diff --git a/packages/vite/src/node/ssr/__tests__/ssrTransform.spec.ts b/packages/vite/src/node/ssr/__tests__/ssrTransform.spec.ts
index 226e0ef176278e..466825f2c4d728 100644
--- a/packages/vite/src/node/ssr/__tests__/ssrTransform.spec.ts
+++ b/packages/vite/src/node/ssr/__tests__/ssrTransform.spec.ts
@@ -50,48 +50,43 @@ test('namespace import', async () => {
 })
 
 test('export function declaration', async () => {
-  expect(await ssrTransformSimpleCode(`export function foo() {}`))
-    .toMatchInlineSnapshot(`
-      "function foo() {}
-      Object.defineProperty(__vite_ssr_exports__, "foo", { enumerable: true, configurable: true, get(){ return foo }});"
-    `)
+  expect(
+    await ssrTransformSimpleCode(`export function foo() {}`),
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "foo", { enumerable: true, configurable: true, get(){ return foo }});function foo() {}"`,
+  )
 })
 
 test('export class declaration', async () => {
-  expect(await ssrTransformSimpleCode(`export class foo {}`))
-    .toMatchInlineSnapshot(`
-      "class foo {}
-      Object.defineProperty(__vite_ssr_exports__, "foo", { enumerable: true, configurable: true, get(){ return foo }});"
-    `)
+  expect(
+    await ssrTransformSimpleCode(`export class foo {}`),
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "foo", { enumerable: true, configurable: true, get(){ return foo }});class foo {}"`,
+  )
 })
 
 test('export var declaration', async () => {
-  expect(await ssrTransformSimpleCode(`export const a = 1, b = 2`))
-    .toMatchInlineSnapshot(`
-      "const a = 1, b = 2
-      Object.defineProperty(__vite_ssr_exports__, "a", { enumerable: true, configurable: true, get(){ return a }});
-      Object.defineProperty(__vite_ssr_exports__, "b", { enumerable: true, configurable: true, get(){ return b }});"
-    `)
+  expect(
+    await ssrTransformSimpleCode(`export const a = 1, b = 2`),
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "a", { enumerable: true, configurable: true, get(){ return a }});Object.defineProperty(__vite_ssr_exports__, "b", { enumerable: true, configurable: true, get(){ return b }});const a = 1, b = 2"`,
+  )
 })
 
 test('export named', async () => {
   expect(
     await ssrTransformSimpleCode(`const a = 1, b = 2; export { a, b as c }`),
-  ).toMatchInlineSnapshot(`
-    "const a = 1, b = 2; 
-    Object.defineProperty(__vite_ssr_exports__, "a", { enumerable: true, configurable: true, get(){ return a }});
-    Object.defineProperty(__vite_ssr_exports__, "c", { enumerable: true, configurable: true, get(){ return b }});"
-  `)
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "a", { enumerable: true, configurable: true, get(){ return a }});Object.defineProperty(__vite_ssr_exports__, "c", { enumerable: true, configurable: true, get(){ return b }});const a = 1, b = 2; "`,
+  )
 })
 
 test('export named from', async () => {
   expect(
     await ssrTransformSimpleCode(`export { ref, computed as c } from 'vue'`),
-  ).toMatchInlineSnapshot(`
-    "const __vite_ssr_import_0__ = await __vite_ssr_import__("vue", {"importedNames":["ref","computed"]});
-    Object.defineProperty(__vite_ssr_exports__, "ref", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.ref }});
-    Object.defineProperty(__vite_ssr_exports__, "c", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.computed }});"
-  `)
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "ref", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.ref }});Object.defineProperty(__vite_ssr_exports__, "c", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.computed }});const __vite_ssr_import_0__ = await __vite_ssr_import__("vue", {"importedNames":["ref","computed"]});"`,
+  )
 })
 
 test('named exports of imported binding', async () => {
@@ -99,10 +94,9 @@ test('named exports of imported binding', async () => {
     await ssrTransformSimpleCode(
       `import {createApp} from 'vue';export {createApp}`,
     ),
-  ).toMatchInlineSnapshot(`
-    "const __vite_ssr_import_0__ = await __vite_ssr_import__("vue", {"importedNames":["createApp"]});
-    Object.defineProperty(__vite_ssr_exports__, "createApp", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.createApp }});"
-  `)
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "createApp", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.createApp }});const __vite_ssr_import_0__ = await __vite_ssr_import__("vue", {"importedNames":["createApp"]});"`,
+  )
 })
 
 test('export * from', async () => {
@@ -119,20 +113,19 @@ test('export * from', async () => {
 })
 
 test('export * as from', async () => {
-  expect(await ssrTransformSimpleCode(`export * as foo from 'vue'`))
-    .toMatchInlineSnapshot(`
-      "const __vite_ssr_import_0__ = await __vite_ssr_import__("vue");
-      Object.defineProperty(__vite_ssr_exports__, "foo", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__ }});"
-    `)
+  expect(
+    await ssrTransformSimpleCode(`export * as foo from 'vue'`),
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "foo", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__ }});const __vite_ssr_import_0__ = await __vite_ssr_import__("vue");"`,
+  )
 })
 
 test('export * as from arbitrary module namespace identifier', async () => {
   expect(
     await ssrTransformSimpleCode(`export * as "arbitrary string" from 'vue'`),
-  ).toMatchInlineSnapshot(`
-    "const __vite_ssr_import_0__ = await __vite_ssr_import__("vue");
-    Object.defineProperty(__vite_ssr_exports__, "arbitrary string", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__ }});"
-  `)
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "arbitrary string", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__ }});const __vite_ssr_import_0__ = await __vite_ssr_import__("vue");"`,
+  )
 })
 
 test('export as arbitrary module namespace identifier', async () => {
@@ -140,10 +133,9 @@ test('export as arbitrary module namespace identifier', async () => {
     await ssrTransformSimpleCode(
       `const something = "Something";export { something as "arbitrary string" };`,
     ),
-  ).toMatchInlineSnapshot(`
-    "const something = "Something";
-    Object.defineProperty(__vite_ssr_exports__, "arbitrary string", { enumerable: true, configurable: true, get(){ return something }});"
-  `)
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "arbitrary string", { enumerable: true, configurable: true, get(){ return something }});const something = "Something";"`,
+  )
 })
 
 test('export as from arbitrary module namespace identifier', async () => {
@@ -151,10 +143,9 @@ test('export as from arbitrary module namespace identifier', async () => {
     await ssrTransformSimpleCode(
       `export { "arbitrary string2" as "arbitrary string" } from 'vue';`,
     ),
-  ).toMatchInlineSnapshot(`
-    "const __vite_ssr_import_0__ = await __vite_ssr_import__("vue", {"importedNames":["arbitrary string2"]});
-    Object.defineProperty(__vite_ssr_exports__, "arbitrary string", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__["arbitrary string2"] }});"
-  `)
+  ).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "arbitrary string", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__["arbitrary string2"] }});const __vite_ssr_import_0__ = await __vite_ssr_import__("vue", {"importedNames":["arbitrary string2"]});"`,
+  )
 })
 
 test('export default', async () => {
@@ -206,7 +197,7 @@ test('preserve line offset when rewriting imports', async () => {
     `  dirname,`,
     `  join,`,
     `} from 'node:path';`,
-    ``,
+    `export { join };`,
     `debugger;`,
     ``,
     `import fs from 'node:fs';`,
@@ -217,7 +208,7 @@ test('preserve line offset when rewriting imports', async () => {
     `  red,`,
     `  green,`,
     `} from 'kleur/colors';`,
-    ``,
+    `export { red };`,
     `debugger;`,
   ]
 
@@ -230,7 +221,7 @@ test('preserve line offset when rewriting imports', async () => {
       .map((line, i) => `${String(i + 1).padStart(2)} | ${line}`.trimEnd())
       .join('\n'),
   ).toMatchInlineSnapshot(`
-    " 1 | const __vite_ssr_import_0__ = await __vite_ssr_import__("node:path", {"importedNames":["dirname","join"]});const __vite_ssr_import_1__ = await __vite_ssr_import__("node:fs", {"importedNames":["default"]});const __vite_ssr_import_2__ = await __vite_ssr_import__("kleur/colors", {"importedNames":["red","green"]});debugger;
+    " 1 | Object.defineProperty(__vite_ssr_exports__, "join", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_0__.join }});Object.defineProperty(__vite_ssr_exports__, "red", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_2__.red }});const __vite_ssr_import_0__ = await __vite_ssr_import__("node:path", {"importedNames":["dirname","join"]});const __vite_ssr_import_1__ = await __vite_ssr_import__("node:fs", {"importedNames":["default"]});const __vite_ssr_import_2__ = await __vite_ssr_import__("kleur/colors", {"importedNames":["red","green"]});debugger;
      2 |
      3 |
      4 |
@@ -280,10 +271,9 @@ test('dynamic import', async () => {
   const result = await ssrTransformSimple(
     `export const i = () => import('./foo')`,
   )
-  expect(result?.code).toMatchInlineSnapshot(`
-    "const i = () => __vite_ssr_dynamic_import__('./foo')
-    Object.defineProperty(__vite_ssr_exports__, "i", { enumerable: true, configurable: true, get(){ return i }});"
-  `)
+  expect(result?.code).toMatchInlineSnapshot(
+    `"Object.defineProperty(__vite_ssr_exports__, "i", { enumerable: true, configurable: true, get(){ return i }});const i = () => __vite_ssr_dynamic_import__('./foo')"`,
+  )
   expect(result?.deps).toEqual([])
   expect(result?.dynamicDeps).toEqual(['./foo'])
 })
@@ -440,10 +430,9 @@ test('should declare variable for imported super class', async () => {
         `export class B extends Foo {}`,
     ),
   ).toMatchInlineSnapshot(`
-    "const __vite_ssr_import_0__ = await __vite_ssr_import__("./dependency", {"importedNames":["Foo"]});const Foo = __vite_ssr_import_0__.Foo;
+    "Object.defineProperty(__vite_ssr_exports__, "B", { enumerable: true, configurable: true, get(){ return B }});const __vite_ssr_import_0__ = await __vite_ssr_import__("./dependency", {"importedNames":["Foo"]});const Foo = __vite_ssr_import_0__.Foo;
     class A extends Foo {};
     class B extends Foo {}
-    Object.defineProperty(__vite_ssr_exports__, "B", { enumerable: true, configurable: true, get(){ return B }});
     Object.defineProperty(__vite_ssr_exports__, "default", { enumerable: true, configurable: true, value: A });"
   `)
 })
@@ -479,9 +468,8 @@ test('should handle default export variants', async () => {
       `export default class A {}\n` + `export class B extends A {}`,
     ),
   ).toMatchInlineSnapshot(`
-    "class A {};
+    "Object.defineProperty(__vite_ssr_exports__, "B", { enumerable: true, configurable: true, get(){ return B }});class A {};
     class B extends A {}
-    Object.defineProperty(__vite_ssr_exports__, "B", { enumerable: true, configurable: true, get(){ return B }});
     Object.defineProperty(__vite_ssr_exports__, "default", { enumerable: true, configurable: true, value: A });"
   `)
 })
@@ -919,12 +907,10 @@ export function fn1() {
         `,
     ),
   ).toMatchInlineSnapshot(`
-    "
+    "Object.defineProperty(__vite_ssr_exports__, "fn1", { enumerable: true, configurable: true, get(){ return fn1 }});Object.defineProperty(__vite_ssr_exports__, "fn2", { enumerable: true, configurable: true, get(){ return fn2 }});
     function fn1() {
+    };function fn2() {
     }
-    Object.defineProperty(__vite_ssr_exports__, "fn1", { enumerable: true, configurable: true, get(){ return fn1 }});;function fn2() {
-    }
-    Object.defineProperty(__vite_ssr_exports__, "fn2", { enumerable: true, configurable: true, get(){ return fn2 }});
             "
   `)
 })
@@ -1023,7 +1009,7 @@ export class Test {
 };`.trim()
 
   expect(await ssrTransformSimpleCode(code)).toMatchInlineSnapshot(`
-    "const __vite_ssr_import_0__ = await __vite_ssr_import__("foobar", {"importedNames":["foo","bar"]});
+    "Object.defineProperty(__vite_ssr_exports__, "Test", { enumerable: true, configurable: true, get(){ return Test }});const __vite_ssr_import_0__ = await __vite_ssr_import__("foobar", {"importedNames":["foo","bar"]});
     if (false) {
       const foo = 'foo';
       console.log(foo)
@@ -1047,8 +1033,7 @@ export class Test {
           console.log((0,__vite_ssr_import_0__.bar))
         }
       }
-    }
-    Object.defineProperty(__vite_ssr_exports__, "Test", { enumerable: true, configurable: true, get(){ return Test }});;;"
+    };;"
   `)
 })
 
@@ -1213,11 +1198,10 @@ export * as bar from './bar'
 console.log(bar)
   `),
   ).toMatchInlineSnapshot(`
-    "
+    "Object.defineProperty(__vite_ssr_exports__, "bar", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_1__ }});
     const __vite_ssr_import_0__ = await __vite_ssr_import__("./foo", {"importedNames":["foo"]});
     __vite_ssr_exports__.default = (0,__vite_ssr_import_0__.foo)();
-    const __vite_ssr_import_1__ = await __vite_ssr_import__("./bar");
-    Object.defineProperty(__vite_ssr_exports__, "bar", { enumerable: true, configurable: true, get(){ return __vite_ssr_import_1__ }});;
+    const __vite_ssr_import_1__ = await __vite_ssr_import__("./bar");;
     console.log(bar)
       "
   `)
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/README.md b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/README.md
new file mode 100644
index 00000000000000..c48be22eee9283
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/README.md
@@ -0,0 +1,22 @@
+- `test1` - `test5`
+
+Cyclic import example based on https://github.com/vitejs/vite/issues/14048#issuecomment-2354774156
+
+```mermaid
+flowchart TD
+    B(dep1.js) -->|dep1| A(index.js)
+    A -->|dep1| C(dep2.js)
+    C -->|dep2| A
+    A -->|dep1, dep2| entry.js
+```
+
+---
+
+- `test6`
+
+```mermaid
+flowchart TD
+    A(dep1.js) -->|dep1| B
+    B(dep2.js) -->|dep2| A
+    A -->|dep1| C(index.js)
+```
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/package.json b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/package.json
new file mode 100644
index 00000000000000..3dbc1ca591c055
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/package.json
@@ -0,0 +1,3 @@
+{
+  "type": "module"
+}
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/dep1.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/dep1.js
new file mode 100644
index 00000000000000..052c10ef6e602c
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/dep1.js
@@ -0,0 +1 @@
+export const dep1 = { ok: true };
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/dep2.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/dep2.js
new file mode 100644
index 00000000000000..be498e991723fb
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/dep2.js
@@ -0,0 +1,2 @@
+import { dep1 } from "./index.js"
+export const dep2 = { ok: dep1.ok }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/index.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/index.js
new file mode 100644
index 00000000000000..49fa0342503c71
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test1/index.js
@@ -0,0 +1,5 @@
+import { dep1 } from './dep1.js'
+export { dep1 }
+
+import { dep2 } from './dep2.js'
+export { dep2 }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/dep1.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/dep1.js
new file mode 100644
index 00000000000000..052c10ef6e602c
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/dep1.js
@@ -0,0 +1 @@
+export const dep1 = { ok: true };
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/dep2.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/dep2.js
new file mode 100644
index 00000000000000..be498e991723fb
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/dep2.js
@@ -0,0 +1,2 @@
+import { dep1 } from "./index.js"
+export const dep2 = { ok: dep1.ok }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/index.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/index.js
new file mode 100644
index 00000000000000..49f8047b941b02
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test2/index.js
@@ -0,0 +1,2 @@
+export { dep1 } from './dep1.js'
+export { dep2 } from "./dep2.js"
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/dep1.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/dep1.js
new file mode 100644
index 00000000000000..052c10ef6e602c
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/dep1.js
@@ -0,0 +1 @@
+export const dep1 = { ok: true };
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/dep2.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/dep2.js
new file mode 100644
index 00000000000000..be498e991723fb
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/dep2.js
@@ -0,0 +1,2 @@
+import { dep1 } from "./index.js"
+export const dep2 = { ok: dep1.ok }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/index.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/index.js
new file mode 100644
index 00000000000000..e032a766eab42d
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test3/index.js
@@ -0,0 +1,4 @@
+import { dep1 } from './dep1.js'
+import { dep2 } from './dep2.js'
+export { dep1 }
+export { dep2 }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/dep1.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/dep1.js
new file mode 100644
index 00000000000000..052c10ef6e602c
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/dep1.js
@@ -0,0 +1 @@
+export const dep1 = { ok: true };
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/dep2.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/dep2.js
new file mode 100644
index 00000000000000..be498e991723fb
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/dep2.js
@@ -0,0 +1,2 @@
+import { dep1 } from "./index.js"
+export const dep2 = { ok: dep1.ok }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/index.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/index.js
new file mode 100644
index 00000000000000..bcbfe36b7660f7
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test4/index.js
@@ -0,0 +1,2 @@
+export * from './dep1.js'
+export * from './dep2.js'
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/dep1.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/dep1.js
new file mode 100644
index 00000000000000..052c10ef6e602c
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/dep1.js
@@ -0,0 +1 @@
+export const dep1 = { ok: true };
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/dep2.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/dep2.js
new file mode 100644
index 00000000000000..be498e991723fb
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/dep2.js
@@ -0,0 +1,2 @@
+import { dep1 } from "./index.js"
+export const dep2 = { ok: dep1.ok }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/index.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/index.js
new file mode 100644
index 00000000000000..f748a394a7eb77
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/index.js
@@ -0,0 +1,5 @@
+import { dep2 } from './dep2.js'
+export { dep2 }
+
+import { dep1 } from './dep1.js'
+export { dep1 }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/dep1.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/dep1.js
new file mode 100644
index 00000000000000..a4116979f0f4aa
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/dep1.js
@@ -0,0 +1,2 @@
+import { dep2 } from "./dep2.js"
+export const dep1 = "dep1: " + dep2
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/dep2.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/dep2.js
new file mode 100644
index 00000000000000..a3c7564baaeb54
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/dep2.js
@@ -0,0 +1,2 @@
+import { dep1 } from "./dep1.js"
+export const dep2 = "dep2: " + dep1
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/index.js b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/index.js
new file mode 100644
index 00000000000000..d0da7b8089226b
--- /dev/null
+++ b/packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test6/index.js
@@ -0,0 +1,2 @@
+import { dep1 } from './dep1.js'
+export { dep1 }
diff --git a/packages/vite/src/node/ssr/runtime/__tests__/server-runtime.spec.ts b/packages/vite/src/node/ssr/runtime/__tests__/server-runtime.spec.ts
index 0dcf439589e150..f74132c1b674c7 100644
--- a/packages/vite/src/node/ssr/runtime/__tests__/server-runtime.spec.ts
+++ b/packages/vite/src/node/ssr/runtime/__tests__/server-runtime.spec.ts
@@ -246,6 +246,42 @@ describe('module runner initialization', async () => {
     const mod = await runner.import('/fixtures/no-this/importer.js')
     expect(mod.result).toBe(undefined)
   })
+
+  it.for([
+    '/fixtures/cyclic2/test1/index.js',
+    '/fixtures/cyclic2/test2/index.js',
+    '/fixtures/cyclic2/test3/index.js',
+    '/fixtures/cyclic2/test4/index.js',
+  ] as const)(`cyclic %s`, async (entry, { runner }) => {
+    const mod = await runner.import(entry)
+    expect({ ...mod }).toEqual({
+      dep1: {
+        ok: true,
+      },
+      dep2: {
+        ok: true,
+      },
+    })
+  })
+
+  it(`cyclic invalid 1`, async ({ runner }) => {
+    // Node also fails but with a different message
+    //   $ node packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2/test5/index.js
+    //   ReferenceError: Cannot access 'dep1' before initialization
+    await expect(() =>
+      runner.import('/fixtures/cyclic2/test5/index.js'),
+    ).rejects.toMatchInlineSnapshot(
+      `[ReferenceError: Cannot access '__vite_ssr_import_1__' before initialization]`,
+    )
+  })
+
+  it(`cyclic invalid 2`, async ({ runner }) => {
+    await expect(() =>
+      runner.import('/fixtures/cyclic2/test6/index.js'),
+    ).rejects.toMatchInlineSnapshot(
+      `[ReferenceError: Cannot access 'dep1' before initialization]`,
+    )
+  })
 })
 
 describe('optimize-deps', async () => {
diff --git a/packages/vite/src/node/ssr/ssrTransform.ts b/packages/vite/src/node/ssr/ssrTransform.ts
index 8c44859bc49129..ce82d4e1acb372 100644
--- a/packages/vite/src/node/ssr/ssrTransform.ts
+++ b/packages/vite/src/node/ssr/ssrTransform.ts
@@ -178,10 +178,10 @@ async function ssrTransformScript(
     return importId
   }
 
-  function defineExport(position: number, name: string, local = name) {
+  function defineExport(name: string, local = name) {
     s.appendLeft(
-      position,
-      `\nObject.defineProperty(${ssrModuleExportsKey}, ${JSON.stringify(name)}, ` +
+      fileStartIndex,
+      `Object.defineProperty(${ssrModuleExportsKey}, ${JSON.stringify(name)}, ` +
         `{ enumerable: true, configurable: true, get(){ return ${local} }});`,
     )
   }
@@ -251,18 +251,19 @@ async function ssrTransformScript(
           node.declaration.type === 'ClassDeclaration'
         ) {
           // export function foo() {}
-          defineExport(node.end, node.declaration.id!.name)
+          defineExport(node.declaration.id!.name)
         } else {
           // export const foo = 1, bar = 2
           for (const declaration of node.declaration.declarations) {
             const names = extractNames(declaration.id as any)
             for (const name of names) {
-              defineExport(node.end, name)
+              defineExport(name)
             }
           }
         }
         s.remove(node.start, (node.declaration as Node).start)
       } else {
+        // TODO: preserve new lines like `defineImport` (cf. https://github.com/vitejs/vite/pull/19004)
         s.remove(node.start, node.end)
         if (node.source) {
           // export { foo, bar } from './foo'
@@ -281,14 +282,9 @@ async function ssrTransformScript(
             ) as string
 
             if (spec.local.type === 'Identifier') {
-              defineExport(
-                node.end,
-                exportedAs,
-                `${importId}.${spec.local.name}`,
-              )
+              defineExport(exportedAs, `${importId}.${spec.local.name}`)
             } else {
               defineExport(
-                node.end,
                 exportedAs,
                 `${importId}[${JSON.stringify(spec.local.value as string)}]`,
               )
@@ -304,7 +300,7 @@ async function ssrTransformScript(
               spec.exported,
             ) as string
 
-            defineExport(node.end, exportedAs, binding || local)
+            defineExport(exportedAs, binding || local)
           }
         }
       }
@@ -344,7 +340,7 @@ async function ssrTransformScript(
         const exportedAs = getIdentifierNameOrLiteralValue(
           node.exported,
         ) as string
-        defineExport(node.end, exportedAs, `${importId}`)
+        defineExport(exportedAs, `${importId}`)
       } else {
         s.appendLeft(node.end, `${ssrExportAllKey}(${importId});\n`)
       }
diff --git a/playground/hmr-ssr/__tests__/hmr-ssr.spec.ts b/playground/hmr-ssr/__tests__/hmr-ssr.spec.ts
index d41ca3c196555b..2dc8404f1bc3a9 100644
--- a/playground/hmr-ssr/__tests__/hmr-ssr.spec.ts
+++ b/playground/hmr-ssr/__tests__/hmr-ssr.spec.ts
@@ -851,13 +851,14 @@ if (!isBuild) {
     editFile('self-accept-within-circular/c.js', (code) =>
       code.replace(`export const c = 'c'`, `export const c = 'cc'`),
     )
+    // it throws a same error as browser case,
+    // but it doesn't auto reload and it calls `hot.accept(nextExports)` with `nextExports = undefined`
+    await untilUpdated(() => el(), '')
+
+    // test reloading manually for now
+    server.moduleGraph.invalidateAll() // TODO: why is `runner.clearCache()` not enough?
+    await runner.import('/self-accept-within-circular/index')
     await untilUpdated(() => el(), 'cc')
-    await vi.waitFor(() => {
-      expect(serverLogs.length).greaterThanOrEqual(1)
-      // Should still keep hmr update, but it'll error on the browser-side and will refresh itself.
-      // Match on full log not possible because of color markers
-      expect(serverLogs.at(-1)!).toContain('hmr update')
-    })
   })
 
   test('hmr should not reload if no accepted within circular imported files', async (ctx) => {
diff --git a/playground/hmr-ssr/self-accept-within-circular/c.js b/playground/hmr-ssr/self-accept-within-circular/c.js
index 47b6d494969917..7fe30c447965a2 100644
--- a/playground/hmr-ssr/self-accept-within-circular/c.js
+++ b/playground/hmr-ssr/self-accept-within-circular/c.js
@@ -8,5 +8,5 @@ function render(content) {
 render(c)
 
 import.meta.hot?.accept((nextExports) => {
-  render(nextExports.c)
+  render(nextExports?.c)
 })
diff --git a/playground/ssr/__tests__/ssr.spec.ts b/playground/ssr/__tests__/ssr.spec.ts
index 87ee58ae2b58c1..0e4cb525ac9b4c 100644
--- a/playground/ssr/__tests__/ssr.spec.ts
+++ b/playground/ssr/__tests__/ssr.spec.ts
@@ -12,7 +12,7 @@ test(`circular dependencies modules doesn't throw`, async () => {
   )
 })
 
-test(`circular import doesn't throw`, async () => {
+test(`circular import doesn't throw (1)`, async () => {
   await page.goto(`${url}/circular-import`)
 
   expect(await page.textContent('.circ-import')).toMatchInlineSnapshot(
@@ -20,6 +20,14 @@ test(`circular import doesn't throw`, async () => {
   )
 })
 
+test(`circular import doesn't throw (2)`, async () => {
+  await page.goto(`${url}/circular-import2`)
+
+  expect(await page.textContent('.circ-import')).toMatchInlineSnapshot(
+    '"A is: __A__"',
+  )
+})
+
 test(`deadlock doesn't happen for static imports`, async () => {
   await page.goto(`${url}/forked-deadlock-static-imports`)
 
diff --git a/playground/ssr/src/app.js b/playground/ssr/src/app.js
index adb225215a68af..5124b45b06075b 100644
--- a/playground/ssr/src/app.js
+++ b/playground/ssr/src/app.js
@@ -4,6 +4,7 @@ const pathRenderers = {
   '/': renderRoot,
   '/circular-dep': renderCircularDep,
   '/circular-import': renderCircularImport,
+  '/circular-import2': renderCircularImport2,
   '/forked-deadlock-static-imports': renderForkedDeadlockStaticImports,
   '/forked-deadlock-dynamic-imports': renderForkedDeadlockDynamicImports,
 }
@@ -41,6 +42,11 @@ async function renderCircularImport(rootDir) {
   return `<div class="circ-import">${escapeHtml(logA())}</div>`
 }
 
+async function renderCircularImport2(rootDir) {
+  const { logA } = await import('./circular-import2/index.js')
+  return `<div class="circ-import">${escapeHtml(logA())}</div>`
+}
+
 async function renderForkedDeadlockStaticImports(rootDir) {
   const { commonModuleExport } = await import('./forked-deadlock/common-module')
   commonModuleExport()
diff --git a/playground/ssr/src/circular-import2/a.js b/playground/ssr/src/circular-import2/a.js
new file mode 100644
index 00000000000000..00c8645fd78b12
--- /dev/null
+++ b/playground/ssr/src/circular-import2/a.js
@@ -0,0 +1,5 @@
+import { getB } from './b'
+
+export const A = '__A__'
+
+export const B = getB()
diff --git a/playground/ssr/src/circular-import2/b.js b/playground/ssr/src/circular-import2/b.js
new file mode 100644
index 00000000000000..772e68833f300b
--- /dev/null
+++ b/playground/ssr/src/circular-import2/b.js
@@ -0,0 +1,5 @@
+export { A } from './a'
+
+export function getB() {
+  return '__B__'
+}
diff --git a/playground/ssr/src/circular-import2/index.js b/playground/ssr/src/circular-import2/index.js
new file mode 100644
index 00000000000000..c9ec0fc50238b4
--- /dev/null
+++ b/playground/ssr/src/circular-import2/index.js
@@ -0,0 +1,5 @@
+import { A } from './b'
+
+export function logA() {
+  return `A is: ${A}`
+}
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index ed75db80fdc51b..ac73b63ab18007 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -467,6 +467,8 @@ importers:
 
   packages/vite/src/node/ssr/runtime/__tests__/fixtures/cjs-external: {}
 
+  packages/vite/src/node/ssr/runtime/__tests__/fixtures/cyclic2: {}
+
   packages/vite/src/node/ssr/runtime/__tests__/fixtures/esm-external: {}
 
   playground:
diff --git a/vitest.config.ts b/vitest.config.ts
index 7ee61c4585006d..f48bbbe0325a04 100644
--- a/vitest.config.ts
+++ b/vitest.config.ts
@@ -15,6 +15,10 @@ export default defineConfig({
     ],
     testTimeout: 20000,
     isolate: false,
+    // importing non entry files (e.g. config.ts, build.ts, server/index.ts) is broken due to cyclic import
+    // as it can be seen from tsx (try pnpm exec tsx packages/vite/src/node/server/index.ts).
+    // we can use `setupFiles` to ensure the modules are evaluated via main node entry.
+    setupFiles: ['./packages/vite/src/node/index.ts'],
   },
   esbuild: {
     target: 'node18',