diff --git a/docs/release-notes/.VisualStudio/18.vNext.md b/docs/release-notes/.VisualStudio/18.vNext.md
index cffa42edc9c..f23a2a2ce9c 100644
--- a/docs/release-notes/.VisualStudio/18.vNext.md
+++ b/docs/release-notes/.VisualStudio/18.vNext.md
@@ -5,6 +5,7 @@
 
 ### Fixed
 
+* Improve Find All References performance by throttling parallel typechecks. ([PR #20128](https://github.com/dotnet/fsharp/pull/20128))
 * Fixed Rename incorrectly renaming `get` and `set` keywords for properties with explicit accessors. ([Issue #18270](https://github.com/dotnet/fsharp/issues/18270), [PR #19252](https://github.com/dotnet/fsharp/pull/19252))
 * Fixed Find All References crash when F# project contains non-F# files like `.cshtml`. ([Issue #16394](https://github.com/dotnet/fsharp/issues/16394), [PR #19252](https://github.com/dotnet/fsharp/pull/19252))
 * Find All References for external DLL symbols now only searches projects that reference the specific assembly. ([Issue #10227](https://github.com/dotnet/fsharp/issues/10227), [PR #19252](https://github.com/dotnet/fsharp/pull/19252))
diff --git a/vsintegration/src/FSharp.Editor/Common/CancellableTasks.fs b/vsintegration/src/FSharp.Editor/Common/CancellableTasks.fs
index 5056ddee461..7520395a084 100644
--- a/vsintegration/src/FSharp.Editor/Common/CancellableTasks.fs
+++ b/vsintegration/src/FSharp.Editor/Common/CancellableTasks.fs
@@ -1098,6 +1098,38 @@ module CancellableTasks =
                 return! Task.WhenAll (tasks)
             }
 
+        /// Runs the given tasks concurrently, but caps concurrent work to maxDegreeOfParallelism.
+        let inline whenAllThrottled maxDegreeOfParallelism (tasks: CancellableTask<'a> seq) =
+            cancellableTask {
+                let! ct = getCancellationToken ()
+                let semaphore = new SemaphoreSlim(maxDegreeOfParallelism: int)
+
+                let started =
+                    [|
+                        for task in tasks do
+                            backgroundTask {
+                                do! semaphore.WaitAsync(ct)
+
+                                try
+                                    return! start ct task
+                                finally
+                                    semaphore.Release() |> ignore
+                            }
+                    |]
+
+                let allTask = Task.WhenAll started
+
+                allTask.ContinueWith(
+                    (fun (_: Task<'a[]>) -> semaphore.Dispose()),
+                    CancellationToken.None,
+                    TaskContinuationOptions.ExecuteSynchronously,
+                    TaskScheduler.Default
+                )
+                |> ignore
+
+                return! allTask
+            }
+
         let inline whenAllTasks (tasks: CancellableTask seq) =
             cancellableTask {
                 let! ct = getCancellationToken ()
diff --git a/vsintegration/src/FSharp.Editor/LanguageService/WorkspaceExtensions.fs b/vsintegration/src/FSharp.Editor/LanguageService/WorkspaceExtensions.fs
index ef0929a1211..2406f3a6e32 100644
--- a/vsintegration/src/FSharp.Editor/LanguageService/WorkspaceExtensions.fs
+++ b/vsintegration/src/FSharp.Editor/LanguageService/WorkspaceExtensions.fs
@@ -1,4 +1,4 @@
-[<AutoOpen>]
+[<AutoOpen>]
 module internal Microsoft.VisualStudio.FSharp.Editor.WorkspaceExtensions
 
 open System
@@ -703,7 +703,8 @@ type Project with
                     documents
                     |> Seq.map (fun doc ->
                         doc.FindFSharpReferencesAsync(symbol, projectSnapshot, (fun range -> onFound doc range), userOpName))
-                    |> CancellableTask.whenAll
+                    // Throttle to avoid launching a typecheck per document in the project all at once.
+                    |> CancellableTask.whenAllThrottled (max 1 Environment.ProcessorCount)
             else
                 for doc in documents do
                     do! doc.FindFSharpReferencesAsync(symbol, projectSnapshot, (onFound doc), userOpName)