diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6c217c8ad0c..a8f5f68125d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,6 +10,7 @@ Description of the upcoming release here.
 
 ### Added
 
+- [#1502](https://github.com/FuelLabs/fuel-core/pull/1502): Added price benchmark for `vm_initialization`.
 - [#1492](https://github.com/FuelLabs/fuel-core/pull/1492): Support backward iteration in the RocksDB. It allows backward queries that were not allowed before.
 - [#1490](https://github.com/FuelLabs/fuel-core/pull/1490): Add push and pop benchmarks.
 - [#1485](https://github.com/FuelLabs/fuel-core/pull/1485): Prepare rc release of fuel core v0.21
diff --git a/Cargo.lock b/Cargo.lock
index a7aff77e755..c1cf36b1949 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2725,9 +2725,9 @@ dependencies = [
 
 [[package]]
 name = "fuel-asm"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3f6c74190f51c347e8df9254c11828082dd143870271c2c490dc498efc306699"
+checksum = "3cee560e1eeac4d292e38111f694f21983377176eb600b57cacaed86b747ffa2"
 dependencies = [
  "bitflags 2.4.1",
  "fuel-types",
@@ -3245,9 +3245,9 @@ dependencies = [
 
 [[package]]
 name = "fuel-crypto"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ed59e6b5d69ab5cacda0eb29d34920e1709567271cf2c40d62cb1ad920c44c00"
+checksum = "fca614c332efaeaae796a80c72c0a29a3853eab6c2af67379bd01473e0277449"
 dependencies = [
  "coins-bip32",
  "coins-bip39",
@@ -3266,9 +3266,9 @@ dependencies = [
 
 [[package]]
 name = "fuel-derive"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "27a9c356fe5489b62f7dade3c07c93dacd52d86bd236f8e9b8c359a936def4ae"
+checksum = "1efdc9a47d14947cd50e88161eb2b6c85e0ce34a00a321103f1f7764e8d6b0d3"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -3278,9 +3278,9 @@ dependencies = [
 
 [[package]]
 name = "fuel-merkle"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ef8c8e4fe5d8f6fab234ccea69ef893df502b9a01af2d53e7a70e35d3ffa035a"
+checksum = "eeb0d0661a655f7753afa5124ccd90a7b9218cb6d777235060b09f4da9feb22d"
 dependencies = [
  "derive_more",
  "digest 0.10.7",
@@ -3293,15 +3293,15 @@ dependencies = [
 
 [[package]]
 name = "fuel-storage"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5da0820260094843088c8612590ec052ceeef64b51ab96883f7678ce72552cb4"
+checksum = "97697cb72cb86e33dd5a3ef5509a233a290174f4b3b5c43b4be4484ccb6b2fc0"
 
 [[package]]
 name = "fuel-tx"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "44b16c51f3d78c71f864939d31798a512ae781d45358a54fc051cba33f125296"
+checksum = "194617f09afa17e8cc4c4127ceed1d0fb1549680eb9b2a90c743605298a1c33e"
 dependencies = [
  "bitflags 2.4.1",
  "derivative",
@@ -3321,9 +3321,9 @@ dependencies = [
 
 [[package]]
 name = "fuel-types"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e712ef330eed942b456691919f7a62e23563377fd2d59d6e04d54162863ba071"
+checksum = "c0a170bd25f8cc3def3833b2032646bf1ca77460353dfa8b2b89c4d83ad1f2cf"
 dependencies = [
  "fuel-derive",
  "hex",
@@ -3333,9 +3333,9 @@ dependencies = [
 
 [[package]]
 name = "fuel-vm"
-version = "0.42.0"
+version = "0.43.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "98a12f59ae11283c656894d3092f3d8e47d1f8a91a17de35a6a977d16084543b"
+checksum = "c3e24e0f8e58c08192dd012eef70f47063aa48e4222209df6044aa0a471e0fd6"
 dependencies = [
  "anyhow",
  "async-trait",
diff --git a/Cargo.toml b/Cargo.toml
index 887449ae98c..5677557a413 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -77,7 +77,7 @@ fuel-core-tests = { version = "0.0.0", path = "./tests" }
 fuel-core-xtask = { version = "0.0.0", path = "./xtask" }
 
 # Fuel dependencies
-fuel-vm-private = { version = "0.42.0", package = "fuel-vm", default-features = false }
+fuel-vm-private = { version = "0.43.0", package = "fuel-vm", default-features = false }
 
 # Common dependencies
 anyhow = "1.0"
diff --git a/benches/benches/block_target_gas_set/default_gas_costs.rs b/benches/benches/block_target_gas_set/default_gas_costs.rs
index cd72bc31e6e..e2246fe9bf9 100644
--- a/benches/benches/block_target_gas_set/default_gas_costs.rs
+++ b/benches/benches/block_target_gas_set/default_gas_costs.rs
@@ -43,7 +43,10 @@ pub fn default_gas_costs() -> GasCostsValues {
         lw: 2,
         mint: 25515,
         mlog: 2,
-        vm_initialization: 1,
+        vm_initialization: DependentCost::HeavyOperation {
+            base: 2000,
+            gas_per_unit: 0,
+        },
         modi: 2,
         mod_op: 2,
         movi: 2,
diff --git a/benches/benches/utils.rs b/benches/benches/utils.rs
index fa3dd065ede..e07a36f012a 100644
--- a/benches/benches/utils.rs
+++ b/benches/benches/utils.rs
@@ -77,7 +77,7 @@ pub fn set_full_word(r: RegisterId, v: Word) -> Vec<Instruction> {
     ops
 }
 
-const BENCH_RECEIPTS: usize = (u16::MAX - 1) as usize;
+const BENCH_RECEIPTS: usize = (u16::MAX - 4) as usize;
 
 /// Testing receipt context
 #[allow(dead_code)] // Unsure why this is needed, as the code is used
diff --git a/benches/benches/vm.rs b/benches/benches/vm.rs
index e9d4a5982fb..3175eafcf1a 100644
--- a/benches/benches/vm.rs
+++ b/benches/benches/vm.rs
@@ -1,5 +1,6 @@
 mod contract;
 mod utils;
+mod vm_initialization;
 mod vm_set;
 
 use criterion::{
@@ -11,6 +12,7 @@ use criterion::{
     Criterion,
 };
 
+use crate::vm_initialization::vm_initialization;
 use contract::*;
 use fuel_core_benches::*;
 use fuel_core_types::fuel_asm::Instruction;
@@ -71,9 +73,10 @@ fn vm(c: &mut Criterion) {
     crypto::run(c);
     flow::run(c);
     mem::run(c);
+    blockchain::run(c);
     contract_root(c);
     state_root(c);
-    blockchain::run(c);
+    vm_initialization(c);
 }
 
 criterion_group!(benches, vm);
diff --git a/benches/benches/vm_initialization.rs b/benches/benches/vm_initialization.rs
new file mode 100644
index 00000000000..518e360ec05
--- /dev/null
+++ b/benches/benches/vm_initialization.rs
@@ -0,0 +1,114 @@
+use criterion::{
+    black_box,
+    Criterion,
+    Throughput,
+};
+use fuel_core_types::{
+    fuel_asm::{
+        op,
+        Instruction,
+    },
+    fuel_tx::{
+        policies::Policies,
+        AssetId,
+        ConsensusParameters,
+        Input,
+        Output,
+        Script,
+        Transaction,
+        Word,
+    },
+    fuel_types::canonical::Serialize,
+    fuel_vm::{
+        checked_transaction::{
+            Checked,
+            IntoChecked,
+        },
+        interpreter::NotSupportedEcal,
+        Interpreter,
+    },
+};
+use rand::{
+    rngs::StdRng,
+    Rng,
+    SeedableRng,
+};
+
+fn transaction<R: Rng>(
+    rng: &mut R,
+    script: Vec<u8>,
+    script_data: Vec<u8>,
+    consensus_params: &ConsensusParameters,
+) -> Checked<Script> {
+    let inputs = (0..1)
+        .map(|_| {
+            Input::coin_predicate(
+                rng.gen(),
+                rng.gen(),
+                rng.gen(),
+                AssetId::BASE,
+                rng.gen(),
+                rng.gen(),
+                0,
+                vec![255; 1],
+                vec![255; 1],
+            )
+        })
+        .collect();
+
+    let outputs = (0..1)
+        .map(|_| {
+            Output::variable(Default::default(), Default::default(), Default::default())
+        })
+        .collect();
+
+    Transaction::script(
+        1_000_000,
+        script,
+        script_data,
+        Policies::new()
+            .with_gas_price(0)
+            .with_maturity(0.into())
+            .with_max_fee(Word::MAX),
+        inputs,
+        outputs,
+        vec![vec![123; 32].into(); 1],
+    )
+    .into_checked_basic(Default::default(), consensus_params)
+    .expect("Should produce a valid transaction")
+}
+
+pub fn vm_initialization(c: &mut Criterion) {
+    let mut rng = StdRng::seed_from_u64(8586);
+
+    let mut group = c.benchmark_group("vm_initialization");
+
+    let consensus_params = ConsensusParameters::default();
+    let mut i = 5usize;
+    loop {
+        let size = 8 * (1 << i);
+        if size as u64 > consensus_params.script_params.max_script_data_length {
+            break
+        }
+        let script = vec![op::ret(1); size / Instruction::SIZE]
+            .into_iter()
+            .collect();
+        let script_data = vec![255; size];
+        let tx = transaction(&mut rng, script, script_data, &consensus_params);
+        let tx_size = tx.transaction().size();
+        let name = format!("vm_initialization_with_tx_size_{}", tx_size);
+        group.throughput(Throughput::Bytes(tx_size as u64));
+        group.bench_function(name, |b| {
+            b.iter(|| {
+                let mut vm = black_box(
+                    Interpreter::<_, Script, NotSupportedEcal>::with_memory_storage(),
+                );
+                black_box(vm.init_script(tx.clone()))
+                    .expect("Should be able to execute transaction");
+            })
+        });
+        i += 1;
+    }
+
+    group.finish();
+}
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_configurable_block_height.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_configurable_block_height.snap
index cfaa28af3fc..89d4b12b943 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_configurable_block_height.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_configurable_block_height.snap
@@ -240,7 +240,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_balances.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_balances.snap
index 7640278e013..10fe5c632b6 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_balances.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_balances.snap
@@ -252,7 +252,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_state.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_state.snap
index d6b84b6294b..f229c4dc094 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_state.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_state.snap
@@ -252,7 +252,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_tx_pointer.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_tx_pointer.snap
index 062d8932325..bd6825f663f 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_tx_pointer.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_tx_pointer.snap
@@ -248,7 +248,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_utxo_id.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_utxo_id.snap
index 5bc1d94df28..0c6ca69e3be 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_utxo_id.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_contract_with_utxo_id.snap
@@ -248,7 +248,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_local_testnet_config.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_local_testnet_config.snap
index 6b040e9f5d1..510029469c1 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_local_testnet_config.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_local_testnet_config.snap
@@ -266,7 +266,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_coin_state.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_coin_state.snap
index 675fef4cfbc..ab9bcb57e0d 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_coin_state.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_coin_state.snap
@@ -251,7 +251,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_contract.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_contract.snap
index 8395f288f3e..f5106e5728a 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_contract.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_contract.snap
@@ -246,7 +246,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_message_state.snap b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_message_state.snap
index f28cd82ecd4..5ae1f15c2a9 100644
--- a/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_message_state.snap
+++ b/crates/chain-config/src/snapshots/fuel_core_chain_config__config__tests__snapshot_simple_message_state.snap
@@ -249,7 +249,12 @@ expression: json
         }
       },
       "new_storage_per_byte": 1,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/crates/client/assets/schema.sdl b/crates/client/assets/schema.sdl
index 5f4dbd97485..d1173a99ec9 100644
--- a/crates/client/assets/schema.sdl
+++ b/crates/client/assets/schema.sdl
@@ -386,7 +386,7 @@ type GasCosts {
 	swwq: DependentCost!
 	contractRoot: DependentCost!
 	stateRoot: DependentCost!
-	vmInitialization: U64!
+	vmInitialization: DependentCost!
 	newStoragePerByte: U64!
 }
 
diff --git a/crates/client/src/client/schema/chain.rs b/crates/client/src/client/schema/chain.rs
index 8272ec3216c..edba6366522 100644
--- a/crates/client/src/client/schema/chain.rs
+++ b/crates/client/src/client/schema/chain.rs
@@ -244,7 +244,7 @@ include_from_impls_and_cynic! {
         // Non-opcodes prices
         pub contract_root: DependentCost,
         pub state_root: DependentCost,
-        pub vm_initialization: U64,
+        pub vm_initialization: DependentCost,
         pub new_storage_per_byte: U64,
     }
 }
diff --git a/crates/client/src/client/schema/snapshots/fuel_core_client__client__schema__chain__tests__chain_gql_query_output.snap b/crates/client/src/client/schema/snapshots/fuel_core_client__client__schema__chain__tests__chain_gql_query_output.snap
index 32ab61e4597..f3ae948d31e 100644
--- a/crates/client/src/client/schema/snapshots/fuel_core_client__client__schema__chain__tests__chain_gql_query_output.snap
+++ b/crates/client/src/client/schema/snapshots/fuel_core_client__client__schema__chain__tests__chain_gql_query_output.snap
@@ -364,7 +364,17 @@ query {
             gasPerUnit
           }
         }
-        vmInitialization
+        vmInitialization {
+          __typename
+          ... on LightOperation {
+            base
+            unitsPerGas
+          }
+          ... on HeavyOperation {
+            base
+            gasPerUnit
+          }
+        }
         newStoragePerByte
       }
     }
diff --git a/crates/client/src/client/types/gas_costs.rs b/crates/client/src/client/types/gas_costs.rs
index a26e8e72523..e7f1fd7c109 100644
--- a/crates/client/src/client/types/gas_costs.rs
+++ b/crates/client/src/client/types/gas_costs.rs
@@ -143,7 +143,7 @@ include_from_impls! {
         // Non-opcode prices
         pub contract_root: DependentCost,
         pub state_root: DependentCost,
-        pub vm_initialization: u64,
+        pub vm_initialization: DependentCost,
         pub new_storage_per_byte: u64,
     }
 }
diff --git a/crates/fuel-core/src/schema/chain.rs b/crates/fuel-core/src/schema/chain.rs
index 45de1022d9a..f75461e3ad9 100644
--- a/crates/fuel-core/src/schema/chain.rs
+++ b/crates/fuel-core/src/schema/chain.rs
@@ -649,7 +649,7 @@ impl GasCosts {
         self.0.state_root.into()
     }
 
-    async fn vm_initialization(&self) -> U64 {
+    async fn vm_initialization(&self) -> DependentCost {
         self.0.vm_initialization.into()
     }
 
diff --git a/deployment/scripts/chainspec/beta_chainspec.json b/deployment/scripts/chainspec/beta_chainspec.json
index 80274588506..b9289c4a896 100644
--- a/deployment/scripts/chainspec/beta_chainspec.json
+++ b/deployment/scripts/chainspec/beta_chainspec.json
@@ -272,7 +272,12 @@
         }
       },
       "new_storage_per_byte": 100,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },
diff --git a/deployment/scripts/chainspec/dev_chainspec.json b/deployment/scripts/chainspec/dev_chainspec.json
index 3362a634128..d2696fb69c6 100644
--- a/deployment/scripts/chainspec/dev_chainspec.json
+++ b/deployment/scripts/chainspec/dev_chainspec.json
@@ -242,7 +242,12 @@
         }
       },
       "new_storage_per_byte": 100,
-      "vm_initialization": 2000
+      "vm_initialization": {
+        "HeavyOperation": {
+          "base": 2000,
+          "gas_per_unit": 0
+        }
+      }
     },
     "base_asset_id": "0000000000000000000000000000000000000000000000000000000000000000"
   },