diff --git a/src/libstore/build/derivation-goal.cc b/src/libstore/build/derivation-goal.cc
index f795b05a1..010f905d6 100644
--- a/src/libstore/build/derivation-goal.cc
+++ b/src/libstore/build/derivation-goal.cc
@@ -36,6 +36,14 @@
 
 namespace nix {
 
+Goal::Co DerivationGoal::init() {
+    if (useDerivation) {
+        co_return getDerivation();
+    } else {
+        co_return haveDerivation();
+    }
+}
+
 DerivationGoal::DerivationGoal(const StorePath & drvPath,
     const OutputsSpec & wantedOutputs, Worker & worker, BuildMode buildMode)
     : Goal(worker, DerivedPath::Built { .drvPath = makeConstantStorePathRef(drvPath), .outputs = wantedOutputs })
@@ -44,7 +52,6 @@ DerivationGoal::DerivationGoal(const StorePath & drvPath,
     , wantedOutputs(wantedOutputs)
     , buildMode(buildMode)
 {
-    state = &DerivationGoal::getDerivation;
     name = fmt(
         "building of '%s' from .drv file",
         DerivedPath::Built { makeConstantStorePathRef(drvPath), wantedOutputs }.to_string(worker.store));
@@ -65,7 +72,6 @@ DerivationGoal::DerivationGoal(const StorePath & drvPath, const BasicDerivation
 {
     this->drv = std::make_unique<Derivation>(drv);
 
-    state = &DerivationGoal::haveDerivation;
     name = fmt(
         "building of '%s' from in-memory derivation",
         DerivedPath::Built { makeConstantStorePathRef(drvPath), drv.outputNames() }.to_string(worker.store));
@@ -109,13 +115,9 @@ void DerivationGoal::killChild()
 void DerivationGoal::timedOut(Error && ex)
 {
     killChild();
-    done(BuildResult::TimedOut, {}, std::move(ex));
-}
-
-
-void DerivationGoal::work()
-{
-    (this->*state)();
+    // We're not inside a coroutine, hence we can't use co_return here.
+    // Thus we ignore the return value.
+    [[maybe_unused]] Done _ = done(BuildResult::TimedOut, {}, std::move(ex));
 }
 
 void DerivationGoal::addWantedOutputs(const OutputsSpec & outputs)
@@ -139,7 +141,7 @@ void DerivationGoal::addWantedOutputs(const OutputsSpec & outputs)
 }
 
 
-void DerivationGoal::getDerivation()
+Goal::Co DerivationGoal::getDerivation()
 {
     trace("init");
 
@@ -147,23 +149,22 @@ void DerivationGoal::getDerivation()
        exists.  If it doesn't, it may be created through a
        substitute. */
     if (buildMode == bmNormal && worker.evalStore.isValidPath(drvPath)) {
-        loadDerivation();
-        return;
+        co_return loadDerivation();
     }
 
     addWaitee(upcast_goal(worker.makePathSubstitutionGoal(drvPath)));
 
-    state = &DerivationGoal::loadDerivation;
+    co_await Suspend{};
+    co_return loadDerivation();
 }
 
 
-void DerivationGoal::loadDerivation()
+Goal::Co DerivationGoal::loadDerivation()
 {
     trace("loading derivation");
 
     if (nrFailed != 0) {
-        done(BuildResult::MiscFailure, {}, Error("cannot build missing derivation '%s'", worker.store.printStorePath(drvPath)));
-        return;
+        co_return done(BuildResult::MiscFailure, {}, Error("cannot build missing derivation '%s'", worker.store.printStorePath(drvPath)));
     }
 
     /* `drvPath' should already be a root, but let's be on the safe
@@ -185,11 +186,11 @@ void DerivationGoal::loadDerivation()
     }
     assert(drv);
 
-    haveDerivation();
+    co_return haveDerivation();
 }
 
 
-void DerivationGoal::haveDerivation()
+Goal::Co DerivationGoal::haveDerivation()
 {
     trace("have derivation");
 
@@ -217,8 +218,7 @@ void DerivationGoal::haveDerivation()
             });
         }
 
-        gaveUpOnSubstitution();
-        return;
+        co_return gaveUpOnSubstitution();
     }
 
     for (auto & i : drv->outputsAndOptPaths(worker.store))
@@ -240,8 +240,7 @@ void DerivationGoal::haveDerivation()
 
     /* If they are all valid, then we're done. */
     if (allValid && buildMode == bmNormal) {
-        done(BuildResult::AlreadyValid, std::move(validOutputs));
-        return;
+        co_return done(BuildResult::AlreadyValid, std::move(validOutputs));
     }
 
     /* We are first going to try to create the invalid output paths
@@ -268,24 +267,21 @@ void DerivationGoal::haveDerivation()
             }
         }
 
-    if (waitees.empty()) /* to prevent hang (no wake-up event) */
-        outputsSubstitutionTried();
-    else
-        state = &DerivationGoal::outputsSubstitutionTried;
+    if (!waitees.empty()) co_await Suspend{}; /* to prevent hang (no wake-up event) */
+    co_return outputsSubstitutionTried();
 }
 
 
-void DerivationGoal::outputsSubstitutionTried()
+Goal::Co DerivationGoal::outputsSubstitutionTried()
 {
     trace("all outputs substituted (maybe)");
 
     assert(!drv->type().isImpure());
 
     if (nrFailed > 0 && nrFailed > nrNoSubstituters + nrIncompleteClosure && !settings.tryFallback) {
-        done(BuildResult::TransientFailure, {},
+        co_return done(BuildResult::TransientFailure, {},
             Error("some substitutes for the outputs of derivation '%s' failed (usually happens due to networking issues); try '--fallback' to build derivation from source ",
                 worker.store.printStorePath(drvPath)));
-        return;
     }
 
     /*  If the substitutes form an incomplete closure, then we should
@@ -319,32 +315,29 @@ void DerivationGoal::outputsSubstitutionTried()
 
     if (needRestart == NeedRestartForMoreOutputs::OutputsAddedDoNeed) {
         needRestart = NeedRestartForMoreOutputs::OutputsUnmodifedDontNeed;
-        haveDerivation();
-        return;
+        co_return haveDerivation();
     }
 
     auto [allValid, validOutputs] = checkPathValidity();
 
     if (buildMode == bmNormal && allValid) {
-        done(BuildResult::Substituted, std::move(validOutputs));
-        return;
+        co_return done(BuildResult::Substituted, std::move(validOutputs));
     }
     if (buildMode == bmRepair && allValid) {
-        repairClosure();
-        return;
+        co_return repairClosure();
     }
     if (buildMode == bmCheck && !allValid)
         throw Error("some outputs of '%s' are not valid, so checking is not possible",
             worker.store.printStorePath(drvPath));
 
     /* Nothing to wait for; tail call */
-    gaveUpOnSubstitution();
+    co_return gaveUpOnSubstitution();
 }
 
 
 /* At least one of the output paths could not be
    produced using a substitute.  So we have to build instead. */
-void DerivationGoal::gaveUpOnSubstitution()
+Goal::Co DerivationGoal::gaveUpOnSubstitution()
 {
     /* At this point we are building all outputs, so if more are wanted there
        is no need to restart. */
@@ -405,14 +398,12 @@ void DerivationGoal::gaveUpOnSubstitution()
         addWaitee(upcast_goal(worker.makePathSubstitutionGoal(i)));
     }
 
-    if (waitees.empty()) /* to prevent hang (no wake-up event) */
-        inputsRealised();
-    else
-        state = &DerivationGoal::inputsRealised;
+    if (!waitees.empty()) co_await Suspend{}; /* to prevent hang (no wake-up event) */
+    co_return inputsRealised();
 }
 
 
-void DerivationGoal::repairClosure()
+Goal::Co DerivationGoal::repairClosure()
 {
     assert(!drv->type().isImpure());
 
@@ -466,41 +457,39 @@ void DerivationGoal::repairClosure()
     }
 
     if (waitees.empty()) {
-        done(BuildResult::AlreadyValid, assertPathValidity());
-        return;
+        co_return done(BuildResult::AlreadyValid, assertPathValidity());
+    } else {
+        co_await Suspend{};
+        co_return closureRepaired();
     }
-
-    state = &DerivationGoal::closureRepaired;
 }
 
 
-void DerivationGoal::closureRepaired()
+Goal::Co DerivationGoal::closureRepaired()
 {
     trace("closure repaired");
     if (nrFailed > 0)
         throw Error("some paths in the output closure of derivation '%s' could not be repaired",
             worker.store.printStorePath(drvPath));
-    done(BuildResult::AlreadyValid, assertPathValidity());
+    co_return done(BuildResult::AlreadyValid, assertPathValidity());
 }
 
 
-void DerivationGoal::inputsRealised()
+Goal::Co DerivationGoal::inputsRealised()
 {
     trace("all inputs realised");
 
     if (nrFailed != 0) {
         if (!useDerivation)
             throw Error("some dependencies of '%s' are missing", worker.store.printStorePath(drvPath));
-        done(BuildResult::DependencyFailed, {}, Error(
+        co_return done(BuildResult::DependencyFailed, {}, Error(
                 "%s dependencies of derivation '%s' failed to build",
                 nrFailed, worker.store.printStorePath(drvPath)));
-        return;
     }
 
     if (retrySubstitution == RetrySubstitution::YesNeed) {
         retrySubstitution = RetrySubstitution::AlreadyRetried;
-        haveDerivation();
-        return;
+        co_return haveDerivation();
     }
 
     /* Gather information necessary for computing the closure and/or
@@ -566,8 +555,8 @@ void DerivationGoal::inputsRealised()
                 pathResolved, wantedOutputs, buildMode);
             addWaitee(resolvedDrvGoal);
 
-            state = &DerivationGoal::resolvedFinished;
-            return;
+            co_await Suspend{};
+            co_return resolvedFinished();
         }
 
         std::function<void(const StorePath &, const DerivedPathMap<StringSet>::ChildNode &)> accumInputPaths;
@@ -631,8 +620,9 @@ void DerivationGoal::inputsRealised()
     /* Okay, try to build.  Note that here we don't wait for a build
        slot to become available, since we don't need one if there is a
        build hook. */
-    state = &DerivationGoal::tryToBuild;
     worker.wakeUp(shared_from_this());
+    co_await Suspend{};
+    co_return tryToBuild();
 }
 
 void DerivationGoal::started()
@@ -657,7 +647,7 @@ void DerivationGoal::started()
     worker.updateProgress();
 }
 
-void DerivationGoal::tryToBuild()
+Goal::Co DerivationGoal::tryToBuild()
 {
     trace("trying to build");
 
@@ -693,7 +683,8 @@ void DerivationGoal::tryToBuild()
             actLock = std::make_unique<Activity>(*logger, lvlWarn, actBuildWaiting,
                 fmt("waiting for lock on %s", Magenta(showPaths(lockFiles))));
         worker.waitForAWhile(shared_from_this());
-        return;
+        co_await Suspend{};
+        co_return tryToBuild();
     }
 
     actLock.reset();
@@ -710,8 +701,7 @@ void DerivationGoal::tryToBuild()
     if (buildMode != bmCheck && allValid) {
         debug("skipping build of derivation '%s', someone beat us to it", worker.store.printStorePath(drvPath));
         outputLocks.setDeletion(true);
-        done(BuildResult::AlreadyValid, std::move(validOutputs));
-        return;
+        co_return done(BuildResult::AlreadyValid, std::move(validOutputs));
     }
 
     /* If any of the outputs already exist but are not valid, delete
@@ -737,9 +727,9 @@ void DerivationGoal::tryToBuild()
                    EOF from the hook. */
                 actLock.reset();
                 buildResult.startTime = time(0); // inexact
-                state = &DerivationGoal::buildDone;
                 started();
-                return;
+                co_await Suspend{};
+                co_return buildDone();
             case rpPostpone:
                 /* Not now; wait until at least one child finishes or
                    the wake-up timeout expires. */
@@ -748,7 +738,8 @@ void DerivationGoal::tryToBuild()
                         fmt("waiting for a machine to build '%s'", Magenta(worker.store.printStorePath(drvPath))));
                 worker.waitForAWhile(shared_from_this());
                 outputLocks.unlock();
-                return;
+                co_await Suspend{};
+                co_return tryToBuild();
             case rpDecline:
                 /* We should do it ourselves. */
                 break;
@@ -757,11 +748,12 @@ void DerivationGoal::tryToBuild()
 
     actLock.reset();
 
-    state = &DerivationGoal::tryLocalBuild;
     worker.wakeUp(shared_from_this());
+    co_await Suspend{};
+    co_return tryLocalBuild();
 }
 
-void DerivationGoal::tryLocalBuild() {
+Goal::Co DerivationGoal::tryLocalBuild() {
     throw Error(
         R"(
         Unable to build with a primary store that isn't a local store;
@@ -938,7 +930,7 @@ void runPostBuildHook(
     });
 }
 
-void DerivationGoal::buildDone()
+Goal::Co DerivationGoal::buildDone()
 {
     trace("build done");
 
@@ -1033,7 +1025,7 @@ void DerivationGoal::buildDone()
         outputLocks.setDeletion(true);
         outputLocks.unlock();
 
-        done(BuildResult::Built, std::move(builtOutputs));
+        co_return done(BuildResult::Built, std::move(builtOutputs));
 
     } catch (BuildError & e) {
         outputLocks.unlock();
@@ -1058,12 +1050,11 @@ void DerivationGoal::buildDone()
                 BuildResult::PermanentFailure;
         }
 
-        done(st, {}, std::move(e));
-        return;
+        co_return done(st, {}, std::move(e));
     }
 }
 
-void DerivationGoal::resolvedFinished()
+Goal::Co DerivationGoal::resolvedFinished()
 {
     trace("resolved derivation finished");
 
@@ -1131,7 +1122,7 @@ void DerivationGoal::resolvedFinished()
     if (status == BuildResult::AlreadyValid)
         status = BuildResult::ResolvesToAlreadyValid;
 
-    done(status, std::move(builtOutputs));
+    co_return done(status, std::move(builtOutputs));
 }
 
 HookReply DerivationGoal::tryBuildHook()
@@ -1325,7 +1316,9 @@ void DerivationGoal::handleChildOutput(Descriptor fd, std::string_view data)
         logSize += data.size();
         if (settings.maxLogSize && logSize > settings.maxLogSize) {
             killChild();
-            done(
+            // We're not inside a coroutine, hence we can't use co_return here.
+            // Thus we ignore the return value.
+            [[maybe_unused]] Done _ = done(
                 BuildResult::LogLimitExceeded, {},
                 Error("%s killed after writing more than %d bytes of log output",
                     getName(), settings.maxLogSize));
@@ -1531,7 +1524,7 @@ SingleDrvOutputs DerivationGoal::assertPathValidity()
 }
 
 
-void DerivationGoal::done(
+Goal::Done DerivationGoal::done(
     BuildResult::Status status,
     SingleDrvOutputs builtOutputs,
     std::optional<Error> ex)
@@ -1568,7 +1561,7 @@ void DerivationGoal::done(
         fs << worker.store.printStorePath(drvPath) << "\t" << buildResult.toString() << std::endl;
     }
 
-    amDone(buildResult.success() ? ecSuccess : ecFailed, std::move(ex));
+    return amDone(buildResult.success() ? ecSuccess : ecFailed, std::move(ex));
 }
 
 
diff --git a/src/libstore/build/derivation-goal.hh b/src/libstore/build/derivation-goal.hh
index 04f13aedd..ad3d9ca2a 100644
--- a/src/libstore/build/derivation-goal.hh
+++ b/src/libstore/build/derivation-goal.hh
@@ -194,9 +194,6 @@ struct DerivationGoal : public Goal
      */
     std::optional<DerivationType> derivationType;
 
-    typedef void (DerivationGoal::*GoalState)();
-    GoalState state;
-
     BuildMode buildMode;
 
     std::unique_ptr<MaintainCount<uint64_t>> mcExpectedBuilds, mcRunningBuilds;
@@ -227,8 +224,6 @@ struct DerivationGoal : public Goal
 
     std::string key() override;
 
-    void work() override;
-
     /**
      * Add wanted outputs to an already existing derivation goal.
      */
@@ -237,18 +232,19 @@ struct DerivationGoal : public Goal
     /**
      * The states.
      */
-    void getDerivation();
-    void loadDerivation();
-    void haveDerivation();
-    void outputsSubstitutionTried();
-    void gaveUpOnSubstitution();
-    void closureRepaired();
-    void inputsRealised();
-    void tryToBuild();
-    virtual void tryLocalBuild();
-    void buildDone();
+    Co init() override;
+    Co getDerivation();
+    Co loadDerivation();
+    Co haveDerivation();
+    Co outputsSubstitutionTried();
+    Co gaveUpOnSubstitution();
+    Co closureRepaired();
+    Co inputsRealised();
+    Co tryToBuild();
+    virtual Co tryLocalBuild();
+    Co buildDone();
 
-    void resolvedFinished();
+    Co resolvedFinished();
 
     /**
      * Is the build hook willing to perform the build?
@@ -329,11 +325,11 @@ struct DerivationGoal : public Goal
      */
     virtual void killChild();
 
-    void repairClosure();
+    Co repairClosure();
 
     void started();
 
-    void done(
+    Done done(
         BuildResult::Status status,
         SingleDrvOutputs builtOutputs = {},
         std::optional<Error> ex = {});
diff --git a/src/libstore/build/drv-output-substitution-goal.cc b/src/libstore/build/drv-output-substitution-goal.cc
index 13a07e4ea..02284d93c 100644
--- a/src/libstore/build/drv-output-substitution-goal.cc
+++ b/src/libstore/build/drv-output-substitution-goal.cc
@@ -14,146 +14,135 @@ DrvOutputSubstitutionGoal::DrvOutputSubstitutionGoal(
     : Goal(worker, DerivedPath::Opaque { StorePath::dummy })
     , id(id)
 {
-    state = &DrvOutputSubstitutionGoal::init;
     name = fmt("substitution of '%s'", id.to_string());
     trace("created");
 }
 
 
-void DrvOutputSubstitutionGoal::init()
+Goal::Co DrvOutputSubstitutionGoal::init()
 {
     trace("init");
 
     /* If the derivation already exists, we’re done */
     if (worker.store.queryRealisation(id)) {
-        amDone(ecSuccess);
-        return;
+        co_return amDone(ecSuccess);
     }
 
-    subs = settings.useSubstitutes ? getDefaultSubstituters() : std::list<ref<Store>>();
-    tryNext();
-}
+    auto subs = settings.useSubstitutes ? getDefaultSubstituters() : std::list<ref<Store>>();
 
-void DrvOutputSubstitutionGoal::tryNext()
-{
-    trace("trying next substituter");
+    bool substituterFailed = false;
 
-    if (subs.size() == 0) {
-        /* None left.  Terminate this goal and let someone else deal
-           with it. */
-        debug("derivation output '%s' is required, but there is no substituter that can provide it", id.to_string());
+    for (auto sub : subs) {
+        trace("trying next substituter");
 
-        /* Hack: don't indicate failure if there were no substituters.
-           In that case the calling derivation should just do a
-           build. */
-        amDone(substituterFailed ? ecFailed : ecNoSubstituters);
+        /* The callback of the curl download below can outlive `this` (if
+           some other error occurs), so it must not touch `this`. So put
+           the shared state in a separate refcounted object. */
+        auto outPipe = std::make_shared<MuxablePipe>();
+    #ifndef _WIN32
+        outPipe->create();
+    #else
+        outPipe->createAsyncPipe(worker.ioport.get());
+    #endif
 
-        if (substituterFailed) {
-            worker.failedSubstitutions++;
-            worker.updateProgress();
+        auto promise = std::make_shared<std::promise<std::shared_ptr<const Realisation>>>();
+
+        sub->queryRealisation(
+            id,
+            { [outPipe(outPipe), promise(promise)](std::future<std::shared_ptr<const Realisation>> res) {
+                try {
+                    Finally updateStats([&]() { outPipe->writeSide.close(); });
+                    promise->set_value(res.get());
+                } catch (...) {
+                    promise->set_exception(std::current_exception());
+                }
+            } });
+
+        worker.childStarted(shared_from_this(), {
+    #ifndef _WIN32
+            outPipe->readSide.get()
+    #else
+            &outPipe
+    #endif
+        }, true, false);
+
+        co_await Suspend{};
+
+        worker.childTerminated(this);
+
+        /*
+         * The realisation corresponding to the given output id.
+         * Will be filled once we can get it.
+         */
+        std::shared_ptr<const Realisation> outputInfo;
+
+        try {
+            outputInfo = promise->get_future().get();
+        } catch (std::exception & e) {
+            printError(e.what());
+            substituterFailed = true;
         }
 
-        return;
+        if (!outputInfo) continue;
+
+        bool failed = false;
+
+        for (const auto & [depId, depPath] : outputInfo->dependentRealisations) {
+            if (depId != id) {
+                if (auto localOutputInfo = worker.store.queryRealisation(depId);
+                    localOutputInfo && localOutputInfo->outPath != depPath) {
+                    warn(
+                        "substituter '%s' has an incompatible realisation for '%s', ignoring.\n"
+                        "Local:  %s\n"
+                        "Remote: %s",
+                        sub->getUri(),
+                        depId.to_string(),
+                        worker.store.printStorePath(localOutputInfo->outPath),
+                        worker.store.printStorePath(depPath)
+                    );
+                    failed = true;
+                    break;
+                }
+                addWaitee(worker.makeDrvOutputSubstitutionGoal(depId));
+            }
+        }
+
+        if (failed) continue;
+
+        co_return realisationFetched(outputInfo, sub);
     }
 
-    sub = subs.front();
-    subs.pop_front();
+    /* None left.  Terminate this goal and let someone else deal
+       with it. */
+    debug("derivation output '%s' is required, but there is no substituter that can provide it", id.to_string());
 
-    // FIXME: Make async
-    // outputInfo = sub->queryRealisation(id);
+    if (substituterFailed) {
+        worker.failedSubstitutions++;
+        worker.updateProgress();
+    }
 
-    /* The callback of the curl download below can outlive `this` (if
-       some other error occurs), so it must not touch `this`. So put
-       the shared state in a separate refcounted object. */
-    downloadState = std::make_shared<DownloadState>();
-#ifndef _WIN32
-    downloadState->outPipe.create();
-#else
-    downloadState->outPipe.createAsyncPipe(worker.ioport.get());
-#endif
-
-    sub->queryRealisation(
-        id,
-        { [downloadState(downloadState)](std::future<std::shared_ptr<const Realisation>> res) {
-            try {
-                Finally updateStats([&]() { downloadState->outPipe.writeSide.close(); });
-                downloadState->promise.set_value(res.get());
-            } catch (...) {
-                downloadState->promise.set_exception(std::current_exception());
-            }
-        } });
-
-    worker.childStarted(shared_from_this(), {
-#ifndef _WIN32
-        downloadState->outPipe.readSide.get()
-#else
-        &downloadState->outPipe
-#endif
-    }, true, false);
-
-    state = &DrvOutputSubstitutionGoal::realisationFetched;
+    /* Hack: don't indicate failure if there were no substituters.
+       In that case the calling derivation should just do a
+       build. */
+    co_return amDone(substituterFailed ? ecFailed : ecNoSubstituters);
 }
 
-void DrvOutputSubstitutionGoal::realisationFetched()
-{
-    worker.childTerminated(this);
-
-    try {
-        outputInfo = downloadState->promise.get_future().get();
-    } catch (std::exception & e) {
-        printError(e.what());
-        substituterFailed = true;
-    }
-
-    if (!outputInfo) {
-        return tryNext();
-    }
-
-    for (const auto & [depId, depPath] : outputInfo->dependentRealisations) {
-        if (depId != id) {
-            if (auto localOutputInfo = worker.store.queryRealisation(depId);
-                localOutputInfo && localOutputInfo->outPath != depPath) {
-                warn(
-                    "substituter '%s' has an incompatible realisation for '%s', ignoring.\n"
-                    "Local:  %s\n"
-                    "Remote: %s",
-                    sub->getUri(),
-                    depId.to_string(),
-                    worker.store.printStorePath(localOutputInfo->outPath),
-                    worker.store.printStorePath(depPath)
-                );
-                tryNext();
-                return;
-            }
-            addWaitee(worker.makeDrvOutputSubstitutionGoal(depId));
-        }
-    }
-
+Goal::Co DrvOutputSubstitutionGoal::realisationFetched(std::shared_ptr<const Realisation> outputInfo, nix::ref<nix::Store> sub) {
     addWaitee(worker.makePathSubstitutionGoal(outputInfo->outPath));
 
-    if (waitees.empty()) outPathValid();
-    else state = &DrvOutputSubstitutionGoal::outPathValid;
-}
+    if (!waitees.empty()) co_await Suspend{};
 
-void DrvOutputSubstitutionGoal::outPathValid()
-{
-    assert(outputInfo);
     trace("output path substituted");
 
     if (nrFailed > 0) {
         debug("The output path of the derivation output '%s' could not be substituted", id.to_string());
-        amDone(nrNoSubstituters > 0 || nrIncompleteClosure > 0 ? ecIncompleteClosure : ecFailed);
-        return;
+        co_return amDone(nrNoSubstituters > 0 || nrIncompleteClosure > 0 ? ecIncompleteClosure : ecFailed);
     }
 
     worker.store.registerDrvOutput(*outputInfo);
-    finished();
-}
 
-void DrvOutputSubstitutionGoal::finished()
-{
     trace("finished");
-    amDone(ecSuccess);
+    co_return amDone(ecSuccess);
 }
 
 std::string DrvOutputSubstitutionGoal::key()
@@ -163,14 +152,9 @@ std::string DrvOutputSubstitutionGoal::key()
     return "a$" + std::string(id.to_string());
 }
 
-void DrvOutputSubstitutionGoal::work()
-{
-    (this->*state)();
-}
-
 void DrvOutputSubstitutionGoal::handleEOF(Descriptor fd)
 {
-    if (fd == downloadState->outPipe.readSide.get()) worker.wakeUp(shared_from_this());
+    worker.wakeUp(shared_from_this());
 }
 
 
diff --git a/src/libstore/build/drv-output-substitution-goal.hh b/src/libstore/build/drv-output-substitution-goal.hh
index 6967ca84f..807054926 100644
--- a/src/libstore/build/drv-output-substitution-goal.hh
+++ b/src/libstore/build/drv-output-substitution-goal.hh
@@ -27,52 +27,19 @@ class DrvOutputSubstitutionGoal : public Goal {
      */
     DrvOutput id;
 
-    /**
-     * The realisation corresponding to the given output id.
-     * Will be filled once we can get it.
-     */
-    std::shared_ptr<const Realisation> outputInfo;
-
-    /**
-     * The remaining substituters.
-     */
-    std::list<ref<Store>> subs;
-
-    /**
-     * The current substituter.
-     */
-    std::shared_ptr<Store> sub;
-
-    struct DownloadState
-    {
-        MuxablePipe outPipe;
-        std::promise<std::shared_ptr<const Realisation>> promise;
-    };
-
-    std::shared_ptr<DownloadState> downloadState;
-
-    /**
-     * Whether a substituter failed.
-     */
-    bool substituterFailed = false;
-
 public:
     DrvOutputSubstitutionGoal(const DrvOutput& id, Worker & worker, RepairFlag repair = NoRepair, std::optional<ContentAddress> ca = std::nullopt);
 
     typedef void (DrvOutputSubstitutionGoal::*GoalState)();
     GoalState state;
 
-    void init();
-    void tryNext();
-    void realisationFetched();
-    void outPathValid();
-    void finished();
+    Co init() override;
+    Co realisationFetched(std::shared_ptr<const Realisation> outputInfo, nix::ref<nix::Store> sub);
 
     void timedOut(Error && ex) override { abort(); };
 
     std::string key() override;
 
-    void work() override;
     void handleEOF(Descriptor fd) override;
 
     JobCategory jobCategory() const override {
diff --git a/src/libstore/build/goal.cc b/src/libstore/build/goal.cc
index f8db98280..9a16da145 100644
--- a/src/libstore/build/goal.cc
+++ b/src/libstore/build/goal.cc
@@ -3,6 +3,97 @@
 
 namespace nix {
 
+using Co = nix::Goal::Co;
+using promise_type = nix::Goal::promise_type;
+using handle_type = nix::Goal::handle_type;
+using Suspend = nix::Goal::Suspend;
+
+Co::Co(Co&& rhs) {
+    this->handle = rhs.handle;
+    rhs.handle = nullptr;
+}
+void Co::operator=(Co&& rhs) {
+    this->handle = rhs.handle;
+    rhs.handle = nullptr;
+}
+Co::~Co() {
+    if (handle) {
+        handle.promise().alive = false;
+        handle.destroy();
+    }
+}
+
+Co promise_type::get_return_object() {
+    auto handle = handle_type::from_promise(*this);
+    return Co{handle};
+};
+
+std::coroutine_handle<> promise_type::final_awaiter::await_suspend(handle_type h) noexcept {
+    auto& p = h.promise();
+    auto goal = p.goal;
+    assert(goal);
+    goal->trace("in final_awaiter");
+    auto c = std::move(p.continuation);
+
+    if (c) {
+        // We still have a continuation, i.e. work to do.
+        // We assert that the goal is still busy.
+        assert(goal->exitCode == ecBusy);
+        assert(goal->top_co); // Goal must have an active coroutine.
+        assert(goal->top_co->handle == h); // The active coroutine must be us.
+        assert(p.alive); // We must not have been destructed.
+
+        // we move continuation to the top,
+        // note: previous top_co is actually h, so by moving into it,
+        // we're calling the destructor on h, DON'T use h and p after this!
+
+        // We move our continuation into `top_co`, i.e. the marker for the active continuation.
+        // By doing this we destruct the old `top_co`, i.e. us, so `h` can't be used anymore.
+        // Be careful not to access freed memory!
+        goal->top_co = std::move(c);
+
+        // We resume `top_co`.
+        return goal->top_co->handle;
+    } else {
+        // We have no continuation, i.e. no more work to do,
+        // so the goal must not be busy anymore.
+        assert(goal->exitCode != ecBusy);
+
+        // We reset `top_co` for good measure.
+        p.goal->top_co = {};
+
+        // We jump to the noop coroutine, which doesn't do anything and immediately suspends.
+        // This passes control back to the caller of goal.work().
+        return std::noop_coroutine();
+    }
+}
+
+void promise_type::return_value(Co&& next) {
+    goal->trace("return_value(Co&&)");
+    // Save old continuation.
+    auto old_continuation = std::move(continuation);
+    // We set next as our continuation.
+    continuation = std::move(next);
+    // We set next's goal, and thus it must not have one already.
+    assert(!continuation->handle.promise().goal);
+    continuation->handle.promise().goal = goal;
+    // Nor can next have a continuation, as we set it to our old one.
+    assert(!continuation->handle.promise().continuation);
+    continuation->handle.promise().continuation = std::move(old_continuation);
+}
+
+std::coroutine_handle<> nix::Goal::Co::await_suspend(handle_type caller) {
+    assert(handle); // we must be a valid coroutine
+    auto& p = handle.promise();
+    assert(!p.continuation); // we must have no continuation
+    assert(!p.goal); // we must not have a goal yet
+    auto goal = caller.promise().goal;
+    assert(goal);
+    p.goal = goal;
+    p.continuation = std::move(goal->top_co); // we set our continuation to be top_co (i.e. caller)
+    goal->top_co = std::move(*this); // we set top_co to ourselves, don't use this anymore after this!
+    return p.goal->top_co->handle; // we execute ourselves
+}
 
 bool CompareGoalPtrs::operator() (const GoalPtr & a, const GoalPtr & b) const {
     std::string s1 = a->key();
@@ -75,10 +166,10 @@ void Goal::waiteeDone(GoalPtr waitee, ExitCode result)
     }
 }
 
-
-void Goal::amDone(ExitCode result, std::optional<Error> ex)
+Goal::Done Goal::amDone(ExitCode result, std::optional<Error> ex)
 {
     trace("done");
+    assert(top_co);
     assert(exitCode == ecBusy);
     assert(result == ecSuccess || result == ecFailed || result == ecNoSubstituters || result == ecIncompleteClosure);
     exitCode = result;
@@ -98,6 +189,13 @@ void Goal::amDone(ExitCode result, std::optional<Error> ex)
     worker.removeGoal(shared_from_this());
 
     cleanup();
+
+    // We drop the continuation.
+    // In `final_awaiter` this will signal that there is no more work to be done.
+    top_co->handle.promise().continuation = {};
+
+    // won't return to caller because of logic in final_awaiter
+    return Done{};
 }
 
 
@@ -106,4 +204,16 @@ void Goal::trace(std::string_view s)
     debug("%1%: %2%", name, s);
 }
 
+void Goal::work()
+{
+    assert(top_co);
+    assert(top_co->handle);
+    assert(top_co->handle.promise().alive);
+    top_co->handle.resume();
+    // We either should be in a state where we can be work()-ed again,
+    // or we should be done.
+    assert(top_co || exitCode != ecBusy);
+}
+
+
 }
diff --git a/src/libstore/build/goal.hh b/src/libstore/build/goal.hh
index 0d9b828e1..162c392d0 100644
--- a/src/libstore/build/goal.hh
+++ b/src/libstore/build/goal.hh
@@ -1,10 +1,11 @@
 #pragma once
 ///@file
 
-#include "types.hh"
 #include "store-api.hh"
 #include "build-result.hh"
 
+#include <coroutine>
+
 namespace nix {
 
 /**
@@ -103,9 +104,263 @@ protected:
      * Build result.
      */
     BuildResult buildResult;
-
 public:
 
+    /**
+     * Suspend our goal and wait until we get @ref work()-ed again.
+     * `co_await`-able by @ref Co.
+     */
+    struct Suspend {};
+
+    /**
+     * Return from the current coroutine and suspend our goal
+     * if we're not busy anymore, or jump to the next coroutine
+     * set to be executed/resumed.
+     */
+    struct Return {};
+
+    /**
+     * `co_return`-ing this will end the goal.
+     * If you're not inside a coroutine, you can safely discard this.
+     */
+    struct [[nodiscard]] Done {
+        private:
+        Done(){}
+
+        friend Goal;
+    };
+
+    // forward declaration of promise_type, see below
+    struct promise_type;
+
+    /**
+     * Handle to coroutine using @ref Co and @ref promise_type.
+     */
+    using handle_type = std::coroutine_handle<promise_type>;
+
+    /**
+     * C++20 coroutine wrapper for use in goal logic.
+     * Coroutines are functions that use `co_await`/`co_return` (and `co_yield`, but not supported by @ref Co).
+     *
+     * @ref Co is meant to be used by methods of subclasses of @ref Goal.
+     * The main functionality provided by `Co` is
+     * - `co_await Suspend{}`: Suspends the goal.
+     * - `co_await f()`: Waits until `f()` finishes.
+     * - `co_return f()`: Tail-calls `f()`.
+     * - `co_return Return{}`: Ends coroutine.
+     *
+     * The idea is that you implement the goal logic using coroutines,
+     * and do the core thing a goal can do, suspension, when you have
+     * children you're waiting for.
+     * Coroutines allow you to resume the work cleanly.
+     *
+     * @note Brief explanation of C++20 coroutines:
+     *       When you `Co f()`, a `std::coroutine_handle<promise_type>` is created,
+     *       alongside its @ref promise_type.
+     *       There are suspension points at the beginning of the coroutine,
+     *       at every `co_await`, and at the final (possibly implicit) `co_return`.
+     *       Once suspended, you can resume the `std::coroutine_handle` by doing `coroutine_handle.resume()`.
+     *       Suspension points are implemented by passing a struct to the compiler
+     *       that implements `await_sus`pend.
+     *       `await_suspend` can either say "cancel suspension", in which case execution resumes,
+     *       "suspend", in which case control is passed back to the caller of `coroutine_handle.resume()`
+     *       or the place where the coroutine function is initially executed in the case of the initial
+     *       suspension, or `await_suspend` can specify another coroutine to jump to, which is
+     *       how tail calls are implemented.
+     *
+     * @note Resources:
+     *       - https://lewissbaker.github.io/
+     *       - https://www.chiark.greenend.org.uk/~sgtatham/quasiblog/coroutines-c++20/
+     *       - https://www.scs.stanford.edu/~dm/blog/c++-coroutines.html
+     *
+     * @todo Allocate explicitly on stack since HALO thing doesn't really work,
+     *       specifically, there's no way to uphold the requirements when trying to do
+     *       tail-calls without using a trampoline AFAICT.
+     *
+     * @todo Support returning data natively
+     */
+    struct [[nodiscard]] Co {
+        /**
+         * The underlying handle.
+         */
+        handle_type handle;
+
+        explicit Co(handle_type handle) : handle(handle) {};
+        void operator=(Co&&);
+        Co(Co&& rhs);
+        ~Co();
+
+        bool await_ready() { return false; };
+        /**
+         * When we `co_await` another @ref Co-returning coroutine,
+         * we tell the caller of `caller_coroutine.resume()` to switch to our coroutine (@ref handle).
+         * To make sure we return to the original coroutine, we set it as the continuation of our
+         * coroutine. In @ref promise_type::final_awaiter we check if it's set and if so we return to it.
+         *
+         * To explain in more understandable terms:
+         * When we `co_await Co_returning_function()`, this function is called on the resultant @ref Co of
+         * the _called_ function, and C++ automatically passes the caller in.
+         *
+         * `goal` field of @ref promise_type is also set here by copying it from the caller.
+         */
+        std::coroutine_handle<> await_suspend(handle_type handle);
+        void await_resume() {};
+    };
+
+    /**
+     * Used on initial suspend, does the same as @ref std::suspend_always,
+     * but asserts that everything has been set correctly.
+     */
+    struct InitialSuspend {
+        /**
+         * Handle of coroutine that does the
+         * initial suspend
+         */
+        handle_type handle;
+
+        bool await_ready() { return false; };
+        void await_suspend(handle_type handle_) {
+            handle = handle_;
+        }
+        void await_resume() {
+            assert(handle);
+            assert(handle.promise().goal); // goal must be set
+            assert(handle.promise().goal->top_co); // top_co of goal must be set
+            assert(handle.promise().goal->top_co->handle == handle); // top_co of goal must be us
+        }
+    };
+
+    /**
+     * Promise type for coroutines defined using @ref Co.
+     * Attached to coroutine handle.
+     */
+    struct promise_type {
+        /**
+         * Either this is who called us, or it is who we will tail-call.
+         * It is what we "jump" to once we are done.
+         */
+        std::optional<Co> continuation;
+
+        /**
+         * The goal that we're a part of.
+         * Set either in @ref Co::await_suspend or in constructor of @ref Goal.
+         */
+        Goal* goal = nullptr;
+
+        /**
+         * Is set to false when destructed to ensure we don't use a
+         * destructed coroutine by accident
+         */
+        bool alive = true;
+
+        /**
+         * The awaiter used by @ref final_suspend.
+         */
+        struct final_awaiter {
+            bool await_ready() noexcept { return false; };
+            /**
+             * Here we execute our continuation, by passing it back to the caller.
+             * C++ compiler will create code that takes that and executes it promptly.
+             * `h` is the handle for the coroutine that is finishing execution,
+             * thus it must be destroyed.
+             */
+            std::coroutine_handle<> await_suspend(handle_type h) noexcept;
+            void await_resume() noexcept { assert(false); };
+        };
+
+        /**
+         * Called by compiler generated code to construct the @ref Co
+         * that is returned from a @ref Co-returning coroutine.
+         */
+        Co get_return_object();
+
+        /**
+         * Called by compiler generated code before body of coroutine.
+         * We use this opportunity to set the @ref goal field
+         * and `top_co` field of @ref Goal.
+         */
+        InitialSuspend initial_suspend() { return {}; };
+
+        /**
+         * Called on `co_return`. Creates @ref final_awaiter which
+         * either jumps to continuation or suspends goal.
+         */
+        final_awaiter final_suspend() noexcept { return {}; };
+
+        /**
+         * Does nothing, but provides an opportunity for
+         * @ref final_suspend to happen.
+         */
+        void return_value(Return) {}
+
+        /**
+         * Does nothing, but provides an opportunity for
+         * @ref final_suspend to happen.
+         */
+        void return_value(Done) {}
+
+        /**
+         * When "returning" another coroutine, what happens is that
+         * we set it as our own continuation, thus once the final suspend
+         * happens, we transfer control to it.
+         * The original continuation we had is set as the continuation
+         * of the coroutine passed in.
+         * @ref final_suspend is called after this, and @ref final_awaiter will
+         * pass control off to @ref continuation.
+         *
+         * If we already have a continuation, that continuation is set as
+         * the continuation of the new continuation. Thus, the continuation
+         * passed to @ref return_value must not have a continuation set.
+         */
+        void return_value(Co&&);
+
+        /**
+         * If an exception is thrown inside a coroutine,
+         * we re-throw it in the context of the "resumer" of the continuation.
+         */
+        void unhandled_exception() { throw; };
+
+        /**
+         * Allows awaiting a @ref Co.
+         */
+        Co&& await_transform(Co&& co) { return static_cast<Co&&>(co); }
+
+        /**
+         * Allows awaiting a @ref Suspend.
+         * Always suspends.
+         */
+        std::suspend_always await_transform(Suspend) { return {}; };
+    };
+
+    /**
+     * The coroutine being currently executed.
+     * MUST be updated when switching the coroutine being executed.
+     * This is used both for memory management and to resume the last
+     * coroutine executed.
+     * Destroying this should destroy all coroutines created for this goal.
+     */
+    std::optional<Co> top_co;
+
+    /**
+     * The entry point for the goal
+     */
+    virtual Co init() = 0;
+
+    /**
+     * Wrapper around @ref init since virtual functions
+     * can't be used in constructors.
+     */
+    inline Co init_wrapper();
+
+    /**
+     * Signals that the goal is done.
+     * `co_return` the result. If you're not inside a coroutine, you can ignore
+     * the return value safely.
+     */
+    Done amDone(ExitCode result, std::optional<Error> ex = {});
+
+    virtual void cleanup() { }
+
     /**
      * Project a `BuildResult` with just the information that pertains
      * to the given request.
@@ -124,15 +379,20 @@ public:
     std::optional<Error> ex;
 
     Goal(Worker & worker, DerivedPath path)
-        : worker(worker)
-    { }
+        : worker(worker), top_co(init_wrapper())
+    {
+        // top_co shouldn't have a goal already, should be nullptr.
+        assert(!top_co->handle.promise().goal);
+        // we set it such that top_co can pass it down to its subcoroutines.
+        top_co->handle.promise().goal = this;
+    }
 
     virtual ~Goal()
     {
         trace("goal destroyed");
     }
 
-    virtual void work() = 0;
+    void work();
 
     void addWaitee(GoalPtr waitee);
 
@@ -164,10 +424,6 @@ public:
 
     virtual std::string key() = 0;
 
-    void amDone(ExitCode result, std::optional<Error> ex = {});
-
-    virtual void cleanup() { }
-
     /**
      * @brief Hint for the scheduler, which concurrency limit applies.
      * @see JobCategory
@@ -178,3 +434,12 @@ public:
 void addToWeakGoals(WeakGoals & goals, GoalPtr p);
 
 }
+
+template<typename... ArgTypes>
+struct std::coroutine_traits<nix::Goal::Co, ArgTypes...> {
+    using promise_type = nix::Goal::promise_type;
+};
+
+nix::Goal::Co nix::Goal::init_wrapper() {
+    co_return init();
+}
diff --git a/src/libstore/build/substitution-goal.cc b/src/libstore/build/substitution-goal.cc
index 0be3d1e8d..7deeb4748 100644
--- a/src/libstore/build/substitution-goal.cc
+++ b/src/libstore/build/substitution-goal.cc
@@ -3,6 +3,7 @@
 #include "nar-info.hh"
 #include "finally.hh"
 #include "signals.hh"
+#include <coroutine>
 
 namespace nix {
 
@@ -12,7 +13,6 @@ PathSubstitutionGoal::PathSubstitutionGoal(const StorePath & storePath, Worker &
     , repair(repair)
     , ca(ca)
 {
-    state = &PathSubstitutionGoal::init;
     name = fmt("substitution of '%s'", worker.store.printStorePath(this->storePath));
     trace("created");
     maintainExpectedSubstitutions = std::make_unique<MaintainCount<uint64_t>>(worker.expectedSubstitutions);
@@ -25,7 +25,7 @@ PathSubstitutionGoal::~PathSubstitutionGoal()
 }
 
 
-void PathSubstitutionGoal::done(
+Goal::Done PathSubstitutionGoal::done(
     ExitCode result,
     BuildResult::Status status,
     std::optional<std::string> errorMsg)
@@ -35,17 +35,11 @@ void PathSubstitutionGoal::done(
         debug(*errorMsg);
         buildResult.errorMsg = *errorMsg;
     }
-    amDone(result);
+    return amDone(result);
 }
 
 
-void PathSubstitutionGoal::work()
-{
-    (this->*state)();
-}
-
-
-void PathSubstitutionGoal::init()
+Goal::Co PathSubstitutionGoal::init()
 {
     trace("init");
 
@@ -53,152 +47,135 @@ void PathSubstitutionGoal::init()
 
     /* If the path already exists we're done. */
     if (!repair && worker.store.isValidPath(storePath)) {
-        done(ecSuccess, BuildResult::AlreadyValid);
-        return;
+        co_return done(ecSuccess, BuildResult::AlreadyValid);
     }
 
     if (settings.readOnlyMode)
         throw Error("cannot substitute path '%s' - no write access to the Nix store", worker.store.printStorePath(storePath));
 
-    subs = settings.useSubstitutes ? getDefaultSubstituters() : std::list<ref<Store>>();
+    auto subs = settings.useSubstitutes ? getDefaultSubstituters() : std::list<ref<Store>>();
 
-    tryNext();
-}
+    bool substituterFailed = false;
 
+    for (auto sub : subs) {
+        trace("trying next substituter");
 
-void PathSubstitutionGoal::tryNext()
-{
-    trace("trying next substituter");
+        cleanup();
 
-    cleanup();
+        /* The path the substituter refers to the path as. This will be
+         * different when the stores have different names. */
+        std::optional<StorePath> subPath;
 
-    if (subs.size() == 0) {
-        /* None left.  Terminate this goal and let someone else deal
-           with it. */
+        /* Path info returned by the substituter's query info operation. */
+        std::shared_ptr<const ValidPathInfo> info;
 
-        /* Hack: don't indicate failure if there were no substituters.
-           In that case the calling derivation should just do a
-           build. */
-        done(
-            substituterFailed ? ecFailed : ecNoSubstituters,
-            BuildResult::NoSubstituters,
-            fmt("path '%s' is required, but there is no substituter that can build it", worker.store.printStorePath(storePath)));
-
-        if (substituterFailed) {
-            worker.failedSubstitutions++;
-            worker.updateProgress();
+        if (ca) {
+            subPath = sub->makeFixedOutputPathFromCA(
+                std::string { storePath.name() },
+                ContentAddressWithReferences::withoutRefs(*ca));
+            if (sub->storeDir == worker.store.storeDir)
+                assert(subPath == storePath);
+        } else if (sub->storeDir != worker.store.storeDir) {
+            continue;
         }
 
-        return;
-    }
-
-    sub = subs.front();
-    subs.pop_front();
-
-    if (ca) {
-        subPath = sub->makeFixedOutputPathFromCA(
-            std::string { storePath.name() },
-            ContentAddressWithReferences::withoutRefs(*ca));
-        if (sub->storeDir == worker.store.storeDir)
-            assert(subPath == storePath);
-    } else if (sub->storeDir != worker.store.storeDir) {
-        tryNext();
-        return;
-    }
-
-    try {
-        // FIXME: make async
-        info = sub->queryPathInfo(subPath ? *subPath : storePath);
-    } catch (InvalidPath &) {
-        tryNext();
-        return;
-    } catch (SubstituterDisabled &) {
-        if (settings.tryFallback) {
-            tryNext();
-            return;
+        try {
+            // FIXME: make async
+            info = sub->queryPathInfo(subPath ? *subPath : storePath);
+        } catch (InvalidPath &) {
+            continue;
+        } catch (SubstituterDisabled & e) {
+            if (settings.tryFallback) continue;
+            else throw e;
+        } catch (Error & e) {
+            if (settings.tryFallback) {
+                logError(e.info());
+                continue;
+            } else throw e;
         }
-        throw;
-    } catch (Error & e) {
-        if (settings.tryFallback) {
-            logError(e.info());
-            tryNext();
-            return;
+
+        if (info->path != storePath) {
+            if (info->isContentAddressed(*sub) && info->references.empty()) {
+                auto info2 = std::make_shared<ValidPathInfo>(*info);
+                info2->path = storePath;
+                info = info2;
+            } else {
+                printError("asked '%s' for '%s' but got '%s'",
+                    sub->getUri(), worker.store.printStorePath(storePath), sub->printStorePath(info->path));
+                continue;
+            }
         }
-        throw;
+
+        /* Update the total expected download size. */
+        auto narInfo = std::dynamic_pointer_cast<const NarInfo>(info);
+
+        maintainExpectedNar = std::make_unique<MaintainCount<uint64_t>>(worker.expectedNarSize, info->narSize);
+
+        maintainExpectedDownload =
+            narInfo && narInfo->fileSize
+            ? std::make_unique<MaintainCount<uint64_t>>(worker.expectedDownloadSize, narInfo->fileSize)
+            : nullptr;
+
+        worker.updateProgress();
+
+        /* Bail out early if this substituter lacks a valid
+           signature. LocalStore::addToStore() also checks for this, but
+           only after we've downloaded the path. */
+        if (!sub->isTrusted && worker.store.pathInfoIsUntrusted(*info))
+        {
+            warn("ignoring substitute for '%s' from '%s', as it's not signed by any of the keys in 'trusted-public-keys'",
+                worker.store.printStorePath(storePath), sub->getUri());
+            continue;
+        }
+
+        /* To maintain the closure invariant, we first have to realise the
+           paths referenced by this one. */
+        for (auto & i : info->references)
+            if (i != storePath) /* ignore self-references */
+                addWaitee(worker.makePathSubstitutionGoal(i));
+
+        if (!waitees.empty()) co_await Suspend{};
+
+        // FIXME: consider returning boolean instead of passing in reference
+        bool out = false; // is mutated by tryToRun
+        co_await tryToRun(subPath ? *subPath : storePath, sub, info, out);
+        substituterFailed = substituterFailed || out;
     }
 
-    if (info->path != storePath) {
-        if (info->isContentAddressed(*sub) && info->references.empty()) {
-            auto info2 = std::make_shared<ValidPathInfo>(*info);
-            info2->path = storePath;
-            info = info2;
-        } else {
-            printError("asked '%s' for '%s' but got '%s'",
-                sub->getUri(), worker.store.printStorePath(storePath), sub->printStorePath(info->path));
-            tryNext();
-            return;
-        }
-    }
-
-    /* Update the total expected download size. */
-    auto narInfo = std::dynamic_pointer_cast<const NarInfo>(info);
-
-    maintainExpectedNar = std::make_unique<MaintainCount<uint64_t>>(worker.expectedNarSize, info->narSize);
-
-    maintainExpectedDownload =
-        narInfo && narInfo->fileSize
-        ? std::make_unique<MaintainCount<uint64_t>>(worker.expectedDownloadSize, narInfo->fileSize)
-        : nullptr;
+    /* None left.  Terminate this goal and let someone else deal
+       with it. */
 
+    worker.failedSubstitutions++;
     worker.updateProgress();
 
-    /* Bail out early if this substituter lacks a valid
-       signature. LocalStore::addToStore() also checks for this, but
-       only after we've downloaded the path. */
-    if (!sub->isTrusted && worker.store.pathInfoIsUntrusted(*info))
-    {
-        warn("ignoring substitute for '%s' from '%s', as it's not signed by any of the keys in 'trusted-public-keys'",
-            worker.store.printStorePath(storePath), sub->getUri());
-        tryNext();
-        return;
-    }
-
-    /* To maintain the closure invariant, we first have to realise the
-       paths referenced by this one. */
-    for (auto & i : info->references)
-        if (i != storePath) /* ignore self-references */
-            addWaitee(worker.makePathSubstitutionGoal(i));
-
-    if (waitees.empty()) /* to prevent hang (no wake-up event) */
-        referencesValid();
-    else
-        state = &PathSubstitutionGoal::referencesValid;
+    /* Hack: don't indicate failure if there were no substituters.
+       In that case the calling derivation should just do a
+       build. */
+    co_return done(
+        substituterFailed ? ecFailed : ecNoSubstituters,
+        BuildResult::NoSubstituters,
+        fmt("path '%s' is required, but there is no substituter that can build it", worker.store.printStorePath(storePath)));
 }
 
 
-void PathSubstitutionGoal::referencesValid()
+Goal::Co PathSubstitutionGoal::tryToRun(StorePath subPath, nix::ref<Store> sub, std::shared_ptr<const ValidPathInfo> info, bool& substituterFailed)
 {
     trace("all references realised");
 
     if (nrFailed > 0) {
-        done(
+        co_return done(
             nrNoSubstituters > 0 || nrIncompleteClosure > 0 ? ecIncompleteClosure : ecFailed,
             BuildResult::DependencyFailed,
             fmt("some references of path '%s' could not be realised", worker.store.printStorePath(storePath)));
-        return;
     }
 
     for (auto & i : info->references)
         if (i != storePath) /* ignore self-references */
             assert(worker.store.isValidPath(i));
 
-    state = &PathSubstitutionGoal::tryToRun;
     worker.wakeUp(shared_from_this());
-}
+    co_await Suspend{};
 
-
-void PathSubstitutionGoal::tryToRun()
-{
     trace("trying to run");
 
     /* Make sure that we are allowed to start a substitution.  Note that even
@@ -206,10 +183,10 @@ void PathSubstitutionGoal::tryToRun()
        prevents infinite waiting. */
     if (worker.getNrSubstitutions() >= std::max(1U, (unsigned int) settings.maxSubstitutionJobs)) {
         worker.waitForBuildSlot(shared_from_this());
-        return;
+        co_await Suspend{};
     }
 
-    maintainRunningSubstitutions = std::make_unique<MaintainCount<uint64_t>>(worker.runningSubstitutions);
+    auto maintainRunningSubstitutions = std::make_unique<MaintainCount<uint64_t>>(worker.runningSubstitutions);
     worker.updateProgress();
 
 #ifndef _WIN32
@@ -218,9 +195,9 @@ void PathSubstitutionGoal::tryToRun()
     outPipe.createAsyncPipe(worker.ioport.get());
 #endif
 
-    promise = std::promise<void>();
+    auto promise = std::promise<void>();
 
-    thr = std::thread([this]() {
+    thr = std::thread([this, &promise, &subPath, &sub]() {
         try {
             ReceiveInterrupts receiveInterrupts;
 
@@ -231,7 +208,7 @@ void PathSubstitutionGoal::tryToRun()
             PushActivity pact(act.id);
 
             copyStorePath(*sub, worker.store,
-                subPath ? *subPath : storePath, repair, sub->isTrusted ? NoCheckSigs : CheckSigs);
+                subPath, repair, sub->isTrusted ? NoCheckSigs : CheckSigs);
 
             promise.set_value();
         } catch (...) {
@@ -247,12 +224,8 @@ void PathSubstitutionGoal::tryToRun()
 #endif
     }, true, false);
 
-    state = &PathSubstitutionGoal::finished;
-}
+    co_await Suspend{};
 
-
-void PathSubstitutionGoal::finished()
-{
     trace("substitute finished");
 
     thr.join();
@@ -274,10 +247,7 @@ void PathSubstitutionGoal::finished()
             substituterFailed = true;
         }
 
-        /* Try the next substitute. */
-        state = &PathSubstitutionGoal::tryNext;
-        worker.wakeUp(shared_from_this());
-        return;
+        co_return Return{};
     }
 
     worker.markContentsGood(storePath);
@@ -295,23 +265,19 @@ void PathSubstitutionGoal::finished()
         worker.doneDownloadSize += fileSize;
     }
 
+    assert(maintainExpectedNar);
     worker.doneNarSize += maintainExpectedNar->delta;
     maintainExpectedNar.reset();
 
     worker.updateProgress();
 
-    done(ecSuccess, BuildResult::Substituted);
-}
-
-
-void PathSubstitutionGoal::handleChildOutput(Descriptor fd, std::string_view data)
-{
+    co_return done(ecSuccess, BuildResult::Substituted);
 }
 
 
 void PathSubstitutionGoal::handleEOF(Descriptor fd)
 {
-    if (fd == outPipe.readSide.get()) worker.wakeUp(shared_from_this());
+    worker.wakeUp(shared_from_this());
 }
 
 
diff --git a/src/libstore/build/substitution-goal.hh b/src/libstore/build/substitution-goal.hh
index 1a051fc1f..86e4f5423 100644
--- a/src/libstore/build/substitution-goal.hh
+++ b/src/libstore/build/substitution-goal.hh
@@ -1,14 +1,16 @@
 #pragma once
 ///@file
 
+#include "worker.hh"
 #include "store-api.hh"
 #include "goal.hh"
 #include "muxable-pipe.hh"
+#include <coroutine>
+#include <future>
+#include <source_location>
 
 namespace nix {
 
-class Worker;
-
 struct PathSubstitutionGoal : public Goal
 {
     /**
@@ -17,30 +19,9 @@ struct PathSubstitutionGoal : public Goal
     StorePath storePath;
 
     /**
-     * The path the substituter refers to the path as. This will be
-     * different when the stores have different names.
+     * Whether to try to repair a valid path.
      */
-    std::optional<StorePath> subPath;
-
-    /**
-     * The remaining substituters.
-     */
-    std::list<ref<Store>> subs;
-
-    /**
-     * The current substituter.
-     */
-    std::shared_ptr<Store> sub;
-
-    /**
-     * Whether a substituter failed.
-     */
-    bool substituterFailed = false;
-
-    /**
-     * Path info returned by the substituter's query info operation.
-     */
-    std::shared_ptr<const ValidPathInfo> info;
+    RepairFlag repair;
 
     /**
      * Pipe for the substituter's standard output.
@@ -52,31 +33,15 @@ struct PathSubstitutionGoal : public Goal
      */
     std::thread thr;
 
-    std::promise<void> promise;
-
-    /**
-     * Whether to try to repair a valid path.
-     */
-    RepairFlag repair;
-
-    /**
-     * Location where we're downloading the substitute.  Differs from
-     * storePath when doing a repair.
-     */
-    Path destPath;
-
     std::unique_ptr<MaintainCount<uint64_t>> maintainExpectedSubstitutions,
         maintainRunningSubstitutions, maintainExpectedNar, maintainExpectedDownload;
 
-    typedef void (PathSubstitutionGoal::*GoalState)();
-    GoalState state;
-
     /**
      * Content address for recomputing store path
      */
     std::optional<ContentAddress> ca;
 
-    void done(
+    Done done(
         ExitCode result,
         BuildResult::Status status,
         std::optional<std::string> errorMsg = {});
@@ -96,22 +61,18 @@ public:
         return "a$" + std::string(storePath.name()) + "$" + worker.store.printStorePath(storePath);
     }
 
-    void work() override;
-
     /**
      * The states.
      */
-    void init();
-    void tryNext();
-    void gotInfo();
-    void referencesValid();
-    void tryToRun();
-    void finished();
+    Co init() override;
+    Co gotInfo();
+    Co tryToRun(StorePath subPath, nix::ref<Store> sub, std::shared_ptr<const ValidPathInfo> info, bool& substituterFailed);
+    Co finished();
 
     /**
      * Callback used by the worker to write to the log.
      */
-    void handleChildOutput(Descriptor fd, std::string_view data) override;
+    void handleChildOutput(Descriptor fd, std::string_view data) override {};
     void handleEOF(Descriptor fd) override;
 
     /* Called by destructor, can't be overridden */
diff --git a/src/libstore/build/worker.cc b/src/libstore/build/worker.cc
index 8a5d6de72..7fc41b121 100644
--- a/src/libstore/build/worker.cc
+++ b/src/libstore/build/worker.cc
@@ -337,31 +337,27 @@ void Worker::run(const Goals & _topGoals)
         /* Wait for input. */
         if (!children.empty() || !waitingForAWhile.empty())
             waitForInput();
-        else {
-            if (awake.empty() && 0U == settings.maxBuildJobs)
-            {
-                if (getMachines().empty())
-                   throw Error(
-                        R"(
-                        Unable to start any build;
-                        either increase '--max-jobs' or enable remote builds.
+        else if (awake.empty() && 0U == settings.maxBuildJobs) {
+            if (getMachines().empty())
+               throw Error(
+                    R"(
+                    Unable to start any build;
+                    either increase '--max-jobs' or enable remote builds.
 
-                        For more information run 'man nix.conf' and search for '/machines'.
-                        )"
-                    );
-                else
-                   throw Error(
-                        R"(
-                        Unable to start any build;
-                        remote machines may not have all required system features.
+                    For more information run 'man nix.conf' and search for '/machines'.
+                    )"
+                );
+            else
+               throw Error(
+                    R"(
+                    Unable to start any build;
+                    remote machines may not have all required system features.
 
-                        For more information run 'man nix.conf' and search for '/machines'.
-                        )"
-                    );
+                    For more information run 'man nix.conf' and search for '/machines'.
+                    )"
+                );
 
-            }
-            assert(!awake.empty());
-        }
+        } else assert(!awake.empty());
     }
 
     /* If --keep-going is not set, it's possible that the main goal
diff --git a/src/libstore/unix/build/local-derivation-goal.cc b/src/libstore/unix/build/local-derivation-goal.cc
index c3a65e34b..f968bbc5b 100644
--- a/src/libstore/unix/build/local-derivation-goal.cc
+++ b/src/libstore/unix/build/local-derivation-goal.cc
@@ -177,7 +177,7 @@ void LocalDerivationGoal::killSandbox(bool getStats)
 }
 
 
-void LocalDerivationGoal::tryLocalBuild()
+Goal::Co LocalDerivationGoal::tryLocalBuild()
 {
 #if __APPLE__
     additionalSandboxProfile = parsedDrv->getStringAttr("__sandboxProfile").value_or("");
@@ -185,10 +185,10 @@ void LocalDerivationGoal::tryLocalBuild()
 
     unsigned int curBuilds = worker.getNrLocalBuilds();
     if (curBuilds >= settings.maxBuildJobs) {
-        state = &DerivationGoal::tryToBuild;
         worker.waitForBuildSlot(shared_from_this());
         outputLocks.unlock();
-        return;
+        co_await Suspend{};
+        co_return tryToBuild();
     }
 
     assert(derivationType);
@@ -242,7 +242,8 @@ void LocalDerivationGoal::tryLocalBuild()
                 actLock = std::make_unique<Activity>(*logger, lvlWarn, actBuildWaiting,
                     fmt("waiting for a free build user ID for '%s'", Magenta(worker.store.printStorePath(drvPath))));
             worker.waitForAWhile(shared_from_this());
-            return;
+            co_await Suspend{};
+            co_return tryLocalBuild();
         }
     }
 
@@ -257,15 +258,13 @@ void LocalDerivationGoal::tryLocalBuild()
         outputLocks.unlock();
         buildUser.reset();
         worker.permanentFailure = true;
-        done(BuildResult::InputRejected, {}, std::move(e));
-        return;
+        co_return done(BuildResult::InputRejected, {}, std::move(e));
     }
 
-    /* This state will be reached when we get EOF on the child's
-       log pipe. */
-    state = &DerivationGoal::buildDone;
-
     started();
+    co_await Suspend{};
+    // after EOF on child
+    co_return buildDone();
 }
 
 static void chmod_(const Path & path, mode_t mode)
diff --git a/src/libstore/unix/build/local-derivation-goal.hh b/src/libstore/unix/build/local-derivation-goal.hh
index 4bcf5c9d4..bf25cf2a6 100644
--- a/src/libstore/unix/build/local-derivation-goal.hh
+++ b/src/libstore/unix/build/local-derivation-goal.hh
@@ -198,7 +198,7 @@ struct LocalDerivationGoal : public DerivationGoal
     /**
      * The additional states.
      */
-    void tryLocalBuild() override;
+    Goal::Co tryLocalBuild() override;
 
     /**
      * Start building a derivation.