The title-holders dominated the opening 90 minutes but a breakthrough proved elusive with Swedish goalkeeper Zećira Mušović making some startling saves to keep her side alive.

With the deadlock remaining after extra-time it went to penalties in Melbourne — and the tension went up another notch.

Sweden’s Nathalie Björn was the first to miss, skying high, only for Megan Rapinoe to do the same.

Rebecka Blomqvist’s effort was saved, again putting the USA in the driving seat, only for Sophia Smith to blast wide.

When Kelley O’Hara hit the post, it was all down to Sweden’s Lina Hurtig, who made sure — but only after VAR ruled her kick had crossed the line.

The dramatic conclusion leaves the tournament without the two top-ranked sides after Germany’s group-stage departure, with the Swedes now considered among the chief frontrunners as the world number three.

Peter Gerhardsson’s side, who are striving to better their third-place finish in 2019, next face the 2011 champions Japan.

For the Americans, who just never really got going at this tournament, it ended their dreams of a third World Cup title in a row in the most painful fashion.

It was also an inglorious end for Rapinoe, the Golden Boot winner at the 2019 tournament. She will retire at the end of the season.

“This is like a sick joke. For me personally, I’m just like, this is dark comedy. I missed a penalty,” Rapinoe told Fox Sports. “I think it can be cruel and just not our day.”

She added: “I thought we played really well. I’m so happy for us that we went out like that, playing the way that we did.”

Expectations were high coming into the tournament for the four-time champions, who had made at least the semi-finals at every World Cup. But they never looked up to the task in the group stage, with just one win, against Vietnam.

The dramatic conclusion leaves the tournament without the two top-ranked sides after Germany’s group-stage departure.

This devastating early exit will be seen as a major underachievement for the Americans, who have been the superpower of international women’s football for so long.

READ MORE: Where can I watch the 2023 Women’s World Cup in Sweden?

Musovic stands firm

Vlatko Andonovski made two changes from the team that drew 0-0 against Portugal, with Emily Sonnett in for suspended midfielder Rose Lavelle and Trinity Rodman preferred up front to Lynn Williams.

Sweden rested nine players in their last group game, but reverted to their strongest XI with strikers Fridolina Rolfo and Stina Blackstenius returning and Mušović getting the nod as goalkeeper ahead of Jennifer Falk.

After both sides sized each other up, the USA worked the first clear chance on six minutes, but Andi Sullivan’s drive from the edge of the box skewered wide.

A patient Sweden created space early on, particularly on the flanks, and sent in a series of teasing crosses to use their height advantage, to no avail.

As the game wore on the US assumed midfield control and a livewire Rodman went close to the opener after 18 minutes, letting fly from distance with Mušović palming away.

She was forced into a similar stop minutes later, again from Rodman, but could only watch as a towering Lindsey Horan header rattled the crossbar in the best opportunity of a lively half the US dominated.

The title-holders carried the momentum into the second stanza and only a world-class reflex save from Mušović kept Sweden on level terms, turning a vicious strike from Horan around the post at full stretch.

It was all the United States and a goal seemed inevitable, but Mušović again kept Sweden in the game with another cracking save in the 88th minute, this time from Alex Morgan. She pulled off two more brilliant saves in extra-time to take the match to penalties.