diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
index 9c7b5b62b19..40ee3971298 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
@@ -3051,4 +3051,60 @@ describe('ReactFlightDOMBrowser', () => {
       `);
     }
   });
+
+  it('should resolve a cycle between debug info and the value it produces when using a debug channel', async () => {
+    // Same as `should resolve a cycle between debug info and the value it produces`, but using a debug channel.
+
+    function Inner({style}) {
+      return <div style={style} />;
+    }
+
+    function Component({style}) {
+      return <Inner style={style} />;
+    }
+
+    const style = {};
+    const element = <Component style={style} />;
+    style.element = element;
+
+    let debugReadableStreamController;
+
+    const debugReadableStream = new ReadableStream({
+      start(controller) {
+        debugReadableStreamController = controller;
+      },
+    });
+
+    const rscStream = await serverAct(() =>
+      ReactServerDOMServer.renderToReadableStream(element, webpackMap, {
+        debugChannel: {
+          writable: new WritableStream({
+            write(chunk) {
+              debugReadableStreamController.enqueue(chunk);
+            },
+            close() {
+              debugReadableStreamController.close();
+            },
+          }),
+        },
+      }),
+    );
+
+    function ClientRoot({response}) {
+      return use(response);
+    }
+
+    const response = ReactServerDOMClient.createFromReadableStream(rscStream, {
+      debugChannel: {readable: debugReadableStream},
+    });
+
+    const container = document.createElement('div');
+    const root = ReactDOMClient.createRoot(container);
+
+    await act(() => {
+      root.render(<ClientRoot response={response} />);
+    });
+
+    expect(container.innerHTML).toBe('<div></div>');
+  });
 });
diff --git a/packages/react-server/src/ReactFlightServer.js b/packages/react-server/src/ReactFlightServer.js
index 546e1bbb64f..152be2eecca 100644
--- a/packages/react-server/src/ReactFlightServer.js
+++ b/packages/react-server/src/ReactFlightServer.js
@@ -4300,14 +4300,21 @@ function emitDebugChunk(
 
   const json: string = serializeDebugModel(request, 500, debugInfo);
   if (request.debugDestination !== null) {
-    // Outline the actual timing information to the debug channel.
-    const outlinedId = request.nextChunkId++;
-    const debugRow = outlinedId.toString(16) + ':' + json + '\n';
-    request.pendingDebugChunks++;
-    request.completedDebugChunks.push(stringToChunk(debugRow));
-    const row =
-      serializeRowHeader('D', id) + '"$' + outlinedId.toString(16) + '"\n';
-    request.completedRegularChunks.push(stringToChunk(row));
+    if (json[0] === '"' && json[1] === '$') {
+      // This is already an outlined reference so we can just emit it directly,
+      // without an unnecessary indirection.
+      const row = serializeRowHeader('D', id) + json + '\n';
+      request.completedRegularChunks.push(stringToChunk(row));
+    } else {
+      // Outline the debug information to the debug channel.
+      const outlinedId = request.nextChunkId++;
+      const debugRow = outlinedId.toString(16) + ':' + json + '\n';
+      request.pendingDebugChunks++;
+      request.completedDebugChunks.push(stringToChunk(debugRow));
+      const row =
+        serializeRowHeader('D', id) + '"$' + outlinedId.toString(16) + '"\n';
+      request.completedRegularChunks.push(stringToChunk(row));
+    }
   } else {
     const row = serializeRowHeader('D', id) + json + '\n';
     request.completedRegularChunks.push(stringToChunk(row));