diff --git a/SUBMODULE_VERSIONS b/SUBMODULE_VERSIONS
index c8b0e73..c30d5f6 100644
--- a/SUBMODULE_VERSIONS
+++ b/SUBMODULE_VERSIONS
@@ -15,6 +15,6 @@
 f8bf11a0253a32375c32cad92c841237b96696c0 third_party/spirv_headers
 57eb48aed36160c4876bc8310d9ca84d42ee9e2a third_party/swiftshader
 7ea86e9de8a5b6426e7291e0e5477ddaee83ba88 third_party/tensorflow
-864d86e8b6d21449474db5e9313dbff90aa9c24f third_party/tracy
+a9a09ab0940408898fccfdcfe2bb8dc19b50f13c third_party/tracy
 9bd3f561bcee3f01d22912de10bb07ce4e23d378 third_party/vulkan_headers
 909f36b714c9239ee0b112a321220213a474ba53 third_party/vulkan_memory_allocator
diff --git a/iree/base/tracing.cc b/iree/base/tracing.cc
index 7049d39..15301ad 100644
--- a/iree/base/tracing.cc
+++ b/iree/base/tracing.cc
@@ -68,12 +68,13 @@
       TracyLfqCommitC;
     }
 #endif  // TRACY_NO_VERIFY
-    auto name_ptr =
-        reinterpret_cast<char*>(tracy::tracy_malloc(name_length + 1));
+    auto name_ptr = reinterpret_cast<char*>(tracy::tracy_malloc(name_length));
     memcpy(name_ptr, name, name_length);
-    name_ptr[name_length] = '\0';
     TracyLfqPrepareC(tracy::QueueType::ZoneName);
-    tracy::MemWrite(&item->zoneText.text, reinterpret_cast<uint64_t>(name_ptr));
+    tracy::MemWrite(&item->zoneTextFat.text,
+                    reinterpret_cast<uint64_t>(name_ptr));
+    tracy::MemWrite(&item->zoneTextFat.size,
+                    static_cast<uint64_t>(name_length));
     TracyLfqCommitC;
   }
 
@@ -84,22 +85,9 @@
     const char* file_name, size_t file_name_length, uint32_t line,
     const char* function_name, size_t function_name_length, const char* name,
     size_t name_length) {
-  // NOTE: cloned from tracy::Profiler::AllocSourceLocation so that we can use
-  // the string lengths we already have.
-  const uint32_t src_loc_length =
-      static_cast<uint32_t>(4 + 4 + 4 + function_name_length + 1 +
-                            file_name_length + 1 + name_length);
-  auto ptr = reinterpret_cast<char*>(tracy::tracy_malloc(src_loc_length));
-  memcpy(ptr, &src_loc_length, 4);
-  memset(ptr + 4, 0, 4);
-  memcpy(ptr + 8, &line, 4);
-  memcpy(ptr + 12, function_name, function_name_length + 1);
-  memcpy(ptr + 12 + function_name_length + 1, file_name, file_name_length + 1);
-  if (name_length) {
-    memcpy(ptr + 12 + function_name_length + 1 + file_name_length + 1, name,
-           name_length);
-  }
-  uint64_t src_loc = reinterpret_cast<uint64_t>(ptr);
+  uint64_t src_loc = tracy::Profiler::AllocSourceLocation(
+      line, file_name, file_name_length, function_name, function_name_length,
+      name, name_length);
 
   const iree_zone_id_t zone_id = tracy::GetProfiler().GetNextZoneId();
 
@@ -152,3 +140,19 @@
 #ifdef __cplusplus
 }  // extern "C"
 #endif  // __cplusplus
+
+#if defined(__cplusplus) && \
+    (IREE_TRACING_FEATURES & IREE_TRACING_FEATURE_ALLOCATION_TRACKING)
+
+void* operator new(size_t count) noexcept {
+  auto ptr = malloc(count);
+  IREE_TRACE_ALLOC(ptr, count);
+  return ptr;
+}
+
+void operator delete(void* ptr) noexcept {
+  IREE_TRACE_FREE(ptr);
+  free(ptr);
+}
+
+#endif  // __cplusplus && IREE_TRACING_FEATURE_ALLOCATION_TRACKING
diff --git a/iree/base/tracing.h b/iree/base/tracing.h
index 03de9b6..d8026a9 100644
--- a/iree/base/tracing.h
+++ b/iree/base/tracing.h
@@ -355,14 +355,14 @@
 
 #define IREE_TRACE_ALLOC(ptr, size)               \
   ___tracy_emit_memory_alloc_callstack(ptr, size, \
-                                       IREE_TRACING_MAX_CALLSTACK_DEPTH)
+                                       IREE_TRACING_MAX_CALLSTACK_DEPTH, 0)
 #define IREE_TRACE_FREE(ptr) \
-  ___tracy_emit_memory_free_callstack(ptr, IREE_TRACING_MAX_CALLSTACK_DEPTH)
+  ___tracy_emit_memory_free_callstack(ptr, IREE_TRACING_MAX_CALLSTACK_DEPTH, 0)
 
 #else
 
-#define IREE_TRACE_ALLOC(ptr, size) ___tracy_emit_memory_alloc(ptr, size)
-#define IREE_TRACE_FREE(ptr) ___tracy_emit_memory_free(ptr)
+#define IREE_TRACE_ALLOC(ptr, size) ___tracy_emit_memory_alloc(ptr, size, 0)
+#define IREE_TRACE_FREE(ptr) ___tracy_emit_memory_free(ptr, 0)
 
 #endif  // IREE_TRACING_FEATURE_ALLOCATION_CALLSTACKS
 
@@ -371,24 +371,11 @@
 #define IREE_TRACE_FREE(ptr)
 #endif  // IREE_TRACING_FEATURE_ALLOCATION_TRACKING
 
-#ifdef __cplusplus
-
-#if IREE_TRACING_FEATURES & IREE_TRACING_FEATURE_ALLOCATION_TRACKING
-
-inline void* operator new(size_t count) {
-  auto ptr = malloc(count);
-  IREE_TRACE_ALLOC(ptr, count);
-  return ptr;
-}
-
-inline void operator delete(void* ptr) noexcept {
-  IREE_TRACE_FREE(ptr);
-  free(ptr);
-}
-
-#endif  // IREE_TRACING_FEATURE_ALLOCATION_TRACKING
-
-#endif  // __cplusplus
+#if defined(__cplusplus) && \
+    (IREE_TRACING_FEATURES & IREE_TRACING_FEATURE_ALLOCATION_TRACKING)
+void* operator new(size_t count) noexcept;
+void operator delete(void* ptr) noexcept;
+#endif  // __cplusplus && IREE_TRACING_FEATURE_ALLOCATION_TRACKING
 
 //===----------------------------------------------------------------------===//
 // Instrumentation C++ RAII types, wrappers, and macros
diff --git a/third_party/tracy b/third_party/tracy
index 864d86e..a9a09ab 160000
--- a/third_party/tracy
+++ b/third_party/tracy
@@ -1 +1 @@
-Subproject commit 864d86e8b6d21449474db5e9313dbff90aa9c24f
+Subproject commit a9a09ab0940408898fccfdcfe2bb8dc19b50f13c