diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 3734181b..b637db6f 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "7.6.2"
+  ".": "7.6.3"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index b24f819c..4910123d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Changelog
 
+## [7.6.3](https://github.com/npm/node-semver/compare/v7.6.2...v7.6.3) (2024-07-16)
+
+### Bug Fixes
+
+* [`73a3d79`](https://github.com/npm/node-semver/commit/73a3d79c4ec32d5dd62c9d5f64e5af7fbdad9ec0) [#726](https://github.com/npm/node-semver/pull/726) optimize Range parsing and formatting (#726) (@jviide)
+
+### Documentation
+
+* [`2975ece`](https://github.com/npm/node-semver/commit/2975ece120e17660c9f1ef517de45c09ff821064) [#719](https://github.com/npm/node-semver/pull/719) fix extra backtick typo (#719) (@stdavis)
+
 ## [7.6.2](https://github.com/npm/node-semver/compare/v7.6.1...v7.6.2) (2024-05-09)
 
 ### Bug Fixes
diff --git a/README.md b/README.md
index 673e9c35..ede7b7d0 100644
--- a/README.md
+++ b/README.md
@@ -459,7 +459,7 @@ strings that they parse.
   in descending order when passed to `Array.sort()`.
 * `compareBuild(v1, v2)`: The same as `compare` but considers `build` when two versions
   are equal.  Sorts in ascending order if passed to `Array.sort()`.
-* `compareLoose(v1, v2)`: Short for ``compare(v1, v2, { loose: true })`.
+* `compareLoose(v1, v2)`: Short for `compare(v1, v2, { loose: true })`.
 * `diff(v1, v2)`: Returns the difference between two versions by the release type
   (`major`, `premajor`, `minor`, `preminor`, `patch`, `prepatch`, or `prerelease`),
   or null if the versions are the same.
diff --git a/classes/range.js b/classes/range.js
index 117b45a2..ceee2314 100644
--- a/classes/range.js
+++ b/classes/range.js
@@ -1,3 +1,5 @@
+const SPACE_CHARACTERS = /\s+/g
+
 // hoisted class for cyclic dependency
 class Range {
   constructor (range, options) {
@@ -18,7 +20,7 @@ class Range {
       // just put it in the set and return
       this.raw = range.value
       this.set = [[range]]
-      this.format()
+      this.formatted = undefined
       return this
     }
 
@@ -29,10 +31,7 @@ class Range {
     // First reduce all whitespace as much as possible so we do not have to rely
     // on potentially slow regexes like \s*. This is then stored and used for
     // future error messages as well.
-    this.raw = range
-      .trim()
-      .split(/\s+/)
-      .join(' ')
+    this.raw = range.trim().replace(SPACE_CHARACTERS, ' ')
 
     // First, split on ||
     this.set = this.raw
@@ -66,14 +65,29 @@ class Range {
       }
     }
 
-    this.format()
+    this.formatted = undefined
+  }
+
+  get range () {
+    if (this.formatted === undefined) {
+      this.formatted = ''
+      for (let i = 0; i < this.set.length; i++) {
+        if (i > 0) {
+          this.formatted += '||'
+        }
+        const comps = this.set[i]
+        for (let k = 0; k < comps.length; k++) {
+          if (k > 0) {
+            this.formatted += ' '
+          }
+          this.formatted += comps[k].toString().trim()
+        }
+      }
+    }
+    return this.formatted
   }
 
   format () {
-    this.range = this.set
-      .map((comps) => comps.join(' ').trim())
-      .join('||')
-      .trim()
     return this.range
   }
 
diff --git a/package.json b/package.json
index cb8def45..663d3701 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "semver",
-  "version": "7.6.2",
+  "version": "7.6.3",
   "description": "The semantic version parser used by npm.",
   "main": "index.js",
   "scripts": {
diff --git a/test/classes/range.js b/test/classes/range.js
index 9547e23a..c1e6eb1b 100644
--- a/test/classes/range.js
+++ b/test/classes/range.js
@@ -82,6 +82,15 @@ test('tostrings', (t) => {
   t.end()
 })
 
+test('formatted value is calculated lazily and cached', (t) => {
+  const r = new Range('>= v1.2.3')
+  t.equal(r.formatted, undefined)
+  t.equal(r.format(), '>=1.2.3')
+  t.equal(r.formatted, '>=1.2.3')
+  t.equal(r.format(), '>=1.2.3')
+  t.end()
+})
+
 test('ranges intersect', (t) => {
   rangeIntersection.forEach(([r0, r1, expect]) => {
     t.test(`${r0} <~> ${r1}`, t => {