diff --git a/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixCache.scala b/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixCache.scala
new file mode 100644
index 0000000..58aeebc
--- /dev/null
+++ b/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixCache.scala
@@ -0,0 +1,47 @@
+package com.goyeau.mill.scalafix
+
+import com.goyeau.mill.scalafix.CoursierUtils
+import coursier.core.Repository
+import mill.Agg
+import mill.scalalib.Dep
+import scalafix.interfaces.Scalafix
+import scalafix.interfaces.ScalafixArguments
+
+import java.util.concurrent.ConcurrentHashMap
+import scala.jdk.CollectionConverters._
+import scala.ref.SoftReference
+
+private[scalafix] object ScalafixCache {
+
+  private val scalafixCache = new Cache[(String, java.util.List[coursierapi.Repository]), Scalafix](createFunction = {
+    case (scalaVersion, repositories) =>
+      Scalafix.fetchAndClassloadInstance(scalaVersion, repositories)
+  })
+
+  private val scalafixArgumentsCache =
+    new Cache[(String, Seq[Repository], Agg[Dep]), ScalafixArguments](createFunction = {
+      case (scalaVersion, repositories, scalafixIvyDeps) =>
+        val repos = repositories.map(CoursierUtils.toApiRepository).asJava
+        val deps  = scalafixIvyDeps.map(CoursierUtils.toCoordinates).iterator.toSeq.asJava
+        scalafixCache
+          .getOrElseCreate((scalaVersion, repos))
+          .newArguments()
+          .withToolClasspath(Seq.empty.asJava, deps, repos)
+    })
+
+  def getOrElseCreate(scalaVersion: String, repositories: Seq[Repository], scalafixIvyDeps: Agg[Dep]) =
+    scalafixArgumentsCache.getOrElseCreate((scalaVersion, repositories, scalafixIvyDeps))
+
+  private class Cache[A, B <: AnyRef](createFunction: A => B) {
+    private val cache = new ConcurrentHashMap[A, SoftReference[B]]
+
+    def getOrElseCreate(a: A) =
+      cache.compute(
+        a,
+        {
+          case (_, v @ SoftReference(_)) => v
+          case _                         => SoftReference(createFunction(a))
+        }
+      )()
+  }
+}
diff --git a/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixModule.scala b/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixModule.scala
index c55eefe..db2a6c2 100644
--- a/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixModule.scala
+++ b/mill-scalafix/src/com/goyeau/mill/scalafix/ScalafixModule.scala
@@ -7,7 +7,6 @@ import mill.api.{Logger, PathRef, Result}
 import mill.scalalib.{Dep, ScalaModule}
 import mill.define.Command
 
-import scalafix.interfaces.Scalafix
 import scalafix.interfaces.ScalafixError.*
 
 import scala.compat.java8.OptionConverters.*
@@ -77,9 +76,8 @@ object ScalafixModule {
       wd: os.Path
   ): Result[Unit] =
     if (sources.nonEmpty) {
-      val scalafix = Scalafix
-        .fetchAndClassloadInstance(scalaVersion, repositories.map(CoursierUtils.toApiRepository).asJava)
-        .newArguments()
+      val scalafix = ScalafixCache
+        .getOrElseCreate(scalaVersion, repositories, scalafixIvyDeps)
         .withParsedArguments(args.asJava)
         .withWorkingDirectory(wd.toNIO)
         .withConfig(scalafixConfig.map(_.toNIO).asJava)
@@ -87,11 +85,6 @@ object ScalafixModule {
         .withScalaVersion(scalaVersion)
         .withScalacOptions(scalacOptions.asJava)
         .withPaths(sources.map(_.toNIO).asJava)
-        .withToolClasspath(
-          Seq.empty.asJava,
-          scalafixIvyDeps.map(CoursierUtils.toCoordinates).iterator.toSeq.asJava,
-          repositories.map(CoursierUtils.toApiRepository).asJava
-        )
 
       log.info(s"Rewriting and linting ${sources.size} Scala sources against ${scalafix.rulesThatWillRun.size} rules")
       val errors = scalafix.run()