diff --git a/docs/release-notes.rst b/docs/release-notes.rst
index 1b51ec434c..eb79f0f90f 100644
--- a/docs/release-notes.rst
+++ b/docs/release-notes.rst
@@ -19,7 +19,7 @@ Release Notes
 v0.4.1 ("Tokara Habu")
 **********************
 
-Date released: 2025-02-27
+Date released: 2025-03-01
 =========================
 
 v0.4.1 is primarily a polishing release, focusing on bug fixes, UX improvements, and security-related fixes (with four low-to-moderate severity GHSA reports published). However, a substantial amount of effort has also been invested in improving the Venom pipeline, resulting in better performance and code generation from the Venom pipeline. Venom can be enabled by passing the ``--venom`` or ``--experimental-codegen`` flag to the Vyper compiler (they are aliases of each other). Venom code can now also be compiled directly, using the ``venom`` binary (included in this release).
diff --git a/vyper/venom/basicblock.py b/vyper/venom/basicblock.py
index 19e24e5a1e..89d3094b61 100644
--- a/vyper/venom/basicblock.py
+++ b/vyper/venom/basicblock.py
@@ -190,6 +190,13 @@ def __init__(self, name: str, version: int = 0) -> None:
             value = f"{name}:{version}"
         super().__init__(value)
 
+    def with_version(self, version: int) -> "IRVariable":
+        if version == self.version:
+            # IRVariable ctor is a hotspot, try to avoid calling it
+            # if possible
+            return self
+        return self.__class__(self.name, version)
+
     @property
     def name(self) -> str:
         return self._name
diff --git a/vyper/venom/passes/make_ssa.py b/vyper/venom/passes/make_ssa.py
index d2a0ab4408..6b404da407 100644
--- a/vyper/venom/passes/make_ssa.py
+++ b/vyper/venom/passes/make_ssa.py
@@ -69,6 +69,11 @@ def _place_phi(self, var: IRVariable, basic_block: IRBasicBlock):
 
         basic_block.insert_instruction(IRInstruction("phi", args, var), 0)
 
+    def latest_version_of(self, var: IRVariable) -> IRVariable:
+        name = var.name
+        version = self.var_name_stacks[name][-1]
+        return var.with_version(version)
+
     def _rename_vars(self, basic_block: IRBasicBlock):
         """
         Rename variables. This follows the placement of phi nodes.
@@ -84,7 +89,8 @@ def _rename_vars(self, basic_block: IRBasicBlock):
                         new_ops.append(op)
                         continue
 
-                    new_ops.append(IRVariable(op.name, version=self.var_name_stacks[op.name][-1]))
+                    op = self.latest_version_of(op)
+                    new_ops.append(op)
 
                 inst.operands = new_ops
 
@@ -95,7 +101,7 @@ def _rename_vars(self, basic_block: IRBasicBlock):
                 self.var_name_stacks[v_name].append(i)
                 self.var_name_counters[v_name] = i + 1
 
-                inst.output = IRVariable(v_name, version=i)
+                inst.output = self.latest_version_of(inst.output)
                 outs.append(inst.output.name)
 
         for bb in basic_block.cfg_out:
@@ -106,9 +112,7 @@ def _rename_vars(self, basic_block: IRBasicBlock):
                 for i, op in enumerate(inst.operands):
                     if op == basic_block.label:
                         var = inst.operands[i + 1]
-                        inst.operands[i + 1] = IRVariable(
-                            var.name, version=self.var_name_stacks[var.name][-1]
-                        )
+                        inst.operands[i + 1] = self.latest_version_of(var)
 
         for bb in self.dom.dominated[basic_block]:
             if bb == basic_block: