diff --git a/package-lock.json b/package-lock.json
index 47b42c598..1b722f4cc 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -9231,6 +9231,66 @@
         "through": "~2.3.6"
       }
     },
+    "esbuild": {
+      "version": "0.7.22",
+      "resolved": "https://registry.npmjs.org/esbuild/-/esbuild-0.7.22.tgz",
+      "integrity": "sha512-B43SYg8LGWYTCv9Gs0RnuLNwjzpuWOoCaZHTWEDEf5AfrnuDMerPVMdCEu7xOdhFvQ+UqfP2MGU9lxEy0JzccA=="
+    },
+    "esbuild-loader": {
+      "version": "2.7.0",
+      "resolved": "https://registry.npmjs.org/esbuild-loader/-/esbuild-loader-2.7.0.tgz",
+      "integrity": "sha512-1v7PVHZ+GvHPlTYVKjNDblUZbzx58Iwt0LJrBI1INzi4/UHz9D3IJ/skNOimaypHDTohj6HtS3ExWJX2xCRzWg==",
+      "dev": true,
+      "requires": {
+        "esbuild": "^0.8.17",
+        "loader-utils": "^2.0.0",
+        "type-fest": "^0.20.2",
+        "webpack-sources": "^2.2.0"
+      },
+      "dependencies": {
+        "esbuild": {
+          "version": "0.8.26",
+          "resolved": "https://registry.npmjs.org/esbuild/-/esbuild-0.8.26.tgz",
+          "integrity": "sha512-u3MMHOOumdWoAKF+073GHPpzvVB2cM+y9VD4ZwYs1FAQ6atRPISya35dbrbOu/mM68mQ42P+nwPzQVBTfQhkvQ==",
+          "dev": true
+        },
+        "loader-utils": {
+          "version": "2.0.0",
+          "resolved": "https://registry.npmjs.org/loader-utils/-/loader-utils-2.0.0.tgz",
+          "integrity": "sha512-rP4F0h2RaWSvPEkD7BLDFQnvSf+nK+wr3ESUjNTyAGobqrijmW92zc+SO6d4p4B1wh7+B/Jg1mkQe5NYUEHtHQ==",
+          "dev": true,
+          "requires": {
+            "big.js": "^5.2.2",
+            "emojis-list": "^3.0.0",
+            "json5": "^2.1.2"
+          }
+        },
+        "type-fest": {
+          "version": "0.20.2",
+          "resolved": "https://registry.npmjs.org/type-fest/-/type-fest-0.20.2.tgz",
+          "integrity": "sha512-Ne+eE4r0/iWnpAxD852z3A+N0Bt5RN//NjJwRd2VFHEmrywxf5vsZlh4R6lixl6B+wz/8d+maTSAkN1FIkI3LQ==",
+          "dev": true
+        },
+        "webpack-sources": {
+          "version": "2.2.0",
+          "resolved": "https://registry.npmjs.org/webpack-sources/-/webpack-sources-2.2.0.tgz",
+          "integrity": "sha512-bQsA24JLwcnWGArOKUxYKhX3Mz/nK1Xf6hxullKERyktjNMC4x8koOeaDNTA2fEJ09BdWLbM/iTW0ithREUP0w==",
+          "dev": true,
+          "requires": {
+            "source-list-map": "^2.0.1",
+            "source-map": "^0.6.1"
+          }
+        }
+      }
+    },
+    "esbuild-webpack-plugin": {
+      "version": "1.1.0",
+      "resolved": "https://registry.npmjs.org/esbuild-webpack-plugin/-/esbuild-webpack-plugin-1.1.0.tgz",
+      "integrity": "sha512-24E93ml+cTT69DIm7f5nKimkNXKFiiqPZNu7eWYBA/Do7AdT/O7kZidmPTxY8bRyhkk6lvNrhnjEZyJSzOvEEA==",
+      "requires": {
+        "esbuild": "^0.7.15"
+      }
+    },
     "escalade": {
       "version": "3.1.1",
       "resolved": "https://registry.npmjs.org/escalade/-/escalade-3.1.1.tgz",
diff --git a/package.json b/package.json
index 5b2f9c22a..521e6646b 100644
--- a/package.json
+++ b/package.json
@@ -6,8 +6,8 @@
   "dependencies": {
     "@azure/arm-cosmosdb": "9.1.0",
     "@azure/cosmos": "3.9.0",
-    "@azure/identity": "1.1.0",
     "@azure/cosmos-language-service": "0.0.5",
+    "@azure/identity": "1.1.0",
     "@jupyterlab/services": "6.0.0-rc.2",
     "@jupyterlab/terminal": "3.0.0-rc.2",
     "@microsoft/applicationinsights-web": "2.5.9",
@@ -57,6 +57,7 @@
     "dotenv": "8.2.0",
     "es6-object-assign": "1.1.0",
     "es6-symbol": "3.1.3",
+    "esbuild-webpack-plugin": "1.1.0",
     "eslint-plugin-jest": "23.13.2",
     "eslint-plugin-react": "7.20.0",
     "hasher": "1.2.0",
@@ -139,6 +140,7 @@
     "enzyme": "3.11.0",
     "enzyme-adapter-react-16": "1.15.5",
     "enzyme-to-json": "3.6.1",
+    "esbuild-loader": "2.7.0",
     "eslint": "7.8.1",
     "eslint-cli": "1.1.1",
     "eslint-plugin-no-null": "1.0.2",
diff --git a/tsconfig.json b/tsconfig.json
index 0c45faa01..4ab434710 100644
--- a/tsconfig.json
+++ b/tsconfig.json
@@ -11,7 +11,7 @@
     "allowSyntheticDefaultImports": true,
     "downlevelIteration": true,
     "module": "esnext",
-    "target": "es5",
+    "target": "es2017",
     "lib": ["es5", "es6", "dom", "webworker.importscripts"],
     "jsx": "react",
     "moduleResolution": "node",
diff --git a/webpack.config.js b/webpack.config.js
index a90e8896c..30853332a 100644
--- a/webpack.config.js
+++ b/webpack.config.js
@@ -9,8 +9,8 @@ const CaseSensitivePathsPlugin = require("case-sensitive-paths-webpack-plugin");
 const CreateFileWebpack = require("create-file-webpack");
 const childProcess = require("child_process");
 const BundleAnalyzerPlugin = require("webpack-bundle-analyzer").BundleAnalyzerPlugin;
-const TerserPlugin = require("terser-webpack-plugin");
 const isCI = require("is-ci");
+const { ESBuildPlugin, ESBuildMinifyPlugin } = require("esbuild-loader");
 
 const gitSha = childProcess.execSync("git rev-parse HEAD").toString("utf8");
 
@@ -56,37 +56,20 @@ const htmlRule = {
   ]
 };
 
-// We compile our own code with ts-loader
 const typescriptRule = {
   test: /\.tsx?$/,
   use: [
     {
-      loader: "ts-loader",
+      loader: "esbuild-loader",
       options: {
-        transpileOnly: true
+        loader: "tsx",
+        target: "es2017"
       }
     }
   ],
   exclude: /node_modules/
 };
 
-// Third party modules are compiled with babel since using ts-loader that much causes webpack to run out of memory
-const ModulesRule = {
-  test: /\.js$/,
-  use: [
-    {
-      loader: "babel-loader",
-      options: {
-        cacheDirectory: ".cache/babel",
-        presets: [["@babel/preset-env", { targets: { ie: "11" }, useBuiltIns: false }]]
-      }
-    }
-  ],
-  include: /node_modules/,
-  // Exclude large modules we know don't need transpiling
-  exclude: /vega|monaco|plotly/
-};
-
 module.exports = function(env = {}, argv = {}) {
   const mode = argv.mode || "development";
   const rules = [fontRule, lessRule, imagesRule, cssRule, htmlRule, typescriptRule];
@@ -96,7 +79,6 @@ module.exports = function(env = {}, argv = {}) {
   };
 
   if (mode === "production") {
-    rules.push(ModulesRule);
     envVars.NODE_ENV = "production";
   }
 
@@ -105,6 +87,7 @@ module.exports = function(env = {}, argv = {}) {
   }
 
   const plugins = [
+    new ESBuildPlugin(),
     new CleanWebpackPlugin(["dist"]),
     new CreateFileWebpack({
       path: "./dist",
@@ -211,13 +194,8 @@ module.exports = function(env = {}, argv = {}) {
     optimization: {
       minimize: mode === "production" ? true : false,
       minimizer: [
-        new TerserPlugin({
-          cache: ".cache/terser",
-          terserOptions: {
-            // These options increase our initial bundle size by ~5% but the builds are significantly faster and won't run out of memory
-            compress: false,
-            mangle: true
-          }
+        new ESBuildMinifyPlugin({
+          target: "es2015" // Syntax to compile to (see options below for possible values)
         })
       ]
     },