types.js
@@ -90,9 +90,20 @@ export type Module<T = MixedOutput> = Readonly<{
   unstable_transformResultKey?: ?string,
 }>;
 
+/**
+ * How the transform obtains the source of a module that has no file, as
+ * supplied by the resolution that produced it. A `require.context` module
+ * arrives as the parameters the transform expands by enumerating the file map.
+ */
+export type VirtualSource = Readonly<{
+  type: 'requireContext',
+  requireContext: RequireContext,
+}>;
+
 export type ModuleData<T = MixedOutput> = Readonly<{
   dependencies: ReadonlyMap<string, Dependency>,
-  resolvedContexts: ReadonlyMap<string, RequireContext>,
+  /** Keyed by dependency key, for the dependencies that resolved to a module with no file. */
+  virtualSources: ReadonlyMap<string, VirtualSource>,
   output: ReadonlyArray<T>,
   getSource: () => Buffer,
   unstable_transformResultKey?: ?string,
@@ -137,7 +148,7 @@ export type TransformResultWithSource<T = MixedOutput> = Readonly<{
 
 export type TransformFn<T = MixedOutput> = (
   string,
-  ?RequireContext,
+  ?VirtualSource,
 ) => Promise<TransformResultWithSource<T>>;
 
 export type ResolveFn = (
diff --git a/packages/metro/src/lib/transformHelpers.js b/packages/metro/src/lib/transformHelpers.js
index 1bdec316e2..82e5fd7db2 100644
--- a/packages/metro/src/lib/transformHelpers.js
+++ b/packages/metro/src/lib/transformHelpers.js
@@ -15,10 +15,10 @@ import type {
   BundlerResolution,
   TransformInputOptions,
   TransformResultDependency,
+  VirtualSource,
 } from '../DeltaBundler/types';
 import type {TransformOptions} from '../DeltaBundler/Worker';
 import type {ResolverInputOptions} from '../shared/types';
-import type {RequireContext} from './contextModule';
 import type {ConfigT} from 'metro-config';
 import type {Type} from 'metro-transform-worker';
 
@@ -152,10 +152,11 @@ export async function getTransformFn(
   );
   const assetExts = new Set(config.resolver.assetExts);
 
-  return async (modulePath: string, requireContext: ?RequireContext) => {
-    let templateBuffer: Buffer;
+  return async (modulePath: string, virtualSource: ?VirtualSource) => {
+    let fileBuffer: ?Buffer;
 
-    if (requireContext) {
+    if (virtualSource?.type === 'requireContext') {
+      const {requireContext} = virtualSource;
       const graph = await bundler.getDependencyGraph();
 
       // TODO: Check delta changes to avoid having to look over all files each time
@@ -175,7 +176,7 @@ export async function getTransformFn(
         files,
       );
 
-      templateBuffer = Buffer.from(template);
+      fileBuffer = Buffer.from(template);
     }
 
     return await bundler.transformFile(
@@ -188,7 +189,7 @@ export async function getTransformFn(
         ),
         type: getType(transformOptions.type, modulePath, assetExts),
       },
-      templateBuffer,
+      fileBuffer ?? undefined,
     );
   };
 }