if you try to access localhost:3000, do you receive an error from the browser like ERR_CONNECTION_REFUSED or is the page also infinitely loading?

I haven't tested turbopack yet so I don't have any idea of what might be the issue, but you can try the usual steps:
- deleting the node_modules folder and reinstalling the dependencies
- deleting the .next folder and restarting the dev server
- updating all package versions to latest

if everything fails I think its better to create a reproduction and send it in the next.js issues: https://github.com/vercel/next.js/issues

is the page also infinitely loading?

Yes, the page is loading infinitely. I don't know if it helps, but i'm using pnpm.

After leaving it on for an hour a new error appeared.

this should be a turbopack bug that prevents it from compiling

the memory allocation failed is because it is eating memory as you run it and eventually your computer runs out of memory

create a repro and report this

Gotcha, I'll do that, just unsure how to do the report, cause I haven't extactly isolated the cause.