diff --git a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
index b062ad8ab94be..769679c9a7013 100644
--- a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
@@ -178,13 +178,13 @@ describe('ReactLazy', () => {
 
     await Promise.resolve();
 
+    expect(Scheduler).toFlushAndThrow('Element type is invalid');
     if (__DEV__) {
-      expect(console.error).toHaveBeenCalledTimes(1);
+      expect(console.error).toHaveBeenCalledTimes(3);
       expect(console.error.calls.argsFor(0)[0]).toContain(
         'Expected the result of a dynamic import() call',
       );
     }
-    expect(Scheduler).toFlushAndThrow('Element type is invalid');
   });
 
   it('throws if promise rejects', async () => {
diff --git a/packages/react/src/ReactLazy.js b/packages/react/src/ReactLazy.js
index 24156b69ac2d3..0bc05df6411cd 100644
--- a/packages/react/src/ReactLazy.js
+++ b/packages/react/src/ReactLazy.js
@@ -28,7 +28,7 @@ type PendingPayload = {
 
 type ResolvedPayload<T> = {
   _status: 1,
-  _result: T,
+  _result: {default: T},
 };
 
 type RejectedPayload = {
@@ -53,33 +53,21 @@ function lazyInitializer<T>(payload: Payload<T>): T {
     const ctor = payload._result;
     const thenable = ctor();
     // Transition to the next state.
-    const pending: PendingPayload = (payload: any);
-    pending._status = Pending;
-    pending._result = thenable;
+    // This might throw either because it's missing or throws. If so, we treat it
+    // as still uninitialized and try again next time. Which is the same as what
+    // happens if the ctor or any wrappers processing the ctor throws. This might
+    // end up fixing it if the resolution was a concurrency bug.
     thenable.then(
       moduleObject => {
-        if (payload._status === Pending) {
-          const defaultExport = moduleObject.default;
-          if (__DEV__) {
-            if (defaultExport === undefined) {
-              console.error(
-                'lazy: Expected the result of a dynamic import() call. ' +
-                  'Instead received: %s\n\nYour code should look like: \n  ' +
-                  // Break up imports to avoid accidentally parsing them as dependencies.
-                  'const MyComponent = lazy(() => imp' +
-                  "ort('./MyComponent'))",
-                moduleObject,
-              );
-            }
-          }
+        if (payload._status === Pending || payload._status === Uninitialized) {
           // Transition to the next state.
           const resolved: ResolvedPayload<T> = (payload: any);
           resolved._status = Resolved;
-          resolved._result = defaultExport;
+          resolved._result = moduleObject;
         }
       },
       error => {
-        if (payload._status === Pending) {
+        if (payload._status === Pending || payload._status === Uninitialized) {
           // Transition to the next state.
           const rejected: RejectedPayload = (payload: any);
           rejected._status = Rejected;
@@ -87,9 +75,42 @@ function lazyInitializer<T>(payload: Payload<T>): T {
         }
       },
     );
+    if (payload._status === Uninitialized) {
+      // In case, we're still uninitialized, then we're waiting for the thenable
+      // to resolve. Set it as pending in the meantime.
+      const pending: PendingPayload = (payload: any);
+      pending._status = Pending;
+      pending._result = thenable;
+    }
   }
   if (payload._status === Resolved) {
-    return payload._result;
+    const moduleObject = payload._result;
+    if (__DEV__) {
+      if (moduleObject === undefined) {
+        console.error(
+          'lazy: Expected the result of a dynamic import() call. ' +
+            'Instead received: %s\n\nYour code should look like: \n  ' +
+            // Break up imports to avoid accidentally parsing them as dependencies.
+            'const MyComponent = lazy(() => imp' +
+            "ort('./MyComponent'))\n\n" +
+            'Did you accidentally put curly braces around the import?',
+          moduleObject,
+        );
+      }
+    }
+    if (__DEV__) {
+      if (!('default' in moduleObject)) {
+        console.error(
+          'lazy: Expected the result of a dynamic import() call. ' +
+            'Instead received: %s\n\nYour code should look like: \n  ' +
+            // Break up imports to avoid accidentally parsing them as dependencies.
+            'const MyComponent = lazy(() => imp' +
+            "ort('./MyComponent'))",
+          moduleObject,
+        );
+      }
+    }
+    return moduleObject.default;
   } else {
     throw payload._result;
   }