diff --git a/addons/spreadsheet/static/src/pivot/pivot_actions.js b/addons/spreadsheet/static/src/pivot/pivot_actions.js
index 87fd98af8171e..0bdf0ece82b4d 100644
--- a/addons/spreadsheet/static/src/pivot/pivot_actions.js
+++ b/addons/spreadsheet/static/src/pivot/pivot_actions.js
@@ -27,7 +27,13 @@ export const SEE_RECORDS_PIVOT_VISIBLE = (position, env) => {
     const cell = env.model.getters.getCorrespondingFormulaCell(position);
     const evaluatedCell = env.model.getters.getEvaluatedCell(position);
     const argsDomain = env.model.getters.getPivotDomainArgsFromPosition(position);
+    const pivotId = env.model.getters.getPivotIdFromPosition(position);
+    if (!env.model.getters.isExistingPivot(pivotId)) {
+        return false;
+    }
+    const dataSource = env.model.getters.getPivotDataSource(pivotId);
     return (
+        dataSource.isReady() &&
         evaluatedCell.type !== "empty" &&
         evaluatedCell.type !== "error" &&
         argsDomain !== undefined &&
diff --git a/addons/spreadsheet/static/src/pivot/plugins/pivot_ui_plugin.js b/addons/spreadsheet/static/src/pivot/plugins/pivot_ui_plugin.js
index fb4a13206029b..f9a87ca50281b 100644
--- a/addons/spreadsheet/static/src/pivot/plugins/pivot_ui_plugin.js
+++ b/addons/spreadsheet/static/src/pivot/plugins/pivot_ui_plugin.js
@@ -188,7 +188,7 @@ export class PivotUIPlugin extends spreadsheet.UIPlugin {
         const cell = this.getters.getCorrespondingFormulaCell(position);
         if (cell && cell.isFormula) {
             const pivotFunction = this.getters.getFirstPivotFunction(cell.compiledFormula.tokens);
-            if (pivotFunction) {
+            if (pivotFunction && pivotFunction.args[0]) {
                 return pivotFunction.args[0]?.toString();
             }
         }
diff --git a/addons/spreadsheet/static/tests/pivots/pivot_see_records_test.js b/addons/spreadsheet/static/tests/pivots/pivot_see_records_test.js
index 6dfa1fd8fb826..eb91b9929f42d 100644
--- a/addons/spreadsheet/static/tests/pivots/pivot_see_records_test.js
+++ b/addons/spreadsheet/static/tests/pivots/pivot_see_records_test.js
@@ -1,5 +1,5 @@
 /** @odoo-module */
-import { nextTick } from "@web/../tests/helpers/utils";
+import { makeDeferred, nextTick } from "@web/../tests/helpers/utils";
 
 import { selectCell } from "@spreadsheet/../tests/utils/commands";
 import { doMenuAction, getActionMenu } from "@spreadsheet/../tests/utils/ui";
@@ -183,3 +183,30 @@ QUnit.test("Can see records on ODOO.PIVOT.TABLE cells", async function (assert)
     setCellContent(model, "A3", `=ODOO.PIVOT.TABLE("1",,,FALSE)`, "42");
     await checkCells(data_cells);
 });
+
+QUnit.test(
+    "See records is not visible if the pivot is not loaded, even if the cell has a value",
+    async function (assert) {
+        let deferred = undefined;
+        const { env, model } = await createSpreadsheetWithPivot({
+            arch: /*xml*/ `
+            <pivot>
+                <field name="probability" type="measure"/>
+            </pivot>
+        `,
+            mockRPC: async function (route, args) {
+                if (deferred && args.method === "read_group" && args.model === "partner") {
+                    await deferred;
+                }
+            },
+        });
+        setCellContent(model, "A1", '=IFERROR(ODOO.PIVOT("1","probability"), 42)');
+        deferred = makeDeferred();
+        model.dispatch("REFRESH_ALL_DATA_SOURCES");
+        const action = cellMenuRegistry.getAll().find((item) => item.id === "pivot_see_records");
+        assert.strictEqual(action.isVisible(env), false);
+        deferred.resolve();
+        await nextTick();
+        assert.strictEqual(action.isVisible(env), true);
+    }
+);