diff --git a/wp-includes/block-template-utils.php b/wp-includes/block-template-utils.php
index a4e54432d2..265758b922 100644
--- a/wp-includes/block-template-utils.php
+++ b/wp-includes/block-template-utils.php
@@ -518,12 +518,12 @@ function _remove_theme_attribute_from_template_part_block( &$block ) {
  */
 function _build_block_template_result_from_file( $template_file, $template_type ) {
 	$default_template_types = get_default_block_template_types();
-	$template_content       = file_get_contents( $template_file['path'] );
 	$theme                  = get_stylesheet();
 
 	$template                 = new WP_Block_Template();
 	$template->id             = $theme . '//' . $template_file['slug'];
 	$template->theme          = $theme;
+	$template->content        = file_get_contents( $template_file['path'] );
 	$template->slug           = $template_file['slug'];
 	$template->source         = 'theme';
 	$template->type           = $template_type;
@@ -554,7 +554,7 @@ function _build_block_template_result_from_file( $template_file, $template_type
 		$before_block_visitor = make_before_block_visitor( $hooked_blocks, $template );
 		$after_block_visitor  = make_after_block_visitor( $hooked_blocks, $template );
 	}
-	$blocks            = parse_blocks( $template_content );
+	$blocks            = parse_blocks( $template->content );
 	$template->content = traverse_and_serialize_blocks( $blocks, $before_block_visitor, $after_block_visitor );
 
 	return $template;
diff --git a/wp-includes/version.php b/wp-includes/version.php
index b7029f762b..f1f26c808e 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -16,7 +16,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '6.5-alpha-57116';
+$wp_version = '6.5-alpha-57118';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.