diff --git a/lib/internal/main/eval_stdin.js b/lib/internal/main/eval_stdin.js
index d97dbece8f0f56..c5fa02ed3c06e8 100644
--- a/lib/internal/main/eval_stdin.js
+++ b/lib/internal/main/eval_stdin.js
@@ -24,7 +24,7 @@ readStdin((code) => {
 
   const print = getOptionValue('--print');
   if (getOptionValue('--input-type') === 'module')
-    evalModule(code, print);
+    evalModule(code, print, 'node:stdin');
   else
     evalScript('[stdin]',
                code,
diff --git a/lib/internal/main/eval_string.js b/lib/internal/main/eval_string.js
index 2784204f6002e9..bd76a1d1c00008 100644
--- a/lib/internal/main/eval_string.js
+++ b/lib/internal/main/eval_string.js
@@ -22,7 +22,7 @@ markBootstrapComplete();
 const source = getOptionValue('--eval');
 const print = getOptionValue('--print');
 if (getOptionValue('--input-type') === 'module')
-  evalModule(source, print);
+  evalModule(source, print, 'node:execArgv');
 else
   evalScript('[eval]',
              source,
diff --git a/lib/internal/modules/esm/initialize_import_meta.js b/lib/internal/modules/esm/initialize_import_meta.js
index f1daabbb6425aa..90f2880cad3e10 100644
--- a/lib/internal/modules/esm/initialize_import_meta.js
+++ b/lib/internal/modules/esm/initialize_import_meta.js
@@ -26,15 +26,13 @@ function createImportMetaResolve(defaultParentUrl) {
  * @param {{url: string}} context
  */
 function initializeImportMeta(meta, context) {
-  let url = context.url;
+  const url = asyncESM.esmLoader.getBaseURL(context.url);
 
   // Alphabetical
   if (experimentalImportMetaResolve) {
     meta.resolve = createImportMetaResolve(url);
   }
 
-  url = asyncESM.esmLoader.getBaseURL(url);
-
   meta.url = url;
 }
 
diff --git a/lib/internal/modules/esm/loader.js b/lib/internal/modules/esm/loader.js
index 16b832527f7c64..1282b8b92c3f94 100644
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@@ -16,6 +16,7 @@ const {
   PromiseAll,
   RegExpPrototypeExec,
   SafeArrayIterator,
+  SafeMap,
   SafeWeakMap,
   StringPrototypeStartsWith,
   globalThis,
@@ -30,7 +31,7 @@ const {
   ERR_INVALID_RETURN_VALUE,
   ERR_UNKNOWN_MODULE_FORMAT
 } = require('internal/errors').codes;
-const { pathToFileURL, isURLInstance, URL } = require('internal/url');
+const { isURLInstance, URL } = require('internal/url');
 const {
   isAnyArrayBuffer,
   isArrayBufferView,
@@ -92,10 +93,6 @@ class ESMLoader {
    */
   cjsCache = new SafeWeakMap();
 
-  /**
-   * The index for assigning unique URLs to anonymous module evaluation
-   */
-  evalIndex = 0;
 
   /**
    * Registry of loaded modules, akin to `require.cache`
@@ -207,8 +204,10 @@ class ESMLoader {
 
   async eval(
     source,
-    url = pathToFileURL(`${process.cwd()}/[eval${++this.evalIndex}]`).href
+    url,
+    baseURL
   ) {
+    this.baseURLs.set(url, baseURL);
     const evalInstance = (url) => {
       const { ModuleWrap, callbackMap } = internalBinding('module_wrap');
       const module = new ModuleWrap(url, undefined, source, 0, 0);
@@ -217,6 +216,9 @@ class ESMLoader {
           return this.import(specifier,
                              this.getBaseURL(url),
                              importAssertions);
+        },
+        initializeImportMeta: (meta, { url }) => {
+          this.importMetaInitialize(meta, { url });
         }
       });
 
@@ -232,6 +234,7 @@ class ESMLoader {
     };
   }
 
+  baseURLs = new SafeMap();
   /**
    * Returns the url to use for the resolution of a given cache key url
    * These are not guaranteed to be the same.
@@ -253,6 +256,12 @@ class ESMLoader {
    * @returns {string}
    */
   getBaseURL(url) {
+    let baseURL = this.baseURLs.get(url);
+    // This will only be a string if it exists in the Map otherwise, it
+    // doesn't have a baseURL or needs to compute the baseURL
+    if (typeof baseURL === 'string') {
+      return baseURL;
+    }
     if (
       StringPrototypeStartsWith(url, 'http:') ||
       StringPrototypeStartsWith(url, 'https:')
@@ -260,13 +269,16 @@ class ESMLoader {
       // The request & response have already settled, so they are in
       // fetchModule's cache, in which case, fetchModule returns
       // immediately and synchronously
-      url = fetchModule(new URL(url), { parentURL: url }).resolvedHREF;
+      baseURL = fetchModule(new URL(url), { parentURL: url }).resolvedHREF;
       // This should only occur if the module hasn't been fetched yet
-      if (typeof url !== 'string') {
+      if (typeof baseURL !== 'string') {
         throw new ERR_INTERNAL_ASSERTION(`Base url for module ${url} not loaded.`);
       }
+      this.baseURLs.set(url, baseURL);
+    } else {
+      baseURL = url;
     }
-    return url;
+    return baseURL;
   }
 
   /**
diff --git a/lib/internal/process/execution.js b/lib/internal/process/execution.js
index 4a8e51f694f7e6..4eb92db4c67444 100644
--- a/lib/internal/process/execution.js
+++ b/lib/internal/process/execution.js
@@ -23,6 +23,7 @@ const {
   emitAfter,
   popAsyncContext,
 } = require('internal/async_hooks');
+const { pathToFileURL } = require('internal/url');
 
 // shouldAbortOnUncaughtToggle is a typed array for faster
 // communication with JS.
@@ -39,13 +40,21 @@ function tryGetCwd() {
   }
 }
 
-function evalModule(source, print) {
+/**
+ * The index for assigning unique URLs to anonymous module evaluation
+ */
+let evalIndex = 0;
+function evalModule(source,
+                    print,
+                    cacheKey = pathToFileURL(`node:eval/[eval${++evalIndex}]`),
+                    baseURL = pathToFileURL(process.cwd() + '/').href,
+) {
   if (print) {
     throw new ERR_EVAL_ESM_CANNOT_PRINT();
   }
   const { loadESM } = require('internal/process/esm_loader');
   const { handleMainPromise } = require('internal/modules/run_main');
-  return handleMainPromise(loadESM((loader) => loader.eval(source)));
+  return handleMainPromise(loadESM((loader) => loader.eval(source, cacheKey, baseURL)));
 }
 
 function evalScript(name, body, breakFirstLine, print) {