diff --git a/lib/internal/vm/module.js b/lib/internal/vm/module.js
index 56164b0d8b98d4..ccdfd2ec2fb612 100644
--- a/lib/internal/vm/module.js
+++ b/lib/internal/vm/module.js
@@ -255,6 +255,7 @@ const kNoError = Symbol('kNoError');
 class SourceTextModule extends Module {
   #error = kNoError;
   #statusOverride;
+  #waitingLinkPromises;
 
   constructor(sourceText, options = {}) {
     validateString(sourceText, 'sourceText');
@@ -308,31 +309,37 @@ class SourceTextModule extends Module {
     this[kLink] = async (linker) => {
       this.#statusOverride = 'linking';
 
-      const promises = this[kWrap].link(async (identifier) => {
-        const module = await linker(identifier, this);
-        if (module[kWrap] === undefined) {
-          throw new ERR_VM_MODULE_NOT_MODULE();
-        }
-        if (module.context !== this.context) {
-          throw new ERR_VM_MODULE_DIFFERENT_CONTEXT();
-        }
-        if (module.status === 'errored') {
-          throw new ERR_VM_MODULE_LINKING_ERRORED();
-        }
-        if (module.status === 'unlinked') {
-          await module[kLink](linker);
-        }
-        return module[kWrap];
-      });
-
       try {
+        const promises = this[kWrap].link(async (identifier) => {
+          const module = await linker(identifier, this);
+          if (module[kWrap] === undefined) {
+            throw new ERR_VM_MODULE_NOT_MODULE();
+          }
+          if (module.context !== this.context) {
+            throw new ERR_VM_MODULE_DIFFERENT_CONTEXT();
+          }
+          if (module.status === 'errored') {
+            throw new ERR_VM_MODULE_LINKING_ERRORED();
+          }
+          if (module.status === 'unlinked') {
+            await module[kLink](linker);
+          }
+          if (module.status === 'linking') {
+            await module.#waitingLinkPromises;
+          }
+          return module[kWrap];
+        });
+
         if (promises !== undefined) {
-          await PromiseAll(promises);
+          assert(this.#waitingLinkPromises === undefined);
+          this.#waitingLinkPromises = PromiseAll(promises);
         }
+        await this.#waitingLinkPromises;
       } catch (e) {
         this.#error = e;
         throw e;
       } finally {
+        this.#waitingLinkPromises = undefined;
         this.#statusOverride = undefined;
       }
     };
diff --git a/test/parallel/test-vm-module-link-37426.js b/test/parallel/test-vm-module-link-37426.js
new file mode 100644
index 00000000000000..8eece9c1446607
--- /dev/null
+++ b/test/parallel/test-vm-module-link-37426.js
@@ -0,0 +1,23 @@
+// Flags: --experimental-vm-modules
+
+'use strict';
+
+const common = require('../common');
+const { SourceTextModule, SyntheticModule } = require('vm');
+
+const tm = new SourceTextModule('import "a"');
+
+tm
+  .link(async () => {
+    const tm2 = new SourceTextModule('import "b"');
+    tm2.link(async () => {
+      const sm = new SyntheticModule([], () => {});
+      await sm.link(() => {});
+      await sm.evaluate();
+      return sm;
+    }).then(() => tm2.evaluate());
+    return tm2;
+  })
+  .then(() => tm.evaluate())
+  .then(common.mustCall())
+  .catch(common.mustNotCall());