diff --git a/CHANGELOG.md b/CHANGELOG.md
index 36cbb7c1c..26c5ad255 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,7 @@
 
 ### Bug Fixes
 
+-   Invalid link validation is now correctly suppressed before all projects have been converted in packages mode, #2403.
 -   Fixed tsconfig handling for projects using a solution-style tsconfig, #2406.
 -   Fixed broken settings icons caused by icon caching introduced in 0.25.1, #2408.
 
diff --git a/src/lib/application.ts b/src/lib/application.ts
index b1be20478..a45346d08 100644
--- a/src/lib/application.ts
+++ b/src/lib/application.ts
@@ -594,9 +594,9 @@ export class Application extends ChildableComponent<
         for (const dir of packageDirs) {
             this.logger.info(`Converting project at ${nicePath(dir)}`);
             const opts = origOptions.copyForPackage(dir);
+            await opts.read(this.logger, dir);
             // Invalid links should only be reported after everything has been merged.
             opts.setValue("validation", { invalidLink: false });
-            await opts.read(this.logger, dir);
             if (
                 opts.getValue("entryPointStrategy") ===
                 EntryPointStrategy.Packages