diff --git a/amaranth/hdl/__init__.py b/amaranth/hdl/__init__.py
index de09d7524..bc0ebbfd3 100644
--- a/amaranth/hdl/__init__.py
+++ b/amaranth/hdl/__init__.py
@@ -7,7 +7,7 @@
 from ._cd import DomainError, ClockDomain
 from ._ir import UnusedElaboratable, Elaboratable, DriverConflict, Fragment
 from ._ir import Instance, IOBufferInstance
-from ._mem import MemoryIdentity, MemoryInstance, Memory, ReadPort, WritePort, DummyPort
+from ._mem import MemoryData, MemoryInstance, Memory, ReadPort, WritePort, DummyPort
 from ._rec import Record
 from ._xfrm import DomainRenamer, ResetInserter, EnableInserter
 
@@ -27,7 +27,7 @@
     "UnusedElaboratable", "Elaboratable", "DriverConflict", "Fragment",
     "Instance", "IOBufferInstance",
     # _mem
-    "MemoryIdentity", "MemoryInstance", "Memory", "ReadPort", "WritePort", "DummyPort",
+    "MemoryData", "MemoryInstance", "Memory", "ReadPort", "WritePort", "DummyPort",
     # _rec
     "Record",
     # _xfrm
diff --git a/amaranth/hdl/_ir.py b/amaranth/hdl/_ir.py
index 10b9ab79a..cd2e3dec6 100644
--- a/amaranth/hdl/_ir.py
+++ b/amaranth/hdl/_ir.py
@@ -1134,9 +1134,9 @@ def emit_iobuffer(self, module_idx: int, instance: _ir.IOBufferInstance):
 
     def emit_memory(self, module_idx: int, fragment: '_mem.MemoryInstance', name: str):
         cell = _nir.Memory(module_idx,
-            width=fragment._width,
-            depth=fragment._depth,
-            init=fragment._init,
+            width=_ast.Shape.cast(fragment._data._shape).width,
+            depth=fragment._data._depth,
+            init=fragment._data._init._raw,
             name=name,
             attributes=fragment._attrs,
             src_loc=fragment.src_loc,
diff --git a/amaranth/hdl/_mem.py b/amaranth/hdl/_mem.py
index 3fd305808..7b32ca14a 100644
--- a/amaranth/hdl/_mem.py
+++ b/amaranth/hdl/_mem.py
@@ -1,33 +1,160 @@
 import operator
 from collections import OrderedDict
+from collections.abc import MutableSequence
 
 from .. import tracer
 from ._ast import *
 from ._ir import Elaboratable, Fragment
 from ..utils import ceil_log2
-from .._utils import deprecated
+from .._utils import deprecated, final
 
 
-__all__ = ["Memory", "ReadPort", "WritePort", "DummyPort"]
+__all__ = ["MemoryData", "Memory", "ReadPort", "WritePort", "DummyPort"]
 
 
-class MemoryIdentity: pass
+@final
+class FrozenError(Exception):
+    """This exception is raised when ports are added to a :class:`Memory` or its
+    :attr:`~Memory.init` attribute is changed after it has been elaborated once.
+    """
+
+
+@final
+class MemoryData:
+    @final
+    class Init(MutableSequence):
+        """Memory initialization data.
+
+        This is a special container used only for initial contents of memories. It is similar
+        to :class:`list`, but does not support inserting or deleting elements; its length is always
+        the same as the depth of the memory it belongs to.
+
+        If :py:`shape` is a :ref:`custom shape-castable object <lang-shapecustom>`, then:
+
+        * Each element must be convertible to :py:`shape` via :meth:`.ShapeCastable.const`, and
+        * Elements that are not explicitly initialized default to :py:`shape.const(None)`.
+
+        Otherwise (when :py:`shape` is a :class:`.Shape`):
+
+        * Each element must be an :class:`int`, and
+        * Elements that are not explicitly initialized default to :py:`0`.
+        """
+        def __init__(self, elems, *, shape, depth):
+            Shape.cast(shape)
+            if not isinstance(depth, int) or depth < 0:
+                raise TypeError("Memory depth must be a non-negative integer, not {!r}"
+                                .format(depth))
+            self._shape = shape
+            self._depth = depth
+            self._frozen = False
+
+            if isinstance(shape, ShapeCastable):
+                self._elems = [None] * depth
+                self._raw = [Const.cast(Const(None, shape)).value] * depth
+            else:
+                self._elems = [0] * depth
+                self._raw = self._elems # intentionally mutably aliased
+            elems = list(elems)
+            if len(elems) > depth:
+                raise ValueError(f"Memory initialization value count exceeds memory depth ({len(elems)} > {depth})")
+            for index, item in enumerate(elems):
+                try:
+                    self[index] = item
+                except (TypeError, ValueError) as e:
+                    raise type(e)(f"Memory initialization value at address {index:x}: {e}") from None
+
+        @property
+        def shape(self):
+            return self._shape
+
+        def __getitem__(self, index):
+            return self._elems[index]
+
+        def __setitem__(self, index, value):
+            if self._frozen:
+                raise FrozenError("Cannot set 'init' on a memory that has already been elaborated")
+
+            if isinstance(index, slice):
+                indices = range(*index.indices(len(self._elems)))
+                if len(value) != len(indices):
+                    raise ValueError("Changing length of Memory.init is not allowed")
+                for actual_index, actual_value in zip(indices, value):
+                    self[actual_index] = actual_value
+            else:
+                if isinstance(self._shape, ShapeCastable):
+                    self._raw[index] = Const.cast(Const(value, self._shape)).value
+                else:
+                    value = operator.index(value)
+                    # self._raw[index] assigned by the following line
+                self._elems[index] = value
+
+        def __delitem__(self, index):
+            raise TypeError("Deleting elements from Memory.init is not allowed")
+
+        def insert(self, index, value):
+            """:meta private:"""
+            raise TypeError("Inserting elements into Memory.init is not allowed")
+
+        def __len__(self):
+            return self._depth
+
+        def __repr__(self):
+            return f"MemoryData.Init({self._elems!r}, shape={self._shape!r}, depth={self._depth})"
+
+
+    def __init__(self, *, shape, depth, init, src_loc_at=0):
+        # shape and depth validation is performed in MemoryData.Init()
+        self._shape = shape
+        self._depth = depth
+        self._init = MemoryData.Init(init, shape=shape, depth=depth)
+        self.src_loc = tracer.get_src_loc(src_loc_at=src_loc_at)
+        self.name = tracer.get_var_name(depth=2+src_loc_at, default="$memory")
+        self._frozen = False
+
+    def freeze(self):
+        self._frozen = True
+        self._init._frozen = True
+
+    @property
+    def shape(self):
+        return self._shape
+
+    @property
+    def depth(self):
+        return self._depth
+
+    @property
+    def init(self):
+        return self._init
+
+    @init.setter
+    def init(self, init):
+        if self._frozen:
+            raise FrozenError("Cannot set 'init' on a memory that has already been elaborated")
+        self._init = MemoryData.Init(init, shape=self._shape, depth=self._depth)
+
+    def __repr__(self):
+        return f"(memory-data {self.name})"
+
+    def __getitem__(self, index):
+        """Simulation only."""
+        return MemorySimRead(self, index)
 
 
 class MemorySimRead:
-    def __init__(self, identity, addr):
-        assert isinstance(identity, MemoryIdentity)
-        self._identity = identity
+    def __init__(self, memory, addr):
+        assert isinstance(memory, MemoryData)
+        self._memory = memory
         self._addr = Value.cast(addr)
 
     def eq(self, value):
-        return MemorySimWrite(self._identity, self._addr, value)
+        return MemorySimWrite(self._memory, self._addr, value)
 
 
 class MemorySimWrite:
-    def __init__(self, identity, addr, data):
-        assert isinstance(identity, MemoryIdentity)
-        self._identity = identity
+    def __init__(self, memory, addr, data):
+        assert isinstance(memory, MemoryData)
+        self._memory = memory
         self._addr = Value.cast(addr)
         self._data = Value.cast(data)
 
@@ -66,26 +193,20 @@ def _granularity(self):
             return len(self._data) // len(self._en)
 
 
-    def __init__(self, *, identity, width, depth, init=None, attrs=None, src_loc=None):
+    def __init__(self, *, data, attrs=None, src_loc=None):
         super().__init__(src_loc=src_loc)
-        assert isinstance(identity, MemoryIdentity)
-        self._identity = identity
-        self._width = operator.index(width)
-        self._depth = operator.index(depth)
-        mask = (1 << self._width) - 1
-        self._init = tuple(item & mask for item in init) if init is not None else ()
-        assert len(self._init) <= self._depth
-        self._init += (0,) * (self._depth - len(self._init))
-        for x in self._init:
-            assert isinstance(x, int)
+        assert isinstance(data, MemoryData)
+        data.freeze()
+        self._data = data
         self._attrs = attrs or {}
         self._read_ports: "list[MemoryInstance._ReadPort]" = []
         self._write_ports: "list[MemoryInstance._WritePort]" = []
 
     def read_port(self, *, domain, addr, data, en, transparent_for):
         port = self._ReadPort(domain=domain, addr=addr, data=data, en=en, transparent_for=transparent_for)
-        assert len(port._data) == self._width
-        assert len(port._addr) == ceil_log2(self._depth)
+        shape = Shape.cast(self._data.shape)
+        assert len(port._data) == shape.width
+        assert len(port._addr) == ceil_log2(self._data.depth)
         for idx in port._transparent_for:
             assert isinstance(idx, int)
             assert idx in range(len(self._write_ports))
@@ -96,8 +217,9 @@ def read_port(self, *, domain, addr, data, en, transparent_for):
 
     def write_port(self, *, domain, addr, data, en):
         port = self._WritePort(domain=domain, addr=addr, data=data, en=en)
-        assert len(port._data) == self._width
-        assert len(port._addr) == ceil_log2(self._depth)
+        shape = Shape.cast(self._data.shape)
+        assert len(port._data) == shape.width
+        assert len(port._addr) == ceil_log2(self._data.depth)
         self._write_ports.append(port)
         return len(self._write_ports) - 1
 
@@ -145,28 +267,17 @@ def __init__(self, *, width, depth, init=None, name=None, attrs=None, simulate=T
         self.depth = depth
         self.attrs = OrderedDict(() if attrs is None else attrs)
 
-        self.init = init
         self._read_ports = []
         self._write_ports = []
-        self._identity = MemoryIdentity()
+        self._data = MemoryData(shape=width, depth=depth, init=init or [])
 
     @property
     def init(self):
-        return self._init
+        return self._data.init
 
     @init.setter
     def init(self, new_init):
-        self._init = [] if new_init is None else list(new_init)
-        if len(self.init) > self.depth:
-            raise ValueError("Memory initialization value count exceed memory depth ({} > {})"
-                             .format(len(self.init), self.depth))
-
-        try:
-            for addr, val in enumerate(self._init):
-                operator.index(val)
-        except TypeError as e:
-            raise TypeError("Memory initialization value at address {:x}: {}"
-                            .format(addr, e)) from None
+        self._data.init = new_init
 
     def read_port(self, *, src_loc_at=0, **kwargs):
         """Get a read port.
@@ -202,10 +313,10 @@ def write_port(self, *, src_loc_at=0, **kwargs):
 
     def __getitem__(self, index):
         """Simulation only."""
-        return MemorySimRead(self._identity, index)
+        return MemorySimRead(self._data, index)
 
     def elaborate(self, platform):
-        f = MemoryInstance(identity=self._identity, width=self.width, depth=self.depth, init=self.init, attrs=self.attrs, src_loc=self.src_loc)
+        f = MemoryInstance(data=self._data, attrs=self.attrs, src_loc=self.src_loc)
         write_ports = {}
         for port in self._write_ports:
             port._MustUse__used = True
diff --git a/amaranth/hdl/_xfrm.py b/amaranth/hdl/_xfrm.py
index a193e8ae7..90c23b7d8 100644
--- a/amaranth/hdl/_xfrm.py
+++ b/amaranth/hdl/_xfrm.py
@@ -272,10 +272,7 @@ def map_memory_ports(self, fragment, new_fragment):
     def on_fragment(self, fragment):
         if isinstance(fragment, MemoryInstance):
             new_fragment = MemoryInstance(
-                identity=fragment._identity,
-                width=fragment._width,
-                depth=fragment._depth,
-                init=fragment._init,
+                data=fragment._data,
                 attrs=fragment._attrs,
                 src_loc=fragment.src_loc
             )
diff --git a/amaranth/lib/memory.py b/amaranth/lib/memory.py
index ea3c3ce57..7ed9f15dd 100644
--- a/amaranth/lib/memory.py
+++ b/amaranth/lib/memory.py
@@ -2,8 +2,8 @@
 from collections import OrderedDict
 from collections.abc import MutableSequence
 
-from ..hdl import MemoryIdentity, MemoryInstance, Shape, ShapeCastable, Const
-from ..hdl._mem import MemorySimRead
+from ..hdl import MemoryData, MemoryInstance, Shape, ShapeCastable, Const
+from ..hdl._mem import MemorySimRead, FrozenError
 from ..utils import ceil_log2
 from .._utils import final
 from .. import tracer
@@ -13,13 +13,6 @@
 __all__ = ["Memory", "ReadPort", "WritePort"]
 
 
-@final
-class FrozenError(Exception):
-    """This exception is raised when ports are added to a :class:`Memory` or its
-    :attr:`~Memory.init` attribute is changed after it has been elaborated once.
-    """
-
-
 class Memory(wiring.Component):
     """Addressable array of rows.
 
@@ -55,116 +48,55 @@ class Memory(wiring.Component):
     :class:`Memory`, e.g. to instantiate library cells directly.
     """
 
-    class Init(MutableSequence):
-        """Memory initialization data.
-
-        This is a special container used only for the :attr:`Memory.init` attribute. It is similar
-        to :class:`list`, but does not support inserting or deleting elements; its length is always
-        the same as the depth of the memory it belongs to.
-
-        If :py:`shape` is a :ref:`custom shape-castable object <lang-shapecustom>`, then:
-
-        * Each element must be convertible to :py:`shape` via :meth:`.ShapeCastable.const`, and
-        * Elements that are not explicitly initialized default to :py:`shape.const(None)`.
-
-        Otherwise (when :py:`shape` is a :class:`.Shape`):
-
-        * Each element must be an :class:`int`, and
-        * Elements that are not explicitly initialized default to :py:`0`.
-        """
-        def __init__(self, elems, *, shape, depth):
-            Shape.cast(shape)
-            if not isinstance(depth, int) or depth < 0:
-                raise TypeError("Memory depth must be a non-negative integer, not {!r}"
-                                .format(depth))
-            self._shape = shape
-            self._depth = depth
-            self._frozen = False
-
-            if isinstance(shape, ShapeCastable):
-                self._elems = [None] * depth
-                self._raw = [Const.cast(Const(None, shape)).value] * depth
-            else:
-                self._elems = [0] * depth
-                self._raw = self._elems # intentionally mutably aliased
-            try:
-                for index, item in enumerate(elems):
-                    self[index] = item
-            except (TypeError, ValueError) as e:
-                raise type(e)("Memory initialization value at address {:x}: {}"
-                              .format(index, e)) from None
-
-        @property
-        def shape(self):
-            return self._shape
-
-        def __getitem__(self, index):
-            return self._elems[index]
-
-        def __setitem__(self, index, value):
-            if self._frozen:
-                raise FrozenError("Cannot set 'init' on a memory that has already been elaborated")
-
-            if isinstance(index, slice):
-                indices = range(*index.indices(len(self._elems)))
-                if len(value) != len(indices):
-                    raise ValueError("Changing length of Memory.init is not allowed")
-                for actual_index, actual_value in zip(indices, value):
-                    self[actual_index] = actual_value
-            else:
-                if isinstance(self._shape, ShapeCastable):
-                    self._raw[index] = Const.cast(Const(value, self._shape)).value
-                else:
-                    value = operator.index(value)
-                    # self._raw[index] assigned by the following line
-                self._elems[index] = value
-
-        def __delitem__(self, index):
-            raise TypeError("Deleting elements from Memory.init is not allowed")
-
-        def insert(self, index, value):
-            """:meta private:"""
-            raise TypeError("Inserting elements into Memory.init is not allowed")
-
-        def __len__(self):
-            return self._depth
-
-        def __repr__(self):
-            return f"Memory.Init({self._elems!r}, shape={self._shape!r}, depth={self._depth})"
-
-
-    def __init__(self, *, shape, depth, init, attrs=None, src_loc_at=0):
-        # shape and depth validation is performed in Memory.Init()
-        self._shape = shape
-        self._depth = depth
-        self._init = Memory.Init(init, shape=shape, depth=depth)
+    Init = MemoryData.Init
+
+    def __init__(self, data=None, *, shape=None, depth=None, init=None, attrs=None, src_loc_at=0):
+        if data is None:
+            if shape is None:
+                raise ValueError("Either 'data' or 'shape' needs to be given")
+            if depth is None:
+                raise ValueError("Either 'data' or 'depth' needs to be given")
+            if init is None:
+                raise ValueError("Either 'data' or 'init' needs to be given")
+            data = MemoryData(shape=shape, depth=depth, init=init, src_loc_at=1 + src_loc_at)
+        else:
+            if not isinstance(data, MemoryData):
+                raise TypeError(f"'data' must be a MemoryData instance, not {data!r}")
+            if shape is not None:
+                raise ValueError("'data' and 'shape' cannot be given at the same time")
+            if depth is not None:
+                raise ValueError("'data' and 'depth' cannot be given at the same time")
+            if init is not None:
+                raise ValueError("'data' and 'init' cannot be given at the same time")
+        self._data = data
         self._attrs = {} if attrs is None else dict(attrs)
         self.src_loc = tracer.get_src_loc(src_loc_at=src_loc_at)
 
-        self._identity = MemoryIdentity()
         self._read_ports: "list[ReadPort]" = []
         self._write_ports: "list[WritePort]" = []
         self._frozen = False
 
         super().__init__(wiring.Signature({}))
 
+    @property
+    def data(self):
+        return self._data
+
     @property
     def shape(self):
-        return self._shape
+        return self._data.shape
 
     @property
     def depth(self):
-        return self._depth
+        return self._data.depth
 
     @property
     def init(self):
-        return self._init
+        return self._data.init
 
     @init.setter
     def init(self, init):
-        if self._frozen:
-            raise FrozenError("Cannot set 'init' on a memory that has already been elaborated")
-        self._init = Memory.Init(init, shape=self._shape, depth=self._depth)
+        self._data.init = init
 
     @property
     def attrs(self):
@@ -245,13 +177,12 @@ def write_ports(self):
 
     def elaborate(self, platform):
         self._frozen = True
-        self._init._frozen = True
+        self._data.freeze()
         if hasattr(platform, "get_memory"):
             return platform.get_memory(self)
 
         shape = Shape.cast(self.shape)
-        instance = MemoryInstance(identity=self._identity, width=shape.width, depth=self.depth,
-                                  init=self.init._raw, attrs=self.attrs, src_loc=self.src_loc)
+        instance = MemoryInstance(data=self._data, attrs=self.attrs, src_loc=self.src_loc)
         write_ports = {}
         for port in self._write_ports:
             write_ports[port] = instance.write_port(
@@ -265,7 +196,7 @@ def elaborate(self, platform):
 
     def __getitem__(self, index):
         """Simulation only."""
-        return MemorySimRead(self._identity, index)
+        return self._data[index]
 
 
 class ReadPort:
diff --git a/amaranth/sim/_base.py b/amaranth/sim/_base.py
index 1d76e1a05..9b8f2917e 100644
--- a/amaranth/sim/_base.py
+++ b/amaranth/sim/_base.py
@@ -46,6 +46,9 @@ def reset(self):
     def get_signal(self, signal):
         raise NotImplementedError # :nocov:
 
+    def get_memory(self, memory):
+        raise NotImplementedError # :nocov:
+
     slots = NotImplemented
 
     def add_trigger(self, process, signal, *, trigger=None):
@@ -54,10 +57,10 @@ def add_trigger(self, process, signal, *, trigger=None):
     def remove_trigger(self, process, signal):
         raise NotImplementedError # :nocov:
 
-    def add_memory_trigger(self, process, identity):
+    def add_memory_trigger(self, process, memory):
         raise NotImplementedError # :nocov:
 
-    def remove_memory_trigger(self, process, identity):
+    def remove_memory_trigger(self, process, memory):
         raise NotImplementedError # :nocov:
 
     def wait_interval(self, process, interval):
diff --git a/amaranth/sim/_pycoro.py b/amaranth/sim/_pycoro.py
index a48d5506e..75e9d1908 100644
--- a/amaranth/sim/_pycoro.py
+++ b/amaranth/sim/_pycoro.py
@@ -135,7 +135,7 @@ def run(self):
                     exec(_RHSValueCompiler.compile(self.state, command._addr, mode="curr"),
                         self.exec_locals)
                     addr = Const(self.exec_locals["result"], command._addr.shape()).value
-                    index = self.state.memories[command._identity]
+                    index = self.state.get_memory(command._memory)
                     state = self.state.slots[index]
                     assert isinstance(state, BaseMemoryState)
                     response = state.read(addr)
@@ -147,7 +147,7 @@ def run(self):
                     exec(_RHSValueCompiler.compile(self.state, command._data, mode="curr"),
                         self.exec_locals)
                     data = Const(self.exec_locals["result"], command._data.shape()).value
-                    index = self.state.memories[command._identity]
+                    index = self.state.get_memory(command._memory)
                     state = self.state.slots[index]
                     assert isinstance(state, BaseMemoryState)
                     state.write(addr, data)
diff --git a/amaranth/sim/_pyrtl.py b/amaranth/sim/_pyrtl.py
index 8edee139b..363cec604 100644
--- a/amaranth/sim/_pyrtl.py
+++ b/amaranth/sim/_pyrtl.py
@@ -481,7 +481,6 @@ def __call__(self, fragment):
         domains = set(fragment.statements)
 
         if isinstance(fragment, MemoryInstance):
-            self.state.add_memory(fragment)
             for port in fragment._read_ports:
                 domains.add(port._domain)
             for port in fragment._write_ports:
@@ -510,8 +509,8 @@ def __call__(self, fragment):
                 _StatementCompiler(self.state, emitter, inputs=inputs)(domain_stmts)
 
                 if isinstance(fragment, MemoryInstance):
-                    self.state.add_memory_trigger(domain_process, fragment._identity)
-                    memory_index = self.state.memories[fragment._identity]
+                    self.state.add_memory_trigger(domain_process, fragment._data)
+                    memory_index = self.state.get_memory(fragment._data)
                     rhs = _RHSValueCompiler(self.state, emitter, mode="curr", inputs=inputs)
                     lhs = _LHSValueCompiler(self.state, emitter, rhs=rhs)
 
@@ -554,7 +553,7 @@ def __call__(self, fragment):
                                 emitter.append(f"next_{signal_index} = {signal.init}")
 
                 if isinstance(fragment, MemoryInstance):
-                    memory_index = self.state.memories[fragment._identity]
+                    memory_index = self.state.get_memory(fragment._data)
                     rhs = _RHSValueCompiler(self.state, emitter, mode="curr")
                     lhs = _LHSValueCompiler(self.state, emitter, rhs=rhs)
 
diff --git a/amaranth/sim/pysim.py b/amaranth/sim/pysim.py
index d13eb8271..384c09d80 100644
--- a/amaranth/sim/pysim.py
+++ b/amaranth/sim/pysim.py
@@ -5,7 +5,7 @@
 
 from ..hdl import *
 from ..hdl._repr import *
-from ..hdl._mem import MemoryInstance, MemoryIdentity
+from ..hdl._mem import MemoryInstance
 from ..hdl._ast import SignalDict, Slice, Operator
 from ._base import *
 from ._pyrtl import _FragmentCompiler
@@ -75,7 +75,7 @@ def __init__(self, design, *, vcd_file, gtkw_file=None, traces=(), fs_per_delta=
                     signal_names[signal] = set()
                 signal_names[signal].add((*fragment_name, signal_name))
             if isinstance(fragment, MemoryInstance):
-                memories[fragment._identity] = (fragment, fragment_name)
+                memories[fragment._data] = fragment_name
 
         trace_names = SignalDict()
         assigned_names = set()
@@ -92,10 +92,16 @@ def __init__(self, design, *, vcd_file, gtkw_file=None, traces=(), fs_per_delta=
                         trace_names[trace_signal] = {("bench", name)}
                         assigned_names.add(name)
                     self.traces.append(trace_signal)
-            elif hasattr(trace, "_identity") and isinstance(trace._identity, MemoryIdentity):
-                if not trace._identity in memories:
-                    raise ValueError(f"{trace!r} is a memory not part of the elaborated design")
-                self.traces.append(trace._identity)
+            elif isinstance(trace, MemoryData):
+                if not trace in memories:
+                    if trace.name not in assigned_names:
+                        name = trace.name
+                    else:
+                        name = f"{trace.name}${len(assigned_names)}"
+                        assert name not in assigned_names
+                    memories[trace] = ("bench", name)
+                    assigned_names.add(name)
+                self.traces.append(trace)
             else:
                 raise TypeError(f"{trace!r} is not a traceable object")
 
@@ -146,19 +152,20 @@ def __init__(self, design, *, vcd_file, gtkw_file=None, traces=(), fs_per_delta=
 
                 self.vcd_signal_vars[signal].append((vcd_var, repr))
 
-        for memory, memory_name in memories.values():
-            self.vcd_memory_vars[memory._identity] = vcd_vars = []
-            self.gtkw_memory_names[memory._identity] = gtkw_names = []
-            if memory._width > 1:
-                suffix = f"[{memory._width - 1}:0]"
+        for memory, memory_name in memories.items():
+            self.vcd_memory_vars[memory] = vcd_vars = []
+            self.gtkw_memory_names[memory] = gtkw_names = []
+            width = Shape.cast(memory.shape).width
+            if width > 1:
+                suffix = f"[{width - 1}:0]"
             else:
                 suffix = ""
-            for idx, init in enumerate(memory._init):
+            for idx, init in enumerate(memory._init._raw):
                 field_name = "\\" + memory_name[-1] + f"[{idx}]"
                 var_scope = memory_name[:-1]
                 vcd_var = self.vcd_writer.register_var(
                     scope=var_scope, name=field_name,
-                    var_type="wire", size=memory._width, init=init,
+                    var_type="wire", size=width, init=init,
                 )
                 vcd_vars.append(vcd_var)
                 gtkw_field_name = field_name + suffix
@@ -194,7 +201,7 @@ def update_signal(self, timestamp, signal, value):
             self.vcd_writer.change(vcd_var, timestamp, var_value)
 
     def update_memory(self, timestamp, memory, addr, value):
-        vcd_var = self.vcd_memory_vars[memory._identity][addr]
+        vcd_var = self.vcd_memory_vars[memory][addr]
         self.vcd_writer.change(vcd_var, timestamp, value)
 
     def update_process(self, timestamp, process, command):
@@ -325,7 +332,7 @@ def __init__(self, memory, pending):
         self.reset()
 
     def reset(self):
-        self.data = list(self.memory._init)
+        self.data = list(self.memory._init._raw)
         self.write_queue = []
 
     def commit(self):
@@ -344,19 +351,19 @@ def commit(self):
         return awoken_any
 
     def read(self, addr):
-        if addr not in range(self.memory._depth):
+        if addr not in range(self.memory.depth):
             return 0
 
         return self.data[addr]
 
     def write(self, addr, value, mask=None):
-        if addr not in range(self.memory._depth):
+        if addr not in range(self.memory.depth):
             return
         if mask == 0:
             return
 
         if mask is None:
-            mask = (1 << self.memory._width) - 1
+            mask = (1 << Shape.cast(self.memory.shape).width) - 1
 
         self.write_queue.append((addr, value, mask))
         self.pending.add(self)
@@ -370,10 +377,6 @@ def __init__(self):
         self.slots     = []
         self.pending   = set()
 
-    def add_memory(self, fragment):
-        self.memories[fragment._identity] = len(self.slots)
-        self.slots.append(_PyMemoryState(fragment, self.pending))
-
     def reset(self):
         self.timeline.reset()
         for signal, index in self.signals.items():
@@ -395,6 +398,15 @@ def get_signal(self, signal):
             self.signals[signal] = index
             return index
 
+    def get_memory(self, memory):
+        try:
+            return self.memories[memory]
+        except KeyError:
+            index = len(self.slots)
+            self.slots.append(_PyMemoryState(memory, self.pending))
+            self.memories[memory] = index
+            return index
+
     def add_trigger(self, process, signal, *, trigger=None):
         index = self.get_signal(signal)
         assert (process not in self.slots[index].waiters or
@@ -406,12 +418,12 @@ def remove_trigger(self, process, signal):
         assert process in self.slots[index].waiters
         del self.slots[index].waiters[process]
 
-    def add_memory_trigger(self, process, identity):
-        index = self.memories[identity]
+    def add_memory_trigger(self, process, memory):
+        index = self.get_memory(memory)
         self.slots[index].waiters[process] = None
 
-    def remove_memory_trigger(self, process, identity):
-        index = self.memories[identity]
+    def remove_memory_trigger(self, process, memory):
+        index = self.get_memory(memory)
         assert process in self.slots[index].waiters
         del self.slots[index].waiters[process]
 
diff --git a/docs/changes.rst b/docs/changes.rst
index 55c6ca80c..2675c3885 100644
--- a/docs/changes.rst
+++ b/docs/changes.rst
@@ -53,6 +53,7 @@ Implemented RFCs
 .. _RFC 51: https://amaranth-lang.org/rfcs/0051-const-from-bits.html
 .. _RFC 53: https://amaranth-lang.org/rfcs/0053-ioport.html
 .. _RFC 55: https://amaranth-lang.org/rfcs/0055-lib-io.html
+.. _RFC 62: https://amaranth-lang.org/rfcs/0062-memory-data.html
 
 * `RFC 17`_: Remove ``log2_int``
 * `RFC 27`_: Testbench processes for the simulator
@@ -75,6 +76,7 @@ Language changes
 * Added: :class:`Format` objects, :class:`Print` statements, messages in :class:`Assert`, :class:`Assume` and :class:`Cover`. (`RFC 50`_)
 * Added: :meth:`ShapeCastable.from_bits` method. (`RFC 51`_)
 * Added: IO values, :class:`IOPort` objects, :class:`IOBufferInstance` objects. (`RFC 53`_)
+* Added: :class:`MemoryData` objects. (`RFC 62`_)
 * Changed: ``m.Case()`` with no patterns is never active instead of always active. (`RFC 39`_)
 * Changed: ``Value.matches()`` with no patterns is ``Const(0)`` instead of ``Const(1)``. (`RFC 39`_)
 * Changed: ``Signal(range(stop), init=stop)`` warning has been changed into a hard error and made to trigger on any out-of range value.
diff --git a/tests/test_hdl_mem.py b/tests/test_hdl_mem.py
index e4f0f3382..716cb9d23 100644
--- a/tests/test_hdl_mem.py
+++ b/tests/test_hdl_mem.py
@@ -35,12 +35,12 @@ def test_geometry_wrong(self):
     def test_init(self):
         with _ignore_deprecated():
             m = Memory(width=8, depth=4, init=range(4))
-            self.assertEqual(m.init, [0, 1, 2, 3])
+            self.assertEqual(list(m.init), [0, 1, 2, 3])
 
     def test_init_wrong_count(self):
         with _ignore_deprecated():
             with self.assertRaisesRegex(ValueError,
-                    r"^Memory initialization value count exceed memory depth \(8 > 4\)$"):
+                    r"^Memory initialization value count exceeds memory depth \(8 > 4\)$"):
                 m = Memory(width=8, depth=4, init=range(8))
 
     def test_init_wrong_type(self):
diff --git a/tests/test_lib_memory.py b/tests/test_lib_memory.py
index adae6db30..69946c9cf 100644
--- a/tests/test_lib_memory.py
+++ b/tests/test_lib_memory.py
@@ -287,13 +287,23 @@ def test_constructor(self):
         self.assertEqual(m.init.shape, 8)
         self.assertEqual(len(m.init), 4)
         self.assertEqual(m.attrs, {})
-        self.assertIsInstance(m.init, memory.Memory.Init)
+        self.assertIsInstance(m.init, MemoryData.Init)
         self.assertEqual(list(m.init), [1, 2, 3, 0])
         self.assertEqual(m.init._raw, [1, 2, 3, 0])
-        self.assertRepr(m.init, "Memory.Init([1, 2, 3, 0], shape=8, depth=4)")
+        self.assertRepr(m.init, "MemoryData.Init([1, 2, 3, 0], shape=8, depth=4)")
         self.assertEqual(m.read_ports, ())
         self.assertEqual(m.write_ports, ())
 
+        data = MemoryData(shape=8, depth=4, init=[1, 2, 3])
+        m = memory.Memory(data)
+        self.assertIs(m.data, data)
+        self.assertEqual(m.shape, 8)
+        self.assertEqual(m.depth, 4)
+        self.assertEqual(m.init.shape, 8)
+        self.assertEqual(len(m.init), 4)
+        self.assertEqual(m.attrs, {})
+        self.assertEqual(list(m.init), [1, 2, 3, 0])
+
     def test_constructor_shapecastable(self):
         init = [
             {"a": 0, "b": 1},
@@ -303,7 +313,7 @@ def test_constructor_shapecastable(self):
         self.assertEqual(m.shape, MyStruct)
         self.assertEqual(m.depth, 4)
         self.assertEqual(m.attrs, {"ram_style": "block"})
-        self.assertIsInstance(m.init, memory.Memory.Init)
+        self.assertIsInstance(m.init, MemoryData.Init)
         self.assertEqual(list(m.init), [{"a": 0, "b": 1}, {"a": 2, "b": 3}, None, None])
         self.assertEqual(m.init._raw, [8, 0x1a, 0, 0])
 
@@ -321,6 +331,28 @@ def test_constructor_wrong(self):
                 (r"^Memory initialization value at address 1: "
                     r"'str' object cannot be interpreted as an integer$")):
             memory.Memory(shape=8, depth=4, init=[1, "0"])
+        with self.assertRaisesRegex(ValueError,
+                r"^Either 'data' or 'shape' needs to be given$"):
+            memory.Memory(depth=4, init=[])
+        with self.assertRaisesRegex(ValueError,
+                r"^Either 'data' or 'depth' needs to be given$"):
+            memory.Memory(shape=8, init=[])
+        with self.assertRaisesRegex(ValueError,
+                r"^Either 'data' or 'init' needs to be given$"):
+            memory.Memory(shape=8, depth=4)
+        data = MemoryData(shape=8, depth=4, init=[])
+        with self.assertRaisesRegex(ValueError,
+                r"^'data' and 'shape' cannot be given at the same time$"):
+            memory.Memory(data, shape=8)
+        with self.assertRaisesRegex(ValueError,
+                r"^'data' and 'depth' cannot be given at the same time$"):
+            memory.Memory(data, depth=4)
+        with self.assertRaisesRegex(ValueError,
+                r"^'data' and 'init' cannot be given at the same time$"):
+            memory.Memory(data, init=[])
+        with self.assertRaisesRegex(TypeError,
+                r"^'data' must be a MemoryData instance, not 'abc'$"):
+            memory.Memory("abc")
 
     def test_init_set(self):
         m = memory.Memory(shape=8, depth=4, init=[])
@@ -385,10 +417,8 @@ def test_elaborate(self):
         rp1 = m.read_port(domain="comb")
         f = m.elaborate(None)
         self.assertIsInstance(f, MemoryInstance)
-        self.assertIs(f._identity, m._identity)
-        self.assertEqual(f._depth, 4)
-        self.assertEqual(f._width, 5)
-        self.assertEqual(f._init, (0x11, 0, 0, 0))
+        self.assertIs(f._data, m.data)
+        self.assertEqual(f._data._init._raw, [0x11, 0, 0, 0])
         self.assertEqual(f._write_ports[0]._domain, "sync")
         self.assertEqual(f._write_ports[0]._granularity, 5)
         self.assertIs(f._write_ports[0]._addr, wp.addr)