diff --git a/.changeset/wet-bottles-travel.md b/.changeset/wet-bottles-travel.md
new file mode 100644
index 00000000000..1c714ff9397
--- /dev/null
+++ b/.changeset/wet-bottles-travel.md
@@ -0,0 +1,5 @@
+---
+"@atproto/lex-cli": patch
+---
+
+Allow ratelimit calcKey to return null
diff --git a/packages/bsky/src/lexicon/index.ts b/packages/bsky/src/lexicon/index.ts
index 7613b61fb4e..63c34ee6e8c 100644
--- a/packages/bsky/src/lexicon/index.ts
+++ b/packages/bsky/src/lexicon/index.ts
@@ -2177,13 +2177,13 @@ export class ChatBskyModerationNS {
 
 type SharedRateLimitOpts<T> = {
   name: string
-  calcKey?: (ctx: T) => string
+  calcKey?: (ctx: T) => string | null
   calcPoints?: (ctx: T) => number
 }
 type RouteRateLimitOpts<T> = {
   durationMs: number
   points: number
-  calcKey?: (ctx: T) => string
+  calcKey?: (ctx: T) => string | null
   calcPoints?: (ctx: T) => number
 }
 type HandlerOpts = { blobLimit?: number }
diff --git a/packages/lex-cli/src/codegen/server.ts b/packages/lex-cli/src/codegen/server.ts
index f220ed315c4..ec03c7a037b 100644
--- a/packages/lex-cli/src/codegen/server.ts
+++ b/packages/lex-cli/src/codegen/server.ts
@@ -180,7 +180,7 @@ const indexTs = (
       typeParameters: [{ name: 'T' }],
       type: `{
         name: string
-        calcKey?: (ctx: T) => string
+        calcKey?: (ctx: T) => string | null
         calcPoints?: (ctx: T) => number
       }`,
     })
@@ -191,7 +191,7 @@ const indexTs = (
       type: `{
         durationMs: number
         points: number
-        calcKey?: (ctx: T) => string
+        calcKey?: (ctx: T) => string | null
         calcPoints?: (ctx: T) => number
       }`,
     })
diff --git a/packages/ozone/src/lexicon/index.ts b/packages/ozone/src/lexicon/index.ts
index cb526019090..951724c0fe9 100644
--- a/packages/ozone/src/lexicon/index.ts
+++ b/packages/ozone/src/lexicon/index.ts
@@ -2638,13 +2638,13 @@ export class ToolsOzoneTeamNS {
 
 type SharedRateLimitOpts<T> = {
   name: string
-  calcKey?: (ctx: T) => string
+  calcKey?: (ctx: T) => string | null
   calcPoints?: (ctx: T) => number
 }
 type RouteRateLimitOpts<T> = {
   durationMs: number
   points: number
-  calcKey?: (ctx: T) => string
+  calcKey?: (ctx: T) => string | null
   calcPoints?: (ctx: T) => number
 }
 type HandlerOpts = { blobLimit?: number }
diff --git a/packages/pds/src/lexicon/index.ts b/packages/pds/src/lexicon/index.ts
index cb526019090..951724c0fe9 100644
--- a/packages/pds/src/lexicon/index.ts
+++ b/packages/pds/src/lexicon/index.ts
@@ -2638,13 +2638,13 @@ export class ToolsOzoneTeamNS {
 
 type SharedRateLimitOpts<T> = {
   name: string
-  calcKey?: (ctx: T) => string
+  calcKey?: (ctx: T) => string | null
   calcPoints?: (ctx: T) => number
 }
 type RouteRateLimitOpts<T> = {
   durationMs: number
   points: number
-  calcKey?: (ctx: T) => string
+  calcKey?: (ctx: T) => string | null
   calcPoints?: (ctx: T) => number
 }
 type HandlerOpts = { blobLimit?: number }