diff --git a/.changeset/fix-projection-refresh-pending.md b/.changeset/fix-projection-refresh-pending.md
new file mode 100644
index 000000000..c5e649d48
--- /dev/null
+++ b/.changeset/fix-projection-refresh-pending.md
@@ -0,0 +1,5 @@
+---
+"@solidjs/signals": patch
+---
+
+Fix projection pending state on first refresh after initial async resolution.
diff --git a/packages/solid-signals/src/core/async.ts b/packages/solid-signals/src/core/async.ts
index 54770abda..b2f0c9da2 100644
--- a/packages/solid-signals/src/core/async.ts
+++ b/packages/solid-signals/src/core/async.ts
@@ -197,8 +197,10 @@ export function handleAsync<T>(
     clearStatus(el);
     const lane = resolveLane(el as any);
     if (lane) lane._pendingAsync.delete(el);
-    if (setter) setter(value);
-    else if (el._overrideValue !== undefined) {
+    if (setter) {
+      setter(value);
+      if (wasUninitialized) clearStatus(el, true);
+    } else if (el._overrideValue !== undefined) {
       if (el._overrideValue !== undefined && el._overrideValue !== NOT_PENDING)
         el._pendingValue = value;
       else {
diff --git a/packages/solid-signals/tests/createLoadingBoundary.test.ts b/packages/solid-signals/tests/createLoadingBoundary.test.ts
index aec48622d..8740f86b7 100644
--- a/packages/solid-signals/tests/createLoadingBoundary.test.ts
+++ b/packages/solid-signals/tests/createLoadingBoundary.test.ts
@@ -11,6 +11,7 @@ import {
   isPending,
   latest,
   NotReadyError,
+  type Refreshable,
   type SourceAccessor,
   refresh,
   untrack
@@ -93,6 +94,44 @@ describe("createLoadingBoundary", () => {
     expect(result).toBe(0); // Should show 0, not "loading"
   });
 
+  it("reports pending on first refresh after an async projection resolves", async () => {
+    let result: any;
+    let projection!: Refreshable<{ value: number }>;
+    let current = deferred<{ value: number }>();
+
+    createRoot(() => {
+      projection = createProjection(async () => current.promise, {} as { value: number });
+
+      const boundary = createLoadingBoundary(
+        () => [projection.value, isPending(() => projection.value)],
+        () => "loading"
+      );
+
+      createRenderEffect(
+        () => (result = boundary()),
+        () => {}
+      );
+    });
+
+    flush();
+    expect(result).toBe("loading");
+
+    current.resolve({ value: 1 });
+    await new Promise(resolve => setTimeout(resolve, 0));
+    flush();
+    expect(result).toEqual([1, false]);
+
+    current = deferred<{ value: number }>();
+    refresh(projection);
+    flush();
+    expect(result).toEqual([1, true]);
+
+    current.resolve({ value: 2 });
+    await new Promise(resolve => setTimeout(resolve, 0));
+    flush();
+    expect(result).toEqual([2, false]);
+  });
+
   it("clears loading for multiple effects in same boundary", async () => {
     let result1: any, result2: any;