Instantiation takes under 50 microseconds (us) on the lab machine I tested on, and 65us on my colleague's laptop. Loading the code takes about that long as well (see thread: https://twitter.com/acfoltzer/status/1111387279434485760). Compilation is not counted towards any of those tallies.

In our use case, we do compilation on a control plane system and distribute the shared object file to the fleet, so we aren't too concerned by it. For applications where compilation time is a bigger concern, I'm super impressed by this (still early) work on a one-pass wasm compiler: https://github.com/CraneStation/lightbeam