diff --git a/packages/react-reconciler/src/ReactChildFiber.js b/packages/react-reconciler/src/ReactChildFiber.js
index f574162b41b..3bde0d6db9a 100644
--- a/packages/react-reconciler/src/ReactChildFiber.js
+++ b/packages/react-reconciler/src/ReactChildFiber.js
@@ -68,9 +68,9 @@ import {
   SuspenseActionException,
   createThenableState,
   trackUsedThenable,
+  resolveLazy,
 } from './ReactFiberThenable';
 import {readContextDuringReconciliation} from './ReactFiberNewContext';
-import {callLazyInitInDEV} from './ReactFiberCallUserSpace';
 
 import {runWithFiberInDEV} from './ReactCurrentFiber';
 
@@ -364,15 +364,6 @@ function warnOnSymbolType(returnFiber: Fiber, invalidChild: symbol) {
   }
 }
 
-function resolveLazy(lazyType: any) {
-  if (__DEV__) {
-    return callLazyInitInDEV(lazyType);
-  }
-  const payload = lazyType._payload;
-  const init = lazyType._init;
-  return init(payload);
-}
-
 type ChildReconciler = (
   returnFiber: Fiber,
   currentFirstChild: Fiber | null,
@@ -698,14 +689,7 @@ function createChildReconciler(
         }
         case REACT_LAZY_TYPE: {
           const prevDebugInfo = pushDebugInfo(newChild._debugInfo);
-          let resolvedChild;
-          if (__DEV__) {
-            resolvedChild = callLazyInitInDEV(newChild);
-          } else {
-            const payload = newChild._payload;
-            const init = newChild._init;
-            resolvedChild = init(payload);
-          }
+          const resolvedChild = resolveLazy((newChild: any));
           const created = createChild(returnFiber, resolvedChild, lanes);
           currentDebugInfo = prevDebugInfo;
           return created;
@@ -830,14 +814,7 @@ function createChildReconciler(
         }
         case REACT_LAZY_TYPE: {
           const prevDebugInfo = pushDebugInfo(newChild._debugInfo);
-          let resolvedChild;
-          if (__DEV__) {
-            resolvedChild = callLazyInitInDEV(newChild);
-          } else {
-            const payload = newChild._payload;
-            const init = newChild._init;
-            resolvedChild = init(payload);
-          }
+          const resolvedChild = resolveLazy((newChild: any));
           const updated = updateSlot(
             returnFiber,
             oldFiber,
@@ -962,14 +939,7 @@ function createChildReconciler(
         }
         case REACT_LAZY_TYPE: {
           const prevDebugInfo = pushDebugInfo(newChild._debugInfo);
-          let resolvedChild;
-          if (__DEV__) {
-            resolvedChild = callLazyInitInDEV(newChild);
-          } else {
-            const payload = newChild._payload;
-            const init = newChild._init;
-            resolvedChild = init(payload);
-          }
+          const resolvedChild = resolveLazy((newChild: any));
           const updated = updateFromMap(
             existingChildren,
             returnFiber,
@@ -1086,14 +1056,7 @@ function createChildReconciler(
           });
           break;
         case REACT_LAZY_TYPE: {
-          let resolvedChild;
-          if (__DEV__) {
-            resolvedChild = callLazyInitInDEV((child: any));
-          } else {
-            const payload = child._payload;
-            const init = (child._init: any);
-            resolvedChild = init(payload);
-          }
+          const resolvedChild = resolveLazy((child: any));
           warnOnInvalidKey(
             returnFiber,
             workInProgress,
@@ -1809,14 +1772,7 @@ function createChildReconciler(
           );
         case REACT_LAZY_TYPE: {
           const prevDebugInfo = pushDebugInfo(newChild._debugInfo);
-          let result;
-          if (__DEV__) {
-            result = callLazyInitInDEV(newChild);
-          } else {
-            const payload = newChild._payload;
-            const init = newChild._init;
-            result = init(payload);
-          }
+          const result = resolveLazy((newChild: any));
           const firstChild = reconcileChildFibersImpl(
             returnFiber,
             currentFirstChild,
diff --git a/packages/react-reconciler/src/ReactFiberBeginWork.js b/packages/react-reconciler/src/ReactFiberBeginWork.js
index 372bab95cea..33b9e79edfa 100644
--- a/packages/react-reconciler/src/ReactFiberBeginWork.js
+++ b/packages/react-reconciler/src/ReactFiberBeginWork.js
@@ -302,11 +302,8 @@ import {
   pushRootMarkerInstance,
   TransitionTracingMarker,
 } from './ReactFiberTracingMarkerComponent';
-import {
-  callLazyInitInDEV,
-  callComponentInDEV,
-  callRenderInDEV,
-} from './ReactFiberCallUserSpace';
+import {callComponentInDEV, callRenderInDEV} from './ReactFiberCallUserSpace';
+import {resolveLazy} from './ReactFiberThenable';
 
 // A special exception that's used to unwind the stack when an update flows
 // into a dehydrated boundary.
@@ -2020,14 +2017,7 @@ function mountLazyComponent(
 
   const props = workInProgress.pendingProps;
   const lazyComponent: LazyComponentType<any, any> = elementType;
-  let Component;
-  if (__DEV__) {
-    Component = callLazyInitInDEV(lazyComponent);
-  } else {
-    const payload = lazyComponent._payload;
-    const init = lazyComponent._init;
-    Component = init(payload);
-  }
+  let Component = resolveLazy(lazyComponent);
   // Store the unwrapped component in the type.
   workInProgress.type = Component;
 
diff --git a/packages/react-reconciler/src/ReactFiberThenable.js b/packages/react-reconciler/src/ReactFiberThenable.js
index 4f52131a649..f4ae1d45b27 100644
--- a/packages/react-reconciler/src/ReactFiberThenable.js
+++ b/packages/react-reconciler/src/ReactFiberThenable.js
@@ -14,6 +14,10 @@ import type {
   RejectedThenable,
 } from 'shared/ReactTypes';
 
+import type {LazyComponent as LazyComponentType} from 'react/src/ReactLazy';
+
+import {callLazyInitInDEV} from './ReactFiberCallUserSpace';
+
 import {getWorkInProgressRoot} from './ReactFiberWorkLoop';
 
 import ReactSharedInternals from 'shared/ReactSharedInternals';
@@ -260,6 +264,27 @@ export function suspendCommit(): void {
   throw SuspenseyCommitException;
 }
 
+export function resolveLazy<T>(lazyType: LazyComponentType<T, any>): T {
+  try {
+    if (__DEV__) {
+      return callLazyInitInDEV(lazyType);
+    }
+    const payload = lazyType._payload;
+    const init = lazyType._init;
+    return init(payload);
+  } catch (x) {
+    if (x !== null && typeof x === 'object' && typeof x.then === 'function') {
+      // This lazy Suspended. Treat this as if we called use() to unwrap it.
+      suspendedThenable = x;
+      if (__DEV__) {
+        needsToResetSuspendedThenableDEV = true;
+      }
+      throw SuspenseException;
+    }
+    throw x;
+  }
+}
+
 // This is used to track the actual thenable that suspended so it can be
 // passed to the rest of the Suspense implementation — which, for historical
 // reasons, expects to receive a thenable.
diff --git a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
index 27404eee5e2..e594e4fbedb 100644
--- a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
@@ -198,10 +198,7 @@ describe('ReactLazy', () => {
 
     await resolveFakeImport(Foo);
 
-    await waitForAll([
-      'Foo',
-      ...(gate('alwaysThrottleRetries') ? [] : ['Foo']),
-    ]);
+    await waitForAll(['Foo']);
     expect(root).not.toMatchRenderedOutput('FooBar');
 
     await act(() => resolveFakeImport(Bar));
@@ -1329,11 +1326,7 @@ describe('ReactLazy', () => {
     expect(ref.current).toBe(null);
 
     await act(() => resolveFakeImport(Foo));
-    assertLog([
-      'Foo',
-      // pre-warming
-      'Foo',
-    ]);
+    assertLog(['Foo']);
 
     await act(() => resolveFakeImport(ForwardRefBar));
     assertLog(['Foo', 'forwardRef', 'Bar']);
@@ -1493,11 +1486,7 @@ describe('ReactLazy', () => {
     expect(root).not.toMatchRenderedOutput('AB');
 
     await act(() => resolveFakeImport(ChildA));
-    assertLog([
-      'A',
-      // pre-warming
-      'A',
-    ]);
+    assertLog(['A']);
 
     await act(() => resolveFakeImport(ChildB));
     assertLog(['A', 'B', 'Did mount: A', 'Did mount: B']);