diff --git a/toolchain/base/value_store.h b/toolchain/base/value_store.h
index 5bba06526216..6476b05a66ce 100644
--- a/toolchain/base/value_store.h
+++ b/toolchain/base/value_store.h
@@ -10,6 +10,7 @@
 #include "llvm/ADT/APInt.h"
 #include "llvm/ADT/DenseMap.h"
 #include "llvm/ADT/SmallVector.h"
+#include "llvm/Support/YAMLParser.h"
 #include "toolchain/base/index_base.h"
 
 namespace Carbon {
@@ -80,7 +81,7 @@ constexpr StringId StringId::Invalid(StringId::InvalidIndex);
 // A simple wrapper for accumulating values, providing IDs to later retrieve the
 // value. This does not do deduplication.
 template <typename IdT>
-class ValueStore {
+class ValueStore : public Printable<ValueStore<IdT>> {
  public:
   // Stores the value and returns an ID to reference it.
   auto Add(typename IdT::IndexedType value) -> IdT {
@@ -96,6 +97,14 @@ class ValueStore {
     return values_[id.index];
   }
 
+  auto Print(llvm::raw_ostream& out) const -> void { Print(out, 0); }
+  auto Print(llvm::raw_ostream& out, int indent) const -> void {
+    for (const auto& value : values_) {
+      out.indent(indent);
+      out << "- " << value << "\n";
+    }
+  }
+
  private:
   llvm::SmallVector<typename IdT::IndexedType> values_;
 };
@@ -103,7 +112,7 @@ class ValueStore {
 // Storage for StringRefs. The caller is responsible for ensuring storage is
 // allocated.
 template <>
-class ValueStore<StringId> {
+class ValueStore<StringId> : public Printable<ValueStore<StringId>> {
  public:
   // Returns an ID to reference the value. May return an existing ID if the
   // string was previously added.
@@ -122,6 +131,14 @@ class ValueStore<StringId> {
     return values_[id.index];
   }
 
+  auto Print(llvm::raw_ostream& out) const -> void { Print(out, 0); }
+  auto Print(llvm::raw_ostream& out, int indent) const -> void {
+    for (auto value : values_) {
+      out.indent(indent);
+      out << "- \"" << llvm::yaml::escape(value) << "\"\n";
+    }
+  }
+
  private:
   llvm::DenseMap<llvm::StringRef, StringId> map_;
   llvm::SmallVector<llvm::StringRef> values_;
@@ -129,7 +146,7 @@ class ValueStore<StringId> {
 
 // Stores that will be used across compiler steps. This is provided mainly so
 // that they don't need to be passed separately.
-class SharedValueStores {
+class SharedValueStores : public Printable<SharedValueStores> {
  public:
   auto integers() -> ValueStore<IntegerId>& { return integers_; }
   auto integers() const -> const ValueStore<IntegerId>& { return integers_; }
@@ -138,6 +155,16 @@ class SharedValueStores {
   auto strings() -> ValueStore<StringId>& { return strings_; }
   auto strings() const -> const ValueStore<StringId>& { return strings_; }
 
+  auto Print(llvm::raw_ostream& out) const -> void {
+    out << "shared_values:\n"
+        << "  - integers:\n";
+    integers_.Print(out, 6);
+    out << "  - reals:\n";
+    reals_.Print(out, 6);
+    out << "  - strings:\n";
+    strings_.Print(out, 6);
+  }
+
  private:
   ValueStore<IntegerId> integers_;
   ValueStore<RealId> reals_;
diff --git a/toolchain/driver/driver.cpp b/toolchain/driver/driver.cpp
index 3bbae4daa60f..5a0b6a8bac6f 100644
--- a/toolchain/driver/driver.cpp
+++ b/toolchain/driver/driver.cpp
@@ -180,6 +180,14 @@ and displaying them in source order.
         },
         [&](auto& arg_b) { arg_b.Set(&stream_errors); });
 
+    b.AddFlag(
+        {
+            .name = "dump-shared-values",
+            .help = R"""(
+Dumps shared values. These aren't owned by any particular file or phase.
+)""",
+        },
+        [&](auto& arg_b) { arg_b.Set(&dump_shared_values); });
     b.AddFlag(
         {
             .name = "dump-tokens",
@@ -257,6 +265,7 @@ Dump the generated assembly to stdout after codegen.
 
   bool asm_output = false;
   bool force_obj_output = false;
+  bool dump_shared_values = false;
   bool dump_tokens = false;
   bool dump_parse_tree = false;
   bool dump_raw_sem_ir = false;
@@ -599,7 +608,6 @@ auto Driver::Compile(const CompileOptions& options) -> bool {
     return false;
   }
 
-  SharedValueStores value_stores;
   llvm::SmallVector<std::unique_ptr<CompilationUnit>> units;
   auto flush = llvm::make_scope_exit([&]() {
     // The diagnostics consumer must be flushed before compilation artifacts are
@@ -609,6 +617,12 @@ auto Driver::Compile(const CompileOptions& options) -> bool {
       unit->Flush();
     }
   });
+  SharedValueStores value_stores;
+  auto dump_shared_values = llvm::make_scope_exit([&]() {
+    if (options.dump_shared_values) {
+      output_stream_ << value_stores;
+    }
+  });
   for (const auto& input_file_name : options.input_file_names) {
     units.push_back(std::make_unique<CompilationUnit>(
         this, &value_stores, options, input_file_name));
diff --git a/toolchain/driver/testdata/dump_shared_values.carbon b/toolchain/driver/testdata/dump_shared_values.carbon
new file mode 100644
index 000000000000..035830ac1c15
--- /dev/null
+++ b/toolchain/driver/testdata/dump_shared_values.carbon
@@ -0,0 +1,20 @@
+// Part of the Carbon Language project, under the Apache License v2.0 with LLVM
+// Exceptions. See /LICENSE for license information.
+// SPDX-License-Identifier: Apache-2.0 WITH LLVM-exception
+//
+// ARGS: compile --phase=lex --dump-shared-values %s
+//
+// AUTOUPDATE
+
+var a: f64 = 1.0;
+var b: String = "ab\"c";
+
+// CHECK:STDOUT: shared_values:
+// CHECK:STDOUT:   - integers:
+// CHECK:STDOUT:       - 64
+// CHECK:STDOUT:   - reals:
+// CHECK:STDOUT:       - 10*10^-1
+// CHECK:STDOUT:   - strings:
+// CHECK:STDOUT:       - "a"
+// CHECK:STDOUT:       - "b"
+// CHECK:STDOUT:       - "ab\"c"