diff --git a/CHANGELOG.md b/CHANGELOG.md
index ce31d40..333b08a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,12 @@
 
 ## [Unreleased]
 
+### Fixed
+- A value shaped like `--flag=…` is quoted from the `=` onward, so `--preview`
+  shows `git commit --am='two words'` instead of `git commit '--am=two words'`,
+  which read as though the flag name were part of the message. Identical single
+  argument to the shell — rendering only.
+
 ## [0.2.0] — 2026-09-19
 
 Breaking. Placeholder syntax inside script bodies changed; catalogs need editing.
diff --git a/docs/contract.md b/docs/contract.md
index 0f3e6e6..9becfee 100644
--- a/docs/contract.md
+++ b/docs/contract.md
@@ -94,6 +94,10 @@ no escape syntax.
 Expanded values are **shell-quoted** for the host shell (`sh` / `cmd`): one
 argument in is one argument out. `:raw` opts a single placeholder out.
 
+A value shaped like `--flag=…` is quoted from the `=` onward, so a preview
+reads `--am='two words'` rather than `'--am=two words'`. Same single argument
+to the shell; the flag name is not part of the value.
+
 Windows caveat: `cmd.exe` expands `%VAR%` and `!VAR!` before a command sees its
 arguments, and no quoting on the command line fully suppresses that.
 
diff --git a/internal/expand/expand_test.go b/internal/expand/expand_test.go
index 7459e41..d4c8c0a 100644
--- a/internal/expand/expand_test.go
+++ b/internal/expand/expand_test.go
@@ -1,6 +1,8 @@
 package expand_test
 
 import (
+	"os/exec"
+	"runtime"
 	"strings"
 	"testing"
 
@@ -201,3 +203,50 @@ func TestExpandInvocation_unknownCaptureFailsClosed(t *testing.T) {
 		t.Fatalf("%v", err)
 	}
 }
+
+// --- flag=value rendering ---------------------------------------------------
+
+// A shell hands godo "--am=two words" whole, so quoting it whole would read as
+// though the flag name were part of the message. Quoting only the value is the
+// same single argument and looks like the command a person would type.
+func TestQuote_flagAssignmentQuotesOnlyTheValue(t *testing.T) {
+	cases := []struct{ in, want string }{
+		{"--am=two words", "--am='two words'"},
+		{"-m=two words", "-m='two words'"},
+		{"--pretty-format=a b", "--pretty-format='a b'"},
+		{"--am=it's", `--am='it'\''s'`},
+		// No space, nothing to quote.
+		{"--am=plain", "--am=plain"},
+		// Not a flag: quoted whole.
+		{"am=two words", "'am=two words'"},
+		{"two words", "'two words'"},
+		{"--=two words", "'--=two words'"},
+		{"-=a b", "'-=a b'"},
+		// Only the first "=" splits; the rest is value.
+		{"--x=a=b c", "--x='a=b c'"},
+	}
+	for _, tc := range cases {
+		if runtime.GOOS == "windows" {
+			t.Skip("posix quoting")
+		}
+		if got := expand.Quote(tc.in); got != tc.want {
+			t.Fatalf("Quote(%q) = %q, want %q", tc.in, got, tc.want)
+		}
+	}
+}
+
+// The rendering must not change what the shell actually receives.
+func TestQuote_flagAssignmentIsTheSameSingleArgument(t *testing.T) {
+	if runtime.GOOS == "windows" {
+		t.Skip("posix shells")
+	}
+	for _, v := range []string{"--am=two words", "--am=it's", "--x=a=b c", "--am=;rm -rf /"} {
+		out, err := exec.Command("/bin/sh", "-c", "printf '[%s]' "+expand.Quote(v)).Output()
+		if err != nil {
+			t.Fatalf("%q: %v", v, err)
+		}
+		if want := "[" + v + "]"; string(out) != want {
+			t.Fatalf("%q reached the shell as %s, want %s", v, out, want)
+		}
+	}
+}
diff --git a/internal/expand/quote.go b/internal/expand/quote.go
index ed28c76..9ae7696 100644
--- a/internal/expand/quote.go
+++ b/internal/expand/quote.go
@@ -1,6 +1,7 @@
 package expand
 
 import (
+	"regexp"
 	"runtime"
 	"strings"
 )
@@ -15,12 +16,42 @@ import (
 // that. Values containing % or ! are quoted defensively, but a catalog that
 // must handle them exactly on Windows should not rely on cmd.
 func Quote(s string) string {
+	if prefix, rest, ok := splitFlagAssignment(s); ok {
+		return prefix + quoteForHost(rest)
+	}
+	return quoteForHost(s)
+}
+
+func quoteForHost(s string) string {
 	if runtime.GOOS == "windows" {
 		return quoteWindows(s)
 	}
 	return quotePOSIX(s)
 }
 
+// reFlagAssignment matches "--flag=" and "-f=" at the start of a value.
+var reFlagAssignment = regexp.MustCompile(`^(--?[A-Za-z0-9][A-Za-z0-9_.-]*=)(.*)$`)
+
+// splitFlagAssignment separates a leading "--flag=" from the value behind it.
+//
+// A shell hands godo one argument, so "--am=two words" arrives whole and would
+// otherwise be quoted whole: git commit '--am=two words'. That reads as though
+// the flag name were part of the message. Quoting only the value —
+// --am='two words' — is the same single argument to the shell, and is what a
+// person would have typed. Preview is the feature; it should look like the
+// command it is.
+func splitFlagAssignment(s string) (prefix, rest string, ok bool) {
+	m := reFlagAssignment.FindStringSubmatch(s)
+	if m == nil {
+		return "", "", false
+	}
+	// The prefix goes in unquoted, so it has to be inert on its own.
+	if !shellSafePOSIX(m[1]) || (runtime.GOOS == "windows" && !shellSafeWindows(m[1])) {
+		return "", "", false
+	}
+	return m[1], m[2], true
+}
+
 // shellSafePOSIX reports whether s can be interpolated bare into an sh line.
 // Keeping common tokens unquoted is what makes previews readable: a preview of
 // "godo test -v ./..." should read "go test -v ./...", not "go test '-v' './...'".