diff --git a/lib/internal/loader/ModuleJob.js b/lib/internal/loader/ModuleJob.js
index f79cc6cfe1d94a..b3553fc7235d95 100644
--- a/lib/internal/loader/ModuleJob.js
+++ b/lib/internal/loader/ModuleJob.js
@@ -50,10 +50,11 @@ class ModuleJob {
   }
 
   async instantiate() {
-    if (this.instantiated) {
-      return this.instantiated;
+    if (!this.instantiated) {
+      return this.instantiated = this._instantiate();
     }
-    return this.instantiated = this._instantiate();
+    await this.instantiated;
+    return this.module;
   }
 
   // This method instantiates the module associated with this job and its
diff --git a/test/es-module/test-esm-cyclic-dynamic-import.mjs b/test/es-module/test-esm-cyclic-dynamic-import.mjs
new file mode 100644
index 00000000000000..c8dfff919c2f7e
--- /dev/null
+++ b/test/es-module/test-esm-cyclic-dynamic-import.mjs
@@ -0,0 +1,3 @@
+// Flags: --experimental-modules
+import '../common';
+import('./test-esm-cyclic-dynamic-import');