diff --git a/packages/angular/build/src/tools/esbuild/bundler-context.ts b/packages/angular/build/src/tools/esbuild/bundler-context.ts
index c9168aa591da..8bfd1343f340 100644
--- a/packages/angular/build/src/tools/esbuild/bundler-context.ts
+++ b/packages/angular/build/src/tools/esbuild/bundler-context.ts
@@ -43,6 +43,7 @@ export interface InitialFileRecord {
   type: 'script' | 'style';
   external?: boolean;
   serverFile: boolean;
+  depth: number;
 }
 
 export enum BuildOutputFileType {
@@ -298,6 +299,7 @@ export class BundlerContext {
             type,
             entrypoint: true,
             serverFile: this.#platformIsServer,
+            depth: 0,
           };
 
           if (!this.initialFilter || this.initialFilter(record)) {
@@ -308,10 +310,19 @@ export class BundlerContext {
     }
 
     // Analyze for transitive initial files
-    const files = [...initialFiles.keys()];
-    for (const file of files) {
-      for (const initialImport of result.metafile.outputs[file].imports) {
-        if (initialFiles.has(initialImport.path)) {
+    const entriesToAnalyze = [...initialFiles];
+    let currentEntry;
+    while ((currentEntry = entriesToAnalyze.pop())) {
+      const [entryPath, entryRecord] = currentEntry;
+
+      for (const initialImport of result.metafile.outputs[entryPath].imports) {
+        const existingRecord = initialFiles.get(initialImport.path);
+        if (existingRecord) {
+          // Store the smallest value depth
+          if (existingRecord.depth > entryRecord.depth + 1) {
+            existingRecord.depth = entryRecord.depth + 1;
+          }
+
           continue;
         }
 
@@ -321,6 +332,7 @@ export class BundlerContext {
             entrypoint: false,
             external: initialImport.external,
             serverFile: this.#platformIsServer,
+            depth: entryRecord.depth + 1,
           };
 
           if (!this.initialFilter || this.initialFilter(record)) {
@@ -328,7 +340,7 @@ export class BundlerContext {
           }
 
           if (!initialImport.external) {
-            files.push(initialImport.path);
+            entriesToAnalyze.push([initialImport.path, record]);
           }
         }
       }
diff --git a/packages/angular/build/src/tools/esbuild/index-html-generator.ts b/packages/angular/build/src/tools/esbuild/index-html-generator.ts
index ffa330260b67..62a2cc5ffb91 100644
--- a/packages/angular/build/src/tools/esbuild/index-html-generator.ts
+++ b/packages/angular/build/src/tools/esbuild/index-html-generator.ts
@@ -12,6 +12,12 @@ import { NormalizedApplicationBuildOptions } from '../../builders/application/op
 import { IndexHtmlGenerator } from '../../utils/index-file/index-html-generator';
 import { BuildOutputFile, BuildOutputFileType, InitialFileRecord } from './bundler-context';
 
+/**
+ * The maximum number of module preload link elements that should be added for
+ * initial scripts.
+ */
+const MODULE_PRELOAD_MAX = 3;
+
 export async function generateIndexHtml(
   initialFiles: Map<string, InitialFileRecord>,
   outputFiles: BuildOutputFile[],
@@ -39,13 +45,20 @@ export async function generateIndexHtml(
   assert(indexHtmlOptions, 'indexHtmlOptions cannot be undefined.');
 
   if (!externalPackages && indexHtmlOptions.preloadInitial) {
+    let modulePreloadCount = 0;
     for (const [key, value] of initialFiles) {
       if (value.entrypoint || value.serverFile) {
         // Entry points are already referenced in the HTML
         continue;
       }
 
-      if (value.type === 'script') {
+      // Only add shallow preloads
+      if (value.depth > 1) {
+        continue;
+      }
+
+      if (value.type === 'script' && modulePreloadCount < MODULE_PRELOAD_MAX) {
+        modulePreloadCount++;
         hints.push({ url: key, mode: 'modulepreload' as const });
       } else if (value.type === 'style') {
         // Provide an "as" value of "style" to ensure external URLs which may not have a