diff --git a/lib/runtime/AsyncModuleRuntimeModule.js b/lib/runtime/AsyncModuleRuntimeModule.js
index 137509a8a87..5da0ee4e9bd 100644
--- a/lib/runtime/AsyncModuleRuntimeModule.js
+++ b/lib/runtime/AsyncModuleRuntimeModule.js
@@ -20,12 +20,13 @@ class AsyncModuleRuntimeModule extends HelperRuntimeModule {
 		const { runtimeTemplate } = this.compilation;
 		const fn = RuntimeGlobals.asyncModule;
 		return Template.asString([
-			'var webpackThen = typeof Symbol === "function" ? Symbol("webpack then") : "__webpack_then__";',
+			'var webpackQueues = typeof Symbol === "function" ? Symbol("webpack queues") : "__webpack_queues__";',
 			'var webpackExports = typeof Symbol === "function" ? Symbol("webpack exports") : "__webpack_exports__";',
 			'var webpackError = typeof Symbol === "function" ? Symbol("webpack error") : "__webpack_error__";',
-			`var completeQueue = ${runtimeTemplate.basicFunction("queue", [
-				"if(queue) {",
+			`var resolveQueue = ${runtimeTemplate.basicFunction("queue", [
+				"if(queue && !queue.d) {",
 				Template.indent([
+					"queue.d = 1;",
 					`queue.forEach(${runtimeTemplate.expressionFunction(
 						"fn.r--",
 						"fn"
@@ -37,35 +38,26 @@ class AsyncModuleRuntimeModule extends HelperRuntimeModule {
 				]),
 				"}"
 			])}`,
-			`var completeFunction = ${runtimeTemplate.expressionFunction(
-				"!--fn.r && fn()",
-				"fn"
-			)};`,
-			`var queueFunction = ${runtimeTemplate.expressionFunction(
-				"queue ? queue.push(fn) : completeFunction(fn)",
-				"queue, fn"
-			)};`,
 			`var wrapDeps = ${runtimeTemplate.returningFunction(
 				`deps.map(${runtimeTemplate.basicFunction("dep", [
 					'if(dep !== null && typeof dep === "object") {',
 					Template.indent([
-						"if(dep[webpackThen]) return dep;",
+						"if(dep[webpackQueues]) return dep;",
 						"if(dep.then) {",
 						Template.indent([
 							"var queue = [];",
+							"queue.d = 0;",
 							`dep.then(${runtimeTemplate.basicFunction("r", [
 								"obj[webpackExports] = r;",
-								"completeQueue(queue);",
-								"queue = 0;"
+								"resolveQueue(queue);"
 							])}, ${runtimeTemplate.basicFunction("e", [
 								"obj[webpackError] = e;",
-								"completeQueue(queue);",
-								"queue = 0;"
+								"resolveQueue(queue);"
 							])});`,
 							"var obj = {};",
-							`obj[webpackThen] = ${runtimeTemplate.expressionFunction(
-								"queueFunction(queue, fn), dep['catch'](reject)",
-								"fn, reject"
+							`obj[webpackQueues] = ${runtimeTemplate.expressionFunction(
+								`fn(queue)`,
+								"fn"
 							)};`,
 							"return obj;"
 						]),
@@ -73,55 +65,31 @@ class AsyncModuleRuntimeModule extends HelperRuntimeModule {
 					]),
 					"}",
 					"var ret = {};",
-					`ret[webpackThen] = ${runtimeTemplate.expressionFunction(
-						"completeFunction(fn)",
-						"fn"
-					)};`,
+					`ret[webpackQueues] = ${runtimeTemplate.emptyFunction()};`,
 					"ret[webpackExports] = dep;",
 					"return ret;"
 				])})`,
 				"deps"
 			)};`,
 			`${fn} = ${runtimeTemplate.basicFunction("module, body, hasAwait", [
-				"var queue = hasAwait && [];",
+				"var queue;",
+				"hasAwait && ((queue = []).d = 1);",
+				"if(queue) queue.moduleId = module.id;",
+				"var depQueues = new Set();",
 				"var exports = module.exports;",
 				"var currentDeps;",
 				"var outerResolve;",
 				"var reject;",
-				"var isEvaluating = true;",
-				"var nested = false;",
-				`var whenAll = ${runtimeTemplate.basicFunction(
-					"deps, onResolve, onReject",
-					[
-						"if (nested) return;",
-						"nested = true;",
-						"onResolve.r += deps.length;",
-						`deps.map(${runtimeTemplate.expressionFunction(
-							"dep[webpackThen](onResolve, onReject)",
-							"dep, i"
-						)});`,
-						"nested = false;"
-					]
-				)};`,
 				`var promise = new Promise(${runtimeTemplate.basicFunction(
 					"resolve, rej",
-					[
-						"reject = rej;",
-						`outerResolve = ${runtimeTemplate.expressionFunction(
-							"resolve(exports), completeQueue(queue), queue = 0"
-						)};`
-					]
+					["reject = rej;", "outerResolve = resolve;"]
 				)});`,
 				"promise[webpackExports] = exports;",
-				`promise[webpackThen] = ${runtimeTemplate.basicFunction(
-					"fn, rejectFn",
-					[
-						"if (isEvaluating) { return completeFunction(fn); }",
-						"if (currentDeps) whenAll(currentDeps, fn, rejectFn);",
-						"queueFunction(queue, fn);",
-						"promise['catch'](rejectFn);"
-					]
+				`promise[webpackQueues] = ${runtimeTemplate.expressionFunction(
+					`queue && fn(queue), depQueues.forEach(fn), promise["catch"](${runtimeTemplate.emptyFunction()})`,
+					"fn"
 				)};`,
+				"promise.moduleId = module.id;",
 				"module.exports = promise;",
 				`body(${runtimeTemplate.basicFunction("deps", [
 					"currentDeps = wrapDeps(deps);",
@@ -133,21 +101,29 @@ class AsyncModuleRuntimeModule extends HelperRuntimeModule {
 						])})`
 					)}`,
 					`var promise = new Promise(${runtimeTemplate.basicFunction(
-						"resolve, reject",
+						"resolve",
 						[
 							`fn = ${runtimeTemplate.expressionFunction(
-								"resolve(getResult)"
+								"resolve(getResult)",
+								""
 							)};`,
 							"fn.r = 0;",
-							"whenAll(currentDeps, fn, reject);"
+							`var fnQueue = ${runtimeTemplate.expressionFunction(
+								"q !== queue && !depQueues.has(q) && (depQueues.add(q), q && !q.d && (fn.r++, q.push(fn)))",
+								"q"
+							)};`,
+							`currentDeps.map(${runtimeTemplate.expressionFunction(
+								"dep[webpackQueues](fnQueue)",
+								"dep"
+							)});`
 						]
 					)});`,
 					"return fn.r ? promise : getResult();"
 				])}, ${runtimeTemplate.expressionFunction(
-					"err && reject(promise[webpackError] = err), outerResolve()",
+					"(err ? reject(promise[webpackError] = err) : outerResolve(exports)), resolveQueue(queue)",
 					"err"
 				)});`,
-				"isEvaluating = false;"
+				"queue && (queue.d = 0);"
 			])};`
 		]);
 	}
diff --git a/test/__snapshots__/StatsTestCases.basictest.js.snap b/test/__snapshots__/StatsTestCases.basictest.js.snap
index 1c50e8a658d..2cf23d3ed27 100644
--- a/test/__snapshots__/StatsTestCases.basictest.js.snap
+++ b/test/__snapshots__/StatsTestCases.basictest.js.snap
@@ -4611,8 +4611,8 @@ webpack x.x.x compiled with 1 warning in X ms"
 `;
 
 exports[`StatsTestCases should print correct stats for wasm-explorer-examples-sync 1`] = `
-"assets by path *.js 22.2 KiB
-  asset bundle.js 16.7 KiB [emitted] (name: main)
+"assets by path *.js 21.8 KiB
+  asset bundle.js 16.3 KiB [emitted] (name: main)
   asset 325.bundle.js 3.9 KiB [emitted]
   asset 795.bundle.js 557 bytes [emitted]
   asset 526.bundle.js 366 bytes [emitted] (id hint: vendors)
@@ -4628,8 +4628,8 @@ assets by path *.wasm 1.37 KiB
   asset 0301cb3f9f4151b567f5.module.wasm 120 bytes [emitted] [immutable]
 chunk (runtime: main) 20.bundle.js 50 bytes (javascript) 531 bytes (webassembly) [rendered]
   ./duff.wasm 50 bytes (javascript) 531 bytes (webassembly) [built] [code generated]
-chunk (runtime: main) bundle.js (main) 586 bytes (javascript) 9.49 KiB (runtime) [entry] [rendered]
-  runtime modules 9.49 KiB 11 modules
+chunk (runtime: main) bundle.js (main) 586 bytes (javascript) 9.19 KiB (runtime) [entry] [rendered]
+  runtime modules 9.19 KiB 11 modules
   ./index.js 586 bytes [built] [code generated]
 chunk (runtime: main) 189.bundle.js 50 bytes (javascript) 156 bytes (webassembly) [rendered]
   ./Q_rsqrt.wasm 50 bytes (javascript) 156 bytes (webassembly) [built] [code generated]
@@ -4643,7 +4643,7 @@ chunk (runtime: main) 526.bundle.js (id hint: vendors) 34 bytes [rendered] split
 chunk (runtime: main) 795.bundle.js 110 bytes (javascript) 444 bytes (webassembly) [rendered]
   ./fact.wasm 50 bytes (javascript) 154 bytes (webassembly) [built] [code generated]
   ./fast-math.wasm 60 bytes (javascript) 290 bytes (webassembly) [built] [code generated]
-runtime modules 9.49 KiB 11 modules
+runtime modules 9.19 KiB 11 modules
 cacheable modules 2.31 KiB (javascript) 1.37 KiB (webassembly)
   webassembly modules 310 bytes (javascript) 1.37 KiB (webassembly)
     ./Q_rsqrt.wasm 50 bytes (javascript) 156 bytes (webassembly) [built] [code generated]
diff --git a/test/cases/async-modules/runtime-performance/async.js b/test/cases/async-modules/runtime-performance/async.js
new file mode 100644
index 00000000000..03ed4ae4663
--- /dev/null
+++ b/test/cases/async-modules/runtime-performance/async.js
@@ -0,0 +1,2 @@
+await 1;
+export default 1;
diff --git a/test/cases/async-modules/runtime-performance/index.js b/test/cases/async-modules/runtime-performance/index.js
new file mode 100644
index 00000000000..1aca8000cd4
--- /dev/null
+++ b/test/cases/async-modules/runtime-performance/index.js
@@ -0,0 +1,5 @@
+it("should not take too long to evaluate nested async modules", async () => {
+	const start = Date.now();
+	await import(/* webpackMode: "eager" */ "./loader.js?i=40!./loader.js");
+	expect(Date.now() - start).toBeLessThan(100);
+});
diff --git a/test/cases/async-modules/runtime-performance/loader.js b/test/cases/async-modules/runtime-performance/loader.js
new file mode 100644
index 00000000000..ea46f2bea9b
--- /dev/null
+++ b/test/cases/async-modules/runtime-performance/loader.js
@@ -0,0 +1,14 @@
+/** @type {import("../../../../").LoaderDefinition<{ i: string }>} */
+module.exports = function () {
+	const options = this.getOptions();
+	const i = +options.i;
+	let src = `import n from "./async.js";\n`;
+	if (i > 0) {
+		src += `import a from "./loader.js?i=${i - 1}&a!./loader.js";\n`;
+		src += `import b from "./loader.js?i=${i - 1}&b!./loader.js";\n`;
+		src += `export default n + a + b;\n`;
+	} else {
+		src += `export default n;\n`;
+	}
+	return src;
+};