diff --git a/common/changes/@microsoft/rush/pedrogomes-fix-non-existing-hashes_2024-11-28-07-23.json b/common/changes/@microsoft/rush/pedrogomes-fix-non-existing-hashes_2024-11-28-07-23.json
new file mode 100644
index 00000000000..3e05c3638a8
--- /dev/null
+++ b/common/changes/@microsoft/rush/pedrogomes-fix-non-existing-hashes_2024-11-28-07-23.json
@@ -0,0 +1,10 @@
+{
+  "changes": [
+    {
+      "packageName": "@microsoft/rush",
+      "comment": "Fix an issue where Rush sometimes incorrectly reported \"fatal: could not open 'packages/xxx/.rush/temp/shrinkwrap-deps.json' for reading: No such file or directory\" when using subspaces",
+      "type": "none"
+    }
+  ],
+  "packageName": "@microsoft/rush"
+}
\ No newline at end of file
diff --git a/libraries/rush-lib/src/logic/ProjectChangeAnalyzer.ts b/libraries/rush-lib/src/logic/ProjectChangeAnalyzer.ts
index 942cbac6bdd..6c820c9ca78 100644
--- a/libraries/rush-lib/src/logic/ProjectChangeAnalyzer.ts
+++ b/libraries/rush-lib/src/logic/ProjectChangeAnalyzer.ts
@@ -257,25 +257,23 @@ export class ProjectChangeAnalyzer {
       const additionalRelativePathsToHash: string[] = [];
       const globalAdditionalFiles: string[] = [];
       if (rushConfiguration.packageManager === 'pnpm') {
-        const absoluteFilePathsToCheck: string[] = [];
-
-        for (const project of rushConfiguration.projects) {
+        await Async.forEachAsync(rushConfiguration.projects, async (project: RushConfigurationProject) => {
           const projectShrinkwrapFilePath: string = BaseProjectShrinkwrapFile.getFilePathForProject(project);
-          absoluteFilePathsToCheck.push(projectShrinkwrapFilePath);
-          const relativeProjectShrinkwrapFilePath: string = Path.convertToSlashes(
-            path.relative(rootDirectory, projectShrinkwrapFilePath)
-          );
-
-          additionalRelativePathsToHash.push(relativeProjectShrinkwrapFilePath);
-        }
+          if (!(await FileSystem.existsAsync(projectShrinkwrapFilePath))) {
+            if (rushConfiguration.subspacesFeatureEnabled) {
+              return;
+            }
 
-        await Async.forEachAsync(absoluteFilePathsToCheck, async (filePath: string) => {
-          if (!rushConfiguration.subspacesFeatureEnabled && !(await FileSystem.existsAsync(filePath))) {
             throw new Error(
-              `A project dependency file (${filePath}) is missing. You may need to run ` +
+              `A project dependency file (${projectShrinkwrapFilePath}) is missing. You may need to run ` +
                 '"rush install" or "rush update".'
             );
           }
+
+          const relativeProjectShrinkwrapFilePath: string = Path.convertToSlashes(
+            path.relative(rootDirectory, projectShrinkwrapFilePath)
+          );
+          additionalRelativePathsToHash.push(relativeProjectShrinkwrapFilePath);
         });
       } else {
         // Add the shrinkwrap file to every project's dependencies