diff --git a/.changeset/brown-yaks-stare.md b/.changeset/brown-yaks-stare.md
new file mode 100644
index 000000000..4ebbe8cc1
--- /dev/null
+++ b/.changeset/brown-yaks-stare.md
@@ -0,0 +1,5 @@
+---
+'@linaria/babel-preset': patch
+---
+
+Circuit breaker for cyclic dependencies.
diff --git a/packages/babel/src/module.ts b/packages/babel/src/module.ts
index d5a38ffdc..69f0c8022 100644
--- a/packages/babel/src/module.ts
+++ b/packages/babel/src/module.ts
@@ -91,6 +91,8 @@ class Module {
 
   #isEvaluated = false;
 
+  #evaluatedFragments = new Set<string>();
+
   #exports: Record<string, unknown> | unknown;
 
   // #exportsProxy: Record<string, unknown>;
@@ -430,8 +432,20 @@ class Module {
     });
 
     code.forEach((source, idx) => {
+      if (this.#evaluatedFragments.has(source)) {
+        this.debug(
+          `evaluate:fragment-${padStart(idx + 1, 2)}`,
+          `is already evaluated`
+        );
+        return;
+      }
+
       this.debug(`evaluate:fragment-${padStart(idx + 1, 2)}`, `\n${source}`);
 
+      this.#evaluatedFragments.add(source);
+
+      this.#isEvaluated = true;
+
       try {
         const script = new vm.Script(
           `(function (exports) { ${source}\n})(exports);`,
@@ -460,8 +474,6 @@ class Module {
         );
       }
     });
-
-    this.#isEvaluated = true;
   }
 }