diff --git a/fixtures/flight/src/App.js b/fixtures/flight/src/App.js
index b73162847d..935f77fa96 100644
--- a/fixtures/flight/src/App.js
+++ b/fixtures/flight/src/App.js
@@ -120,10 +120,69 @@ async function ServerComponent({noCache}) {
   return await fetchThirdParty(noCache);
 }
 
+let veryDeepObject = [
+  {
+    bar: {
+      baz: {
+        a: {},
+      },
+    },
+  },
+  {
+    bar: {
+      baz: {
+        a: {},
+      },
+    },
+  },
+  {
+    bar: {
+      baz: {
+        a: {},
+      },
+    },
+  },
+  {
+    bar: {
+      baz: {
+        a: {
+          b: {
+            c: {
+              d: {
+                e: {
+                  f: {
+                    g: {
+                      h: {
+                        i: {
+                          j: {
+                            k: {
+                              l: {
+                                m: {
+                                  yay: 'You reached the end',
+                                },
+                              },
+                            },
+                          },
+                        },
+                      },
+                    },
+                  },
+                },
+              },
+            },
+          },
+        },
+      },
+    },
+  },
+];
+
 export default async function App({prerender, noCache}) {
   const res = await fetch('http://localhost:3001/todos');
   const todos = await res.json();
 
+  console.log('Expand me:', veryDeepObject);
+
   const dedupedChild = <ServerComponent noCache={noCache} />;
   const message = getServerState();
   return (
diff --git a/packages/react-client/src/ReactFlightClient.js b/packages/react-client/src/ReactFlightClient.js
index bf02c74571..37e7657115 100644
--- a/packages/react-client/src/ReactFlightClient.js
+++ b/packages/react-client/src/ReactFlightClient.js
@@ -1774,6 +1774,40 @@ function applyConstructor(
   return undefined;
 }
 
+function defineLazyGetter<T>(
+  response: Response,
+  chunk: SomeChunk<T>,
+  parentObject: Object,
+  key: string,
+): any {
+  // We don't immediately initialize it even if it's resolved.
+  // Instead, we wait for the getter to get accessed.
+  Object.defineProperty(parentObject, key, {
+    get: function () {
+      if (chunk.status === RESOLVED_MODEL) {
+        // If it was now resolved, then we initialize it. This may then discover
+        // a new set of lazy references that are then asked for eagerly in case
+        // we get that deep.
+        initializeModelChunk(chunk);
+      }
+      switch (chunk.status) {
+        case INITIALIZED: {
+          return chunk.value;
+        }
+        case ERRORED:
+          throw chunk.reason;
+      }
+      // Otherwise, we didn't have enough time to load the object before it was
+      // accessed or the connection closed. So we just log that it was omitted.
+      // TODO: We should ideally throw here to indicate a difference.
+      return OMITTED_PROP_ERROR;
+    },
+    enumerable: true,
+    configurable: false,
+  });
+  return null;
+}
+
 function extractIterator(response: Response, model: Array<any>): Iterator<any> {
   // $FlowFixMe[incompatible-use]: This uses raw Symbols because we're extracting from a native array.
   return model[Symbol.iterator]();
@@ -2014,8 +2048,19 @@ function parseModelString(
           if (value.length > 2) {
             const debugChannel = response._debugChannel;
             if (debugChannel) {
-              const ref = value.slice(2);
-              debugChannel('R:' + ref); // Release this reference immediately
+              const ref = value.slice(2); // We assume this doesn't have a path just id.
+              const id = parseInt(ref, 16);
+              if (!response._chunks.has(id)) {
+                // We haven't seen this id before. Query the server to start sending it.
+                debugChannel('Q:' + ref);
+              }
+              // Start waiting. This now creates a pending chunk if it doesn't already exist.
+              const chunk = getChunk(response, id);
+              if (chunk.status === INITIALIZED) {
+                // We already loaded this before. We can just use the real value.
+                return chunk.value;
+              }
+              return defineLazyGetter(response, chunk, parentObject, key);
             }
           }
 
diff --git a/packages/react-server/src/ReactFlightServer.js b/packages/react-server/src/ReactFlightServer.js
index e6e172729f..750fe609ed 100644
--- a/packages/react-server/src/ReactFlightServer.js
+++ b/packages/react-server/src/ReactFlightServer.js
@@ -4820,10 +4820,15 @@ function emitConsoleChunk(
   const payload = [methodName, stackTrace, owner, env];
   // $FlowFixMe[method-unbinding]
   payload.push.apply(payload, args);
-  let json = serializeDebugModel(request, 500, payload);
+  const objectLimit = request.deferredDebugObjects === null ? 500 : 10;
+  let json = serializeDebugModel(
+    request,
+    objectLimit + stackTrace.length,
+    payload,
+  );
   if (json[0] !== '[') {
     // This looks like an error. Try a simpler object.
-    json = serializeDebugModel(request, 500, [
+    json = serializeDebugModel(request, 10 + stackTrace.length, [
       methodName,
       stackTrace,
       owner,
@@ -5760,6 +5765,8 @@ export function resolveDebugMessage(request: Request, message: string): void {
         if (retainedValue !== undefined) {
           // If we still have this object, and haven't emitted it before, emit it on the stream.
           const counter = {objectLimit: 10};
+          deferredDebugObjects.retained.delete(id);
+          deferredDebugObjects.existing.delete(retainedValue);
           emitOutlinedDebugModelChunk(request, id, counter, retainedValue);
           enqueueFlush(request);
         }