diff --git a/packages/project/lib/build/helpers/fileWatcher.js b/packages/project/lib/build/helpers/fileWatcher.js
index c2694c55d54..53e934e9a75 100644
--- a/packages/project/lib/build/helpers/fileWatcher.js
+++ b/packages/project/lib/build/helpers/fileWatcher.js
@@ -37,11 +37,11 @@ const rContainerCgroup = /\b(?:docker|libpod|containerd|kubepods)\b/;
 // Memoized backend decision. Computed once per process and shared by every subscribe() call.
 let usePolling = null;
 
-// Memoized native backend: the @parcel/watcher module once loaded, or null when it could not load
-// (e.g. no prebuilt binary for this platform). nativeBackendLoaded guards the one load attempt so a
-// null result is not retried.
-let nativeBackend = null;
-let nativeBackendLoaded = false;
+// Memoized load of the native backend. nativeBackendPromise holds the single in-flight (or
+// settled) load so concurrent subscribe() calls await the same import instead of each reading
+// nativeBackend before it resolves. It resolves to the @parcel/watcher module, or null when it
+// could not load (e.g. no prebuilt binary for this platform); a null result is not retried.
+let nativeBackendPromise = null;
 
 /**
  * Decides whether to poll, once per process. <code>UI5_WATCH_MODE=polling|native</code> forces the
@@ -125,22 +125,21 @@ export async function subscribe(dir, callback, opts = {}) {
 	return subscribePolling(dir, callback, opts);
 }
 
-// Loads @parcel/watcher on demand and memoizes the result. Imported here rather than at module top
-// because it resolves a native binding at load time and throws when the platform's prebuilt binary is
-// not installed. A failure returns null (logged once) so subscribe() can fall back to polling instead
-// of taking down every consumer.
-async function loadNativeBackend() {
-	if (nativeBackendLoaded) {
-		return nativeBackend;
-	}
-	nativeBackendLoaded = true;
-	try {
-		nativeBackend = (await import("@parcel/watcher")).default;
-	} catch (err) {
-		nativeBackend = null;
-		log.warn(`Could not load the native file watcher (@parcel/watcher), falling back to ` +
-			`polling. This usually means the prebuilt binary for this platform was not installed. ` +
-			`Original error: ${err.message}`);
-	}
-	return nativeBackend;
+// Loads @parcel/watcher on demand and memoizes the in-flight load. Imported here rather than at
+// module top because it resolves a native binding at load time and throws when the platform's
+// prebuilt binary is not installed. A failure resolves to null (logged once) so subscribe() can
+// fall back to polling instead of taking down every consumer. The promise is memoized (not a
+// pre-await flag) so concurrent callers cannot observe a half-initialized backend and wrongly
+// fall back to polling.
+function loadNativeBackend() {
+	return (nativeBackendPromise ??= (async () => {
+		try {
+			return (await import("@parcel/watcher")).default;
+		} catch (err) {
+			log.warn(`Could not load the native file watcher (@parcel/watcher), falling back to ` +
+				`polling. This usually means the prebuilt binary for this platform was not installed. ` +
+				`Original error: ${err.message}`);
+			return null;
+		}
+	})());
 }
diff --git a/packages/project/test/lib/build/helpers/fileWatcher.js b/packages/project/test/lib/build/helpers/fileWatcher.js
index f84a78174b9..6121c96db9e 100644
--- a/packages/project/test/lib/build/helpers/fileWatcher.js
+++ b/packages/project/test/lib/build/helpers/fileWatcher.js
@@ -80,6 +80,30 @@ test.serial("subscribe: native delegation when UI5_WATCH_MODE=native", async (t)
 	}
 });
 
+test.serial("subscribe: concurrent calls all use the native backend (no polling race)", async (t) => {
+	process.env.UI5_WATCH_MODE = "native";
+	const nativeSubscription = {unsubscribe: sinon.stub().resolves()};
+	const parcelSubscribe = sinon.stub().resolves(nativeSubscription);
+	const watcher = await importWatcherWithParcel({
+		default: {subscribe: parcelSubscribe}, subscribe: parcelSubscribe,
+	});
+	try {
+		// Fire concurrently, as WatchHandler does via Promise.all, before the first load resolves.
+		const results = await Promise.all([
+			watcher.subscribe("/dir/a", () => {}, {}),
+			watcher.subscribe("/dir/b", () => {}, {}),
+			watcher.subscribe("/dir/c", () => {}, {}),
+		]);
+		for (const s of results) {
+			t.is(s, nativeSubscription, "every concurrent subscription used the native backend");
+		}
+		t.is(parcelSubscribe.callCount, 3,
+			"the native backend handled all subscriptions (none fell back to polling)");
+	} finally {
+		esmock.purge(watcher);
+	}
+});
+
 test.serial("subscribe: falls back to polling when the native backend is unavailable", async (t) => {
 	// A missing prebuilt binary leaves no usable native backend. subscribe() must not fail the watch:
 	// it uses polling, which needs no native code. The mock stands in for that unavailable module (no