IntersectMBO · zliu41 · Feb 4, 2026 · Feb 4, 2026 · Feb 4, 2026 · Feb 4, 2026
diff --git a/...test-cases/uplc/evaluation/builtin/semantics/unValueData/empty/empty.uplc.budget.expected b/...test-cases/uplc/evaluation/builtin/semantics/unValueData/empty/empty.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 254005
+({cpu: 145034
 | mem: 412})
diff --git a/...plc/evaluation/builtin/semantics/unValueData/max-key-len/max-key-len.uplc.budget.expected b/...plc/evaluation/builtin/semantics/unValueData/max-key-len/max-key-len.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1073645
+({cpu: 528790
 | mem: 416})
diff --git a/...aluation/builtin/semantics/unValueData/multi-currency/multi-currency.uplc.budget.expected b/...aluation/builtin/semantics/unValueData/multi-currency/multi-currency.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1893317
+({cpu: 912578
 | mem: 420})
diff --git a/...plc/evaluation/builtin/semantics/unValueData/multi-token/multi-token.uplc.budget.expected b/...plc/evaluation/builtin/semantics/unValueData/multi-token/multi-token.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1483477
+({cpu: 720680
 | mem: 418})
diff --git a/...on/builtin/semantics/unValueData/negative-quantity/negative-quantity.uplc.budget.expected b/...on/builtin/semantics/unValueData/negative-quantity/negative-quantity.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1073645
+({cpu: 528790
 | mem: 416})
diff --git a/...uiltin/semantics/unValueData/roundtrip-from-data/roundtrip-from-data.uplc.budget.expected b/...uiltin/semantics/unValueData/roundtrip-from-data/roundtrip-from-data.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1344460
+({cpu: 599949
 | mem: 640})
diff --git a/...c/evaluation/builtin/semantics/unValueData/single-entry/single-entry.uplc.budget.expected b/...c/evaluation/builtin/semantics/unValueData/single-entry/single-entry.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1073645
+({cpu: 528790
 | mem: 416})
diff --git a/...e/test-cases/uplc/evaluation/builtin/semantics/valueData/empty/empty.uplc.budget.expected b/...e/test-cases/uplc/evaluation/builtin/semantics/valueData/empty/empty.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 247704
+({cpu: 49100
 | mem: 402})
diff --git a/...evaluation/builtin/semantics/valueData/multi-currency/multi-currency.uplc.budget.expected b/...evaluation/builtin/semantics/valueData/multi-currency/multi-currency.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 326126
+({cpu: 125418
 | mem: 446})
diff --git a/.../uplc/evaluation/builtin/semantics/valueData/multi-token/multi-token.uplc.budget.expected b/.../uplc/evaluation/builtin/semantics/valueData/multi-token/multi-token.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 326126
+({cpu: 125418
 | mem: 446})
diff --git a/...tion/builtin/semantics/valueData/negative-quantity/negative-quantity.uplc.budget.expected b/...tion/builtin/semantics/valueData/negative-quantity/negative-quantity.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 286915
+({cpu: 87259
 | mem: 424})
diff --git a/...uiltin/semantics/valueData/roundtrip-from-value/roundtrip-from-value.uplc.budget.expected b/...uiltin/semantics/valueData/roundtrip-from-value/roundtrip-from-value.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 1344460
+({cpu: 599949
 | mem: 640})
diff --git a/...plc/evaluation/builtin/semantics/valueData/single-entry/single-entry.uplc.budget.expected b/...plc/evaluation/builtin/semantics/valueData/single-entry/single-entry.uplc.budget.expected
@@ -1,2 +1,2 @@
-({cpu: 286915
+({cpu: 87259
 | mem: 424})
diff --git a/plutus-core/cost-model/budgeting-bench/Benchmarks/Values.hs b/plutus-core/cost-model/budgeting-bench/Benchmarks/Values.hs
@@ -279,7 +279,9 @@ unValueDataBenchmark gen =
     DataNodeCount
     UnValueData
     []
-    (Value.valueData <$> generateTestValues gen)
+    ((unsafeFromBuiltinResult . Value.valueData) <$> generateTestValues gen)
+
+-- FIXME: account properly for out-of-range errors when test values are too big.
 
 ----------------------------------------------------------------------------------------------------
 -- InsertCoin --------------------------------------------------------------------------------------

diff --git a/plutus-core/cost-model/data/benching-conway.csv b/plutus-core/cost-model/data/benching-conway.csv
diff --git a/plutus-core/cost-model/data/builtinCostModelA.json b/plutus-core/cost-model/data/builtinCostModelA.json
@@ -1240,30 +1240,30 @@
     }
   },
   "valueData": {
-        "cpu": {
-            "arguments": {
-                "intercept": 199604,
-                "slope": 39211
-            },
-            "type": "linear_in_x"
-        },
-    "memory": {
-      "arguments": {
-        "intercept": 2,
-        "slope": 22
-    },
-    "type": "linear_in_x"
-    }
+      "cpu": {
+          "arguments": {
+              "intercept": 1000,
+              "slope": 38159
+          },
+          "type": "linear_in_x"
+      },
+      "memory": {
+          "arguments": {
+              "intercept": 2,
+              "slope": 22
+          },
+          "type": "linear_in_x"
+      }
   },
   "unValueData": {
-        "cpu": {
-            "arguments": {
-                "c0": 1000,
-                "c1": 204904,
-                "c2": 1
-            },
-            "type": "quadratic_in_x"
-        },
+      "cpu": {
+          "arguments": {
+              "c0": 1000,
+              "c1": 95933,
+              "c2": 1
+          },
+          "type": "quadratic_in_x"
+      },
       "memory": {
           "arguments": {
               "intercept": 11,

diff --git a/plutus-core/cost-model/data/builtinCostModelB.json b/plutus-core/cost-model/data/builtinCostModelB.json
@@ -1242,8 +1242,8 @@
   "valueData": {
       "cpu": {
           "arguments": {
-              "intercept": 199604,
-              "slope": 39211
+              "intercept": 1000,
+              "slope": 38159
           },
           "type": "linear_in_x"
       },
@@ -1259,7 +1259,7 @@
       "cpu": {
           "arguments": {
               "c0": 1000,
-              "c1": 204904,
+              "c1": 95933,
               "c2": 1
           },
           "type": "quadratic_in_x"

diff --git a/plutus-core/cost-model/data/builtinCostModelC.json b/plutus-core/cost-model/data/builtinCostModelC.json
@@ -1260,8 +1260,8 @@
   "valueData": {
       "cpu": {
           "arguments": {
-              "intercept": 199604,
-              "slope": 39211
+              "intercept": 1000,
+              "slope": 38159
           },
           "type": "linear_in_x"
       },
@@ -1274,21 +1274,21 @@
       }
   },
   "unValueData": {
-        "cpu": {
-            "arguments": {
-                "c0": 1000,
-                "c1": 204904,
-                "c2": 1
-            },
-            "type": "quadratic_in_x"
-        },
-    "memory": {
-      "arguments": {
-          "intercept": 11,
-          "slope": 1
+      "cpu": {
+          "arguments": {
+              "c0": 1000,
+              "c1": 95933,
+              "c2": 1
+          },
+          "type": "quadratic_in_x"
       },
-      "type": "linear_in_x"
-    }
+      "memory": {
+          "arguments": {
+              "intercept": 11,
+              "slope": 1
+          },
+          "type": "linear_in_x"
+      }
   },
   "insertCoin": {
     "cpu": {

diff --git a/plutus-core/plutus-core/src/PlutusCore/Default/Builtins.hs b/plutus-core/plutus-core/src/PlutusCore/Default/Builtins.hs
@@ -2012,7 +2012,7 @@ instance uni ~ DefaultUni => ToBuiltinMeaning uni DefaultFun where
           valueContainsDenotation
           (runCostingFunTwoArguments . paramValueContains)
   toBuiltinMeaning _semvar ValueData =
-    let valueDataDenotation :: ValueTotalSize -> Data
+    let valueDataDenotation :: ValueTotalSize -> BuiltinResult Data
         valueDataDenotation (ValueTotalSize v) = Value.valueData v
         {-# INLINE valueDataDenotation #-}
      in makeBuiltinMeaning

diff --git a/plutus-core/plutus-core/src/PlutusCore/Value.hs b/plutus-core/plutus-core/src/PlutusCore/Value.hs
@@ -432,10 +432,16 @@ unionValue vA vB
         else (unpack vA, unpack vB)
 {-# INLINEABLE unionValue #-}
 
+valueDataMaxSize :: Int
+valueDataMaxSize = 40000
+
 {-| \(O(n)\). Encodes `Value` as `Data`, in the same way as non-builtin @Value@.
 This is the denotation of @ValueData@ in Plutus V1, V2 and V3. -}
-valueData :: Value -> Data
-valueData = Map . fmap (bimap (B . unK) tokensData) . Map.toList . unpack
+valueData :: Value -> BuiltinResult Data
+valueData v =
+  if totalSize v <= valueDataMaxSize
+    then pure $ Map . fmap (bimap (B . unK) tokensData) . Map.toList . unpack $ v
+    else fail $ "valueData: maximum input size (" ++ show valueDataMaxSize ++ ") exceeded"
   where
     tokensData :: Map K Quantity -> Data
     tokensData = Map . fmap (bimap (B . unK) (I . unQuantity)) . Map.toList

diff --git a/plutus-core/plutus-core/test/TypeSynthesis/Golden/Signatures/DefaultFun/ValueData.golden.sig b/plutus-core/plutus-core/test/TypeSynthesis/Golden/Signatures/DefaultFun/ValueData.golden.sig
@@ -1 +1 @@
-ValueTotalSize -> Data
+ValueTotalSize -> BuiltinResult Data
diff --git a/plutus-core/plutus-core/test/Value/Spec.hs b/plutus-core/plutus-core/test/Value/Spec.hs
@@ -243,11 +243,16 @@ prop_oppositeScaleIsInverse c v =
       _ -> scaleIncorrectlyBound c v
 
 prop_dataRoundtrip :: Value -> Property
-prop_dataRoundtrip v = case V.unValueData d of
-  BuiltinSuccess v' -> (v === v') .&&. (V.valueData v' === d)
-  _ -> property False
-  where
-    d = V.valueData v
+prop_dataRoundtrip v =
+  case V.valueData v of
+    BuiltinSuccess d ->
+      case V.unValueData d of
+        BuiltinSuccess v' ->
+          case V.valueData v' of
+            BuiltinSuccess d' -> (v === v') .&&. (d' === d)
+            _ -> property False
+        _ -> property False
+    _ -> property False
 
 prop_flatRoundtrip :: Value -> Property
 prop_flatRoundtrip v = Flat.unflat (Flat.flat v) === Right v

diff --git a/plutus-ledger-api/test/Spec/V1/Value.hs b/plutus-ledger-api/test/Spec/V1/Value.hs
@@ -135,15 +135,19 @@ test_split = testProperty "split" . scaleTestsBy 7 $ \value ->
 -- | Test that builtin and non-builtin values are encoded identically in Data.
 test_toData :: TestTree
 test_toData = testProperty "toData" . scaleTestsBy 10 $ \v ->
-  PLC.valueData v === toData (valueFromBuiltin v)
+  case PLC.valueData v of
+    BuiltinSuccess d -> d === toData (valueFromBuiltin v)
+    _ -> property False
 
 -- | Test that builtin and non-builtin values are decoded identically from Data.
 test_fromData :: TestTree
 test_fromData = testProperty "fromData" . scaleTestsBy 10 $ \v ->
-  let d = PLC.valueData v
-   in case PLC.unValueData d of
+  case PLC.valueData v of
+    BuiltinSuccess d ->
+      case PLC.unValueData d of
         BuiltinSuccess v' -> valueFromBuiltin v' === unsafeFromData d
         _ -> property False
+    _ -> property False
 
 test_Value :: TestTree
 test_Value =

diff --git a/plutus-tx/src/PlutusTx/Builtins/Internal.hs b/plutus-tx/src/PlutusTx/Builtins/Internal.hs
@@ -1098,7 +1098,12 @@ valueContains (BuiltinValue v1) (BuiltinValue v2) =
 {-# OPAQUE valueContains #-}
 
 mkValue :: BuiltinValue -> BuiltinData
-mkValue (BuiltinValue v) = BuiltinData $ Value.valueData v
+mkValue (BuiltinValue v) =
+  case Value.valueData v of
+    BuiltinSuccess d -> BuiltinData d
+    BuiltinSuccessWithLogs logs d -> traceAll logs (BuiltinData d)
+    BuiltinFailure logs err ->
+      traceAll (logs <> pure (display err)) $ Haskell.error "mkValue failed."
 {-# OPAQUE mkValue #-}
 
 unsafeDataAsValue :: BuiltinData -> BuiltinValue
Original file line number	Diff line number	Diff line change
		@@ -1 +1 @@
		ValueTotalSize -> Data
		ValueTotalSize -> BuiltinResult Data