diff --git a/csrc/ops.h b/csrc/ops.h
index f737f50c2ec96..c50eb39a3dacc 100644
--- a/csrc/ops.h
+++ b/csrc/ops.h
@@ -5,6 +5,30 @@
 
 #include "core/scalar_type.hpp"
 
+#include <vector>
+
+torch::Tensor weak_ref_tensor(torch::Tensor& tensor) {
+  // Ensure tensor is on CUDA
+  if (!tensor.is_cuda()) {
+    throw std::runtime_error("Tensor must be on CUDA device");
+  }
+
+  // Get the raw data pointer
+  void* data_ptr = tensor.data_ptr();
+
+  // Get tensor sizes and strides
+  std::vector<int64_t> sizes = tensor.sizes().vec();
+  std::vector<int64_t> strides = tensor.strides().vec();
+
+  // Get tensor options (dtype, device)
+  auto options = tensor.options();
+
+  // Create a new tensor from the raw data pointer
+  auto new_tensor = torch::from_blob(data_ptr, sizes, strides, options);
+
+  return new_tensor;
+}
+
 void paged_attention_v1(
     torch::Tensor& out, torch::Tensor& query, torch::Tensor& key_cache,
     torch::Tensor& value_cache, int64_t num_kv_heads, double scale,
diff --git a/csrc/torch_bindings.cpp b/csrc/torch_bindings.cpp
index e704ff629fd6e..b8185c24d5628 100644
--- a/csrc/torch_bindings.cpp
+++ b/csrc/torch_bindings.cpp
@@ -18,6 +18,9 @@
 TORCH_LIBRARY_EXPAND(TORCH_EXTENSION_NAME, ops) {
   // vLLM custom ops
 
+  ops.def("weak_ref_tensor(Tensor input) -> Tensor");
+  ops.impl("weak_ref_tensor", torch::kCUDA, &weak_ref_tensor);
+
   // Attention ops
   // Compute the attention between an input query and the cached
   // keys/values using PagedAttention.
diff --git a/vllm/utils.py b/vllm/utils.py
index fba9804289b94..1f75de89d0cc2 100644
--- a/vllm/utils.py
+++ b/vllm/utils.py
@@ -1479,3 +1479,12 @@ def __iter__(self):
 
     def __len__(self):
         return len(self._factory)
+
+
+def weak_ref_tensor(tensor: torch.Tensor) -> torch.Tensor:
+    """
+    Create a weak reference to a tensor.
+    The new tensor will share the same data as the original tensor,
+    but will not keep the original tensor alive.
+    """
+    return torch.ops._C.weak_ref_tensor(tensor)
diff --git a/vllm/worker/model_runner.py b/vllm/worker/model_runner.py
index 8b74f06e77be0..4a287e3741d0f 100644
--- a/vllm/worker/model_runner.py
+++ b/vllm/worker/model_runner.py
@@ -50,7 +50,7 @@
 from vllm.transformers_utils.config import uses_mrope
 from vllm.utils import (DeviceMemoryProfiler, PyObjectCache, async_tensor_h2d,
                         flatten_2d_lists, is_hip, is_pin_memory_available,
-                        supports_dynamo)
+                        supports_dynamo, weak_ref_tensor)
 from vllm.worker.model_runner_base import (
     ModelRunnerBase, ModelRunnerInputBase, ModelRunnerInputBuilderBase,
     _add_attn_metadata_broadcastable_dict,
@@ -1426,12 +1426,6 @@ def capture_model(self, kv_caches: List[List[torch.Tensor]]) -> None:
                 dtype=self.model_config.dtype,
                 device=self.device)
 
-        # Prepare buffer for outputs. These will be reused for all batch sizes.
-        # It will be filled after the first graph capture.
-        hidden_or_intermediate_states: List[Optional[torch.Tensor]] = [
-            None
-        ] * self.parallel_config.pipeline_parallel_size
-
         graph_batch_size = self.max_batchsize_to_capture
         batch_size_capture_list = [
             bs for bs in _BATCH_SIZES_TO_CAPTURE if bs <= graph_batch_size
@@ -1474,12 +1468,6 @@ def capture_model(self, kv_caches: List[List[torch.Tensor]]) -> None:
                         input_tokens[:batch_size],
                         "positions":
                         input_positions[..., :batch_size],
-                        "hidden_or_intermediate_states":
-                        hidden_or_intermediate_states[
-                            virtual_engine]  # type: ignore
-                        [:batch_size]
-                        if hidden_or_intermediate_states[virtual_engine]
-                        is not None else None,
                         "intermediate_inputs":
                         intermediate_inputs[:batch_size]
                         if intermediate_inputs is not None else None,
@@ -1762,15 +1750,13 @@ def capture(
         self,
         input_ids: torch.Tensor,
         positions: torch.Tensor,
-        hidden_or_intermediate_states: Optional[Union[IntermediateTensors,
-                                                      torch.Tensor]],
         intermediate_inputs: Optional[IntermediateTensors],
         kv_caches: List[torch.Tensor],
         attn_metadata: AttentionMetadata,
         memory_pool: Optional[Tuple[int, int]],
         stream: torch.cuda.Stream,
         **kwargs,
-    ) -> Union[torch.Tensor, IntermediateTensors]:
+    ):
         assert self._graph is None
         # Run the model a few times without capturing the graph.
         # This is to make sure that the captured graph does not include the
@@ -1799,20 +1785,21 @@ def capture(
                 intermediate_tensors=intermediate_inputs,
                 **kwargs,
             )
-            if hidden_or_intermediate_states is not None:
-                if get_pp_group().is_last_rank:
-                    hidden_or_intermediate_states.copy_(
-                        output_hidden_or_intermediate_states)
-                else:
-                    for key in hidden_or_intermediate_states.tensors:
-                        hidden_or_intermediate_states[key].copy_(
-                            output_hidden_or_intermediate_states[key])
-            else:
-                hidden_or_intermediate_states = (
+
+            if isinstance(output_hidden_or_intermediate_states, torch.Tensor):
+                hidden_or_intermediate_states = weak_ref_tensor(
                     output_hidden_or_intermediate_states)
+            elif isinstance(output_hidden_or_intermediate_states,
+                            IntermediateTensors):
+                hidden_or_intermediate_states = IntermediateTensors(
+                    tensors={
+                        key: weak_ref_tensor(value)
+                        for key, value in
+                        output_hidden_or_intermediate_states.tensors.items()
+                    })
 
             del output_hidden_or_intermediate_states
-            # make sure `output_hidden_states` is deleted
+            # make sure `output_hidden_or_intermediate_states` is deleted
             # in the graph's memory pool
             gc.collect()
         torch.cuda.synchronize()
@@ -1837,7 +1824,6 @@ def capture(
             }
         else:
             self.output_buffers = hidden_or_intermediate_states
-        return hidden_or_intermediate_states
 
     def forward(
         self,