diff --git a/docs/changelog.md b/docs/changelog.md
index f3335f1e..c635e3a3 100644
--- a/docs/changelog.md
+++ b/docs/changelog.md
@@ -16,6 +16,8 @@ See the [Contributing Guide](contributing.md) for details.
 
 ### Fixed
 
+* Fix code spans after a run of backticks with no closing run of the same length
+  in `BacktickInlineProcessor`, and no longer rescan the text for each such run.
 * Fix quadratic-time parsing of many consecutive reference definitions, and of
   many consecutive footnote definitions in the `footnotes` extension.
 * Support automatic links with URL schemes other than HTTP and FTP, such as
diff --git a/markdown/inlinepatterns.py b/markdown/inlinepatterns.py
index 6f42bbf0..13a345aa 100644
--- a/markdown/inlinepatterns.py
+++ b/markdown/inlinepatterns.py
@@ -412,6 +412,11 @@ def __init__(self, pattern: str):
         self.ESCAPED_BSLASH = '{}{}{}'.format(util.STX, ord('\\'), util.ETX)
         self.tag = 'code'
         """ The tag of the rendered element. """
+        self.runs: dict[int, list[int]] = {}
+        """
+        The runs of backticks in the current text by length, last run first. Each is held as the distance from
+        its end to the end of the text, which does not change as earlier spans are replaced with placeholders.
+        """
 
     def find_code_spans(self, start: int, text: str) -> tuple[int, int | None]:
         """Find code spans."""
@@ -424,36 +429,17 @@ def find_code_spans(self, start: int, text: str) -> tuple[int, int | None]:
             max_ticks += 1
             start += 1
 
-        longest_span = 0
-        end = 0
-
-        # Find an ending span of backticks that matches our opening
-        i = start
-        while i < last:
-            span_length = 0
-            while i < last and text[i] == '`':
-                span_length += 1
-                i += 1
-            if not span_length:
-                i += 1
-                continue
-
-            # Did we find the end?
-            if max_ticks == span_length:
-                return start, i - span_length
-
-            # Track the longest span of backticks we find as a fallback.
-            if span_length > longest_span:
-                longest_span = span_length
-                end = i
-
-        # Since we didn't find an exact matching start and end,
-        # adjust start to match the largest end we could calculate.
-        if 0 < longest_span < max_ticks:
-            return start - (max_ticks - longest_span), end - longest_span
+        # Use as many of the starting ticks as a later run of the same length can close. A run
+        # behind this point can't close a later span either, so it is dropped once passed.
+        for ticks in range(max_ticks, 0, -1):
+            runs = self.runs.get(ticks, [])
+            while runs and runs[-1] >= last - start:
+                runs.pop()
+            if runs:
+                return start - (max_ticks - ticks), last - runs[-1] - ticks
 
         # We could not find a suitable pairing
-        return start + max_ticks, None
+        return start, None
 
     def handleMatch(self, m: re.Match[str], data: str) -> tuple[etree.Element | str | None, int | None, int | None]:
         """
@@ -464,6 +450,12 @@ def handleMatch(self, m: re.Match[str], data: str) -> tuple[etree.Element | str
         If the match contains `group(1)` then return the text of `group(1)` as backslash escaped.
 
         """
+        if not m.pos:
+            # The search of a new text always starts at the beginning. Find its runs once.
+            self.runs = {}
+            for run in reversed(list(re.finditer('`+', data))):
+                self.runs.setdefault(run.end() - run.start(), []).append(len(data) - run.end())
+
         if m.group(1):
             return m.group(1).replace('\\\\', self.ESCAPED_BSLASH), m.start(0), m.end(0)
 
diff --git a/tests/test_syntax/inline/test_code.py b/tests/test_syntax/inline/test_code.py
index cf54de72..0106cf95 100644
--- a/tests/test_syntax/inline/test_code.py
+++ b/tests/test_syntax/inline/test_code.py
@@ -94,3 +94,36 @@ def test_smaller_end(self):
             'a ``` b `` c',
             '<p>a <code>` b</code> c</p>'
         )
+
+    def test_unmatched_opening_before_span(self):
+
+        self.assertMarkdownRenders(
+            '``a```b```c',
+            '<p>``a<code>b</code>c</p>'
+        )
+
+    def test_smaller_end_before_and_after_bigger_end(self):
+
+        self.assertMarkdownRenders(
+            '``a```b`',
+            '<p><code>`a```b</code></p>'
+        )
+
+        self.assertMarkdownRenders(
+            '``a`b```',
+            '<p><code>`a</code>b```</p>'
+        )
+
+    def test_end_in_earlier_text_is_ignored(self):
+
+        self.assertMarkdownRenders(
+            '`a`\n\n`bcd',
+            '<p><code>a</code></p>\n<p>`bcd</p>'
+        )
+
+    def test_many_unmatched_openings(self):
+        """Test that each unmatched opening does not rescan the rest of the text."""
+        self.assertMarkdownRenders(
+            '\\``' * 20000,
+            '<p>' + '``' * 20000 + '</p>'
+        )