diff --git a/packages/toolkit/src/query/core/buildInitiate.ts b/packages/toolkit/src/query/core/buildInitiate.ts
index 2ecc8eb376..2d12b5cea1 100644
--- a/packages/toolkit/src/query/core/buildInitiate.ts
+++ b/packages/toolkit/src/query/core/buildInitiate.ts
@@ -9,6 +9,7 @@ import { DefinitionType } from '../endpointDefinitions'
 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'
@@ -274,17 +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 skippedSynchronously = stateAfter.requestId !== requestId
+
+        const runningQuery = runningQueries[queryCacheKey]
+
         const statePromise: QueryActionCreatorResult<any> = Object.assign(
-          Promise.all([runningQueries[queryCacheKey], thunkResult]).then(() =>
-            (api.endpoints[endpointName] as ApiEndpointQuery<any, any>).select(
-              arg
-            )(getState())
-          ),
+          skippedSynchronously && !runningQuery
+            ? Promise.resolve(stateAfter)
+            : Promise.all([runningQuery, thunkResult]).then(() =>
+                selector(getState())
+              ),
           {
             arg,
             requestId,
@@ -328,7 +339,7 @@ Features like automatic cache collection, automatic refetching etc. will not be
           }
         )
 
-        if (!runningQueries[queryCacheKey]) {
+        if (!runningQuery && !skippedSynchronously) {
           runningQueries[queryCacheKey] = statePromise
           statePromise.then(() => {
             delete runningQueries[queryCacheKey]
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,
+  })
+})