Link to the code that reproduces this issue

https://github.com/lukevella/turbopack-svgr-issue

To Reproduce

1. Clone the minimal reproduction repository:

   git clone https://github.com/lukevella/turbopack-svgr-issue.git
   cd turbopack-svgr-issue

2. Install dependencies:

   pnpm install

3. Run the development server with Turbopack:

   pnpm dev:turbo

4. Observe the browser output. You will see the same SVG icon repeated three times.
5. (Optional) Stop the server, run pnpm dev, and observe that the three different SVGs are rendered correctly.

Current vs. Expected behavior

The SVG that was imported last is rendered in place of all other SVGs on the same page.

Without Turbopack (Correct)	With Turbopack (Incorrect)

Provide environment information

Operating System:
  Platform: darwin
  Arch: arm64
  Version: Darwin Kernel Version 24.3.0: Thu Jan  2 20:24:22 PST 2025; root:xnu-11215.81.4~3/RELEASE_ARM64_T6041
  Available memory (MB): 24576
  Available CPU cores: 12
Binaries:
  Node: 20.18.1
  npm: 10.8.2
  Yarn: N/A
  pnpm: 10.9.0
Relevant Packages:
  next: 15.3.1 // Latest available version is detected (15.3.1).
  eslint-config-next: N/A
  react: 19.1.0
  react-dom: 19.1.0
  typescript: 5.8.3
Next.js Config:
  output: N/A

Which area(s) are affected? (Select all that apply)

Turbopack

Which stage(s) are affected? (Select all that apply)

next dev (local)

Additional context

No response