diff --git a/examples/ink-c-driver.c b/examples/ink-c-driver.c
index 9a6561b..76fcd41 100644
--- a/examples/ink-c-driver.c
+++ b/examples/ink-c-driver.c
@@ -230,7 +230,6 @@ int main(int argc, char *argv[])
     int flags = 0;
     const char *filename = NULL;
     struct ink_source source;
-    struct ink_story *story = NULL;
 
     option_setopts(cli_options, argv);
 
@@ -285,11 +284,6 @@ int main(int argc, char *argv[])
         return rc;
     }
 
-    story = ink_open();
-    if (!story) {
-        goto out;
-    }
-
     const struct ink_story_options opts = {
         .source_bytes = source.bytes,
         .source_length = source.length,
@@ -298,8 +292,8 @@ int main(int argc, char *argv[])
         .flags = flags,
     };
 
-    rc = ink_load_story_options(story, &opts);
-    if (rc < 0) {
+    struct ink_story *const story = ink_load_story_options(&opts);
+    if (story == NULL) {
         goto out;
     }
     if (!compile_only) {
diff --git a/include/ink.h b/include/ink.h
index f8c62ec..36293dc 100644
--- a/include/ink.h
+++ b/include/ink.h
@@ -71,24 +71,17 @@ enum ink_flags {
 };
 
 /**
- * @brief Open a story context.
+ * Load an Ink story with extended options.
  *
- * @returns a new story context
+ * @returns an opaque pointer on success or null on failure.
  */
-INK_API struct ink_story *ink_open(void);
+INK_API struct ink_story *ink_load_story_options(const struct ink_load_options *options);
 
 /**
  * Close a story context.
  */
 INK_API void ink_close(struct ink_story *story);
 
-/**
- * Load an Ink story with extended options.
- *
- * @returns a non-zero value on error.
- */
-INK_API int ink_load_story_options(struct ink_story *story,
-                                   const struct ink_load_options *options);
 
 /**
  * Determine if the story can continue.
diff --git a/src/Sema.zig b/src/Sema.zig
index dd06133..ee5693c 100644
--- a/src/Sema.zig
+++ b/src/Sema.zig
@@ -4,16 +4,16 @@ const Ir = @import("Ir.zig");
 const Story = @import("Story.zig");
 const InternPool = @import("InternPool.zig");
 const compile = @import("compile.zig");
-const Module = compile.Module;
+const Compilation = compile.Compilation;
 const assert = std.debug.assert;
 const Sema = @This();
 
 gpa: std.mem.Allocator,
 arena: std.mem.Allocator,
-module: *compile.Module,
+module: *Compilation,
 ir: Ir,
 inst_map: std.AutoHashMapUnmanaged(Ir.Inst.Index, ValueInfo) = .empty,
-errors: *std.ArrayListUnmanaged(Module.Error),
+errors: *std.ArrayListUnmanaged(Compilation.Error),
 comptime_break_inst: Ir.Inst.Index = undefined,
 
 const InnerError = error{
@@ -136,17 +136,17 @@ pub fn lookupIdentifier(
     builder: *Builder,
     ident: InternPool.Index,
     src: SrcLoc,
-) !Module.Namespace.Decl {
+) !Compilation.Namespace.Decl {
     return sema.lookupInNamespace(builder.namespace, ident, src);
 }
 
 pub fn lookupInNamespace(
     sema: *Sema,
-    namespace: *Module.Namespace,
+    namespace: *Compilation.Namespace,
     ident: InternPool.Index,
     src: SrcLoc,
-) !Module.Namespace.Decl {
-    var scope: ?*Module.Namespace = namespace;
+) !Compilation.Namespace.Decl {
+    var scope: ?*Compilation.Namespace = namespace;
     while (scope) |s| : (scope = s.parent) {
         if (s.decls.get(ident)) |decl| return decl;
     }
@@ -166,7 +166,7 @@ pub const Block = struct {
 
 pub const Builder = struct {
     sema: *Sema,
-    namespace: *Module.Namespace,
+    namespace: *Compilation.Namespace,
     code: *InternPool.CodeChunk,
     constants_map: std.AutoHashMapUnmanaged(InternPool.Index, u8) = .empty,
     labels: std.ArrayListUnmanaged(Label) = .empty,
@@ -1148,7 +1148,7 @@ fn analyzeCallTarget(
     builder: *Builder,
     src: SrcLoc,
     callee: ValueInfo,
-) !Module.Namespace.Decl {
+) !Compilation.Namespace.Decl {
     switch (callee) {
         .function => |ip_index| {
             try builder.materialize(callee);
@@ -1163,7 +1163,7 @@ fn analyzeDivertTarget(
     builder: *Builder,
     src: SrcLoc,
     callee: ValueInfo,
-) !Module.Namespace.Decl {
+) !Compilation.Namespace.Decl {
     switch (callee) {
         .knot => |ip_index| {
             try builder.materialize(callee);
@@ -1333,29 +1333,31 @@ pub fn analyzeKnot(
 
 fn analyzeNestedDecl(
     sema: *Sema,
-    namespace: *Module.Namespace,
+    namespace: *Compilation.Namespace,
     inst: Ir.Inst.Index,
 ) !void {
+    const gpa = sema.gpa;
+    const arena = sema.arena;
     const data = sema.ir.instructions[@intFromEnum(inst)].data.payload;
     const extra = sema.ir.extraData(Ir.Inst.Declaration, data.extra_index).data;
     const decl = sema.ir.instructions[@intFromEnum(extra.value)];
 
     const decl_name = try sema.module.intern_pool.getOrPutString(
-        sema.gpa,
+        gpa,
         sema.ir.nullTerminatedString(extra.name),
     );
-    const ip_index = try sema.module.intern_pool.getOrPutValue(sema.gpa, .{ .str = decl_name });
+    const ip_index = try sema.module.intern_pool.getOrPutValue(gpa, .{ .str = decl_name });
 
     switch (decl.tag) {
         .decl_stitch => {
-            const child_namespace = try sema.module.createNamespace(namespace);
-            try namespace.decls.put(sema.arena, ip_index, .{
+            const child_namespace = try sema.module.createNamespace(arena, namespace);
+            try namespace.decls.put(arena, ip_index, .{
                 .tag = .knot,
                 .decl_inst = extra.value,
                 .args_count = 0,
                 .namespace = child_namespace,
             });
-            try sema.module.queueWorkItem(.{
+            try sema.module.queueWorkItem(arena, .{
                 .tag = .stitch,
                 .decl_name = ip_index,
                 .inst_index = extra.value,
@@ -1366,7 +1368,8 @@ fn analyzeNestedDecl(
     }
 }
 
-fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Index) !void {
+fn scanTopLevelDecl(sema: *Sema, namespace: *Compilation.Namespace, inst: Ir.Inst.Index) !void {
+    const arena = sema.arena;
     const data = sema.ir.instructions[@intFromEnum(inst)].data.payload;
     const extra = sema.ir.extraData(Ir.Inst.Declaration, data.extra_index).data;
     const decl_inst = sema.ir.instructions[@intFromEnum(extra.value)];
@@ -1398,8 +1401,8 @@ fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Ind
             const _body = sema.ir.bodySlice(_extra.end, _extra.data.body_len);
             const _stitches = sema.ir.bodySlice(_extra.end + _body.len, _extra.data.stitches_len);
 
-            const child_namespace = try sema.module.createNamespace(namespace);
-            const gop = try namespace.decls.getOrPut(sema.arena, decl_name);
+            const child_namespace = try sema.module.createNamespace(arena, namespace);
+            const gop = try namespace.decls.getOrPut(arena, decl_name);
             if (gop.found_existing) {
                 return sema.fail(src_loc, "duplicate identifier", .{});
             } else {
@@ -1412,7 +1415,7 @@ fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Ind
                 };
             }
 
-            try sema.module.queueWorkItem(.{
+            try sema.module.queueWorkItem(arena, .{
                 .tag = .knot,
                 .decl_name = decl_name,
                 .inst_index = extra.value,
@@ -1424,8 +1427,8 @@ fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Ind
             }
         },
         .decl_stitch => {
-            const child_namespace = try sema.module.createNamespace(namespace);
-            const gop = try namespace.decls.getOrPut(sema.arena, decl_name);
+            const child_namespace = try sema.module.createNamespace(arena, namespace);
+            const gop = try namespace.decls.getOrPut(arena, decl_name);
             if (gop.found_existing) {
                 return sema.fail(src_loc, "duplicate identifier", .{});
             } else {
@@ -1437,7 +1440,7 @@ fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Ind
                     .namespace = child_namespace,
                 };
             }
-            try sema.module.queueWorkItem(.{
+            try sema.module.queueWorkItem(arena, .{
                 .tag = .stitch,
                 .decl_name = decl_name,
                 .inst_index = extra.value,
@@ -1445,8 +1448,8 @@ fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Ind
             });
         },
         .decl_function => {
-            const child_namespace = try sema.module.createNamespace(namespace);
-            const gop = try namespace.decls.getOrPut(sema.arena, decl_name);
+            const child_namespace = try sema.module.createNamespace(arena, namespace);
+            const gop = try namespace.decls.getOrPut(arena, decl_name);
             if (gop.found_existing) {
                 return sema.fail(src_loc, "duplicate identifier", .{});
             } else {
@@ -1458,7 +1461,7 @@ fn scanTopLevelDecl(sema: *Sema, namespace: *Module.Namespace, inst: Ir.Inst.Ind
                     .namespace = child_namespace,
                 };
             }
-            try sema.module.queueWorkItem(.{
+            try sema.module.queueWorkItem(arena, .{
                 .tag = .function,
                 .decl_name = decl_name,
                 .inst_index = extra.value,
@@ -1500,7 +1503,7 @@ fn resolveGlobalDecl(
 
 pub fn scanTopLevelDecls(
     sema: *Sema,
-    namespace: *Module.Namespace,
+    namespace: *Compilation.Namespace,
     decls: []const Ir.Inst.Index,
 ) !void {
     const gpa = sema.gpa;
diff --git a/src/Story.zig b/src/Story.zig
index aaddba0..b492933 100644
--- a/src/Story.zig
+++ b/src/Story.zig
@@ -1,13 +1,14 @@
 //! Virtual machine state for story execution.
 const std = @import("std");
-const tokenizer = @import("tokenizer.zig");
+const assert = std.debug.assert;
+
 const Ast = @import("Ast.zig");
 const AstGen = @import("AstGen.zig");
-const Module = @import("compile.zig").Module;
+const Compilation = @import("compile.zig").Compilation;
+pub const Loader = @import("Story/Loader.zig");
 pub const Object = @import("Story/Object.zig");
-const Dumper = @import("Story/Dumper.zig");
+pub const Dumper = @import("Story/Dumper.zig");
 const ink = @import("root.zig");
-const assert = std.debug.assert;
 const Story = @This();
 
 gpa: std.mem.Allocator,
@@ -42,17 +43,6 @@ internal_counter: usize = 0,
 
 pub const default_knot_name: [:0]const u8 = "$__main__$";
 
-pub const VariableObserver = struct {
-    callback: Callback,
-    context: Context,
-
-    pub const Callback = *const fn (Value, Context) anyerror!void;
-
-    pub const Context = struct {
-        ptr: *anyopaque,
-    };
-};
-
 pub const Opcode = enum(u8) {
     /// Exit the VM normally.
     exit,
@@ -118,6 +108,17 @@ pub const Opcode = enum(u8) {
     _,
 };
 
+pub const VariableObserver = struct {
+    callback: Callback,
+    context: Context,
+
+    pub const Callback = *const fn (Value, Context) anyerror!void;
+
+    pub const Context = struct {
+        ptr: *anyopaque,
+    };
+};
+
 pub const CallFrame = struct {
     /// Pointer to the knot that initiated the call.
     callee: *Object.Knot,
@@ -936,70 +937,6 @@ pub fn dump(story: *Story, writer: *std.Io.Writer) !void {
     return Dumper.dump(story, writer);
 }
 
-pub const LoadOptions = struct {
-    filename: []const u8,
-    error_writer: *std.Io.Writer,
-    dump_writer: ?*std.Io.Writer = null,
-    dump_use_color: bool = true,
-    dump_ast: bool = false,
-    dump_ir: bool = false,
-};
-
-pub fn fromSourceBytes(
-    gpa: std.mem.Allocator,
-    source_bytes: [:0]const u8,
-    options: LoadOptions,
-) !Story {
-    var arena_allocator = std.heap.ArenaAllocator.init(gpa);
-    defer arena_allocator.deinit();
-
-    const arena = arena_allocator.allocator();
-
-    var comp = try Module.compile(gpa, arena, .{
-        .source_bytes = source_bytes,
-        .filename = options.filename,
-        .dump_writer = options.dump_writer,
-        .dump_use_color = options.dump_use_color,
-        .dump_ast = options.dump_ast,
-        .dump_ir = options.dump_ir,
-    });
-    defer comp.deinit();
-
-    if (comp.errors.items.len > 0) {
-        for (comp.errors.items) |err| {
-            try comp.renderError(options.error_writer, err);
-        }
-        return error.LoadFailed;
-    }
-
-    // TODO: Make this configureable.
-    const stack_size = 128;
-    const eval_stack_ptr = try gpa.alloc(Value, stack_size);
-    errdefer gpa.free(eval_stack_ptr);
-
-    const call_stack_ptr = try gpa.alloc(CallFrame, stack_size);
-    errdefer gpa.free(call_stack_ptr);
-
-    var story: Story = .{
-        .gpa = gpa,
-        .arena = .init(gpa),
-        .can_advance = false,
-        .dump_writer = null,
-        .stack = eval_stack_ptr,
-        .call_stack = call_stack_ptr,
-    };
-    errdefer story.deinit();
-
-    try comp.setupStoryRuntime(gpa, &story);
-    if (story.getKnot(Story.default_knot_name)) |knot| {
-        try story.pushStack(.{ .object = &knot.base });
-        try story.divert(knot, 0);
-    }
-    return story;
-}
-
-var read_buffer: [4096]u8 align(std.heap.page_size_min) = undefined;
-
 pub const LoadFileOptions = struct {
     error_writer: *std.Io.Writer,
 };
@@ -1009,6 +946,7 @@ pub fn readSourceFile(
     filename: []const u8,
     options: LoadFileOptions,
 ) !Story {
+    var read_buffer: [4096]u8 align(std.heap.page_size_min) = undefined;
     // FIXME: Temporary until 0.16.x
     var arena_allocator = std.heap.ArenaAllocator.init(gpa);
     defer arena_allocator.deinit();
@@ -1030,3 +968,53 @@ pub fn readSourceFile(
         .dump_ir = false,
     });
 }
+
+pub const LoadOptions = struct {
+    filename: [:0]const u8,
+    errors: *std.ArrayListUnmanaged(Compilation.Error),
+    stack_size: usize = 128,
+};
+
+pub fn fromSourceBytes(
+    gpa: std.mem.Allocator,
+    source_bytes: [:0]const u8,
+    options: LoadOptions,
+) !Story {
+    var arena_allocator = std.heap.ArenaAllocator.init(gpa);
+    defer arena_allocator.deinit();
+    const arena = arena_allocator.allocator();
+
+    var tree = try Ast.parse(gpa, arena, source_bytes, options.filename, 0);
+    defer tree.deinit(gpa);
+
+    var ir = try AstGen.generate(gpa, &tree);
+    defer ir.deinit(gpa);
+
+    var cu = Compilation.build(gpa, tree, ir, options.errors) catch |err| switch (err) {
+        else => |e| return e,
+    };
+    defer cu.deinit();
+
+    if (cu.hasCompileErrors()) {
+        return error.CompilationError;
+    }
+    return .fromCompilation(gpa, &cu, .{
+        .stack_size = options.stack_size,
+    });
+}
+
+pub fn fromCompilation(
+    gpa: std.mem.Allocator,
+    cu: *Compilation,
+    options: Loader.Options,
+) !Story {
+    return Loader.fromCompilation(gpa, cu, options);
+}
+
+pub fn fromCachedCompilation(
+    gpa: std.mem.Allocator,
+    bytes: []const u8,
+    options: Loader.Options,
+) !Story {
+    return Loader.fromCachedCompilation(gpa, bytes, options);
+}
diff --git a/src/Story/Loader.zig b/src/Story/Loader.zig
new file mode 100644
index 0000000..cb357d9
--- /dev/null
+++ b/src/Story/Loader.zig
@@ -0,0 +1,136 @@
+const std = @import("std");
+const InternPool = @import("../InternPool.zig");
+const Compilation = @import("../compile.zig").Compilation;
+const Story = @import("../Story.zig");
+const Value = Story.Value;
+const Object = Story.Object;
+
+fn makeValueFromInterned(story: *Story, value: InternPool.Key) !Story.Value {
+    return switch (value) {
+        .bool => |boolean| .{ .bool = boolean },
+        .int => |int| .{ .int = @intCast(int) },
+        .float => |float| .{ .float = @bitCast(float) },
+        .str => |index| blk: {
+            const str_object = try Object.String.create(story, .{
+                .bytes = stringBytes(story, index),
+            });
+            break :blk .{ .object = &str_object.base };
+        },
+    };
+}
+
+fn makeKnotObject(
+    story: *Story,
+    name: []const u8,
+    code: *InternPool.CodeChunk,
+) !*Object.Knot {
+    return Object.Knot.create(story, .{
+        .name = name,
+        .code = try Object.Code.create(story, .{
+            .args_count = @intCast(code.args_count),
+            .locals_count = @intCast(code.locals_count),
+            .stack_size = @intCast(code.stack_size),
+            .constants = try code.constants.toOwnedSlice(story.gpa),
+            .code_bytes = try code.bytecode.toOwnedSlice(story.gpa),
+        }),
+    });
+}
+
+fn makeConstantsPool(mod: *Compilation, story: *Story) ![]const Story.Value {
+    const ip = &mod.intern_pool;
+    const gpa = mod.gpa;
+    var constants_pool: std.ArrayListUnmanaged(Value) = .empty;
+    defer constants_pool.deinit(mod.gpa);
+    try constants_pool.ensureUnusedCapacity(mod.gpa, ip.values.items.len);
+
+    for (ip.values.items) |value| {
+        const obj = try makeValueFromInterned(story, value);
+        constants_pool.appendAssumeCapacity(obj);
+    }
+    return constants_pool.toOwnedSlice(gpa);
+}
+
+fn stringBytes(story: *Story, index: InternPool.NullTerminatedString) [:0]const u8 {
+    const slice = story.string_bytes[@intFromEnum(index)..];
+    return slice[0..std.mem.indexOfScalar(u8, slice, 0).? :0];
+}
+
+pub const Options = struct {
+    stack_size: usize,
+};
+
+pub fn fromCompilationCompat(
+    gpa: std.mem.Allocator,
+    mod: *Compilation,
+    story: *Story,
+    options: Options,
+) !void {
+    const ip = &mod.intern_pool;
+
+    story.stack = try gpa.alloc(Story.Value, options.stack_size);
+    story.call_stack = try gpa.alloc(Story.CallFrame, options.stack_size);
+    story.string_bytes = try ip.string_bytes.toOwnedSlice(gpa);
+    story.constants_pool = try makeConstantsPool(mod, story);
+
+    for (mod.globals.items) |global| {
+        const ip_key = ip.internedValue(global.key);
+        const ip_value = ip.internedValue(global.value);
+
+        const key_bytes = stringBytes(story, ip_key.str);
+        const obj = try makeValueFromInterned(story, ip_value);
+        try story.globals.put(gpa, key_bytes, obj);
+    }
+    for (mod.knots.items) |knot| {
+        const ip_key = ip.internedValue(knot.name_index);
+        const key_bytes = stringBytes(story, ip_key.str);
+
+        const knot_object = try makeKnotObject(story, key_bytes, knot.code_chunk);
+        const value: Story.Value = .{ .object = &knot_object.base };
+        try story.globals.put(gpa, key_bytes, value);
+    }
+    for (mod.stitches.items) |stitch| {
+        const ip_key = ip.internedValue(stitch.name_index);
+        const key_bytes = stringBytes(story, ip_key.str);
+        const stitch_object = try makeKnotObject(story, key_bytes, stitch.code_chunk);
+
+        if (stitch.knot_index) |index| {
+            const parent_knot = mod.knots.items[@intFromEnum(index)];
+            const s_key_value = ip.internedValue(parent_knot.name_index);
+            const parent_knot_name = stringBytes(story, s_key_value.str);
+            const parent_knot_value = story.globals.get(parent_knot_name).?;
+            const parent_knot_obj: *Object.Knot = @ptrCast(parent_knot_value.object);
+            try parent_knot_obj.members.put(gpa, key_bytes, &stitch_object.base);
+        } else {
+            const value: Story.Value = .{ .object = &stitch_object.base };
+            try story.globals.put(gpa, key_bytes, value);
+        }
+    }
+    if (story.getKnot(Story.default_knot_name)) |knot| {
+        try story.pushStack(.{ .object = &knot.base });
+        try story.divert(knot, 0);
+    }
+}
+
+pub fn fromCompilation(
+    gpa: std.mem.Allocator,
+    mod: *Compilation,
+    options: Options,
+) !Story {
+    var story: Story = .{
+        .gpa = gpa,
+        .arena = .init(gpa),
+    };
+    try fromCompilationCompat(gpa, mod, &story, options);
+    return story;
+}
+
+pub fn fromCachedCompilation(
+    gpa: std.mem.Allocator,
+    bytes: []const u8,
+    options: Options,
+) !Story {
+    _ = gpa;
+    _ = bytes;
+    _ = options;
+    return error.NotImplemented;
+}
diff --git a/src/Story/runtime_tests.zig b/src/Story/runtime_tests.zig
index 252d390..3c1aeb3 100644
--- a/src/Story/runtime_tests.zig
+++ b/src/Story/runtime_tests.zig
@@ -2,6 +2,7 @@ const std = @import("std");
 const fatal = std.process.fatal;
 const ink = @import("../root.zig");
 const Story = ink.Story;
+const Compilation = ink.Compilation;
 
 test "fixture - variable arithmetic" {
     try testRuntimeFixture("variable-arithmetic");
@@ -262,12 +263,15 @@ test "variable observer" {
     var io_w = std.Io.Writer.Allocating.init(gpa);
     defer io_w.deinit();
 
+    var errors: std.ArrayListUnmanaged(Compilation.Error) = .empty;
+    defer errors.deinit(gpa);
+
     var story = try ink.Story.fromSourceBytes(gpa,
         \\VAR foo = 1
         \\~foo = 10
     , .{
         .filename = "<STDIN>",
-        .error_writer = &io_w.writer,
+        .errors = &errors,
     });
     defer story.deinit();
 
@@ -297,9 +301,13 @@ const Options = struct {
 fn testRunner(gpa: std.mem.Allocator, source_bytes: [:0]const u8, options: Options) !void {
     const io_r = options.input_reader;
     const io_w = options.transcript_writer;
+
+    var errors: std.ArrayListUnmanaged(Compilation.Error) = .empty;
+    defer errors.deinit(gpa);
+
     var story = try Story.fromSourceBytes(gpa, source_bytes, .{
         .filename = "<STDIN>",
-        .error_writer = options.error_writer,
+        .errors = &errors,
     });
     defer story.deinit();
 
diff --git a/src/c_api.zig b/src/c_api.zig
index 062ac28..c535de2 100644
--- a/src/c_api.zig
+++ b/src/c_api.zig
@@ -1,48 +1,14 @@
 const std = @import("std");
 const ink = @import("ink");
 const Story = ink.Story;
-const Module = ink.Module;
+const Compilation = ink.Compilation;
+const Ast = ink.Ast;
+const AstGen = ink.AstGen;
+const Ir = ink.Ir;
 
 var global_allocator: std.heap.DebugAllocator(.{}) = .init;
 var stdout_buffer: [4096]u8 align(std.heap.page_size_min) = undefined;
 
-pub export fn ink_open() callconv(.c) ?*Story {
-    const gpa = global_allocator.allocator();
-    const story = gpa.create(Story) catch |err| switch (err) {
-        error.OutOfMemory => return null,
-    };
-    story.* = .{
-        .gpa = gpa,
-        .arena = .init(gpa),
-        .is_exited = false,
-        .can_advance = false,
-        .stack_top = 0,
-        .call_stack_top = 0,
-        .output_marker = 0,
-        .choice_selected = null,
-        .output_buffer = .empty,
-        .output_scratch = .empty,
-        .current_choices = .empty,
-        .variable_observers = .empty,
-        .globals = .empty,
-        .stack = &.{},
-        .call_stack = &.{},
-        .code_chunks = .empty,
-        .gc_objects = .{},
-        .constants_pool = &.{},
-        .string_bytes = &.{},
-        .dump_writer = null,
-    };
-    return story;
-}
-
-pub export fn ink_close(story: *Story) callconv(.c) void {
-    defer _ = global_allocator.deinit();
-    const gpa = story.gpa;
-    story.deinit();
-    gpa.destroy(story);
-}
-
 pub const InkLoadOpts = extern struct {
     filename: [*]const u8,
     filename_length: usize,
@@ -51,61 +17,90 @@ pub const InkLoadOpts = extern struct {
     flags: i32,
 };
 
-fn loadStory(story: *Story, options: *const InkLoadOpts) !void {
-    const gpa = story.gpa;
+const LoadStoryOptions = struct {
+    filename: []const u8,
+    source_bytes: [:0]const u8,
+    flags: i32,
+    stack_size: usize,
+    error_writer: *std.Io.Writer,
+};
+
+fn loadStory(gpa: std.mem.Allocator, options: LoadStoryOptions) !*Story {
     var arena_allocator = std.heap.ArenaAllocator.init(gpa);
     defer arena_allocator.deinit();
 
     const arena = arena_allocator.allocator();
-    const stderr = std.fs.File.stderr();
-    var stderr_writer = stderr.writer(&stdout_buffer);
 
-    var comp = try Module.compile(gpa, arena, .{
-        .source_bytes = options.source_bytes[0..options.source_length :0],
-        .filename = options.filename[0..options.filename_length],
-        .dump_writer = null,
-        .dump_use_color = false,
-        .dump_ast = false,
-        .dump_ir = false,
-    });
-    defer comp.deinit();
+    var tree = try Ast.parse(
+        gpa,
+        arena,
+        options.source_bytes,
+        options.filename,
+        @intCast(options.flags),
+    );
+    defer tree.deinit(gpa);
 
-    if (comp.errors.items.len > 0) {
-        for (comp.errors.items) |err| {
-            try comp.renderError(&stderr_writer.interface, err);
+    var ir = try AstGen.generate(gpa, &tree);
+    defer ir.deinit(gpa);
+
+    var errors: std.ArrayListUnmanaged(Compilation.Error) = .empty;
+    defer errors.deinit(gpa);
+
+    var cu = Compilation.build(gpa, tree, ir, &errors) catch |err| switch (err) {
+        else => |e| return e,
+    };
+    defer cu.deinit();
+
+    if (cu.hasCompileErrors()) {
+        for (cu.errors.items) |err| {
+            try cu.renderError(options.error_writer, err);
         }
-        return error.LoadFailed;
+        return error.Failed;
     }
 
-    // TODO: Make this configureable.
-    const stack_size = 128;
-    const eval_stack_ptr = try gpa.alloc(Story.Value, stack_size);
-    errdefer gpa.free(eval_stack_ptr);
-
-    const call_stack_ptr = try gpa.alloc(Story.CallFrame, stack_size);
-    errdefer gpa.free(call_stack_ptr);
-
-    story.can_advance = false;
-    story.stack = eval_stack_ptr;
-    story.call_stack = call_stack_ptr;
+    const story = try gpa.create(Story);
+    errdefer gpa.destroy(story);
+    story.* = .{
+        .gpa = gpa,
+        .arena = .init(gpa),
+    };
     errdefer story.deinit();
 
-    try comp.setupStoryRuntime(gpa, story);
-    if (story.getKnot(Story.default_knot_name)) |knot| {
-        try story.pushStack(.{ .object = &knot.base });
-        try story.divert(knot, 0);
-    }
+    try Story.Loader.fromCompilationCompat(gpa, &cu, story, .{
+        .stack_size = options.stack_size,
+    });
+    return story;
 }
 
 pub export fn ink_load_story_options(
-    story: *Story,
     options: *const InkLoadOpts,
-) callconv(.c) c_int {
-    loadStory(story, options) catch |err| {
+) callconv(.c) ?*Story {
+    const gpa = global_allocator.allocator();
+    const source_bytes = options.source_bytes[0..options.source_length :0];
+    const filename = options.filename[0..options.filename_length :0];
+    const stack_size = 128;
+    const stderr = std.fs.File.stderr();
+    var stderr_writer = stderr.writer(&stdout_buffer);
+
+    return loadStory(gpa, .{
+        .filename = filename,
+        .source_bytes = source_bytes,
+        .flags = options.flags,
+        .error_writer = &stderr_writer.interface,
+        .stack_size = stack_size,
+    }) catch |err| {
         std.debug.print("{any}\n", .{@errorName(err)});
-        return -1;
+        return null;
     };
-    return 0;
+}
+
+pub export fn ink_close(optional_story: ?*Story) callconv(.c) void {
+    defer _ = global_allocator.deinit();
+    if (optional_story) |story| {
+        const gpa = story.gpa;
+        story.deinit();
+        gpa.destroy(story);
+    }
 }
 
 pub export fn ink_story_can_continue(story: *Story) callconv(.c) bool {
diff --git a/src/compile.zig b/src/compile.zig
index 1cec0e4..30e159b 100644
--- a/src/compile.zig
+++ b/src/compile.zig
@@ -1,12 +1,8 @@
 const std = @import("std");
 const Ast = @import("Ast.zig");
-const AstGen = @import("AstGen.zig");
-const Sema = @import("Sema.zig");
 const Ir = @import("Ir.zig");
-const Story = @import("Story.zig");
+const Sema = @import("Sema.zig");
 const InternPool = @import("InternPool.zig");
-const Value = Story.Value;
-const Object = Story.Object;
 const assert = std.debug.assert;
 
 pub fn IntrusiveQueue(comptime T: type) type {
@@ -80,35 +76,34 @@ test IntrusiveQueue {
     try testing.expect(q.pop() == null);
 }
 
-// TODO: Revisit this. We might not need this at all.
-pub const WorkItem = struct {
-    tag: Tag,
-    next: ?*WorkItem = null,
-    decl_name: InternPool.Index,
-    inst_index: Ir.Inst.Index,
-    namespace: *Module.Namespace,
-
-    pub const Tag = enum {
-        knot,
-        stitch,
-        function,
-    };
-};
-
-pub const WorkQueue = IntrusiveQueue(WorkItem);
-
-pub const Module = struct {
+pub const Compilation = struct {
     gpa: std.mem.Allocator,
-    arena: std.mem.Allocator,
+    arena: std.heap.ArenaAllocator,
     tree: Ast,
     ir: Ir,
     globals: std.ArrayListUnmanaged(InternPool.Global) = .empty,
     knots: std.ArrayListUnmanaged(InternPool.Knot) = .empty,
     stitches: std.ArrayListUnmanaged(InternPool.Stitch) = .empty,
-    errors: std.ArrayListUnmanaged(Error) = .empty,
+    errors: *std.ArrayListUnmanaged(Error),
     intern_pool: InternPool = .{},
     work_queue: WorkQueue = .{},
 
+    pub const WorkItem = struct {
+        tag: Tag,
+        next: ?*WorkItem = null,
+        decl_name: InternPool.Index,
+        inst_index: Ir.Inst.Index,
+        namespace: *Compilation.Namespace,
+
+        pub const Tag = enum {
+            knot,
+            stitch,
+            function,
+        };
+    };
+
+    pub const WorkQueue = IntrusiveQueue(WorkItem);
+
     pub const Namespace = struct {
         parent: ?*Namespace,
         decls: std.AutoArrayHashMapUnmanaged(InternPool.Index, Decl),
@@ -143,28 +138,29 @@ pub const Module = struct {
         message: []const u8,
     };
 
-    fn generateFile(mod: *Module) !void {
+    fn analyzeAndGenerate(cu: *Compilation) !void {
+        const gpa = cu.gpa;
+        const arena = cu.arena.allocator();
         const root_node: Ir.Inst.Index = .file_inst;
-        const gpa = mod.gpa;
-        const data = mod.ir.instructions[@intFromEnum(root_node)].data.payload;
-        const extra = mod.ir.extraData(Ir.Inst.Block, data.extra_index);
-        const top_level_decls = mod.ir.bodySlice(extra.end, extra.data.body_len);
+        const data = cu.ir.instructions[@intFromEnum(root_node)].data.payload;
+        const extra = cu.ir.extraData(Ir.Inst.Block, data.extra_index);
+        const top_level_decls = cu.ir.bodySlice(extra.end, extra.data.body_len);
 
         var knot_index: ?InternPool.Knot.Index = null;
         var sema: Sema = .{
-            .module = mod,
             .gpa = gpa,
-            .arena = mod.arena,
-            .ir = mod.ir,
-            .errors = &mod.errors,
+            .arena = arena,
+            .module = cu,
+            .ir = cu.ir,
+            .errors = cu.errors,
         };
         defer sema.deinit();
 
-        const file_scope = try mod.createNamespace(null);
+        const file_scope = try cu.createNamespace(arena, null);
         try sema.scanTopLevelDecls(file_scope, top_level_decls);
 
-        while (mod.work_queue.pop()) |work_unit| {
-            const code_chunk = try mod.createCodeChunk();
+        while (cu.work_queue.pop()) |work_unit| {
+            const code_chunk = try cu.createCodeChunk(arena);
 
             var builder: Sema.Builder = .{
                 .sema = &sema,
@@ -180,8 +176,8 @@ pub const Module = struct {
                     try sema.analyzeKnot(&builder, work_unit.inst_index);
                     try builder.finalize();
 
-                    knot_index = @enumFromInt(mod.knots.items.len);
-                    try mod.knots.append(gpa, .{
+                    knot_index = @enumFromInt(cu.knots.items.len);
+                    try cu.knots.append(gpa, .{
                         .name_index = work_unit.decl_name,
                         .code_chunk = code_chunk,
                     });
@@ -191,7 +187,7 @@ pub const Module = struct {
                     try sema.analyzeStitch(&builder, work_unit.inst_index);
                     try builder.finalize();
 
-                    try mod.stitches.append(gpa, .{
+                    try cu.stitches.append(gpa, .{
                         .knot_index = knot_index,
                         .name_index = work_unit.decl_name,
                         .code_chunk = code_chunk,
@@ -202,7 +198,7 @@ pub const Module = struct {
                     try sema.analyzeFunction(&builder, work_unit.inst_index);
                     try builder.finalize();
 
-                    try mod.stitches.append(gpa, .{
+                    try cu.stitches.append(gpa, .{
                         .knot_index = null,
                         .name_index = work_unit.decl_name,
                         .code_chunk = code_chunk,
@@ -212,170 +208,78 @@ pub const Module = struct {
         }
     }
 
-    pub const Options = struct {
-        source_bytes: [:0]const u8,
-        filename: []const u8,
-        dump_writer: ?*std.Io.Writer = null,
-        dump_ast: bool = false,
-        dump_ir: bool = false,
-        dump_use_color: bool = false,
-    };
-
-    pub fn compile(
+    fn generate(
         gpa: std.mem.Allocator,
-        arena: std.mem.Allocator,
-        options: Options,
-    ) !Module {
-        const tree = try Ast.parse(gpa, arena, options.source_bytes, options.filename, 0);
-        if (options.dump_writer) |w| {
-            if (options.dump_ast) {
-                try w.writeAll("=== AST ===\n");
-                try tree.render(gpa, w, .{
-                    .use_color = options.dump_use_color,
-                });
-                try w.flush();
-            }
-        }
-
-        var module: Module = .{
+        tree: Ast,
+        ir: Ir,
+        errors: *std.ArrayListUnmanaged(Error),
+    ) !Compilation {
+        var cu: Compilation = .{
             .gpa = gpa,
-            .arena = arena,
+            .arena = .init(gpa),
             .tree = tree,
-            .ir = try AstGen.generate(gpa, &tree),
+            .ir = ir,
+            .errors = errors,
         };
-        errdefer module.deinit();
+        errdefer cu.deinit();
 
-        if (options.dump_writer) |w| {
-            if (options.dump_ir) {
-                try w.writeAll("=== Semantic IR ===\n");
-                try module.ir.dumpInfo(w);
-                try module.ir.render(w);
-            }
-        }
-        if (module.ir.hasCompileErrors()) {
-            const payload_index = module.ir.extra[@intFromEnum(Ir.ExtraIndex.compile_errors)];
+        if (errors.items.len != 0) return cu;
+
+        try cu.intern_pool.string_bytes.append(gpa, 0);
+        try cu.intern_pool.values.append(gpa, .{ .bool = true });
+        try cu.intern_pool.values.append(gpa, .{ .bool = false });
+        try cu.intern_pool.values.append(gpa, .{ .str = .empty });
+
+        cu.analyzeAndGenerate() catch |err| switch (err) {
+            error.OutOfMemory => return error.OutOfMemory,
+            error.AnalysisFail => return cu,
+            else => |e| @panic(@errorName(e)),
+        };
+        return cu;
+    }
+
+    pub fn build(
+        gpa: std.mem.Allocator,
+        tree: Ast,
+        ir: Ir,
+        errors: *std.ArrayListUnmanaged(Error),
+    ) !Compilation {
+        if (ir.hasCompileErrors()) {
+            const payload_index = ir.extra[@intFromEnum(Ir.ExtraIndex.compile_errors)];
             assert(payload_index != 0);
 
-            const header = module.ir.extraData(Ir.Inst.CompileErrors, payload_index);
+            const header = ir.extraData(Ir.Inst.CompileErrors, payload_index);
             const items_len = header.data.items_len;
             var extra_index = header.end;
 
             // TODO: Make an iterator for this?
             for (0..items_len) |_| {
-                const item = module.ir.extraData(Ir.Inst.CompileErrors.Item, extra_index);
+                const item = ir.extraData(Ir.Inst.CompileErrors.Item, extra_index);
                 extra_index = item.end;
 
                 const loc = findLineColumn(tree.source, item.data.byte_offset);
-                try module.errors.append(gpa, .{
+                try errors.append(gpa, .{
                     .line = loc.line,
                     .column = loc.column,
                     .snippet = loc.source_line,
-                    .message = module.ir.nullTerminatedString(item.data.msg),
+                    .message = ir.nullTerminatedString(item.data.msg),
                 });
             }
-        } else {
-            try module.intern_pool.string_bytes.append(gpa, 0);
-            try module.intern_pool.values.append(gpa, .{ .bool = true });
-            try module.intern_pool.values.append(gpa, .{ .bool = false });
-            try module.intern_pool.values.append(gpa, .{ .str = .empty });
-            // TODO: Revisit this.
-            module.generateFile() catch |err| switch (err) {
-                error.OutOfMemory => return error.OutOfMemory,
-                error.AnalysisFail => return module,
-                else => |e| @panic(@errorName(e)),
-            };
         }
-        return module;
+        return .generate(gpa, tree, ir, errors);
     }
 
-    fn storyStr(story: *Story, index: InternPool.NullTerminatedString) [:0]const u8 {
-        const slice = story.string_bytes[@intFromEnum(index)..];
-        return slice[0..std.mem.indexOfScalar(u8, slice, 0).? :0];
+    pub fn hasCompileErrors(cu: *const Compilation) bool {
+        return cu.errors.items.len > 0;
     }
 
-    fn makeValueFromInterned(story: *Story, value: InternPool.Key) !Story.Value {
-        return switch (value) {
-            .bool => |boolean| .{ .bool = boolean },
-            .int => |int| .{ .int = @intCast(int) },
-            .float => |float| .{ .float = @bitCast(float) },
-            .str => |index| blk: {
-                const str_object = try Object.String.create(story, .{
-                    .bytes = storyStr(story, index),
-                });
-                break :blk .{ .object = &str_object.base };
-            },
-        };
-    }
-
-    fn makeKnotObject(story: *Story, name_bytes: []const u8, code: *InternPool.CodeChunk) !*Object.Knot {
-        return Object.Knot.create(story, .{
-            .name = name_bytes,
-            .code = try Object.Code.create(story, .{
-                .args_count = @intCast(code.args_count),
-                .locals_count = @intCast(code.locals_count),
-                .stack_size = @intCast(code.stack_size),
-                .constants = try code.constants.toOwnedSlice(story.gpa),
-                .code_bytes = try code.bytecode.toOwnedSlice(story.gpa),
-            }),
-        });
-    }
-
-    fn makeConstantsPool(mod: *Module, story: *Story) ![]const Story.Value {
-        const ip = &mod.intern_pool;
-        const gpa = mod.gpa;
-        var constants_pool: std.ArrayListUnmanaged(Value) = .empty;
-        defer constants_pool.deinit(mod.gpa);
-        try constants_pool.ensureUnusedCapacity(mod.gpa, ip.values.items.len);
-
-        for (ip.values.items) |value| {
-            const obj = try makeValueFromInterned(story, value);
-            constants_pool.appendAssumeCapacity(obj);
-        }
-        return constants_pool.toOwnedSlice(gpa);
-    }
-
-    pub fn setupStoryRuntime(mod: *Module, gpa: std.mem.Allocator, story: *Story) !void {
-        const ip = &mod.intern_pool;
-        story.string_bytes = try ip.string_bytes.toOwnedSlice(mod.gpa);
-        story.constants_pool = try makeConstantsPool(mod, story);
-
-        for (mod.globals.items) |global| {
-            const ip_key = ip.internedValue(global.key);
-            const ip_value = ip.internedValue(global.value);
-
-            const key_bytes = storyStr(story, ip_key.str);
-            const obj = try makeValueFromInterned(story, ip_value);
-            try story.globals.put(gpa, key_bytes, obj);
-        }
-        for (mod.knots.items) |knot| {
-            const ip_key = ip.internedValue(knot.name_index);
-            const key_bytes = storyStr(story, ip_key.str);
-
-            const knot_object = try makeKnotObject(story, key_bytes, knot.code_chunk);
-            const value: Story.Value = .{ .object = &knot_object.base };
-            try story.globals.put(gpa, key_bytes, value);
-        }
-        for (mod.stitches.items) |stitch| {
-            const ip_key = ip.internedValue(stitch.name_index);
-            const key_bytes = storyStr(story, ip_key.str);
-            const stitch_object = try makeKnotObject(story, key_bytes, stitch.code_chunk);
-
-            if (stitch.knot_index) |index| {
-                const parent_knot = mod.knots.items[@intFromEnum(index)];
-                const s_key_value = ip.internedValue(parent_knot.name_index);
-                const parent_knot_name = storyStr(story, s_key_value.str);
-                const parent_knot_value = story.globals.get(parent_knot_name).?;
-                const parent_knot_obj: *Object.Knot = @ptrCast(parent_knot_value.object);
-                try parent_knot_obj.members.put(gpa, key_bytes, &stitch_object.base);
-            } else {
-                const value: Story.Value = .{ .object = &stitch_object.base };
-                try story.globals.put(gpa, key_bytes, value);
-            }
-        }
-    }
-
-    pub fn createNamespace(mod: *Module, parent: ?*Namespace) error{OutOfMemory}!*Namespace {
-        const ns = try mod.arena.create(Namespace);
+    pub fn createNamespace(
+        cu: *Compilation,
+        arena: std.mem.Allocator,
+        parent: ?*Namespace,
+    ) error{OutOfMemory}!*Namespace {
+        _ = cu;
+        const ns = try arena.create(Namespace);
         ns.* = .{
             .parent = parent,
             .decls = .empty,
@@ -383,14 +287,19 @@ pub const Module = struct {
         return ns;
     }
 
-    pub fn createCodeChunk(mod: *Module) error{OutOfMemory}!*InternPool.CodeChunk {
-        const chunk = try mod.arena.create(InternPool.CodeChunk);
+    pub fn createCodeChunk(
+        cu: *Compilation,
+        arena: std.mem.Allocator,
+    ) error{OutOfMemory}!*InternPool.CodeChunk {
+        _ = cu;
+        const chunk = try arena.create(InternPool.CodeChunk);
         chunk.* = .{};
         return chunk;
     }
 
     pub fn queueWorkItem(
-        mod: *Module,
+        mod: *Compilation,
+        arena: std.mem.Allocator,
         options: struct {
             tag: WorkItem.Tag,
             decl_name: InternPool.Index,
@@ -398,7 +307,7 @@ pub const Module = struct {
             namespace: *Namespace,
         },
     ) !void {
-        const work_item = try mod.arena.create(WorkItem);
+        const work_item = try arena.create(WorkItem);
         work_item.* = .{
             .tag = options.tag,
             .decl_name = options.decl_name,
@@ -408,7 +317,7 @@ pub const Module = struct {
         mod.work_queue.push(work_item);
     }
 
-    pub fn renderError(mod: *const Module, w: *std.Io.Writer, compile_error: Error) !void {
+    pub fn renderError(mod: *const Compilation, w: *std.Io.Writer, compile_error: Error) !void {
         const filename = mod.tree.filename;
         const line = compile_error.line + 1;
         const column = compile_error.column + 1;
@@ -427,15 +336,13 @@ pub const Module = struct {
         return w.flush();
     }
 
-    pub fn deinit(mod: *Module) void {
+    pub fn deinit(mod: *Compilation) void {
         const gpa = mod.gpa;
-        mod.tree.deinit(gpa);
-        mod.ir.deinit(gpa);
+        mod.arena.deinit();
         mod.intern_pool.deinit(gpa);
         mod.globals.deinit(gpa);
         mod.knots.deinit(gpa);
         mod.stitches.deinit(gpa);
-        mod.errors.deinit(gpa);
         mod.* = undefined;
     }
 };
@@ -472,8 +379,3 @@ pub fn findLineColumn(source: []const u8, byte_offset: usize) Loc {
         .source_line = source[line_start..i],
     };
 }
-
-fn hack(bytes: []const u8, index: InternPool.NullTerminatedString) [:0]const u8 {
-    const slice = bytes[@intFromEnum(index)..];
-    return slice[0..std.mem.indexOfScalar(u8, slice, 0).? :0];
-}
diff --git a/src/error_tests.zig b/src/error_tests.zig
index b225a4a..5dfd6cf 100644
--- a/src/error_tests.zig
+++ b/src/error_tests.zig
@@ -1,6 +1,7 @@
 const std = @import("std");
-const compile = @import("compile.zig");
-const Module = compile.Module;
+const Ast = @import("Ast.zig");
+const AstGen = @import("AstGen.zig");
+const Compilation = @import("compile.zig").Compilation;
 
 test "compiler: VAR expected expression" {
     try testEqual(
@@ -173,17 +174,21 @@ fn testEqual(source_bytes: [:0]const u8, expected_error: []const u8) !void {
     const io_w = &allocating.writer;
     const arena = arena_allocator.allocator();
 
-    var c = try Module.compile(gpa, arena, .{
-        .source_bytes = source_bytes,
-        .filename = "<STDIN>",
-        .dump_writer = null,
-        .dump_use_color = false,
-        .dump_ast = false,
-        .dump_ir = false,
-    });
-    defer c.deinit();
+    var errors: std.ArrayListUnmanaged(Compilation.Error) = .empty;
+    defer errors.deinit(gpa);
 
-    try std.testing.expect(c.errors.items.len > 0);
-    for (c.errors.items) |err| try c.renderError(io_w, err);
+    var tree = try Ast.parse(gpa, arena, source_bytes, "<STDIN>", 0);
+    defer tree.deinit(gpa);
+
+    var ir = try AstGen.generate(gpa, &tree);
+    defer ir.deinit(gpa);
+
+    var cu = Compilation.build(gpa, tree, ir, &errors) catch |err| switch (err) {
+        else => |e| return e,
+    };
+    defer cu.deinit();
+
+    try std.testing.expect(errors.items.len > 0);
+    for (errors.items) |err| try cu.renderError(io_w, err);
     return std.testing.expectEqualSlices(u8, expected_error, allocating.written());
 }
diff --git a/src/main.zig b/src/main.zig
index 01d0d7d..ce70685 100644
--- a/src/main.zig
+++ b/src/main.zig
@@ -1,6 +1,10 @@
 const std = @import("std");
 const ink = @import("ink");
+const Ast = ink.Ast;
+const AstGen = ink.AstGen;
+const Ir = ink.Ir;
 const Story = ink.Story;
+const Compilation = ink.Compilation;
 const fatal = std.process.fatal;
 
 var stdin_buffer: [4096]u8 align(std.heap.page_size_min) = undefined;
@@ -8,6 +12,32 @@ var stdout_buffer: [4096]u8 align(std.heap.page_size_min) = undefined;
 var stderr_buffer: [4096]u8 align(std.heap.page_size_min) = undefined;
 var debug_allocator: std.heap.DebugAllocator(.{}) = .init;
 
+const ArgsIterator = struct {
+    args: []const []const u8,
+    index: usize = 0,
+
+    pub fn next(iter: *ArgsIterator) ?[]const u8 {
+        if (iter.index >= iter.args.len) return null;
+        defer iter.index += 1;
+        return iter.args[iter.index];
+    }
+
+    pub fn nextOrFatal(iter: *ArgsIterator) []const u8 {
+        if (iter.index >= iter.args.len) {
+            fatal("expected parameter after {s}", .{iter.args[iter.index - 1]});
+        }
+        defer iter.index += 1;
+        return iter.args[iter.index];
+    }
+};
+
+const FileExtension = enum {
+    /// Ink source file.
+    ink,
+    /// Pre-compiled source file.
+    inkc,
+};
+
 pub fn main() !void {
     const gpa = debug_allocator.allocator();
     defer _ = debug_allocator.deinit();
@@ -31,7 +61,7 @@ fn mainArgs(
     args_list: []const [:0]const u8,
 ) !void {
     var source_path: ?[]const u8 = null;
-    var arg_index: usize = 1;
+    var output_path: ?[]const u8 = null;
     var compile_only: bool = false;
     var dump_ast: bool = false;
     var dump_ir: bool = false;
@@ -40,8 +70,11 @@ fn mainArgs(
     var use_stdin: bool = false;
     var use_color: bool = false;
 
-    while (arg_index < args_list.len) : (arg_index += 1) {
-        const arg = args_list[arg_index];
+    var args_iter: ArgsIterator = .{
+        .args = args_list[1..],
+    };
+
+    while (args_iter.next()) |arg| {
         if (std.mem.startsWith(u8, arg, "-")) {
             if (std.mem.eql(u8, arg, "--stdin")) {
                 use_stdin = true;
@@ -57,6 +90,9 @@ fn mainArgs(
                 dump_trace = true;
             } else if (std.mem.eql(u8, arg, "--use-color")) {
                 use_color = true;
+            } else if (std.mem.eql(u8, arg, "--output")) {
+                const next_arg = args_iter.nextOrFatal();
+                output_path = next_arg;
             } else {
                 fatal("invalid parameter: '{s}'", .{arg});
             }
@@ -82,32 +118,74 @@ fn mainArgs(
         };
     };
 
-    const stdout = std.fs.File.stdout();
-    var stdout_writer = stdout.writer(&stdout_buffer);
-
     const stderr = std.fs.File.stderr();
     var stderr_writer = stderr.writer(&stderr_buffer);
+    const io_w = &stderr_writer.interface;
+    const stack_size = 128;
 
-    var story = Story.fromSourceBytes(gpa, source_bytes, .{
-        .filename = filename,
-        .error_writer = &stderr_writer.interface,
-        .dump_writer = &stdout_writer.interface,
-        .dump_use_color = use_color,
-        .dump_ast = dump_ast,
-        .dump_ir = dump_ir,
-    }) catch |err| switch (err) {
-        //error.LoadFailed => std.process.exit(1),
-        else => |e| return e,
+    const file_ext: FileExtension = f: {
+        const bytes = std.fs.path.extension(filename);
+        if (std.mem.eql(u8, bytes, ".ink")) break :f .ink;
+        if (std.mem.eql(u8, bytes, ".inkc")) break :f .inkc;
+        return error.InvalidFileExtension;
     };
-    defer story.deinit();
+    switch (file_ext) {
+        .ink => {
+            var tree = try Ast.parse(gpa, arena, source_bytes, filename, 0);
+            defer tree.deinit(gpa);
 
-    if (dump_trace) {
-        story.dump_writer = &stderr_writer.interface;
+            var ir = try AstGen.generate(gpa, &tree);
+            defer ir.deinit(gpa);
+
+            var errors: std.ArrayListUnmanaged(Compilation.Error) = .empty;
+            defer errors.deinit(gpa);
+
+            if (dump_ast) {
+                try io_w.writeAll("=== AST ===\n");
+                try tree.render(gpa, io_w, .{
+                    .use_color = use_color,
+                });
+                try io_w.flush();
+            }
+            if (dump_ir) {
+                try io_w.writeAll("=== IR ===\n");
+                try ir.render(io_w);
+                try io_w.flush();
+            }
+
+            var cu = Compilation.build(gpa, tree, ir, &errors) catch |err| switch (err) {
+                else => |e| return e,
+            };
+            defer cu.deinit();
+
+            if (cu.hasCompileErrors()) {
+                for (cu.errors.items) |err| {
+                    try cu.renderError(io_w, err);
+                }
+            } else if (output_path) |_| {
+                return error.NotImplemented;
+            } else {
+                var story: Story = try .fromCompilation(gpa, &cu, .{
+                    .stack_size = stack_size,
+                });
+                defer story.deinit();
+                if (dump_story) {
+                    try story.dump(io_w);
+                }
+                if (dump_trace) {
+                    story.dump_writer = io_w;
+                }
+                return if (!compile_only) run(gpa, &story);
+            }
+        },
+        .inkc => {
+            var story: Story = try .fromCachedCompilation(gpa, source_bytes, .{
+                .stack_size = stack_size,
+            });
+            defer story.deinit();
+            return if (!compile_only) run(gpa, &story);
+        },
     }
-    if (dump_story) {
-        try story.dump(&stdout_writer.interface);
-    }
-    return if (!compile_only) run(gpa, &story);
 }
 
 fn run(_: std.mem.Allocator, story: *Story) !void {
diff --git a/src/root.zig b/src/root.zig
index 3aecb3b..0cb9478 100644
--- a/src/root.zig
+++ b/src/root.zig
@@ -2,7 +2,9 @@ const std = @import("std");
 const tokenizer = @import("tokenizer.zig");
 pub const Story = @import("Story.zig");
 pub const Ast = @import("Ast.zig");
-pub const Module = @import("compile.zig").Module;
+pub const AstGen = @import("AstGen.zig");
+pub const Ir = @import("Ir.zig");
+pub const Compilation = @import("compile.zig").Compilation;
 
 pub const max_src_size = std.math.maxInt(u32);