diff --git a/packages/react-server-dom-turbopack/src/__tests__/ReactFlightTurbopackDOM-test.js b/packages/react-server-dom-turbopack/src/__tests__/ReactFlightTurbopackDOM-test.js
index 0cf2876fedba6..d4fc59b826208 100644
--- a/packages/react-server-dom-turbopack/src/__tests__/ReactFlightTurbopackDOM-test.js
+++ b/packages/react-server-dom-turbopack/src/__tests__/ReactFlightTurbopackDOM-test.js
@@ -20,6 +20,7 @@ global.TextDecoder = require('util').TextDecoder;
 let act;
 let use;
 let clientExports;
+let clientExportsESM;
 let turbopackMap;
 let Stream;
 let React;
@@ -29,6 +30,7 @@ let ReactServerDOMClient;
 let Suspense;
 let ReactServerScheduler;
 let reactServerAct;
+let ErrorBoundary;
 
 describe('ReactFlightTurbopackDOM', () => {
   beforeEach(() => {
@@ -49,6 +51,7 @@ describe('ReactFlightTurbopackDOM', () => {
 
     const TurbopackMock = require('./utils/TurbopackMock');
     clientExports = TurbopackMock.clientExports;
+    clientExportsESM = TurbopackMock.clientExportsESM;
     turbopackMap = TurbopackMock.turbopackMap;
 
     ReactServerDOMServer = require('react-server-dom-turbopack/server');
@@ -63,6 +66,22 @@ describe('ReactFlightTurbopackDOM', () => {
     Suspense = React.Suspense;
     ReactDOMClient = require('react-dom/client');
     ReactServerDOMClient = require('react-server-dom-turbopack/client');
+
+    ErrorBoundary = class extends React.Component {
+      state = {hasError: false, error: null};
+      static getDerivedStateFromError(error) {
+        return {
+          hasError: true,
+          error,
+        };
+      }
+      render() {
+        if (this.state.hasError) {
+          return this.props.fallback(this.state.error);
+        }
+        return this.props.children;
+      }
+    };
   });
 
   async function serverAct(callback) {
@@ -220,4 +239,105 @@ describe('ReactFlightTurbopackDOM', () => {
     });
     expect(container.innerHTML).toBe('<p>Async: Module</p>');
   });
+
+  it('should unwrap async ESM module references', async () => {
+    const AsyncModule = Promise.resolve(function AsyncModule({text}) {
+      return 'Async: ' + text;
+    });
+
+    const AsyncModule2 = Promise.resolve({
+      exportName: 'Module',
+    });
+
+    function Print({response}) {
+      return <p>{use(response)}</p>;
+    }
+
+    function App({response}) {
+      return (
+        <Suspense fallback={<h1>Loading...</h1>}>
+          <Print response={response} />
+        </Suspense>
+      );
+    }
+
+    const AsyncModuleRef = await clientExportsESM(AsyncModule);
+    const AsyncModuleRef2 = await clientExportsESM(AsyncModule2);
+
+    const {writable, readable} = getTestStream();
+    const {pipe} = await serverAct(() =>
+      ReactServerDOMServer.renderToPipeableStream(
+        <AsyncModuleRef text={AsyncModuleRef2.exportName} />,
+        turbopackMap,
+      ),
+    );
+    pipe(writable);
+    const response = ReactServerDOMClient.createFromReadableStream(readable);
+
+    const container = document.createElement('div');
+    const root = ReactDOMClient.createRoot(container);
+    await act(() => {
+      root.render(<App response={response} />);
+    });
+    expect(container.innerHTML).toBe('<p>Async: Module</p>');
+  });
+
+  it('should error when a bundler uses async ESM modules with createClientModuleProxy', async () => {
+    const AsyncModule = Promise.resolve(function AsyncModule() {
+      return 'This should not be rendered';
+    });
+
+    function Print({response}) {
+      return <p>{use(response)}</p>;
+    }
+
+    function App({response}) {
+      return (
+        <ErrorBoundary
+          fallback={error => (
+            <p>
+              {__DEV__ ? error.message + ' + ' : null}
+              {error.digest}
+            </p>
+          )}>
+          <Suspense fallback={<h1>Loading...</h1>}>
+            <Print response={response} />
+          </Suspense>
+        </ErrorBoundary>
+      );
+    }
+
+    const AsyncModuleRef = await clientExportsESM(AsyncModule, {
+      forceClientModuleProxy: true,
+    });
+
+    const {writable, readable} = getTestStream();
+    const {pipe} = await serverAct(() =>
+      ReactServerDOMServer.renderToPipeableStream(
+        <AsyncModuleRef />,
+        turbopackMap,
+        {
+          onError(error) {
+            return __DEV__ ? 'a dev digest' : `digest(${error.message})`;
+          },
+        },
+      ),
+    );
+    pipe(writable);
+    const response = ReactServerDOMClient.createFromReadableStream(readable);
+
+    const container = document.createElement('div');
+    const root = ReactDOMClient.createRoot(container);
+    await act(() => {
+      root.render(<App response={response} />);
+    });
+
+    const errorMessage = `The module "${Object.keys(turbopackMap).at(0)}" is marked as an async ESM module but was loaded as a CJS proxy. This is probably a bug in the React Server Components bundler.`;
+
+    expect(container.innerHTML).toBe(
+      __DEV__
+        ? `<p>${errorMessage} + a dev digest</p>`
+        : `<p>digest(${errorMessage})</p>`,
+    );
+  });
 });
diff --git a/packages/react-server-dom-turbopack/src/__tests__/utils/TurbopackMock.js b/packages/react-server-dom-turbopack/src/__tests__/utils/TurbopackMock.js
index 5ed6fa5357408..2e81d55fa692c 100644
--- a/packages/react-server-dom-turbopack/src/__tests__/utils/TurbopackMock.js
+++ b/packages/react-server-dom-turbopack/src/__tests__/utils/TurbopackMock.js
@@ -23,6 +23,7 @@ global.__turbopack_require__ = function (id) {
 };
 
 const Server = require('react-server-dom-turbopack/server');
+const registerClientReference = Server.registerClientReference;
 const registerServerReference = Server.registerServerReference;
 const createClientModuleProxy = Server.createClientModuleProxy;
 
@@ -83,6 +84,65 @@ exports.clientExports = function clientExports(moduleExports, chunkUrl) {
   return createClientModuleProxy(path);
 };
 
+exports.clientExportsESM = function clientExportsESM(
+  moduleExports,
+  options?: {forceClientModuleProxy?: boolean} = {},
+) {
+  const chunks = [];
+  const idx = '' + turbopackModuleIdx++;
+  turbopackClientModules[idx] = moduleExports;
+  const path = url.pathToFileURL(idx).href;
+
+  const createClientReferencesForExports = ({exports, async}) => {
+    turbopackClientMap[path] = {
+      id: idx,
+      chunks,
+      name: '*',
+      async: true,
+    };
+
+    if (options.forceClientModuleProxy) {
+      return createClientModuleProxy(path);
+    }
+
+    if (typeof exports === 'object') {
+      const references = {};
+
+      for (const name in exports) {
+        const id = path + '#' + name;
+        turbopackClientMap[path + '#' + name] = {
+          id: idx,
+          chunks,
+          name: name,
+          async,
+        };
+        references[name] = registerClientReference(() => {}, id, name);
+      }
+
+      return references;
+    }
+
+    return registerClientReference(() => {}, path, '*');
+  };
+
+  if (
+    moduleExports &&
+    typeof moduleExports === 'object' &&
+    typeof moduleExports.then === 'function'
+  ) {
+    return moduleExports.then(
+      asyncModuleExports =>
+        createClientReferencesForExports({
+          exports: asyncModuleExports,
+          async: true,
+        }),
+      () => {},
+    );
+  }
+
+  return createClientReferencesForExports({exports: moduleExports});
+};
+
 // This tests server to server references. There's another case of client to server references.
 exports.serverExports = function serverExports(moduleExports) {
   const idx = '' + turbopackModuleIdx++;
diff --git a/packages/react-server-dom-turbopack/src/server/ReactFlightServerConfigTurbopackBundler.js b/packages/react-server-dom-turbopack/src/server/ReactFlightServerConfigTurbopackBundler.js
index d8224aff341dc..219391f8f819e 100644
--- a/packages/react-server-dom-turbopack/src/server/ReactFlightServerConfigTurbopackBundler.js
+++ b/packages/react-server-dom-turbopack/src/server/ReactFlightServerConfigTurbopackBundler.js
@@ -71,7 +71,15 @@ export function resolveClientReferenceMetadata<T>(
       );
     }
   }
-  if (clientReference.$$async === true) {
+  if (resolvedModuleData.async === true && clientReference.$$async === true) {
+    throw new Error(
+      'The module "' +
+        modulePath +
+        '" is marked as an async ESM module but was loaded as a CJS proxy. ' +
+        'This is probably a bug in the React Server Components bundler.',
+    );
+  }
+  if (resolvedModuleData.async === true || clientReference.$$async === true) {
     return [resolvedModuleData.id, resolvedModuleData.chunks, name, 1];
   } else {
     return [resolvedModuleData.id, resolvedModuleData.chunks, name];
diff --git a/packages/react-server-dom-turbopack/src/shared/ReactFlightImportMetadata.js b/packages/react-server-dom-turbopack/src/shared/ReactFlightImportMetadata.js
index 60460d9c1d6d9..7cfce93deb25a 100644
--- a/packages/react-server-dom-turbopack/src/shared/ReactFlightImportMetadata.js
+++ b/packages/react-server-dom-turbopack/src/shared/ReactFlightImportMetadata.js
@@ -12,6 +12,7 @@ export type ImportManifestEntry = {
   // chunks is an array of filenames
   chunks: Array<string>,
   name: string,
+  async?: boolean,
 };
 
 // This is the parsed shape of the wire format which is why it is
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOM-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOM-test.js
index 41fc0bfd41088..b59eb05c7b3fb 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOM-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOM-test.js
@@ -21,6 +21,7 @@ global.TextDecoder = require('util').TextDecoder;
 let act;
 let use;
 let clientExports;
+let clientExportsESM;
 let clientModuleError;
 let webpackMap;
 let Stream;
@@ -68,6 +69,7 @@ describe('ReactFlightDOM', () => {
     }
     const WebpackMock = require('./utils/WebpackMock');
     clientExports = WebpackMock.clientExports;
+    clientExportsESM = WebpackMock.clientExportsESM;
     clientModuleError = WebpackMock.clientModuleError;
     webpackMap = WebpackMock.webpackMap;
 
@@ -583,6 +585,107 @@ describe('ReactFlightDOM', () => {
     expect(container.innerHTML).toBe('<p>Async Text</p>');
   });
 
+  it('should unwrap async ESM module references', async () => {
+    const AsyncModule = Promise.resolve(function AsyncModule({text}) {
+      return 'Async: ' + text;
+    });
+
+    const AsyncModule2 = Promise.resolve({
+      exportName: 'Module',
+    });
+
+    function Print({response}) {
+      return <p>{use(response)}</p>;
+    }
+
+    function App({response}) {
+      return (
+        <Suspense fallback={<h1>Loading...</h1>}>
+          <Print response={response} />
+        </Suspense>
+      );
+    }
+
+    const AsyncModuleRef = await clientExportsESM(AsyncModule);
+    const AsyncModuleRef2 = await clientExportsESM(AsyncModule2);
+
+    const {writable, readable} = getTestStream();
+    const {pipe} = await serverAct(() =>
+      ReactServerDOMServer.renderToPipeableStream(
+        <AsyncModuleRef text={AsyncModuleRef2.exportName} />,
+        webpackMap,
+      ),
+    );
+    pipe(writable);
+    const response = ReactServerDOMClient.createFromReadableStream(readable);
+
+    const container = document.createElement('div');
+    const root = ReactDOMClient.createRoot(container);
+    await act(() => {
+      root.render(<App response={response} />);
+    });
+    expect(container.innerHTML).toBe('<p>Async: Module</p>');
+  });
+
+  it('should error when a bundler uses async ESM modules with createClientModuleProxy', async () => {
+    const AsyncModule = Promise.resolve(function AsyncModule() {
+      return 'This should not be rendered';
+    });
+
+    function Print({response}) {
+      return <p>{use(response)}</p>;
+    }
+
+    function App({response}) {
+      return (
+        <ErrorBoundary
+          fallback={error => (
+            <p>
+              {__DEV__ ? error.message + ' + ' : null}
+              {error.digest}
+            </p>
+          )}>
+          <Suspense fallback={<h1>Loading...</h1>}>
+            <Print response={response} />
+          </Suspense>
+        </ErrorBoundary>
+      );
+    }
+
+    const AsyncModuleRef = await clientExportsESM(AsyncModule, {
+      forceClientModuleProxy: true,
+    });
+
+    const {writable, readable} = getTestStream();
+    const {pipe} = await serverAct(() =>
+      ReactServerDOMServer.renderToPipeableStream(
+        <AsyncModuleRef />,
+        webpackMap,
+        {
+          onError(error) {
+            return __DEV__ ? 'a dev digest' : `digest(${error.message})`;
+          },
+        },
+      ),
+    );
+    pipe(writable);
+    const response = ReactServerDOMClient.createFromReadableStream(readable);
+
+    const container = document.createElement('div');
+    const root = ReactDOMClient.createRoot(container);
+    await act(() => {
+      root.render(<App response={response} />);
+    });
+
+    const errorMessage = `The module "${Object.keys(webpackMap).at(0)}" is marked as an async ESM module but was loaded as a CJS proxy. This is probably a bug in the React Server Components bundler.`;
+
+    expect(container.innerHTML).toBe(
+      __DEV__
+        ? `<p>${errorMessage} + a dev digest</p>`
+        : `<p>digest(${errorMessage})</p>`,
+    );
+  });
+
   it('should be able to import a name called "then"', async () => {
     const thenExports = {
       then: function then() {
diff --git a/packages/react-server-dom-webpack/src/__tests__/utils/WebpackMock.js b/packages/react-server-dom-webpack/src/__tests__/utils/WebpackMock.js
index 4527118c1de8b..654bcdc9b6d5c 100644
--- a/packages/react-server-dom-webpack/src/__tests__/utils/WebpackMock.js
+++ b/packages/react-server-dom-webpack/src/__tests__/utils/WebpackMock.js
@@ -44,6 +44,10 @@ if (previousCompile === nodeCompile) {
 
 Module.prototype._compile = previousCompile;
 
+const Server = require('react-server-dom-webpack/server');
+const registerClientReference = Server.registerClientReference;
+const createClientModuleProxy = Server.createClientModuleProxy;
+
 exports.webpackMap = webpackClientMap;
 exports.webpackModules = webpackClientModules;
 exports.webpackServerMap = webpackServerMap;
@@ -126,6 +130,65 @@ exports.clientExports = function clientExports(
   return mod.exports;
 };
 
+exports.clientExportsESM = function clientExportsESM(
+  moduleExports,
+  options?: {forceClientModuleProxy?: boolean} = {},
+) {
+  const chunks = [];
+  const idx = '' + webpackModuleIdx++;
+  webpackClientModules[idx] = moduleExports;
+  const path = url.pathToFileURL(idx).href;
+
+  const createClientReferencesForExports = ({exports, async}) => {
+    webpackClientMap[path] = {
+      id: idx,
+      chunks,
+      name: '*',
+      async: true,
+    };
+
+    if (options.forceClientModuleProxy) {
+      return createClientModuleProxy(path);
+    }
+
+    if (typeof exports === 'object') {
+      const references = {};
+
+      for (const name in exports) {
+        const id = path + '#' + name;
+        webpackClientMap[path + '#' + name] = {
+          id: idx,
+          chunks,
+          name: name,
+          async,
+        };
+        references[name] = registerClientReference(() => {}, id, name);
+      }
+
+      return references;
+    }
+
+    return registerClientReference(() => {}, path, '*');
+  };
+
+  if (
+    moduleExports &&
+    typeof moduleExports === 'object' &&
+    typeof moduleExports.then === 'function'
+  ) {
+    return moduleExports.then(
+      asyncModuleExports =>
+        createClientReferencesForExports({
+          exports: asyncModuleExports,
+          async: true,
+        }),
+      () => {},
+    );
+  }
+
+  return createClientReferencesForExports({exports: moduleExports});
+};
+
 // This tests server to server references. There's another case of client to server references.
 exports.serverExports = function serverExports(moduleExports, blockOnChunk) {
   const idx = '' + webpackModuleIdx++;
diff --git a/packages/react-server-dom-webpack/src/server/ReactFlightServerConfigWebpackBundler.js b/packages/react-server-dom-webpack/src/server/ReactFlightServerConfigWebpackBundler.js
index d29516ff946ea..f9d9bf4ea9169 100644
--- a/packages/react-server-dom-webpack/src/server/ReactFlightServerConfigWebpackBundler.js
+++ b/packages/react-server-dom-webpack/src/server/ReactFlightServerConfigWebpackBundler.js
@@ -71,7 +71,15 @@ export function resolveClientReferenceMetadata<T>(
       );
     }
   }
-  if (clientReference.$$async === true) {
+  if (resolvedModuleData.async === true && clientReference.$$async === true) {
+    throw new Error(
+      'The module "' +
+        modulePath +
+        '" is marked as an async ESM module but was loaded as a CJS proxy. ' +
+        'This is probably a bug in the React Server Components bundler.',
+    );
+  }
+  if (resolvedModuleData.async === true || clientReference.$$async === true) {
     return [resolvedModuleData.id, resolvedModuleData.chunks, name, 1];
   } else {
     return [resolvedModuleData.id, resolvedModuleData.chunks, name];
diff --git a/packages/react-server-dom-webpack/src/shared/ReactFlightImportMetadata.js b/packages/react-server-dom-webpack/src/shared/ReactFlightImportMetadata.js
index 08aafaf00c605..29b012f605204 100644
--- a/packages/react-server-dom-webpack/src/shared/ReactFlightImportMetadata.js
+++ b/packages/react-server-dom-webpack/src/shared/ReactFlightImportMetadata.js
@@ -12,6 +12,7 @@ export type ImportManifestEntry = {
   // chunks is a double indexed array of chunkId / chunkFilename pairs
   chunks: Array<string>,
   name: string,
+  async?: boolean,
 };
 
 // This is the parsed shape of the wire format which is why it is