diff --git a/crates/irtt-app/src/cmd/client/args.rs b/crates/irtt-app/src/cmd/client/args.rs
index f2e542a..ba3294c 100644
--- a/crates/irtt-app/src/cmd/client/args.rs
+++ b/crates/irtt-app/src/cmd/client/args.rs
@@ -11,15 +11,22 @@ pub const DEFAULT_CLIENT_DURATION: Duration = Duration::from_secs(10);
 #[derive(Debug, Clone, Parser)]
 #[command(name = "irtt-client", about = "Minimal IRTT-compatible stream client")]
 pub struct ClientArgs {
-    /// Server address/host, optionally prefixed with LABEL=. Repeat for multi-target mode.
+    /// Server address/host, optionally prefixed with LABEL= and suffixed with @hmac=KEY. Repeat for multi-target mode.
     #[arg(
         value_name = "TARGET",
         num_args = 0..,
         value_parser = parse_target,
-        long_help = "Server address/host, optionally prefixed with LABEL=. Repeat for multi-target mode.\n\nExamples:\n  irtt-client host-a:2112 host-b:2112\n  irtt-client eu=host-a:2112 us=host-b:2112\n  irtt-client host-a:2112 eu=host-b:2112"
+        long_help = "Server address/host, optionally prefixed with LABEL= and suffixed with @hmac=KEY. Repeat for multi-target mode.\n\nExamples:\n  irtt-client host-a:2112 host-b:2112\n  irtt-client eu=host-a:2112 us=host-b:2112\n  irtt-client ams=host-a:2112@hmac=secret public=host-b:2112@hmac=\n\nA target without @hmac= inherits --hmac. @hmac= explicitly disables it for that target."
     )]
     pub targets: Vec<TargetArg>,
 
+    /// Read complete desired target sets from standard input in continuous mode.
+    #[arg(
+        long,
+        long_help = "Read one complete desired target set per stdin line in continuous mode. Commas separate targets and backslash escapes commas within a target. [] selects an empty desired set. Records are limited to 64 KiB. EOF stops the client gracefully and may discard a revision that has not yet been acknowledged as applied."
+    )]
+    pub targets_stdin: bool,
+
     /// Managed group pacing for multi-target mode.
     #[arg(
         long,
@@ -34,7 +41,7 @@ pub struct ClientArgs {
         default_value = "10s",
         value_parser = parse_test_duration,
         help = "Test duration; use 0 for continuous mode",
-        long_help = "Test duration; use 0 for continuous mode.\n\nFinite runs retain exact statistics for final summaries. Continuous mode uses bounded-memory running statistics and prints a final summary only when interrupted."
+        long_help = "Test duration; use 0 for continuous mode.\n\nFinite runs retain exact statistics for final summaries. Continuous mode uses bounded-memory running statistics and prints a final summary when interrupted; --targets-stdin also prints the final retained summary on EOF."
     )]
     pub duration: Duration,
 
@@ -86,12 +93,16 @@ impl ClientArgs {
     /// Targets are only required here. `--list-columns` returns before this is
     /// called, so listing columns still needs no target.
     pub fn prepare(&self) -> Result<ManagedRunSetup, String> {
+        if self.targets_stdin && !self.is_continuous() {
+            return Err("--targets-stdin requires --duration 0".to_owned());
+        }
         prepare_managed_run(
             &self.common,
             self.duration,
             TargetSelection {
                 targets: &self.targets,
                 pacing: self.pacing,
+                stdin_controlled: self.targets_stdin,
             },
         )
     }
@@ -159,14 +170,14 @@ mod tests {
         let args = parse(&["127.0.0.1:2112"]).unwrap();
 
         assert_eq!(args.targets.len(), 1);
-        assert_eq!(args.targets[0].label, None);
-        assert_eq!(args.targets[0].addr, "127.0.0.1:2112");
+        assert_eq!(args.prepare().unwrap().targets[0].label, "127.0.0.1:2112");
         assert_eq!(args.pacing, GroupPacingArg::Staggered);
         assert_eq!(args.duration, DEFAULT_CLIENT_DURATION);
         assert_eq!(args.interval, Duration::from_secs(1));
         assert_eq!(args.format, OutputFormat::Table);
         assert_eq!(args.columns, None);
         assert_eq!(args.header, HeaderMode::Auto);
+        assert!(!args.targets_stdin);
         assert!(!args.is_continuous());
         assert_eq!(args.timestamp_mode(), TimestampArg::Both);
 
@@ -254,8 +265,8 @@ mod tests {
 
     #[test]
     fn invalid_labelled_target_syntax_is_rejected() {
-        assert!(parse(&["=127.0.0.1:2112"]).is_err());
-        assert!(parse(&["label="]).is_err());
+        assert!(parse(&["=127.0.0.1:2112"]).unwrap().prepare().is_err());
+        assert!(parse(&["label="]).unwrap().prepare().is_err());
     }
 
     #[test]
@@ -309,6 +320,21 @@ mod tests {
         assert_eq!(config.hmac_key, Some(b"secret".to_vec()));
     }
 
+    #[test]
+    fn targets_stdin_requires_continuous_mode_and_allows_empty_initial_set() {
+        assert!(parse(&["--targets-stdin"]).unwrap().prepare().is_err());
+        let args = parse(&["--duration", "0", "--targets-stdin"]).unwrap();
+        let setup = args.prepare().unwrap();
+        assert!(setup.targets.is_empty());
+        assert!(setup.stdin_controlled);
+        let config = setup.managed_config();
+        assert_eq!(
+            config.completion,
+            irtt_client::managed::ManagedCompletionPolicy::ExplicitStop
+        );
+        assert_eq!(config.max_live_target_generations, 256);
+    }
+
     #[test]
     fn output_format_summary_policy_is_table_only() {
         assert!(OutputFormat::Table.prints_summary());
diff --git a/crates/irtt-app/src/cmd/client/run.rs b/crates/irtt-app/src/cmd/client/run.rs
index 7fa385d..c6780e2 100644
--- a/crates/irtt-app/src/cmd/client/run.rs
+++ b/crates/irtt-app/src/cmd/client/run.rs
@@ -1,16 +1,16 @@
-use std::collections::BTreeMap;
 use std::{
-    collections::HashSet,
-    io::{self, Write},
-    sync::atomic::AtomicBool,
+    collections::{BTreeMap, BTreeSet, HashSet, VecDeque},
+    io::{self, BufRead, Write},
+    sync::{atomic::AtomicBool, Arc, Mutex},
     thread,
     time::Duration,
 };
 
 use irtt_client::{
     managed::{
-        BlockingManagedClient, ManagedEndReason, ManagedEvent, ManagedEventSubscription,
-        ManagedEventTryRecvError, ManagedTargetEndReason, ManagedTargetOutcome, TargetInstance,
+        BlockingManagedClient, ManagedClientHandle, ManagedCommandApplyError, ManagedEndReason,
+        ManagedEvent, ManagedEventSubscription, ManagedEventTryRecvError, ManagedStatus,
+        ManagedTargetConfig, ManagedTargetEndReason, ManagedTargetOutcome, TargetInstance,
     },
     ClientEvent,
 };
@@ -20,13 +20,13 @@ use super::{
     output::{EventRenderStats, OutputConfig},
 };
 
-use crate::shared::client::expected_probe_count;
 use crate::shared::client::{
-    is_shutdown_requested,
+    expected_probe_count, is_shutdown_requested, parse_stdin_target_set,
     session::{
         drain_managed_events, peer_close_run_error, request_managed_stop_for_peer_close,
         request_managed_stop_once, should_print_final_summary, ManagedDrainState,
     },
+    ManagedRunSetup, STDIN_MAX_DESIRED_TARGETS, STDIN_OUTCOME_HISTORY_LIMIT,
 };
 
 use irtt_stats::{StatsCollector, StatsConfig};
@@ -41,6 +41,7 @@ const FINITE_STATS_MEMORY_STRONG_WARNING_BYTES: u64 = 512 * MIB;
 
 const FINITE_STATS_MEMORY_VERY_STRONG_WARNING_BYTES: u64 = GIB;
 const MANAGED_EVENT_WAIT_SLICE: Duration = Duration::from_millis(20);
+const MAX_STDIN_RECORD_BYTES: usize = 64 * 1024;
 
 pub fn run_stream(
     args: ClientArgs,
@@ -61,6 +62,9 @@ pub fn run_stream(
         args.verbose,
     )
     .map_err(|err| io::Error::new(io::ErrorKind::InvalidInput, err))?;
+    if setup.stdin_controlled {
+        return run_stdin_stream(setup, output_config, shutdown_requested);
+    }
     let continuous = args.is_continuous();
     let target_count = setup.target_count();
 
@@ -196,6 +200,561 @@ pub fn run_stream(
     Ok(())
 }
 
+#[derive(Clone)]
+struct StdinTargetSet {
+    revision: u64,
+    targets: Vec<ManagedTargetConfig>,
+}
+
+#[derive(Default)]
+struct StdinMailboxState {
+    next_revision: u64,
+    latest: Option<StdinTargetSet>,
+    eof: bool,
+    fatal: Option<String>,
+}
+
+#[derive(Default)]
+struct StdinMailbox {
+    state: Mutex<StdinMailboxState>,
+}
+
+impl StdinMailbox {
+    fn publish(&self, targets: Vec<ManagedTargetConfig>) {
+        let mut state = self
+            .state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner);
+        state.next_revision = state.next_revision.saturating_add(1);
+        state.latest = Some(StdinTargetSet {
+            revision: state.next_revision,
+            targets,
+        });
+    }
+
+    fn finish(&self) {
+        self.state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner)
+            .eof = true;
+    }
+
+    fn fail(&self, error: String) {
+        let mut state = self
+            .state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner);
+        state.fatal = Some(error);
+        state.latest = None;
+    }
+
+    fn latest(&self) -> Option<StdinTargetSet> {
+        self.state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner)
+            .latest
+            .clone()
+    }
+
+    fn clear_if_current(&self, revision: u64) {
+        let mut state = self
+            .state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner);
+        if state
+            .latest
+            .as_ref()
+            .is_some_and(|set| set.revision == revision)
+        {
+            state.latest = None;
+        }
+    }
+
+    fn is_current(&self, revision: u64) -> bool {
+        self.state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner)
+            .latest
+            .as_ref()
+            .is_some_and(|set| set.revision == revision)
+    }
+
+    fn fatal(&self) -> Option<String> {
+        self.state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner)
+            .fatal
+            .clone()
+    }
+
+    fn is_finished(&self) -> bool {
+        self.state
+            .lock()
+            .unwrap_or_else(std::sync::PoisonError::into_inner)
+            .eof
+    }
+}
+
+fn read_stdin_record<R: BufRead>(
+    reader: &mut R,
+    buffer: &mut Vec<u8>,
+) -> io::Result<Option<String>> {
+    buffer.clear();
+    loop {
+        let available = reader.fill_buf()?;
+        if available.is_empty() {
+            if buffer.is_empty() {
+                return Ok(None);
+            }
+            if buffer.len() > MAX_STDIN_RECORD_BYTES {
+                return Err(io::Error::new(
+                    io::ErrorKind::InvalidData,
+                    "stdin target record exceeds the maximum size",
+                ));
+            }
+            return std::str::from_utf8(buffer)
+                .map(str::to_owned)
+                .map(Some)
+                .map_err(|_| io::Error::new(io::ErrorKind::InvalidData, "stdin is not UTF-8"));
+        }
+
+        if buffer.len() == MAX_STDIN_RECORD_BYTES + 1 {
+            if available.first() == Some(&b'\n') && buffer.last() == Some(&b'\r') {
+                reader.consume(1);
+                buffer.pop();
+                return std::str::from_utf8(buffer)
+                    .map(str::to_owned)
+                    .map(Some)
+                    .map_err(|_| io::Error::new(io::ErrorKind::InvalidData, "stdin is not UTF-8"));
+            }
+            return Err(io::Error::new(
+                io::ErrorKind::InvalidData,
+                "stdin target record exceeds the maximum size",
+            ));
+        }
+
+        if let Some(newline) = available.iter().position(|byte| *byte == b'\n') {
+            let before_newline = &available[..newline];
+            if buffer.len().saturating_add(before_newline.len()) > MAX_STDIN_RECORD_BYTES + 1 {
+                return Err(io::Error::new(
+                    io::ErrorKind::InvalidData,
+                    "stdin target record exceeds the maximum size",
+                ));
+            }
+            buffer.extend_from_slice(before_newline);
+            reader.consume(newline + 1);
+            if buffer.last() == Some(&b'\r') {
+                buffer.pop();
+            }
+            if buffer.len() > MAX_STDIN_RECORD_BYTES {
+                return Err(io::Error::new(
+                    io::ErrorKind::InvalidData,
+                    "stdin target record exceeds the maximum size",
+                ));
+            }
+            return std::str::from_utf8(buffer)
+                .map(str::to_owned)
+                .map(Some)
+                .map_err(|_| io::Error::new(io::ErrorKind::InvalidData, "stdin is not UTF-8"));
+        }
+
+        let remaining = MAX_STDIN_RECORD_BYTES + 1 - buffer.len();
+        let take = available.len().min(remaining);
+        buffer.extend_from_slice(&available[..take]);
+        reader.consume(take);
+        if buffer.len() > MAX_STDIN_RECORD_BYTES && buffer.last() != Some(&b'\r') {
+            return Err(io::Error::new(
+                io::ErrorKind::InvalidData,
+                "stdin target record exceeds the maximum size",
+            ));
+        }
+    }
+}
+
+fn read_stdin_target_sets<R: BufRead>(reader: &mut R, mailbox: &StdinMailbox) {
+    let mut line = 0_u64;
+    let mut record = Vec::with_capacity(MAX_STDIN_RECORD_BYTES + 1);
+    loop {
+        match read_stdin_record(reader, &mut record) {
+            Ok(Some(record)) => {
+                line = line.saturating_add(1);
+                if record.is_empty() {
+                    continue;
+                }
+                match parse_stdin_target_set(&record, STDIN_MAX_DESIRED_TARGETS) {
+                    Ok(targets) => {
+                        mailbox.publish(targets.into_iter().map(|target| target.managed).collect())
+                    }
+                    Err(error) => {
+                        mailbox.fail(format!("invalid --targets-stdin line {line}: {error}"));
+                        return;
+                    }
+                }
+            }
+            Ok(None) => {
+                mailbox.finish();
+                return;
+            }
+            Err(_) => {
+                mailbox.fail(format!("failed to read --targets-stdin line {}", line + 1));
+                return;
+            }
+        }
+    }
+}
+
+fn spawn_stdin_target_reader(mailbox: Arc<StdinMailbox>) -> io::Result<()> {
+    thread::Builder::new()
+        .name("irtt-targets-stdin".to_owned())
+        .spawn(move || {
+            let stdin = io::stdin();
+            read_stdin_target_sets(&mut stdin.lock(), &mailbox);
+        })
+        .map(|_| ())
+}
+
+#[derive(Clone)]
+struct RetryAfterStatus {
+    revision: u64,
+    status: Arc<ManagedStatus>,
+}
+
+fn retry_waits_for_status_change(
+    retry_after: &mut Option<RetryAfterStatus>,
+    target_set: &StdinTargetSet,
+    status: &Arc<ManagedStatus>,
+) -> bool {
+    let Some(retry) = retry_after else {
+        return false;
+    };
+    if retry.revision != target_set.revision {
+        *retry_after = None;
+        return false;
+    }
+    Arc::ptr_eq(&retry.status, status)
+}
+
+fn retry_after_capacity_rejection(
+    mailbox: &StdinMailbox,
+    target_set: &StdinTargetSet,
+    status: Arc<ManagedStatus>,
+) -> Option<RetryAfterStatus> {
+    mailbox
+        .is_current(target_set.revision)
+        .then_some(RetryAfterStatus {
+            revision: target_set.revision,
+            status,
+        })
+}
+
+fn apply_latest_stdin_target_set(
+    handle: &ManagedClientHandle,
+    mailbox: &StdinMailbox,
+    retry_after: &mut Option<RetryAfterStatus>,
+) -> Result<(), String> {
+    let Some(target_set) = mailbox.latest() else {
+        *retry_after = None;
+        return Ok(());
+    };
+    let status = handle.status();
+    if retry_waits_for_status_change(retry_after, &target_set, &status) {
+        return Ok(());
+    }
+
+    let receipt = handle
+        .update_targets(target_set.targets.clone())
+        .map_err(|_| "failed to submit --targets-stdin update".to_owned())?;
+    match receipt.blocking_wait() {
+        Ok(_) => {
+            mailbox.clear_if_current(target_set.revision);
+            *retry_after = None;
+            Ok(())
+        }
+        Err(ManagedCommandApplyError::LiveGenerationLimitExceeded { .. }) => {
+            *retry_after = retry_after_capacity_rejection(mailbox, &target_set, status);
+            Ok(())
+        }
+        Err(_) => Err("--targets-stdin update was rejected".to_owned()),
+    }
+}
+
+struct BoundedTargetSet {
+    limit: usize,
+    order: VecDeque<TargetInstance>,
+    members: HashSet<TargetInstance>,
+}
+
+impl BoundedTargetSet {
+    fn new(limit: usize) -> Self {
+        Self {
+            limit,
+            order: VecDeque::with_capacity(limit),
+            members: HashSet::with_capacity(limit),
+        }
+    }
+
+    fn insert(&mut self, target: TargetInstance) -> bool {
+        if !self.members.insert(target.clone()) {
+            return false;
+        }
+        if self.order.len() == self.limit {
+            let evicted = self
+                .order
+                .pop_front()
+                .expect("bounded target order is nonempty");
+            self.members.remove(&evicted);
+        }
+        self.order.push_back(target);
+        true
+    }
+}
+
+fn process_stdin_event<W: Write>(
+    event: ManagedEvent,
+    stream_output: &mut StreamOutput<'_, W>,
+    stats: &mut BTreeMap<TargetInstance, StatsCollector>,
+    terminal_targets: &mut BoundedTargetSet,
+) -> io::Result<()> {
+    match event {
+        ManagedEvent::TargetStateChanged { target, .. } => {
+            stats
+                .entry(target)
+                .or_insert_with(|| StatsCollector::new(stats_config(true)));
+        }
+        ManagedEvent::Client { target, event } => {
+            let collector = stats
+                .entry(target.clone())
+                .or_insert_with(|| StatsCollector::new(stats_config(true)));
+            print_events_with_stats(
+                stream_output,
+                std::slice::from_ref(&event),
+                Some(target.id.as_str()),
+                collector,
+            )?;
+        }
+        ManagedEvent::TargetFinished { outcome }
+            if terminal_targets.insert(outcome.target.clone()) =>
+        {
+            report_target_failure(&outcome);
+        }
+        _ => {}
+    }
+    Ok(())
+}
+
+fn drain_stdin_events<W: Write>(
+    events: &mut ManagedEventSubscription,
+    stream_output: &mut StreamOutput<'_, W>,
+    stats: &mut BTreeMap<TargetInstance, StatsCollector>,
+    terminal_targets: &mut BoundedTargetSet,
+    dropped_events: &mut u64,
+) -> io::Result<ManagedDrainState> {
+    drain_managed_events(events, dropped_events, |event| {
+        process_stdin_event(event, stream_output, stats, terminal_targets)
+    })
+}
+
+fn drain_final_stdin_events<W: Write>(
+    events: &mut ManagedEventSubscription,
+    stream_output: &mut StreamOutput<'_, W>,
+    stats: &mut BTreeMap<TargetInstance, StatsCollector>,
+    terminal_targets: &mut BoundedTargetSet,
+    dropped_events: &mut u64,
+) -> io::Result<()> {
+    loop {
+        match events.try_recv() {
+            Ok(event) => process_stdin_event(event, stream_output, stats, terminal_targets)?,
+            Err(ManagedEventTryRecvError::Empty | ManagedEventTryRecvError::Closed) => break,
+            Err(ManagedEventTryRecvError::Lagged(count)) => {
+                *dropped_events = dropped_events.saturating_add(count);
+            }
+        }
+    }
+    Ok(())
+}
+
+fn reconcile_stdin_stats(
+    stats: &mut BTreeMap<TargetInstance, StatsCollector>,
+    status: &ManagedStatus,
+    final_summary_targets: Option<&BTreeSet<TargetInstance>>,
+) {
+    let live = status
+        .targets
+        .iter()
+        .map(|target| target.target.clone())
+        .collect::<HashSet<_>>();
+    stats.retain(|target, _| {
+        live.contains(target)
+            || final_summary_targets.is_some_and(|targets| targets.contains(target))
+    });
+}
+
+fn snapshot_stdin_summary_targets(
+    stats: &mut BTreeMap<TargetInstance, StatsCollector>,
+    status: &ManagedStatus,
+) -> BTreeSet<TargetInstance> {
+    let targets = status
+        .targets
+        .iter()
+        .map(|target| target.target.clone())
+        .collect::<BTreeSet<_>>();
+    for target in &targets {
+        stats
+            .entry(target.clone())
+            .or_insert_with(|| StatsCollector::new(stats_config(true)));
+    }
+    targets
+}
+
+#[derive(Clone)]
+enum StdinStop {
+    Interrupted,
+    Eof,
+    Fatal(String),
+}
+
+fn stdin_stop_request(
+    shutdown_requested: &AtomicBool,
+    mailbox: &StdinMailbox,
+) -> Option<StdinStop> {
+    if is_shutdown_requested(shutdown_requested) {
+        Some(StdinStop::Interrupted)
+    } else if let Some(error) = mailbox.fatal() {
+        Some(StdinStop::Fatal(error))
+    } else if mailbox.is_finished() {
+        Some(StdinStop::Eof)
+    } else {
+        None
+    }
+}
+
+fn run_stdin_stream(
+    setup: ManagedRunSetup,
+    output_config: OutputConfig,
+    shutdown_requested: &AtomicBool,
+) -> Result<(), Box<dyn std::error::Error>> {
+    if is_shutdown_requested(shutdown_requested) {
+        return Ok(());
+    }
+    let (owner, mut events) = BlockingManagedClient::start_with_subscription(
+        setup.managed_config(),
+        setup.managed_targets(),
+    )?;
+    let handle = owner.handle();
+    let mailbox = Arc::new(StdinMailbox::default());
+    spawn_stdin_target_reader(Arc::clone(&mailbox))?;
+
+    let mut stdout = io::LineWriter::new(io::stdout().lock());
+    let mut stream_output = StreamOutput {
+        config: output_config,
+        header_printed: false,
+        print_final_summary: false,
+        show_running_only_summary_note: false,
+        out: &mut stdout,
+    };
+    let mut stats = BTreeMap::new();
+    let mut terminal_targets = BoundedTargetSet::new(STDIN_OUTCOME_HISTORY_LIMIT);
+    let mut retry_after = None;
+    let mut dropped_events = 0_u64;
+    let mut stop_requested = false;
+    let mut stop = None;
+    let mut summary_targets = None;
+    let mut subscription_closed = false;
+
+    loop {
+        let status = handle.status();
+        if stop.is_none() {
+            if let Some(requested_stop) = stdin_stop_request(shutdown_requested, &mailbox) {
+                summary_targets = Some(snapshot_stdin_summary_targets(&mut stats, &status));
+                stop = Some(requested_stop);
+                if request_managed_stop_once(&mut stop_requested) {
+                    drop(handle.stop());
+                }
+            } else if let Err(error) =
+                apply_latest_stdin_target_set(&handle, &mailbox, &mut retry_after)
+            {
+                summary_targets = Some(snapshot_stdin_summary_targets(&mut stats, &status));
+                stop = Some(StdinStop::Fatal(error));
+                if request_managed_stop_once(&mut stop_requested) {
+                    drop(handle.stop());
+                }
+            }
+        }
+
+        let drain_state = drain_stdin_events(
+            &mut events,
+            &mut stream_output,
+            &mut stats,
+            &mut terminal_targets,
+            &mut dropped_events,
+        )?;
+        reconcile_stdin_stats(&mut stats, &handle.status(), summary_targets.as_ref());
+        match drain_state {
+            ManagedDrainState::Empty => thread::sleep(MANAGED_EVENT_WAIT_SLICE),
+            ManagedDrainState::Closed => subscription_closed = true,
+            ManagedDrainState::BudgetExhausted => {}
+        }
+        if handle.status().final_outcome.is_some() || subscription_closed {
+            break;
+        }
+    }
+
+    let outcome = owner.join()?;
+    drain_final_stdin_events(
+        &mut events,
+        &mut stream_output,
+        &mut stats,
+        &mut terminal_targets,
+        &mut dropped_events,
+    )?;
+    if let Some(warning) = dropped_event_warning(dropped_events) {
+        eprintln!("{warning}");
+    }
+    for target in outcome.recent_target_outcomes.iter() {
+        if terminal_targets.insert(target.target.clone()) {
+            report_target_failure(target);
+        }
+    }
+    if outcome.discarded_target_outcomes != 0 {
+        eprintln!(
+            "irtt-rs: warning: {} final target outcomes were discarded",
+            outcome.discarded_target_outcomes
+        );
+    }
+
+    let print_summary = matches!(stop, Some(StdinStop::Interrupted | StdinStop::Eof));
+    stream_output.print_final_summary = print_summary;
+    stream_output.show_running_only_summary_note = print_summary;
+    if let Some(summary_targets) = summary_targets {
+        let multi_target = summary_targets.len() > 1;
+        for target in summary_targets {
+            let stats = stats
+                .get(&target)
+                .expect("summary snapshot retains every selected target collector");
+            if multi_target && stream_output.config.prints_summary() {
+                writeln!(stream_output.out)?;
+                writeln!(
+                    stream_output.out,
+                    "target: {} (generation {})",
+                    target.id, target.generation
+                )?;
+            }
+            stream_output.print_summary(stats)?;
+        }
+    }
+    stream_output.out.flush()?;
+
+    match stop {
+        Some(StdinStop::Fatal(error)) => Err(error.into()),
+        _ => match outcome.end_reason {
+            ManagedEndReason::DriverFailed(failure) => {
+                Err(format!("managed driver failed: {failure}").into())
+            }
+            _ => Ok(()),
+        },
+    }
+}
+
 fn process_event<W: Write>(
     event: ManagedEvent,
     stream_output: &mut StreamOutput<'_, W>,
@@ -384,9 +943,218 @@ fn finite_stats_memory_warning(args: &ClientArgs, target_count: usize) -> Option
 mod tests {
     use super::*;
     use irtt_client::managed::{
-        ManagedTargetFailure, ManagedTargetFailureKind, ManagedTargetFailurePhase, TargetId,
+        ManagedLifecycle, ManagedTargetFailure, ManagedTargetFailureKind,
+        ManagedTargetFailurePhase, ManagedTargetLifecycle, ManagedTargetStatus, TargetId,
     };
-    use std::sync::Arc;
+    use std::{io::BufReader, io::Cursor, sync::Arc};
+
+    #[test]
+    fn stdin_record_reader_removes_only_line_framing() {
+        let mut reader = BufReader::with_capacity(2, Cursor::new(b" first \r\n\nthird\r"));
+        let mut buffer = Vec::with_capacity(MAX_STDIN_RECORD_BYTES + 1);
+
+        assert_eq!(
+            read_stdin_record(&mut reader, &mut buffer).unwrap(),
+            Some(" first ".to_owned())
+        );
+        assert_eq!(
+            read_stdin_record(&mut reader, &mut buffer).unwrap(),
+            Some(String::new())
+        );
+        assert_eq!(
+            read_stdin_record(&mut reader, &mut buffer).unwrap(),
+            Some("third\r".to_owned())
+        );
+        assert_eq!(read_stdin_record(&mut reader, &mut buffer).unwrap(), None);
+    }
+
+    #[test]
+    fn stdin_record_reader_rejects_over_limit_unterminated_record() {
+        let input = vec![b'x'; MAX_STDIN_RECORD_BYTES + 1];
+        let mut reader = BufReader::with_capacity(17, Cursor::new(input));
+        let mut buffer = Vec::with_capacity(MAX_STDIN_RECORD_BYTES + 1);
+
+        let error = read_stdin_record(&mut reader, &mut buffer).unwrap_err();
+        assert_eq!(error.kind(), io::ErrorKind::InvalidData);
+        assert!(error.to_string().contains("maximum size"));
+        assert!(buffer.len() <= MAX_STDIN_RECORD_BYTES + 1);
+    }
+
+    #[test]
+    fn newer_mailbox_value_survives_an_earlier_submitted_acknowledgement() {
+        let mailbox = StdinMailbox::default();
+        mailbox.publish(vec![ManagedTargetConfig::new("a", "127.0.0.1:2112")]);
+        let submitted = mailbox.latest().unwrap();
+        mailbox.publish(vec![ManagedTargetConfig::new("b", "127.0.0.1:2113")]);
+        let pending = mailbox.latest().unwrap();
+
+        mailbox.clear_if_current(submitted.revision);
+
+        assert_eq!(mailbox.latest().unwrap().revision, pending.revision);
+    }
+
+    #[test]
+    fn rejected_update_retries_after_status_publishes_during_acknowledgement() {
+        let mailbox = StdinMailbox::default();
+        mailbox.publish(Vec::new());
+        let target_set = mailbox.latest().unwrap();
+        let saturated = Arc::new(status_with_targets(&[TargetInstance {
+            id: TargetId::from("old"),
+            generation: 1,
+        }]));
+        let capacity_freed = Arc::new(status_with_targets(&[]));
+        // Capacity becomes available after the transaction rejected but before
+        // its acknowledgement reaches the controller. The rejection path must
+        // retain the pre-submission status, not this later snapshot.
+        let mut retry_after =
+            retry_after_capacity_rejection(&mailbox, &target_set, Arc::clone(&saturated));
+
+        assert!(retry_waits_for_status_change(
+            &mut retry_after,
+            &target_set,
+            &saturated
+        ));
+        assert!(!retry_waits_for_status_change(
+            &mut retry_after,
+            &target_set,
+            &capacity_freed
+        ));
+    }
+
+    #[test]
+    fn later_desired_set_supersedes_a_capacity_rejected_candidate_before_retry() {
+        let mailbox = StdinMailbox::default();
+        mailbox.publish(vec![ManagedTargetConfig::new("a", "127.0.0.1:2112")]);
+        let applied = mailbox.latest().unwrap();
+        mailbox.clear_if_current(applied.revision);
+
+        mailbox.publish(vec![ManagedTargetConfig::new("b", "127.0.0.1:2113")]);
+        let rejected = mailbox.latest().unwrap();
+        let saturated = Arc::new(status_with_targets(&[TargetInstance {
+            id: TargetId::from("old"),
+            generation: 1,
+        }]));
+        let mut retry_after = retry_after_capacity_rejection(&mailbox, &rejected, saturated);
+        mailbox.publish(vec![ManagedTargetConfig::new("c", "127.0.0.1:2114")]);
+        let replacement = mailbox.latest().unwrap();
+
+        assert!(!retry_waits_for_status_change(
+            &mut retry_after,
+            &replacement,
+            &Arc::new(status_with_targets(&[TargetInstance {
+                id: TargetId::from("old"),
+                generation: 1,
+            }]))
+        ));
+        assert!(retry_after.is_none());
+        assert_eq!(replacement.targets[0].id.as_str(), "c");
+        mailbox.clear_if_current(replacement.revision);
+        assert!(mailbox.latest().is_none());
+    }
+
+    #[test]
+    fn eof_and_shutdown_stop_without_waiting_for_the_stdin_reader() {
+        let mailbox = StdinMailbox::default();
+        let shutdown_requested = AtomicBool::new(false);
+        assert!(stdin_stop_request(&shutdown_requested, &mailbox).is_none());
+
+        mailbox.finish();
+        assert!(matches!(
+            stdin_stop_request(&shutdown_requested, &mailbox),
+            Some(StdinStop::Eof)
+        ));
+
+        let mailbox = StdinMailbox::default();
+        shutdown_requested.store(true, std::sync::atomic::Ordering::Relaxed);
+        assert!(matches!(
+            stdin_stop_request(&shutdown_requested, &mailbox),
+            Some(StdinStop::Interrupted)
+        ));
+    }
+
+    fn status_with_targets(targets: &[TargetInstance]) -> ManagedStatus {
+        ManagedStatus {
+            lifecycle: ManagedLifecycle::Running,
+            stop_requested: false,
+            applied_command_sequence: 0,
+            desired_target_count: targets.len(),
+            connecting_target_count: 0,
+            opening_target_count: 0,
+            active_target_count: 0,
+            draining_target_count: 0,
+            closing_target_count: 0,
+            terminal_target_count: 0,
+            total_target_outcomes: 0,
+            successful_target_outcomes: 0,
+            failed_target_outcomes: 0,
+            peer_closed_target_outcomes: 0,
+            discarded_target_outcomes: 0,
+            targets: Arc::from(
+                targets
+                    .iter()
+                    .cloned()
+                    .map(|target| ManagedTargetStatus {
+                        target,
+                        desired: true,
+                        lifecycle: ManagedTargetLifecycle::Active,
+                        server_addr: Arc::from("127.0.0.1:2112"),
+                        remote: None,
+                    })
+                    .collect::<Vec<_>>()
+                    .into_boxed_slice(),
+            ),
+            recent_target_outcomes: Arc::from([]),
+            final_outcome: None,
+        }
+    }
+
+    #[test]
+    fn dynamic_accounting_prunes_retired_generations_and_retains_only_shutdown_snapshot() {
+        let retired = TargetInstance {
+            id: TargetId::from("edge"),
+            generation: 1,
+        };
+        let replacement = TargetInstance {
+            id: TargetId::from("edge"),
+            generation: 2,
+        };
+        let live_status = status_with_targets(std::slice::from_ref(&replacement));
+        let empty_status = status_with_targets(&[]);
+        let mut stats = BTreeMap::from([
+            (retired.clone(), StatsCollector::new(stats_config(true))),
+            (replacement.clone(), StatsCollector::new(stats_config(true))),
+        ]);
+
+        reconcile_stdin_stats(&mut stats, &live_status, None);
+        assert_eq!(stats.keys().cloned().collect::<Vec<_>>(), [replacement]);
+
+        let summary_targets = snapshot_stdin_summary_targets(&mut stats, &live_status);
+        stats.insert(retired, StatsCollector::new(stats_config(true)));
+        reconcile_stdin_stats(&mut stats, &empty_status, Some(&summary_targets));
+
+        assert_eq!(
+            stats.keys().cloned().collect::<Vec<_>>(),
+            [TargetInstance {
+                id: TargetId::from("edge"),
+                generation: 2,
+            }]
+        );
+    }
+
+    #[test]
+    fn terminal_deduplication_is_bounded_under_target_churn() {
+        let mut terminal_targets = BoundedTargetSet::new(2);
+        let target = |generation| TargetInstance {
+            id: TargetId::from("edge"),
+            generation,
+        };
+
+        assert!(terminal_targets.insert(target(1)));
+        assert!(terminal_targets.insert(target(2)));
+        assert!(terminal_targets.insert(target(3)));
+        assert!(terminal_targets.insert(target(1)));
+        assert!(!terminal_targets.insert(target(3)));
+    }
 
     fn long_finite_args() -> ClientArgs {
         use clap::Parser;
diff --git a/crates/irtt-app/src/cmd/tui/args.rs b/crates/irtt-app/src/cmd/tui/args.rs
index 8e1320c..5c971e0 100644
--- a/crates/irtt-app/src/cmd/tui/args.rs
+++ b/crates/irtt-app/src/cmd/tui/args.rs
@@ -14,13 +14,13 @@ pub const DEFAULT_TUI_DURATION: Duration = Duration::ZERO;
 #[derive(Debug, Clone, Parser)]
 #[command(name = "irtt-tui", about = "Minimal IRTT-compatible TUI client")]
 pub struct TuiArgs {
-    /// Server address/host, optionally prefixed with LABEL=. Repeat for multi-target mode.
+    /// Server address/host, optionally prefixed with LABEL= and suffixed with @hmac=KEY. Repeat for multi-target mode.
     #[arg(
         value_name = "TARGET",
         num_args = 1..,
         required = true,
         value_parser = parse_target,
-        long_help = "Server address/host, optionally prefixed with LABEL=. Repeat for multi-target mode.\n\nExplicit labels are used in the legend and status table.\n\nExamples:\n  irtt-tui host.example\n  irtt-tui eu=host.example\n  irtt-tui eu=host-a.example us=host-b.example"
+        long_help = "Server address/host, optionally prefixed with LABEL= and suffixed with @hmac=KEY. Repeat for multi-target mode.\n\nExplicit labels are used in the legend and status table. A target without @hmac= inherits --hmac; @hmac= disables it for that target.\n\nExamples:\n  irtt-tui host.example\n  irtt-tui eu=host.example\n  irtt-tui eu=host-a.example@hmac=secret us=host-b.example"
     )]
     pub targets: Vec<TargetArg>,
 
@@ -58,6 +58,7 @@ impl TuiArgs {
             TargetSelection {
                 targets: &self.targets,
                 pacing: self.pacing,
+                stdin_controlled: false,
             },
         )
     }
@@ -107,8 +108,7 @@ mod tests {
     fn tui_parser_defaults_to_continuous_and_has_no_output_option() {
         let args = parse(&["127.0.0.1:2112"]).unwrap();
         assert_eq!(args.targets.len(), 1);
-        assert_eq!(args.targets[0].label, None);
-        assert_eq!(args.targets[0].addr, "127.0.0.1:2112");
+        assert_eq!(args.prepare().unwrap().targets[0].label, "127.0.0.1:2112");
         assert_eq!(args.pacing, GroupPacingArg::Staggered);
         assert_eq!(args.duration, DEFAULT_TUI_DURATION);
         assert!(args.is_continuous());
@@ -181,8 +181,8 @@ mod tests {
 
     #[test]
     fn invalid_labelled_target_syntax_is_rejected() {
-        assert!(parse(&["=127.0.0.1:2112"]).is_err());
-        assert!(parse(&["label="]).is_err());
+        assert!(parse(&["=127.0.0.1:2112"]).unwrap().prepare().is_err());
+        assert!(parse(&["label="]).unwrap().prepare().is_err());
     }
 
     #[test]
diff --git a/crates/irtt-app/src/shared/client/mod.rs b/crates/irtt-app/src/shared/client/mod.rs
index 12e99aa..27a2cf4 100644
--- a/crates/irtt-app/src/shared/client/mod.rs
+++ b/crates/irtt-app/src/shared/client/mod.rs
@@ -9,9 +9,12 @@ pub use args::{
     ClockArg, CommonClientArgs, ReceivedStatsArg, TimestampArg,
 };
 pub use config::{expected_probe_count, DEFAULT_RECV_TIMEOUT};
-pub use prepare::{prepare_managed_run, ManagedRunSetup, TargetSelection, MANAGED_EVENT_CAPACITY};
+pub use prepare::{
+    prepare_managed_run, ManagedRunSetup, TargetSelection, MANAGED_EVENT_CAPACITY,
+    STDIN_MAX_DESIRED_TARGETS, STDIN_MAX_LIVE_TARGET_GENERATIONS, STDIN_OUTCOME_HISTORY_LIMIT,
+};
 pub use session::is_shutdown_requested;
 pub use targets::{
-    parse_target, prepare_managed_targets, target_specs, GroupPacingArg, PreparedTarget, TargetArg,
-    TargetSpec,
+    parse_stdin_target_set, parse_target, prepare_managed_targets, target_specs, GroupPacingArg,
+    PreparedTarget, TargetArg, TargetSpec,
 };
diff --git a/crates/irtt-app/src/shared/client/prepare.rs b/crates/irtt-app/src/shared/client/prepare.rs
index a91d026..9af920f 100644
--- a/crates/irtt-app/src/shared/client/prepare.rs
+++ b/crates/irtt-app/src/shared/client/prepare.rs
@@ -22,6 +22,9 @@ use super::{
 
 /// Capacity of the lossy managed presentation event channel.
 pub const MANAGED_EVENT_CAPACITY: usize = 16_384;
+pub const STDIN_MAX_DESIRED_TARGETS: usize = 128;
+pub const STDIN_MAX_LIVE_TARGET_GENERATIONS: usize = 256;
+pub const STDIN_OUTCOME_HISTORY_LIMIT: usize = 256;
 
 /// Target and pacing arguments common to the client applets.
 ///
@@ -31,6 +34,7 @@ pub const MANAGED_EVENT_CAPACITY: usize = 16_384;
 pub struct TargetSelection<'a> {
     pub targets: &'a [TargetArg],
     pub pacing: GroupPacingArg,
+    pub stdin_controlled: bool,
 }
 
 /// Everything a managed run needs, prepared and validated together.
@@ -46,6 +50,8 @@ pub struct ManagedRunSetup {
     pub client: ClientConfig,
     /// Send coordination across active targets.
     pub pacing: ManagedPacing,
+    /// Whether this stream may replace its desired set from stdin.
+    pub stdin_controlled: bool,
 }
 
 impl ManagedRunSetup {
@@ -70,7 +76,7 @@ impl ManagedRunSetup {
     /// Managed driver configuration for this run.
     pub fn managed_config(&self) -> ManagedClientConfig {
         let target_count = self.target_count();
-        ManagedClientConfig {
+        let mut config = ManagedClientConfig {
             client: self.client.clone(),
             pacing: self.pacing,
             completion: ManagedCompletionPolicy::FinishWhenQuiescent,
@@ -78,7 +84,13 @@ impl ManagedRunSetup {
             outcome_history_limit: target_count,
             max_live_target_generations: target_count,
             ..ManagedClientConfig::default()
+        };
+        if self.stdin_controlled {
+            config.completion = ManagedCompletionPolicy::ExplicitStop;
+            config.outcome_history_limit = STDIN_OUTCOME_HISTORY_LIMIT;
+            config.max_live_target_generations = STDIN_MAX_LIVE_TARGET_GENERATIONS;
         }
+        config
     }
 }
 
@@ -91,12 +103,22 @@ pub fn prepare_managed_run(
     duration: Duration,
     selection: TargetSelection<'_>,
 ) -> Result<ManagedRunSetup, String> {
-    let specs = target_specs(selection.targets)?;
+    let specs = if selection.stdin_controlled {
+        if selection.targets.len() > STDIN_MAX_DESIRED_TARGETS {
+            return Err(format!(
+                "initial target set exceeds the {STDIN_MAX_DESIRED_TARGETS}-target limit"
+            ));
+        }
+        super::targets::target_specs_with_empty(selection.targets, true)?
+    } else {
+        target_specs(selection.targets)?
+    };
     let targets = prepare_managed_targets(specs)?;
     Ok(ManagedRunSetup {
         targets,
         client: common.to_client_config(duration),
         pacing: selection.pacing.into(),
+        stdin_controlled: selection.stdin_controlled,
     })
 }
 
@@ -119,17 +141,11 @@ mod tests {
     }
 
     fn unlabeled(addr: &str) -> TargetArg {
-        TargetArg {
-            label: None,
-            addr: addr.to_owned(),
-        }
+        TargetArg::new(addr)
     }
 
     fn labeled(label: &str, addr: &str) -> TargetArg {
-        TargetArg {
-            label: Some(label.to_owned()),
-            addr: addr.to_owned(),
-        }
+        TargetArg::new(format!("{label}={addr}"))
     }
 
     fn prepare(
@@ -137,7 +153,15 @@ mod tests {
         pacing: GroupPacingArg,
         duration: Duration,
     ) -> Result<ManagedRunSetup, String> {
-        prepare_managed_run(&common(&[]), duration, TargetSelection { targets, pacing })
+        prepare_managed_run(
+            &common(&[]),
+            duration,
+            TargetSelection {
+                targets,
+                pacing,
+                stdin_controlled: false,
+            },
+        )
     }
 
     #[test]
@@ -212,6 +236,7 @@ mod tests {
             TargetSelection {
                 targets: &targets,
                 pacing: GroupPacingArg::Staggered,
+                stdin_controlled: false,
             },
         )
         .unwrap();
diff --git a/crates/irtt-app/src/shared/client/targets.rs b/crates/irtt-app/src/shared/client/targets.rs
index 35c2d09..392c4d3 100644
--- a/crates/irtt-app/src/shared/client/targets.rs
+++ b/crates/irtt-app/src/shared/client/targets.rs
@@ -1,26 +1,99 @@
-use std::collections::HashSet;
+use std::{collections::HashSet, fmt};
 
 use clap::ValueEnum;
-use irtt_client::managed::{ManagedPacing, ManagedTargetConfig, TargetId};
+use irtt_client::{
+    managed::{ManagedPacing, ManagedTargetConfig, TargetId},
+    ClientAuthConfig,
+};
 
-#[derive(Debug, Clone, PartialEq, Eq)]
+/// One raw positional target captured by Clap.
+///
+/// Parsing happens during run preparation so invalid target syntax never makes
+/// Clap include the original argument (which may carry an HMAC key) in an
+/// error diagnostic.
+#[derive(Clone, PartialEq, Eq)]
 pub struct TargetArg {
-    pub label: Option<String>,
-    pub addr: String,
+    input: String,
 }
 
-#[derive(Debug, Clone, PartialEq, Eq)]
+impl TargetArg {
+    pub fn new(input: impl Into<String>) -> Self {
+        Self {
+            input: input.into(),
+        }
+    }
+}
+
+impl fmt::Debug for TargetArg {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        f.write_str("TargetArg(<redacted>)")
+    }
+}
+
+/// Capture one positional target without exposing it through Clap diagnostics.
+pub fn parse_target(input: &str) -> Result<TargetArg, String> {
+    Ok(TargetArg::new(input))
+}
+
+#[derive(Clone, PartialEq, Eq)]
+pub enum TargetAuth {
+    Inherit,
+    Override(Vec<u8>),
+    Disable,
+}
+
+impl fmt::Debug for TargetAuth {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        match self {
+            Self::Inherit => f.write_str("Inherit"),
+            Self::Override(_) => f.write_str("Override(<redacted>)"),
+            Self::Disable => f.write_str("Disable"),
+        }
+    }
+}
+
+#[derive(Clone, PartialEq, Eq)]
 pub struct TargetSpec {
     pub label: String,
     pub addr: String,
+    pub auth: TargetAuth,
 }
 
-#[derive(Debug, Clone)]
+impl fmt::Debug for TargetSpec {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        f.debug_struct("TargetSpec")
+            .field("label", &self.label)
+            .field("addr", &self.addr)
+            .field("auth", &self.auth)
+            .finish()
+    }
+}
+
+#[derive(Clone)]
 pub struct PreparedTarget {
     pub label: String,
     pub managed: ManagedTargetConfig,
 }
 
+impl fmt::Debug for PreparedTarget {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        f.debug_struct("PreparedTarget")
+            .field("label", &self.label)
+            .field("server_addr", &self.managed.server_addr)
+            .field(
+                "auth",
+                &match &self.managed.auth {
+                    None => TargetAuth::Inherit,
+                    Some(ClientAuthConfig { hmac_key: Some(_) }) => {
+                        TargetAuth::Override(Vec::new())
+                    }
+                    Some(ClientAuthConfig { hmac_key: None }) => TargetAuth::Disable,
+                },
+            )
+            .finish()
+    }
+}
+
 #[derive(Debug, Clone, Copy, PartialEq, Eq, ValueEnum)]
 pub enum GroupPacingArg {
     Staggered,
@@ -36,191 +109,383 @@ impl From<GroupPacingArg> for ManagedPacing {
     }
 }
 
-/// Parse one positional target argument, as `TARGET` or `LABEL=TARGET`.
-pub fn parse_target(input: &str) -> Result<TargetArg, String> {
-    match input.split_once('=') {
-        None => Ok(TargetArg {
-            label: None,
-            addr: input.to_owned(),
-        }),
-        Some((label, addr)) => {
-            if label.is_empty() {
-                return Err("target label must not be empty".to_owned());
-            }
-            if addr.is_empty() {
-                return Err("target address must not be empty".to_owned());
-            }
-            Ok(TargetArg {
-                label: Some(label.to_owned()),
-                addr: addr.to_owned(),
-            })
-        }
+#[derive(Debug, Clone, Copy, PartialEq, Eq)]
+enum TargetParseError {
+    EmptyLabel,
+    EmptyAddress,
+    InvalidEscape,
+    EmptyTarget,
+}
+
+impl fmt::Display for TargetParseError {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        let message = match self {
+            Self::EmptyLabel => "target label must not be empty",
+            Self::EmptyAddress => "target address must not be empty",
+            Self::InvalidEscape => "invalid target escape sequence",
+            Self::EmptyTarget => "target must not be empty",
+        };
+        f.write_str(message)
     }
 }
 
-pub fn target_specs(targets: &[TargetArg]) -> Result<Vec<TargetSpec>, String> {
+fn split_unescaped(input: &str, delimiter: char) -> Result<Vec<&str>, TargetParseError> {
+    let mut parts = Vec::new();
+    let mut start = 0;
+    let mut escaped = false;
+    for (index, ch) in input.char_indices() {
+        if escaped {
+            escaped = false;
+        } else if ch == '\\' {
+            escaped = true;
+        } else if ch == delimiter {
+            parts.push(&input[start..index]);
+            start = index + ch.len_utf8();
+        }
+    }
+    if escaped {
+        return Err(TargetParseError::InvalidEscape);
+    }
+    parts.push(&input[start..]);
+    Ok(parts)
+}
+
+fn first_unescaped(input: &str, delimiter: char) -> Result<Option<usize>, TargetParseError> {
+    let mut escaped = false;
+    for (index, ch) in input.char_indices() {
+        if escaped {
+            escaped = false;
+        } else if ch == '\\' {
+            escaped = true;
+        } else if ch == delimiter {
+            return Ok(Some(index));
+        }
+    }
+    if escaped {
+        return Err(TargetParseError::InvalidEscape);
+    }
+    Ok(None)
+}
+
+fn unescape(input: &str) -> Result<String, TargetParseError> {
+    let mut output = String::with_capacity(input.len());
+    let mut escaped = false;
+    for ch in input.chars() {
+        if escaped {
+            if !matches!(ch, '\\' | '=' | ';' | ',' | '@') {
+                return Err(TargetParseError::InvalidEscape);
+            }
+            output.push(ch);
+            escaped = false;
+        } else if ch == '\\' {
+            escaped = true;
+        } else {
+            output.push(ch);
+        }
+    }
+    if escaped {
+        return Err(TargetParseError::InvalidEscape);
+    }
+    Ok(output)
+}
+
+fn hmac_modifier(input: &str) -> Result<Option<usize>, TargetParseError> {
+    let mut escaped = false;
+    for (index, ch) in input.char_indices() {
+        if escaped {
+            escaped = false;
+        } else if ch == '\\' {
+            escaped = true;
+        } else if input[index..].starts_with("@hmac=") {
+            return Ok(Some(index));
+        }
+    }
+    if escaped {
+        return Err(TargetParseError::InvalidEscape);
+    }
+    Ok(None)
+}
+
+fn parse_target_syntax(
+    input: &str,
+) -> Result<(Option<String>, String, TargetAuth), TargetParseError> {
+    if input.is_empty() {
+        return Err(TargetParseError::EmptyTarget);
+    }
+    let (main, auth) = match hmac_modifier(input)? {
+        Some(index) => {
+            let value = unescape(&input[index + "@hmac=".len()..])?;
+            let auth = if value.is_empty() {
+                TargetAuth::Disable
+            } else {
+                TargetAuth::Override(value.into_bytes())
+            };
+            (&input[..index], auth)
+        }
+        None => (input, TargetAuth::Inherit),
+    };
+    let (label, address) = match first_unescaped(main, '=')? {
+        None => (None, unescape(main)?),
+        Some(index) => {
+            let label = unescape(&main[..index])?;
+            let address = unescape(&main[index + '='.len_utf8()..])?;
+            (Some(label), address)
+        }
+    };
+    if label.as_deref().is_some_and(str::is_empty) {
+        return Err(TargetParseError::EmptyLabel);
+    }
+    if address.is_empty() {
+        return Err(TargetParseError::EmptyAddress);
+    }
+    Ok((label, address, auth))
+}
+
+pub(crate) fn target_specs_with_empty(
+    targets: &[TargetArg],
+    allow_empty: bool,
+) -> Result<Vec<TargetSpec>, String> {
     let mut specs = Vec::with_capacity(targets.len());
-    let mut unlabeled_counts = std::collections::HashMap::<&str, usize>::new();
-    for target in targets {
-        let label = match &target.label {
-            Some(label) => label.clone(),
+    let mut unlabeled_counts = std::collections::HashMap::<String, usize>::new();
+    for (index, target) in targets.iter().enumerate() {
+        let (explicit_label, addr, auth) = parse_target_syntax(&target.input)
+            .map_err(|error| format!("invalid target {}: {error}", index + 1))?;
+        let label = match explicit_label {
+            Some(label) => label,
             None => {
-                let count = unlabeled_counts.entry(target.addr.as_str()).or_default();
+                let count = unlabeled_counts.entry(addr.clone()).or_default();
                 *count += 1;
                 if *count == 1 {
-                    target.addr.clone()
+                    addr.clone()
                 } else {
-                    format!("{}#{}", target.addr, *count)
+                    format!("{}#{}", addr, *count)
                 }
             }
         };
-        specs.push(TargetSpec {
-            label,
-            addr: target.addr.clone(),
-        });
+        specs.push(TargetSpec { label, addr, auth });
     }
 
-    if specs.is_empty() {
+    if specs.is_empty() && !allow_empty {
         return Err("at least one target is required unless --list-columns is set".to_owned());
     }
 
     let mut labels = HashSet::new();
     for spec in &specs {
         if !labels.insert(spec.label.clone()) {
-            return Err(format!("duplicate target label {:?}", spec.label));
+            return Err("duplicate target label".to_owned());
         }
     }
 
     Ok(specs)
 }
 
+pub fn target_specs(targets: &[TargetArg]) -> Result<Vec<TargetSpec>, String> {
+    target_specs_with_empty(targets, false)
+}
+
 pub fn prepare_managed_targets(specs: Vec<TargetSpec>) -> Result<Vec<PreparedTarget>, String> {
     let mut targets = Vec::with_capacity(specs.len());
     for spec in specs {
+        let mut managed = ManagedTargetConfig::new(TargetId::from(spec.label.clone()), spec.addr);
+        managed.auth = match spec.auth {
+            TargetAuth::Inherit => None,
+            TargetAuth::Override(hmac_key) => Some(ClientAuthConfig {
+                hmac_key: Some(hmac_key),
+            }),
+            TargetAuth::Disable => Some(ClientAuthConfig { hmac_key: None }),
+        };
         targets.push(PreparedTarget {
-            label: spec.label.clone(),
-            managed: ManagedTargetConfig::new(TargetId::from(spec.label), spec.addr),
+            label: spec.label,
+            managed,
         });
     }
     Ok(targets)
 }
 
+/// Parse one complete stdin target set after its line terminator was removed.
+///
+/// Commas frame stdin elements only; positional target arguments do not use
+/// this framing and may therefore contain raw commas.
+pub fn parse_stdin_target_set(
+    record: &str,
+    maximum_targets: usize,
+) -> Result<Vec<PreparedTarget>, String> {
+    if record == "[]" {
+        return Ok(Vec::new());
+    }
+    let elements = split_unescaped(record, ',').map_err(|error| error.to_string())?;
+    if elements.len() > maximum_targets {
+        return Err(format!(
+            "target set exceeds the {maximum_targets}-target limit"
+        ));
+    }
+    let args = elements.into_iter().map(TargetArg::new).collect::<Vec<_>>();
+    prepare_managed_targets(target_specs_with_empty(&args, true)?)
+}
+
 #[cfg(test)]
 mod tests {
     use super::*;
 
-    fn unlabeled(addr: &str) -> TargetArg {
-        TargetArg {
-            label: None,
-            addr: addr.to_owned(),
-        }
+    fn target(input: &str) -> TargetArg {
+        TargetArg::new(input)
     }
 
-    fn labeled(label: &str, addr: &str) -> TargetArg {
-        TargetArg {
-            label: Some(label.to_owned()),
-            addr: addr.to_owned(),
-        }
+    fn specs(inputs: &[&str]) -> Result<Vec<TargetSpec>, String> {
+        target_specs(&inputs.iter().map(|input| target(input)).collect::<Vec<_>>())
     }
 
     #[test]
-    fn parse_target_without_equals_is_unlabeled() {
-        let target = parse_target("host.example").unwrap();
-        assert_eq!(target.label, None);
-        assert_eq!(target.addr, "host.example");
-
-        let target = parse_target("host.example:2112").unwrap();
-        assert_eq!(target.label, None);
-        assert_eq!(target.addr, "host.example:2112");
-
-        let target = parse_target("[::1]:2112").unwrap();
-        assert_eq!(target.label, None);
-        assert_eq!(target.addr, "[::1]:2112");
+    fn legacy_target_syntax_and_ipv6_remain_supported() {
+        let parsed = specs(&[
+            "host.example",
+            "host.example:2112",
+            "[::1]:2112",
+            "eu=host.example",
+        ])
+        .unwrap();
+        assert_eq!(parsed[0].label, "host.example");
+        assert_eq!(parsed[1].label, "host.example:2112");
+        assert_eq!(parsed[2].label, "[::1]:2112");
+        assert_eq!(parsed[3].label, "eu");
+        assert!(parsed
+            .iter()
+            .all(|target| matches!(target.auth, TargetAuth::Inherit)));
     }
 
     #[test]
-    fn parse_target_with_equals_splits_on_first() {
-        let target = parse_target("eu=host.example").unwrap();
-        assert_eq!(target.label, Some("eu".to_owned()));
-        assert_eq!(target.addr, "host.example");
-
-        let target = parse_target("eu=host.example:2112").unwrap();
-        assert_eq!(target.label, Some("eu".to_owned()));
-        assert_eq!(target.addr, "host.example:2112");
+    fn target_hmac_supports_inherit_override_disable_and_base64_padding() {
+        let parsed = specs(&[
+            "default=default.example",
+            "private=private.example@hmac=YWJjZA==",
+            "public=public.example@hmac=",
+        ])
+        .unwrap();
+        assert!(matches!(parsed[0].auth, TargetAuth::Inherit));
+        assert_eq!(parsed[1].auth, TargetAuth::Override(b"YWJjZA==".to_vec()));
+        assert!(matches!(parsed[2].auth, TargetAuth::Disable));
     }
 
     #[test]
-    fn parse_target_rejects_empty_label_or_address() {
-        assert!(parse_target("=host.example").is_err());
-        assert!(parse_target("eu=").is_err());
+    fn target_delimiters_are_escaped_contextually() {
+        let parsed = specs(&["eu\\=west=host\\@hmac=literal@hmac=a\\@b\\,c\\=d\\\\e"]).unwrap();
+        assert_eq!(parsed[0].label, "eu=west");
+        assert_eq!(parsed[0].addr, "host@hmac=literal");
+        assert_eq!(parsed[0].auth, TargetAuth::Override(b"a@b,c=d\\e".to_vec()));
+    }
+
+    #[test]
+    fn positional_commas_are_not_reserved() {
+        let parsed = specs(&["edge=host,region@hmac=key,part"]).unwrap();
+        assert_eq!(parsed[0].addr, "host,region");
+        assert_eq!(parsed[0].auth, TargetAuth::Override(b"key,part".to_vec()));
+    }
+
+    #[test]
+    fn parser_diagnostics_and_debug_do_not_reveal_hmac_values() {
+        let secret = "very-secret-value";
+        let error = specs(&[&format!("target=host@hmac={secret}\\q")]).unwrap_err();
+        assert!(!error.contains(secret));
+        assert!(!format!("{:?}", target(&format!("target=host@hmac={secret}"))).contains(secret));
+        assert!(
+            !format!("{:?}", TargetAuth::Override(secret.as_bytes().to_vec())).contains(secret)
+        );
     }
 
     #[test]
     fn target_specs_suffix_repeated_unlabeled_and_reject_duplicate_labels() {
-        let targets = vec![unlabeled("host-a:2112"), unlabeled("host-a:2112")];
-        let specs = target_specs(&targets).unwrap();
-
-        assert_eq!(specs[0].label, "host-a:2112");
-        assert_eq!(specs[1].label, "host-a:2112#2");
-
-        let targets = vec![
-            unlabeled("host-a:2112"),
-            labeled("host-a:2112", "host-b:2112"),
-        ];
-        let err = target_specs(&targets).unwrap_err();
-        assert!(err.contains("duplicate target label"));
+        let parsed = specs(&["host-a:2112", "host-a:2112"]).unwrap();
+        assert_eq!(parsed[0].label, "host-a:2112");
+        assert_eq!(parsed[1].label, "host-a:2112#2");
+        assert_eq!(
+            specs(&["host-a:2112", "host-a:2112=host-b:2112"]).unwrap_err(),
+            "duplicate target label"
+        );
     }
 
     #[test]
-    fn target_specs_preserve_argument_order_with_mixed_labels() {
-        let targets = vec![
-            unlabeled("local"),
-            labeled("eu", "eu.example"),
-            unlabeled("backup"),
-            labeled("us", "us.example"),
-        ];
-        let specs = target_specs(&targets).unwrap();
-
-        let labels: Vec<_> = specs.iter().map(|spec| spec.label.as_str()).collect();
-        assert_eq!(labels, ["local", "eu", "backup", "us"]);
-        let addrs: Vec<_> = specs.iter().map(|spec| spec.addr.as_str()).collect();
-        assert_eq!(addrs, ["local", "eu.example", "backup", "us.example"]);
-    }
-
-    #[test]
-    fn target_specs_count_unlabeled_occurrences_independently_of_explicit_labels() {
-        let targets = vec![unlabeled("foo"), labeled("eu", "foo"), unlabeled("foo")];
-        let specs = target_specs(&targets).unwrap();
-
-        let labels: Vec<_> = specs.iter().map(|spec| spec.label.as_str()).collect();
-        assert_eq!(labels, ["foo", "eu", "foo#2"]);
+    fn target_specs_preserve_argument_order_and_unlabeled_counts() {
+        let parsed = specs(&["local", "eu=eu.example", "foo", "us=us.example", "foo"]).unwrap();
+        let labels: Vec<_> = parsed.iter().map(|target| target.label.as_str()).collect();
+        assert_eq!(labels, ["local", "eu", "foo", "us", "foo#2"]);
+        let addresses: Vec<_> = parsed.iter().map(|target| target.addr.as_str()).collect();
+        assert_eq!(
+            addresses,
+            ["local", "eu.example", "foo", "us.example", "foo"]
+        );
     }
 
     #[test]
     fn target_specs_reject_generated_suffix_collisions() {
-        let targets = vec![
-            unlabeled("host.example"),
-            unlabeled("host.example"),
-            labeled("host.example#2", "other.example"),
-        ];
-        let err = target_specs(&targets).unwrap_err();
-        assert!(err.contains("duplicate target label"));
+        assert_eq!(
+            specs(&[
+                "host.example",
+                "host.example",
+                "host.example#2=other.example"
+            ])
+            .unwrap_err(),
+            "duplicate target label"
+        );
     }
 
     #[test]
-    fn target_preparation_preserves_hostname_and_allows_duplicate_endpoints() {
-        let specs = vec![
-            TargetSpec {
-                label: "a".to_owned(),
-                addr: "example.test".to_owned(),
-            },
-            TargetSpec {
-                label: "b".to_owned(),
-                addr: "example.test".to_owned(),
-            },
-        ];
-        let targets = prepare_managed_targets(specs).unwrap();
-        assert_eq!(targets[0].managed.server_addr, "example.test");
-        assert_eq!(targets[1].managed.server_addr, "example.test");
+    fn malformed_target_syntax_is_rejected_without_echoing_input() {
+        for input in ["=host", "label=", "host@hmac=value\\q", "host\\x"] {
+            assert!(specs(&[input]).is_err(), "{input}");
+        }
+    }
+
+    #[test]
+    fn target_preparation_maps_auth_to_managed_config() {
+        let prepared =
+            prepare_managed_targets(specs(&["a=one@hmac=key", "b=two@hmac="]).unwrap()).unwrap();
+        assert_eq!(
+            prepared[0]
+                .managed
+                .auth
+                .as_ref()
+                .unwrap()
+                .hmac_key
+                .as_deref(),
+            Some(b"key".as_slice())
+        );
+        assert_eq!(prepared[1].managed.auth.as_ref().unwrap().hmac_key, None);
+    }
+
+    #[test]
+    fn target_preparation_preserves_duplicate_endpoints() {
+        let prepared =
+            prepare_managed_targets(specs(&["a=example.test", "b=example.test"]).unwrap()).unwrap();
+        assert_eq!(prepared[0].managed.server_addr, "example.test");
+        assert_eq!(prepared[1].managed.server_addr, "example.test");
+    }
+
+    #[test]
+    fn stdin_target_sets_frame_commas_without_trimming_payload() {
+        let parsed = parse_stdin_target_set("a=one@hmac=x\\,y,b=two", 128).unwrap();
+        assert_eq!(
+            parsed[0].managed.auth.as_ref().unwrap().hmac_key.as_deref(),
+            Some(b"x,y".as_slice())
+        );
+        assert_eq!(parsed[1].label, "b");
+        assert_eq!(
+            parse_stdin_target_set(" []", 128).unwrap()[0]
+                .managed
+                .server_addr,
+            " []"
+        );
+        assert_eq!(
+            parse_stdin_target_set("[] ", 128).unwrap()[0]
+                .managed
+                .server_addr,
+            "[] "
+        );
+        assert!(parse_stdin_target_set("", 128).is_err());
+        assert!(parse_stdin_target_set("a=one,b=two", 1).is_err());
+    }
+
+    #[test]
+    fn stdin_empty_set_is_exactly_bracket_pair() {
+        assert!(parse_stdin_target_set("[]", 128).unwrap().is_empty());
     }
 }
diff --git a/crates/irtt-client/src/managed/blocking_tests.rs b/crates/irtt-client/src/managed/blocking_tests.rs
index d3df883..743eae8 100644
--- a/crates/irtt-client/src/managed/blocking_tests.rs
+++ b/crates/irtt-client/src/managed/blocking_tests.rs
@@ -250,15 +250,11 @@ fn dynamic_update_reaches_background_worker() {
         .unwrap();
     let handle = owner.handle();
 
-    let acknowledgement = test_runtime().block_on(async {
-        timeout(
-            Duration::from_secs(2),
-            handle.update_targets(vec![target(&server)]).unwrap(),
-        )
-        .await
+    let acknowledgement = handle
+        .update_targets(vec![target(&server)])
         .unwrap()
-        .unwrap()
-    });
+        .blocking_wait()
+        .unwrap();
     assert_eq!(acknowledgement.sequence, 1);
     server.wait_probe();
     test_runtime().block_on(async {
diff --git a/crates/irtt-client/src/managed/task.rs b/crates/irtt-client/src/managed/task.rs
index 3f190ae..98c8bbe 100644
--- a/crates/irtt-client/src/managed/task.rs
+++ b/crates/irtt-client/src/managed/task.rs
@@ -301,6 +301,19 @@ pub struct ManagedCommandReceipt {
     receiver: oneshot::Receiver<Result<ManagedCommandAcknowledgement, ManagedCommandApplyError>>,
 }
 
+impl ManagedCommandReceipt {
+    /// Block until the target-set transaction is applied or rejected.
+    ///
+    /// This is for synchronous callers such as [`BlockingManagedClient`]. It
+    /// must not be called from an asynchronous runtime; use the [`Future`]
+    /// implementation there instead.
+    pub fn blocking_wait(self) -> Result<ManagedCommandAcknowledgement, ManagedCommandApplyError> {
+        self.receiver
+            .blocking_recv()
+            .unwrap_or(Err(ManagedCommandApplyError::AcknowledgementDisconnected))
+    }
+}
+
 impl Future for ManagedCommandReceipt {
     type Output = Result<ManagedCommandAcknowledgement, ManagedCommandApplyError>;
     fn poll(mut self: Pin<&mut Self>, cx: &mut Context<'_>) -> Poll<Self::Output> {
diff --git a/crates/irtt-client/src/managed/tests.rs b/crates/irtt-client/src/managed/tests.rs
index 6c13daa..99b323e 100644
--- a/crates/irtt-client/src/managed/tests.rs
+++ b/crates/irtt-client/src/managed/tests.rs
@@ -1576,6 +1576,37 @@ fn authenticated_peer_close_outcome() {
     assert!(!has_close(&records));
 }
 
+#[test]
+fn peer_close_leaves_other_explicitly_managed_targets_running() {
+    let closing = start_server(ServerBehavior::PeerClose, None);
+    let continuing = start_server(ServerBehavior::Echo, None);
+    let mut managed = config(ManagedPacing::Staggered);
+    managed.completion = ManagedCompletionPolicy::ExplicitStop;
+    managed.client.duration = None;
+    let (task, handle) = ManagedClient::task(
+        managed,
+        vec![
+            target("closing", closing.addr),
+            target("continuing", continuing.addr),
+        ],
+    )
+    .unwrap();
+    let runtime = runtime();
+    let mut task = Box::pin(task);
+
+    drive_task_until(&runtime, &mut task, |task| {
+        handle.status().peer_closed_target_outcomes == 1
+            && task.targets[1].counters.packets_sent != 0
+    });
+    assert_eq!(handle.status().lifecycle, ManagedLifecycle::Running);
+
+    let stop = handle.stop();
+    runtime.block_on(task);
+    runtime.block_on(stop);
+    closing.finish();
+    assert!(!probes(&continuing.finish()).is_empty());
+}
+
 #[test]
 fn peer_close_during_stop_drain_remains_authoritative() {
     let key = b"managed-drain-peer-close".to_vec();
diff --git a/docs/irtt-client.md b/docs/irtt-client.md
index 9cd011c..2a49159 100644
--- a/docs/irtt-client.md
+++ b/docs/irtt-client.md
@@ -6,7 +6,7 @@ irtt-client - IRTT-compatible stream client
 
 ## SYNOPSIS
 
-`irtt-client` [*OPTIONS*] [*[LABEL=]TARGET*]...
+`irtt-client` [*OPTIONS*] [*[LABEL=]TARGET[@hmac=KEY]*]...
 
 `irtt-client` `--list-columns`
 
@@ -18,17 +18,39 @@ eligible runs.
 
 ## TARGETS
 
-Every target argument accepts `[LABEL=]TARGET`. An optional `LABEL=` prefix
-assigns the logical target name used in output; without it, the target
-string itself is used as the label. Labeled and unlabeled targets can be
-freely mixed in one argument list.
+Every target argument accepts `[LABEL=]TARGET[@hmac=KEY]`. An optional
+`LABEL=` prefix assigns the logical target name used in output; without it,
+the target string itself is used as the label. Labeled and unlabeled targets
+can be freely mixed in one argument list. Prefer explicit labels for
+long-running dynamic target sets: the label is the stable target identity
+across replacements.
 
 ```sh
 irtt-client host-a:2112
 irtt-client eu=host-a:2112 us=host-b:2112
 irtt-client host-a:2112 eu=host-b:2112
+irtt-client --hmac default-secret eu=host-a:2112@hmac=eu-secret public=host-b:2112@hmac=
 ```
 
+Targets without `@hmac=` inherit the global `--hmac` value. `@hmac=KEY`
+overrides it for that target, and `@hmac=` explicitly disables HMAC for that
+target. The modifier uses `@`, not a shell command separator; quote an argument
+if its key needs shell quoting.
+
+Target syntax supports these backslash escapes in labels, addresses, and HMAC
+values: `\\` for a literal backslash, `\@` for a literal `@`, `\=` for a
+literal `=`, and `\;` for a literal semicolon. Escaping `@` is necessary in a
+label or address when it would otherwise begin `@hmac=`; escaping the first
+`=` is how an unlabeled target or a label can contain that character. An `=` in
+an HMAC value, including Base64 padding, does not need escaping. Positional
+target arguments may contain a raw comma; stdin target sets have the additional
+`\,` escape described below.
+
+Shells process unquoted backslashes and characters such as semicolons before
+the client sees them. Single-quote a target when it contains parser escapes,
+for example `'west\=edge=host\@hmac=literal@hmac=a\;b\\c'`, so the
+backslashes reach `irtt-client` unchanged.
+
 Multiple targets are probed concurrently. By default, a multi-target session
 uses **staggered** pacing, spacing active targets across the probe interval;
 pass `--pacing burst` to send one probe to every active target back-to-back
@@ -36,6 +58,57 @@ once per interval instead. Final per-target summaries print in the order
 targets were supplied on the command line, not the order in which they
 finish or their labels sort alphabetically.
 
+## DYNAMIC TARGET SETS FROM STANDARD INPUT
+
+`--targets-stdin` is available only with continuous mode (`--duration 0`).
+Positional targets remain an initial desired set, and may be omitted to
+start empty:
+
+~~~sh
+irtt-client --duration 0 --targets-stdin
+irtt-client --duration 0 --targets-stdin ams=ams.example:2112
+~~~
+
+Each non-empty stdin record declares the complete desired target set, rather
+than a delta. A later record replaces an earlier set: targets absent from it
+are retired, unchanged target configurations retain their generation, and a
+changed address or HMAC setting creates a fresh generation. Under transient
+live-generation backpressure, only the latest unapplied desired set is kept.
+
+Commas frame targets in stdin records; escape a literal comma within one
+target as `\,`. Target parsing inside each element is otherwise the same as
+for positional arguments, including the other escapes above, `@hmac=KEY`, and
+`@hmac=`. Use a persistent producer or keep a pipe/FIFO writer open while the
+client is being controlled. For example, in one terminal:
+
+~~~sh
+mkfifo /tmp/irtt-targets
+irtt-client --duration 0 --targets-stdin --hmac default-secret \
+  < /tmp/irtt-targets
+~~~
+
+Then open the FIFO once from another terminal and keep that descriptor open
+while publishing complete desired sets:
+
+~~~sh
+exec 3> /tmp/irtt-targets
+printf '%s\n' 'ams=ams.example:2112,sg=sg.example:2112@hmac=sg-secret' >&3
+printf '%s\n' 'sg=sg.example:2112@hmac=sg-secret,nyc=nyc.example:2112' >&3
+# Publish more sets as needed, then send EOF and stop the client:
+exec 3>&-
+~~~
+
+The exact record `[]` selects an empty desired set. Empty records are
+ignored; whitespace is otherwise payload, not trimming. EOF is immediate loss
+or closure of the control plane and requests a graceful stop. A desired-state
+revision that was read but has not yet been acknowledged as applied may be
+discarded when EOF is observed; EOF does not wait for a capacity-rejected
+revision to become applicable.
+
+The maximum stdin record payload is 64 KiB. Stdin-controlled mode bounds each
+desired set to 128 targets and retains at most 256 live target generations
+while replacements drain.
+
 ## FINITE VERSUS CONTINUOUS OPERATION
 
 `--duration` controls the run length:
@@ -45,8 +118,9 @@ finish or their labels sort alphabetically.
   (see [OUTPUT](#output) below — CSV, TSV, and JSON Lines never print one).
 - `--duration 0` is **continuous**: the client runs until interrupted
   (`Ctrl-C`). For table output, a final summary is printed only if the run
-  was interrupted; an uninterrupted continuous run (one that exits for
-  another reason) does not get one.
+  was interrupted. Stdin-controlled mode is the exception: EOF also requests
+  a graceful stop and prints the final retained summary. An uninterrupted
+  continuous run that exits for another reason does not get one.
 
 See [MEASUREMENTS AND MEMORY](#measurements-and-memory) below for why this
 distinction also determines what statistics can be computed and how much
@@ -192,6 +266,10 @@ the client exits nonzero — so a process supervisor can restart it; an
 interrupted run (`Ctrl-C`) never reports peer closure as an error, whichever
 mode it was in.
 
+With `--targets-stdin`, peer closure is target-local: other desired targets
+and the stdin controller continue running. Including that target in a later
+complete set starts a fresh generation.
+
 ## EXIT STATUS
 
 `0` on success (including a finite run's ordinary completion, and an