diff --git a/.changeset/trim-shell-transcript-turns.md b/.changeset/trim-shell-transcript-turns.md
new file mode 100644
index 0000000000..242fd8698b
--- /dev/null
+++ b/.changeset/trim-shell-transcript-turns.md
@@ -0,0 +1,5 @@
+---
+"@moonshot-ai/kimi-code": patch
+---
+
+Bound the transcript in `!`-heavy sessions: each shell command now groups as its own trimmable turn instead of piling into an untrimmable tail turn, and a finished command's stored stdout/stderr is capped to the last 64 KB per stream.
diff --git a/apps/kimi-code/src/tui/kimi-tui.ts b/apps/kimi-code/src/tui/kimi-tui.ts
index a979de7219..f569ff1fa1 100644
--- a/apps/kimi-code/src/tui/kimi-tui.ts
+++ b/apps/kimi-code/src/tui/kimi-tui.ts
@@ -149,7 +149,7 @@ import { startupTrace } from '#/utils/startup-trace';
 import { REPLAY_TURN_LIMIT } from './utils/message-replay';
 import { hasPatchChanges } from './utils/object-patch';
 import { sessionRowsForPicker } from './utils/session-picker-rows';
-import { formatBashOutputForDisplay } from './utils/shell-output';
+import { capStoredShellOutput, formatBashOutputForDisplay } from './utils/shell-output';
 import { thinkingEffortFromConfig } from './utils/thinking-config';
 import { combineStartupNotice, isOAuthLoginRequiredError } from './utils/startup';
 import { installTerminalFocusTracking } from './utils/terminal-focus';
@@ -1214,10 +1214,18 @@ export class KimiTUI {
       // the UI and the model notification, so there is nothing to render here.
       return;
     }
-    stream.component.finish(stdout, stderr, isError);
+    stream.component.finish(
+      capStoredShellOutput(stdout),
+      capStoredShellOutput(stderr),
+      isError,
+    );
     // Keep the transcript entry's metadata in sync for anything that reads it
     // (export / copy). The component renders itself.
-    stream.entry.content = formatBashOutputForDisplay(stdout, stderr, isError);
+    stream.entry.content = formatBashOutputForDisplay(
+      capStoredShellOutput(stdout),
+      capStoredShellOutput(stderr),
+      isError,
+    );
     this.shellOutputStreams.delete(commandId);
     // When the last shell command finishes, leave the shell streaming phase,
     // release one queued message (if any), and refresh the activity pane.
diff --git a/apps/kimi-code/src/tui/utils/shell-output.ts b/apps/kimi-code/src/tui/utils/shell-output.ts
index 3a482feb73..3a8487d07a 100644
--- a/apps/kimi-code/src/tui/utils/shell-output.ts
+++ b/apps/kimi-code/src/tui/utils/shell-output.ts
@@ -69,3 +69,22 @@ export function formatBashOutputForDisplay(stdout: string, stderr: string, isErr
     return plain.length > 0 ? plain : '(no output)';
   }
 }
+
+/** Cap on each stored stream once a command finishes; the tail is what matters. */
+export const MAX_STORED_STREAM_CHARS = 64 * 1024;
+
+/**
+ * Bound a finished command's stored output. The running buffer is already
+ * capped mid-stream (see ShellRunComponent), but the final copies used to be
+ * stored whole: one inside the component, one formatted into the transcript
+ * entry, so a `! cat bigfile` habit grew the session without bound. Keep the
+ * tail and say on the first line how much was dropped.
+ */
+export function capStoredShellOutput(text: string, maxChars = MAX_STORED_STREAM_CHARS): string {
+  if (text.length <= maxChars) return text;
+  let tail = text.slice(-maxChars);
+  // Do not start the kept text on the low half of a surrogate pair.
+  const first = tail.codePointAt(0);
+  if (first !== undefined && first >= 0xdc00 && first <= 0xdfff) tail = tail.slice(1);
+  return `… (${text.length - tail.length} earlier chars truncated)\n${tail}`;
+}
diff --git a/apps/kimi-code/src/tui/utils/transcript-window.ts b/apps/kimi-code/src/tui/utils/transcript-window.ts
index 7f53fe6568..aab66d2c3e 100644
--- a/apps/kimi-code/src/tui/utils/transcript-window.ts
+++ b/apps/kimi-code/src/tui/utils/transcript-window.ts
@@ -69,8 +69,11 @@ export interface TranscriptTurn {
  * defined turn. This matters because a user message is appended (with
  * `turnId: undefined`) before its turn actually starts, so without this
  * buffering every user message would become its own single-entry turn at the
- * front and get trimmed first. Any undefined entries left at the tail (no
- * following turn) become their own turn.
+ * front and get trimmed first. A buffered run is flushed into its own turn
+ * when the next user entry arrives: `!` shell echoes are user entries too,
+ * but no defined turn ever follows them, so each one starts a fresh group.
+ * Any undefined entries left at the tail (no following turn) become their
+ * own turn.
  */
 export function groupTurns(entries: readonly TranscriptEntry[]): TranscriptTurn[] {
   const turns: TranscriptTurn[] = [];
@@ -80,6 +83,14 @@ export function groupTurns(entries: readonly TranscriptEntry[]): TranscriptTurn[
   for (const entry of entries) {
     const turnId = entry.turnId;
     if (turnId === undefined) {
+      // A `!` shell echo is a user entry with no turnId, and no defined turn
+      // ever follows it. Flush the buffered entries at each one so a
+      // `!`-heavy stretch becomes many small trimmable turns instead of a
+      // single tail turn that turnsToTrim can never touch.
+      if (entry.kind === 'user' && pendingUndefined.length > 0) {
+        turns.push({ turnId: undefined, entries: pendingUndefined });
+        pendingUndefined = [];
+      }
       pendingUndefined.push(entry);
       continue;
     }
diff --git a/apps/kimi-code/test/tui/utils/shell-output.test.ts b/apps/kimi-code/test/tui/utils/shell-output.test.ts
index e7a724b43a..1b2400c1e6 100644
--- a/apps/kimi-code/test/tui/utils/shell-output.test.ts
+++ b/apps/kimi-code/test/tui/utils/shell-output.test.ts
@@ -1,6 +1,6 @@
 import { describe, expect, it } from 'vitest';
 
-import { formatBashOutputForDisplay, sanitizeShellOutput } from '#/tui/utils/shell-output';
+import { capStoredShellOutput, formatBashOutputForDisplay, sanitizeShellOutput } from '#/tui/utils/shell-output';
 
 const ESC = '\u001B';
 const BEL = '\u0007';
@@ -106,3 +106,30 @@ describe('formatBashOutputForDisplay', () => {
     ).not.toThrow();
   });
 });
+
+describe('capStoredShellOutput', () => {
+  it('keeps short output untouched', () => {
+    expect(capStoredShellOutput('hello\nworld')).toBe('hello\nworld');
+  });
+
+  it('keeps exactly maxChars untouched', () => {
+    const exact = 'x'.repeat(100);
+    expect(capStoredShellOutput(exact, 100)).toBe(exact);
+  });
+
+  it('keeps the tail and reports the dropped count', () => {
+    const long = `${'a'.repeat(80)}${'b'.repeat(80)}`;
+    const capped = capStoredShellOutput(long, 80);
+    expect(capped).toMatch(/^… \(80 earlier chars truncated\)\n/);
+    expect(capped.endsWith('b'.repeat(80))).toBe(true);
+  });
+
+  it('never starts the tail on a lone low surrogate', () => {
+    // 100 BMP chars, an astral char (surrogate pair), then 100 more; a 101-char
+    // cut lands on the low half of the pair, which must be dropped with it.
+    const text = `${'x'.repeat(100)}${'\u{1F600}'}${'y'.repeat(100)}`;
+    const capped = capStoredShellOutput(text, 101);
+    expect(capped).toMatch(/^… \(102 earlier chars truncated\)\n/);
+    expect(capped.split('\n')[1]).toBe('y'.repeat(100));
+  });
+});
diff --git a/apps/kimi-code/test/tui/utils/transcript-window.test.ts b/apps/kimi-code/test/tui/utils/transcript-window.test.ts
index 4fbc23fec6..cc1061d223 100644
--- a/apps/kimi-code/test/tui/utils/transcript-window.test.ts
+++ b/apps/kimi-code/test/tui/utils/transcript-window.test.ts
@@ -47,6 +47,35 @@ describe('groupTurns', () => {
     expect(turns[1]!.turnId).toBeUndefined();
     expect(turns[1]!.entries).toHaveLength(1);
   });
+
+  it('splits a `!` shell stretch into one turn per command', () => {
+    const echo = () => makeEntry(undefined, 'user');
+    const out = () => makeEntry(undefined, 'status');
+    const turns = groupTurns([echo(), out(), echo(), out(), echo(), out()]);
+    expect(turns).toHaveLength(3);
+    for (const turn of turns) {
+      expect(turn.turnId).toBeUndefined();
+      expect(turn.entries.map((e) => e.kind)).toEqual(['user', 'status']);
+    }
+  });
+
+  it('still attaches a real prompt to the following defined turn', () => {
+    const prompt = makeEntry(undefined, 'user');
+    const turns = groupTurns([prompt, tool('7'), msg('7')]);
+    expect(turns).toHaveLength(1);
+    expect(turns[0]!.turnId).toBe('7');
+    expect(turns[0]!.entries[0]).toBe(prompt);
+  });
+
+  it('flushes a buffered `!` run when the next prompt arrives', () => {
+    const echo = makeEntry(undefined, 'user');
+    const out = makeEntry(undefined, 'status');
+    const prompt = makeEntry(undefined, 'user');
+    const turns = groupTurns([echo, out, prompt, msg('3')]);
+    expect(turns.map((t) => t.turnId)).toEqual([undefined, '3']);
+    expect(turns[0]!.entries).toEqual([echo, out]);
+    expect(turns[1]!.entries).toEqual([prompt, turns[1]!.entries[1]!]);
+  });
 });
 
 describe('turnsToTrim', () => {
@@ -77,6 +106,22 @@ describe('turnsToTrim', () => {
     const removed = turnsToTrim(turns, 2, 0);
     expect(removed.size).toBe(0);
   });
+
+  it('trims old `!` command turns in a shell-heavy session', () => {
+    const entries: TranscriptEntry[] = [];
+    for (let i = 0; i < 10; i++) {
+      entries.push(makeEntry(undefined, 'user'), makeEntry(undefined, 'status'));
+    }
+    const turns = groupTurns(entries); // 10 small turns, one per command
+    expect(turns).toHaveLength(10);
+    const removed = turnsToTrim(turns, 3, 0);
+    // 10 > 3, oldest 7 commands trimmed; the newest 3 stay.
+    expect(removed.size).toBe(14);
+    expect(removed.has(entries[0]!)).toBe(true);
+    expect(removed.has(entries[13]!)).toBe(true);
+    expect(removed.has(entries[14]!)).toBe(false);
+    expect(removed.has(entries[19]!)).toBe(false);
+  });
 });
 
 describe('readEnvInt', () => {