diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3b2d90596..2f2921a8a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -25,6 +25,7 @@ and adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 - On Windows, the Claude Code prompt hook written by `codegraph install` failed with "command not found" when hooks run through Git Bash, which needs the `.cmd` extension to find the launcher. The installer now writes the platform-correct command, and re-running `codegraph install` (or `codegraph upgrade`) repairs an existing install in place. (#1466)
 - Python classes used as values — `return SomeSerializer` from a factory method, `handler = SomeClass` aliases, registry dicts and lists, and classes passed as arguments — now produce reference edges in the graph. Previously these idioms were invisible, so on Django and Django REST Framework projects, asking for a serializer's callers or the impact of editing it missed the views that actually use it. Re-index after upgrading to pick up the new edges. (#1478)
 - When a file changed on disk after its last index sync, `codegraph_node` and `codegraph_explore` could return a different symbol's code under the requested name — current file bytes cut at outdated line positions — while presenting it as verbatim, trustworthy source. This hit hardest on projects queried through `projectPath` (for example, sub-projects of a monorepo), which have no live file watcher to flag pending edits. Both tools now verify each file against the index before showing sliced code: an out-of-date file is either shown whole with its full current source, or its code is withheld with a clear "changed on disk" notice — never served as a wrong slice. A fresh re-index restores normal output automatically. Thanks @inth3shadows for the thorough report and verification passes. (#1474)
+- Python module-level assignments now contribute the calls their right-hand side makes — `app = FastAPI()`, `ENGINE = create_engine(url)`, `handler = lambda: run()`, a registry dict or list of handlers. Previously everything a module wires up at import time was missing from the graph, so the objects it builds looked unreferenced. Re-index with `codegraph index -f` after upgrading to pick up the new edges.
 - Rust `const` and `static` initializers now contribute their calls: `static REGISTRY: Lazy<Cfg> = Lazy::new(|| build())`, `const LEN: usize = compute_len()`. Previously anything a lazily-built singleton or a computed constant called was missing from the graph entirely. Re-index with `codegraph index -f` after upgrading to pick up the new edges.
 - Scala `val`/`var` definitions now contribute the calls their initializer makes — `val handler = () => process(msg)`, `val client = buildClient()`, `lazy val engine = start()`. Previously everything on the right-hand side was dropped, which on a val-heavy codebase (SpinalHDL hardware descriptions, Akka wiring) is most of the wiring: a 32-file SpinalHDL project gained 812 references it had been missing. Re-index with `codegraph index -f` after upgrading to pick up the new edges.
 - TypeScript and JavaScript module-level declarations now name themselves as the caller of whatever their initializer runs. `const cfg = loadConfig()` recorded the *file* as loadConfig's caller, which is no use for callers or impact; it now records `cfg`. And an object literal that wasn't exported — `const handlers = { onSave: () => persist() }` — was skipped entirely, so nothing inside it reached the graph at all. Re-index with `codegraph index -f` after upgrading to pick up the new edges.
diff --git a/__tests__/extraction.test.ts b/__tests__/extraction.test.ts
index 6abd93e92..320f99aa5 100644
--- a/__tests__/extraction.test.ts
+++ b/__tests__/extraction.test.ts
@@ -1055,6 +1055,42 @@ class UserService:
     expect(classNode).toBeDefined();
     expect(classNode?.name).toBe('UserService');
   });
+
+  it('walks a module-level assignment initializer scoped to the name (#693 for Python)', () => {
+    // The assignment minted a node and stopped, so everything a module builds
+    // at import time — `app = FastAPI()`, `ENGINE = create_engine(url)` — was
+    // missing from the graph. A tuple target mints no symbol, so its
+    // right-hand side attributes to the enclosing scope instead of vanishing.
+    const code = `
+def target(): pass
+def compute(): return 1
+
+APP = compute()
+handler = lambda: target()
+MAPPING = {"a": compute()}
+first, second = compute(), target()
+
+class K:
+    ATTR = compute()
+`;
+    const result = extractFromSource('app.py', code);
+    const byId = new Map(result.nodes.map((n) => [n.id, n]));
+    const owners = result.unresolvedReferences
+      .filter((u) => u.referenceKind === 'calls')
+      .map((u) => {
+        const n = byId.get(u.fromNodeId);
+        return `${u.referenceName}<-${n ? `${n.kind}:${n.name}` : '?'}`;
+      })
+      .sort();
+    expect(owners).toEqual([
+      'compute<-class:K', // a class attribute still rides the class (no node of its own)
+      'compute<-file:app.py', // the tuple target mints nothing
+      'compute<-variable:APP',
+      'compute<-variable:MAPPING',
+      'target<-file:app.py',
+      'target<-variable:handler',
+    ]);
+  });
 });
 
 describe('Go Extraction', () => {
diff --git a/__tests__/fixtures/kernel-parity/torture.py b/__tests__/fixtures/kernel-parity/torture.py
index 900fc74f8..8ef3e5885 100644
--- a/__tests__/fixtures/kernel-parity/torture.py
+++ b/__tests__/fixtures/kernel-parity/torture.py
@@ -47,3 +47,9 @@ def shadowed():
 
 handlers = {"recv": target_cb}
 callbacks = [target_cb, view]
+
+# Initializer walks attributed to the assigned name (#693).
+INIT_EAGER = helper()
+INIT_LAMBDA = lambda: target_cb()
+INIT_MAP = {"a": helper()}
+init_a, init_b = helper(), view()
diff --git a/__tests__/function-ref.test.ts b/__tests__/function-ref.test.ts
index fe5016c13..4e156c31d 100644
--- a/__tests__/function-ref.test.ts
+++ b/__tests__/function-ref.test.ts
@@ -795,8 +795,10 @@ describe('Function-as-value capture (#756)', () => {
 
       // The DRF wiring: get_serializer_class → the imported serializer class,
       // via `return` — the issue's headline gap. The module-level registry
-      // dict rides the file node.
+      // dict rides BOTH the assigned name (the initializer walk, #693) and the
+      // file node (the dispatcher's own scan, which runs either way).
       expect(sourceNames(cg, fnRefEdgesInto(cg, 'OrgSerializerFull'))).toEqual([
+        'SERIALIZER_REGISTRY',
         'get_serializer_class',
         'views.py',
       ]);
diff --git a/codegraph-kernel/src/python.rs b/codegraph-kernel/src/python.rs
index 93cb10a9d..fe4a49690 100644
--- a/codegraph-kernel/src/python.rs
+++ b/codegraph-kernel/src/python.rs
@@ -469,14 +469,37 @@ impl<'t> Walker<'t> {
         let docstring = preceding_docstring(node, self.src);
         let left = node.child_by_field_name("left").or_else(|| node.named_child(0));
         let right = node.child_by_field_name("right").or_else(|| node.named_child(1));
-        let Some(left) = left else { return };
-        if !matches!(left.kind(), "identifier" | "constant") {
-            return;
+        let mut assigned: Option<(u32, String)> = None;
+        if let Some(left) = left {
+            if matches!(left.kind(), "identifier" | "constant") {
+                let name = self.text(left).to_string();
+                let signature = right.map(|r| util::init_signature(self.text(r)));
+                // No isConst hook ⇒ always `variable` (UPPER_CASE constants included).
+                let row = self.create_node(
+                    "variable",
+                    &name,
+                    node,
+                    Extra { docstring, signature, ..Extra::default() },
+                );
+                if let Some(row) = row {
+                    assigned = Some((row, name));
+                }
+            }
+        }
+        // Walk the initializer ATTRIBUTED to the assigned name (#693): a
+        // module-level `app = FastAPI()` / `handler = lambda: run()` dropped
+        // every call on the right-hand side. A tuple target mints no symbol, so
+        // its RHS is walked at the enclosing scope rather than lost.
+        if let Some(right) = right {
+            match assigned {
+                Some((row, name)) => {
+                    self.stack.push(Scope { row, kind: "variable", name });
+                    self.visit_function_body(right);
+                    self.stack.pop();
+                }
+                None => self.visit_function_body(right),
+            }
         }
-        let name = self.text(left).to_string();
-        let signature = right.map(|r| util::init_signature(self.text(r)));
-        // No isConst hook ⇒ always `variable` (UPPER_CASE constants included).
-        self.create_node("variable", &name, node, Extra { docstring, signature, ..Extra::default() });
     }
 
     fn extract_import(&mut self, node: Node<'t>) {
diff --git a/src/extraction/tree-sitter.ts b/src/extraction/tree-sitter.ts
index b0bdbf997..ba5668872 100644
--- a/src/extraction/tree-sitter.ts
+++ b/src/extraction/tree-sitter.ts
@@ -2739,6 +2739,7 @@ export class TreeSitterExtractor {
 
       // Ruby constant assignments (`MAX = 3`) have a `constant`-typed LHS, not
       // `identifier`; without this they were never extracted as symbols at all.
+      let assigned: Node | null = null;
       if (left && (left.type === 'identifier' || left.type === 'constant')) {
         const name = getNodeText(left, this.source);
         // Skip if name starts with lowercase and looks like a function call result
@@ -2746,11 +2747,23 @@ export class TreeSitterExtractor {
         const initValue = right ? getNodeText(right, this.source).slice(0, 100) : undefined;
         const initSignature = initValue ? `= ${initValue}${initValue.length >= 100 ? '...' : ''}` : undefined;
 
-        this.createNode(kind, name, node, {
+        assigned = this.createNode(kind, name, node, {
           docstring,
           signature: initSignature,
         });
       }
+      // Walk the initializer ATTRIBUTED to the assigned name (#693). A
+      // module-level `app = FastAPI()` / `ENGINE = create_engine(url)` /
+      // `handler = lambda: run()` dropped every call on the right-hand side, so
+      // whatever the module builds at import time linked to nothing. A tuple
+      // target (`a, b = f(), g()`) mints no symbol, so its RHS is walked at the
+      // enclosing scope rather than lost. Python only: Ruby shares this branch
+      // and gets its own turn.
+      if (this.language === 'python' && right) {
+        if (assigned) this.nodeStack.push(assigned.id);
+        this.visitFunctionBody(right, '');
+        if (assigned) this.nodeStack.pop();
+      }
     } else if (this.language === 'go') {
       // Go: var_declaration, short_var_declaration, const_declaration
       // These can have multiple identifiers on the left