diff --git a/packages/toolkit/src/query/core/buildInitiate.ts b/packages/toolkit/src/query/core/buildInitiate.ts
index d7a8731030..2d12b5cea1 100644
--- a/packages/toolkit/src/query/core/buildInitiate.ts
+++ b/packages/toolkit/src/query/core/buildInitiate.ts
@@ -1,14 +1,15 @@
 import type {
   EndpointDefinitions,
+  QueryDefinition,
   MutationDefinition,
   QueryArgFrom,
-  QueryDefinition,
   ResultTypeFrom,
 } from '../endpointDefinitions'
 import { DefinitionType } from '../endpointDefinitions'
-import type { MutationThunk, QueryThunk } from './buildThunks'
-import type { AnyAction, SerializedError, ThunkAction } from '@reduxjs/toolkit'
-import type { RootState, SubscriptionOptions } from './apiState'
+import type { QueryThunk, MutationThunk } from './buildThunks'
+import type { AnyAction, ThunkAction, SerializedError } from '@reduxjs/toolkit'
+import type { SubscriptionOptions, RootState } from './apiState'
+import { QueryStatus } from './apiState'
 import type { InternalSerializeQueryArgs } from '../defaultSerializeQueryArgs'
 import type { Api, ApiContext } from '../apiTypes'
 import type { ApiEndpointQuery } from './module'
@@ -191,12 +192,10 @@ export function buildInitiate({
   api: Api<any, EndpointDefinitions, any, any>
   context: ApiContext<EndpointDefinitions>
 }) {
-  // keep track of running queries by id
   const runningQueries: Record<
     string,
-    Record<string, QueryActionCreatorResult<any>>
+    QueryActionCreatorResult<any> | undefined
   > = {}
-  // keep track of running mutations by id
   const runningMutations: Record<
     string,
     MutationActionCreatorResult<any> | undefined
@@ -225,10 +224,7 @@ export function buildInitiate({
         endpointDefinition,
         endpointName,
       })
-      // TODO(manuel) this is not really what we want, because we don't know which of those thunks will actually resolve to the correct result
-      return Promise.all(
-        Object.values(runningQueries[queryCacheKey] || {})
-      ).then((x) => x[0])
+      return runningQueries[queryCacheKey]
     } else {
       return runningMutations[argOrRequestId]
     }
@@ -236,9 +232,7 @@ export function buildInitiate({
 
   function getRunningOperationPromises() {
     return [
-      ...Object.values(runningQueries)
-        .map((x) => Object.values(x))
-        .reduce((x, y) => x.concat(y)),
+      ...Object.values(runningQueries),
       ...Object.values(runningMutations),
     ].filter(<T>(t: T | undefined): t is T => !!t)
   }
@@ -281,20 +275,27 @@ Features like automatic cache collection, automatic refetching etc. will not be
           originalArgs: arg,
           queryCacheKey,
         })
+        const selector = (
+          api.endpoints[endpointName] as ApiEndpointQuery<any, any>
+        ).select(arg)
+
         const thunkResult = dispatch(thunk)
+        const stateAfter = selector(getState())
+
         middlewareWarning(getState)
 
         const { requestId, abort } = thunkResult
 
-        const prevThunks = Object.values(runningQueries?.[queryCacheKey] || {})
+        const skippedSynchronously = stateAfter.requestId !== requestId
+
+        const runningQuery = runningQueries[queryCacheKey]
 
-        let promises: Promise<any>[] = [...prevThunks, thunkResult]
         const statePromise: QueryActionCreatorResult<any> = Object.assign(
-          Promise.all(promises).then(() => {
-            return (
-              api.endpoints[endpointName] as ApiEndpointQuery<any, any>
-            ).select(arg)(getState())
-          }),
+          skippedSynchronously && !runningQuery
+            ? Promise.resolve(stateAfter)
+            : Promise.all([runningQuery, thunkResult]).then(() =>
+                selector(getState())
+              ),
           {
             arg,
             requestId,
@@ -338,15 +339,13 @@ Features like automatic cache collection, automatic refetching etc. will not be
           }
         )
 
-        if (!runningQueries.hasOwnProperty(queryCacheKey)) {
-          runningQueries[queryCacheKey] = {}
+        if (!runningQuery && !skippedSynchronously) {
+          runningQueries[queryCacheKey] = statePromise
+          statePromise.then(() => {
+            delete runningQueries[queryCacheKey]
+          })
         }
 
-        runningQueries[queryCacheKey][requestId] = statePromise
-        statePromise.then(() => {
-          delete runningQueries?.[queryCacheKey]?.[requestId]
-        })
-
         return statePromise
       }
     return queryAction
diff --git a/packages/toolkit/src/query/tests/buildInitiate.test.tsx b/packages/toolkit/src/query/tests/buildInitiate.test.tsx
new file mode 100644
index 0000000000..b16182177a
--- /dev/null
+++ b/packages/toolkit/src/query/tests/buildInitiate.test.tsx
@@ -0,0 +1,54 @@
+import { createApi } from '../core'
+import { fakeBaseQuery } from '../fakeBaseQuery'
+import { setupApiStore } from './helpers'
+
+let calls = 0
+const api = createApi({
+  baseQuery: fakeBaseQuery(),
+  endpoints: (build) => ({
+    increment: build.query<number, void>({
+      async queryFn() {
+        const data = calls++
+        await Promise.resolve()
+        return { data }
+      },
+    }),
+  }),
+})
+
+const storeRef = setupApiStore(api)
+
+test('multiple synchonrous initiate calls with pre-existing cache entry', async () => {
+  const { store, api } = storeRef
+  // seed the store
+  const firstValue = await store.dispatch(api.endpoints.increment.initiate())
+
+  expect(firstValue).toMatchObject({ data: 0, status: 'fulfilled' })
+
+  // dispatch another increment
+  const secondValuePromise = store.dispatch(api.endpoints.increment.initiate())
+  // and one with a forced refresh
+  const thirdValuePromise = store.dispatch(
+    api.endpoints.increment.initiate(undefined, { forceRefetch: true })
+  )
+  // and another increment
+  const fourthValuePromise = store.dispatch(api.endpoints.increment.initiate())
+
+  const secondValue = await secondValuePromise
+  const thirdValue = await thirdValuePromise
+  const fourthValue = await fourthValuePromise
+
+  expect(secondValue).toMatchObject({
+    data: firstValue.data,
+    status: 'fulfilled',
+    requestId: firstValue.requestId,
+  })
+
+  expect(thirdValue).toMatchObject({ data: 1, status: 'fulfilled' })
+  expect(thirdValue.requestId).not.toBe(firstValue.requestId)
+  expect(fourthValue).toMatchObject({
+    data: thirdValue.data,
+    status: 'fulfilled',
+    requestId: thirdValue.requestId,
+  })
+})