diff --git a/wp-includes/blocks.php b/wp-includes/blocks.php
index 8472c7e092..56410779fe 100644
--- a/wp-includes/blocks.php
+++ b/wp-includes/blocks.php
@@ -2404,11 +2404,32 @@ function parse_blocks( $content ) {
  * @return string Updated post content.
  */
 function do_blocks( $content ) {
-	$blocks = parse_blocks( $content );
-	$output = '';
+	$blocks                = parse_blocks( $content );
+	$top_level_block_count = count( $blocks );
+	$output                = '';
 
-	foreach ( $blocks as $block ) {
-		$output .= render_block( $block );
+	/**
+	 * Parsed blocks consist of a list of top-level blocks. Those top-level
+	 * blocks may themselves contain nested inner blocks. However, every
+	 * top-level block is rendered independently, meaning there are no data
+	 * dependencies between them.
+	 *
+	 * Ideally, therefore, the parser would only need to parse one complete
+	 * top-level block at a time, render it, and move on. Unfortunately, this
+	 * is not possible with {@see \parse_blocks()} because it must parse the
+	 * entire given document at once.
+	 *
+	 * While the current implementation prevents this optimization, it’s still
+	 * possible to reduce the peak memory use when calls to `render_block()`
+	 * on those top-level blocks are memory-heavy (which many of them are).
+	 * By setting each parsed block to `NULL` after rendering it, any memory
+	 * allocated during the render will be freed and reused for the next block.
+	 * Before making this change, that memory was retained and would lead to
+	 * out-of-memory crashes for certain posts that now run with this change.
+	 */
+	for ( $i = 0; $i < $top_level_block_count; $i++ ) {
+		$output      .= render_block( $blocks[ $i ] );
+		$blocks[ $i ] = null;
 	}
 
 	// If there are blocks in this content, we shouldn't run wpautop() on it later.
diff --git a/wp-includes/version.php b/wp-includes/version.php
index 3130973e27..5b7c77f1f2 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -16,7 +16,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '6.8.2-alpha-60434';
+$wp_version = '6.8.2-alpha-60435';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.