diff --git a/packages/react-client/src/ReactFlightClient.js b/packages/react-client/src/ReactFlightClient.js
index c7506a13e5941..503f79e4cc582 100644
--- a/packages/react-client/src/ReactFlightClient.js
+++ b/packages/react-client/src/ReactFlightClient.js
@@ -624,6 +624,22 @@ function wakeChunkIfInitialized<T>(
                 rejectListeners.splice(rejectionIdx, 1);
               }
             }
+            // The status might have changed after fulfilling the reference.
+            switch ((chunk: SomeChunk<T>).status) {
+              case INITIALIZED:
+                const initializedChunk: InitializedChunk<T> = (chunk: any);
+                wakeChunk(
+                  resolveListeners,
+                  initializedChunk.value,
+                  initializedChunk,
+                );
+                return;
+              case ERRORED:
+                if (rejectListeners !== null) {
+                  rejectChunk(rejectListeners, chunk.reason);
+                }
+                return;
+            }
           }
         }
       }
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
index a47c9b086a18c..9e024107fc5dd 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
@@ -2196,4 +2196,29 @@ describe('ReactFlightDOMEdge', () => {
       'Switched to client rendering because the server rendering errored:\n\nssr-throw',
     );
   });
+
+  it('should properly resolve with deduped objects', async () => {
+    const obj = {foo: 'hi'};
+
+    function Test(props) {
+      return props.obj.foo;
+    }
+
+    const root = {
+      obj: obj,
+      node: <Test obj={obj} />,
+    };
+
+    const stream = ReactServerDOMServer.renderToReadableStream(root);
+
+    const response = ReactServerDOMClient.createFromReadableStream(stream, {
+      serverConsumerManifest: {
+        moduleMap: null,
+        moduleLoading: null,
+      },
+    });
+
+    const result = await response;
+    expect(result).toEqual({obj: obj, node: 'hi'});
+  });
 });