diff --git a/changelog.d/13890-als-seed-dynamic-import.md b/changelog.d/13890-als-seed-dynamic-import.md
new file mode 100644
index 00000000000..3e978dc9d4f
--- /dev/null
+++ b/changelog.d/13890-als-seed-dynamic-import.md
@@ -0,0 +1,6 @@
+A program with a dynamic `import()` no longer gets a
+`globalThis.AsyncLocalStorage` that node does not have. The entry seeds that
+global only for Next.js programs, and every module loaded by `import()` used
+to count as a Next.js module. Such a module now gets its path initializer
+registered lazily, like an on-demand CommonJS module, so startup also skips
+one registry insert per deferred module.
diff --git a/crates/perry/src/commands/compile/run_pipeline.rs b/crates/perry/src/commands/compile/run_pipeline.rs
index 0d5c58f0a44..a3b5530b800 100644
--- a/crates/perry/src/commands/compile/run_pipeline.rs
+++ b/crates/perry/src/commands/compile/run_pipeline.rs
@@ -3900,9 +3900,14 @@ pub fn run_with_parse_cache(
         let nextjs_path_init_modules: Vec<(String, String)> = if is_entry {
             ctx.native_modules
                 .iter()
-                .filter(|(p, module)| {
-                    module.init_kind == perry_hir::ModuleInitKind::Deferred
-                            || self::collect_modules::is_nextjs_runtime_module(p)
+                // A module is on this list by WHERE it is (a Next.js server
+                // module, or a compilePackages module), never by how it is
+                // loaded: a non-empty list makes the entry seed
+                // `globalThis.AsyncLocalStorage`, which node has only in a
+                // Next.js process. A module reached only through `import()`
+                // gets its path anchor from the lazy list below.
+                .filter(|(p, _)| {
+                    self::collect_modules::is_nextjs_runtime_module(p)
                             // A `perry.compilePackages` module may be reachable
                             // ONLY through a runtime-computed require (Next's
                             // require-hook aliases `styled-jsx` to its resolved
@@ -3919,13 +3924,19 @@ pub fn run_with_parse_cache(
         } else {
             Vec::new()
         };
-        // A require edge runs its target's init directly; only a program that
-        // can require by path (not closed) needs the anchor of an on-demand
-        // module, and only once it looks a path up: registered lazily.
+        // A require edge runs its target's init directly, and an `import()`
+        // site calls its target's init directly; only a program that can
+        // require by path (not closed) needs the anchor of an on-demand or
+        // deferred module, and only once it looks a path up: registered lazily.
         let lazy_path_init_modules: Vec<(String, String)> = if is_entry && !ctx.cjs_closed {
             ctx.native_modules
                 .iter()
-                .filter(|(_, module)| module.init_kind == perry_hir::ModuleInitKind::OnDemand)
+                .filter(|(_, module)| {
+                    matches!(
+                        module.init_kind,
+                        perry_hir::ModuleInitKind::OnDemand | perry_hir::ModuleInitKind::Deferred
+                    )
+                })
                 .map(|(p, m)| (p.to_string_lossy().into_owned(), sanitize_name(&m.name)))
                 .filter(|pair| !nextjs_path_init_modules.contains(pair))
                 .collect()
diff --git a/test-files/dynamic_import_als_seed_target.ts b/test-files/dynamic_import_als_seed_target.ts
new file mode 100644
index 00000000000..1e2b62b1086
--- /dev/null
+++ b/test-files/dynamic_import_als_seed_target.ts
@@ -0,0 +1,2 @@
+// Helper for test_gap_als_seed_dynamic_import.ts: reached only through import().
+export const x: number = 1;
diff --git a/test-files/test_gap_als_seed_dynamic_import.ts b/test-files/test_gap_als_seed_dynamic_import.ts
new file mode 100644
index 00000000000..51be62ca8ef
--- /dev/null
+++ b/test-files/test_gap_als_seed_dynamic_import.ts
@@ -0,0 +1,8 @@
+// A program with a dynamic `import()` must not get `globalThis.AsyncLocalStorage`:
+// node has no such global (only Next.js assigns one). The entry seeds it for
+// Next.js server modules alone; a module reached only through `import()` used
+// to put the program on that path, so this printed "function".
+
+const m = await import("./dynamic_import_als_seed_target.ts");
+console.log(typeof (globalThis as any).AsyncLocalStorage, m.x);
+console.log("AsyncLocalStorage" in globalThis);