esm: add chaining to loaders

PR-URL: https://github.com/nodejs/node/pull/42623 Reviewed-By: Geoffrey Booth <webadmin@geoffreybooth.com> Reviewed-By: Antoine du Hamel <duhamelantoine1995@gmail.com>
2024-11-21 10:59:27 +00:00 · 2022-05-04 17:51:12 +02:00 · 2022-05-04 17:51:12 +02:00 · d859e9e997
commit d859e9e997
parent c3aa86d678
41 changed files with 1031 additions and 219 deletions
--- a/doc/api/errors.md
+++ b/doc/api/errors.md
@ -2092,6 +2092,17 @@ An attempt was made to open an IPC communication channel with a synchronously
 forked Node.js process. See the documentation for the [`child_process`][] module
 for more information.

+<a id="ERR_LOADER_CHAIN_INCOMPLETE"></a>
+
+### `ERR_LOADER_CHAIN_INCOMPLETE`
+
+<!-- YAML
+added: REPLACEME
+-->
+
+An ESM loader hook returned without calling `next()` and without explicitly
+signaling a short circuit.
+
 <a id="ERR_MANIFEST_ASSERT_INTEGRITY"></a>

 ### `ERR_MANIFEST_ASSERT_INTEGRITY`
--- a/doc/api/esm.md
+++ b/doc/api/esm.md
@ -7,6 +7,10 @@
 <!-- YAML
 added: v8.5.0
 changes:
+  - version:
+    - REPLACEME
+    pr-url: https://github.com/nodejs/node/pull/42623
+    description: Add support for chaining loaders.
  - version:
    - v17.1.0
    - v16.14.0
@ -675,6 +679,10 @@ of Node.js applications.
 <!-- YAML
 added: v8.8.0
 changes:
+  - version:
+    - REPLACEME
+    pr-url: https://github.com/nodejs/node/pull/42623
+    description: Add support for chaining loaders.
  - version: v16.12.0
    pr-url: https://github.com/nodejs/node/pull/37468
    description: Removed `getFormat`, `getSource`, `transformSource`, and
@ -693,12 +701,40 @@ provided via a `--experimental-loader ./loader-name.mjs` argument to Node.js.
 When hooks are used they apply to the entry point and all `import` calls. They
 won't apply to `require` calls; those still follow [CommonJS][] rules.

+Loaders follow the pattern of `--require`:
+
+```console
+node \
+  --experimental-loader unpkg \
+  --experimental-loader http-to-https \
+  --experimental-loader cache-buster
+```
+
+These are called in the following sequence: `cache-buster` calls
+`http-to-https` which calls `unpkg`.
+
 ### Hooks

-#### `resolve(specifier, context, defaultResolve)`
+Hooks are part of a chain, even if that chain consists of only one custom
+(user-provided) hook and the default hook, which is always present. Hook
+functions nest: each one must always return a plain object, and chaining happens
+as a result of each function calling `next<hookName>()`, which is a reference
+to the subsequent loader’s hook.
+
+A hook that returns a value lacking a required property triggers an exception.
+A hook that returns without calling `next<hookName>()` _and_ without returning
+`shortCircuit: true` also triggers an exception. These errors are to help
+prevent unintentional breaks in the chain.
+
+#### `resolve(specifier, context, nextResolve)`

 <!-- YAML
 changes:
+  - version: REPLACEME
+    pr-url: https://github.com/nodejs/node/pull/42623
+    description: Add support for chaining resolve hooks. Each hook must either
+      call `nextResolve()` or include a `shortCircuit` property set to `true`
+      in its return.
  - version:
    - v17.1.0
    - v16.14.0
@ -711,26 +747,35 @@ changes:

 * `specifier` {string}
 * `context` {Object}
-  * `conditions` {string\[]}
+  * `conditions` {string\[]} Export conditions of the relevant `package.json`
  * `importAssertions` {Object}
-  * `parentURL` {string|undefined}
-* `defaultResolve` {Function} The Node.js default resolver.
+  * `parentURL` {string|undefined} The module importing this one, or undefined
+    if this is the Node.js entry point
+* `nextResolve` {Function} The subsequent `resolve` hook in the chain, or the
+  Node.js default `resolve` hook after the last user-supplied `resolve` hook
+  * `specifier` {string}
+  * `context` {Object}
 * Returns: {Object}
-  * `format` {string|null|undefined}
+  * `format` {string|null|undefined} A hint to the load hook (it might be
+    ignored)
    `'builtin' | 'commonjs' | 'json' | 'module' | 'wasm'`
-  * `url` {string} The absolute url to the import target (such as `file://…`)
+  * `shortCircuit` {undefined|boolean} A signal that this hook intends to
+    terminate the chain of `resolve` hooks. **Default:** `false`
+  * `url` {string} The absolute URL to which this input resolves

-The `resolve` hook returns the resolved file URL for a given module specifier
-and parent URL, and optionally its format (such as `'module'`) as a hint to the
-`load` hook. If a format is specified, the `load` hook is ultimately responsible
-for providing the final `format` value (and it is free to ignore the hint
-provided by `resolve`); if `resolve` provides a `format`, a custom `load`
-hook is required even if only to pass the value to the Node.js default `load`
-hook.
+The `resolve` hook chain is responsible for resolving file URL for a given
+module specifier and parent URL, and optionally its format (such as `'module'`)
+as a hint to the `load` hook. If a format is specified, the `load` hook is
+ultimately responsible for providing the final `format` value (and it is free to
+ignore the hint provided by `resolve`); if `resolve` provides a `format`, a
+custom `load` hook is required even if only to pass the value to the Node.js
+default `load` hook.

 The module specifier is the string in an `import` statement or
-`import()` expression, and the parent URL is the URL of the module that imported
-this one, or `undefined` if this is the main entry point for the application.
+`import()` expression.
+
+The parent URL is the URL of the module that imported this one, or `undefined`
+if this is the main entry point for the application.

 The `conditions` property in `context` is an array of conditions for
 [package exports conditions][Conditional Exports] that apply to this resolution
@ -744,40 +789,45 @@ Node.js module specifier resolution behavior_ when calling `defaultResolve`, the
 `context.conditions` array originally passed into the `resolve` hook.

 ```js
-/**
- * @param {string} specifier
- * @param {{
- *   conditions: string[],
- *   parentURL: string | undefined,
- * }} context
- * @param {Function} defaultResolve
- * @returns {Promise<{ url: string }>}
- */
-export async function resolve(specifier, context, defaultResolve) {
+export async function resolve(specifier, context, nextResolve) {
  const { parentURL = null } = context;
+
  if (Math.random() > 0.5) { // Some condition.
    // For some or all specifiers, do some custom logic for resolving.
    // Always return an object of the form {url: <string>}.
    return {
+      shortCircuit: true,
      url: parentURL ?
        new URL(specifier, parentURL).href :
        new URL(specifier).href,
    };
  }
+
  if (Math.random() < 0.5) { // Another condition.
    // When calling `defaultResolve`, the arguments can be modified. In this
    // case it's adding another value for matching conditional exports.
-    return defaultResolve(specifier, {
+    return nextResolve(specifier, {
      ...context,
      conditions: [...context.conditions, 'another-condition'],
    });
  }
-  // Defer to Node.js for all other specifiers.
-  return defaultResolve(specifier, context, defaultResolve);
+
+  // Defer to the next hook in the chain, which would be the
+  // Node.js default resolve if this is the last user-specified loader.
+  return nextResolve(specifier, context);
 }
 ```

-#### `load(url, context, defaultLoad)`
+#### `load(url, context, nextLoad)`
+
+<!-- YAML
+changes:
+  - version: REPLACEME
+    pr-url: https://github.com/nodejs/node/pull/42623
+    description: Add support for chaining load hooks. Each hook must either
+      call `nextLoad()` or include a `shortCircuit` property set to `true` in
+      its return.
+-->

 > The loaders API is being redesigned. This hook may disappear or its
 > signature may change. Do not rely on the API described below.
@ -785,15 +835,21 @@ export async function resolve(specifier, context, defaultResolve) {
 > In a previous version of this API, this was split across 3 separate, now
 > deprecated, hooks (`getFormat`, `getSource`, and `transformSource`).

-* `url` {string}
+* `url` {string} The URL returned by the `resolve` chain
 * `context` {Object}
+  * `conditions` {string\[]} Export conditions of the relevant `package.json`
  * `format` {string|null|undefined} The format optionally supplied by the
-    `resolve` hook.
+    `resolve` hook chain
  * `importAssertions` {Object}
-* `defaultLoad` {Function}
+* `nextLoad` {Function} The subsequent `load` hook in the chain, or the
+  Node.js default `load` hook after the last user-supplied `load` hook
+  * `specifier` {string}
+  * `context` {Object}
 * Returns: {Object}
  * `format` {string}
-  * `source` {string|ArrayBuffer|TypedArray}
+  * `shortCircuit` {undefined|boolean} A signal that this hook intends to
+    terminate the chain of `resolve` hooks. **Default:** `false`
+  * `source` {string|ArrayBuffer|TypedArray} The source for Node.js to evaluate

 The `load` hook provides a way to define a custom method of determining how
 a URL should be interpreted, retrieved, and parsed. It is also in charge of
@ -834,20 +890,10 @@ avoid reading files from disk. It could also be used to map an unrecognized
 format to a supported one, for example `yaml` to `module`.

 ```js
-/**
- * @param {string} url
- * @param {{
-    format: string,
-  }} context If resolve settled with a `format`, that value is included here.
- * @param {Function} defaultLoad
- * @returns {Promise<{
-    format: string,
-    source: string | ArrayBuffer | SharedArrayBuffer | Uint8Array,
-  }>}
- */
-export async function load(url, context, defaultLoad) {
+export async function load(url, context, nextLoad) {
  const { format } = context;
-  if (Math.random() > 0.5) { // Some condition.
+
+  if (Math.random() > 0.5) { // Some condition
    /*
      For some or all URLs, do some custom logic for retrieving the source.
      Always return an object of the form {
@ -857,11 +903,13 @@ export async function load(url, context, defaultLoad) {
    */
    return {
      format,
+      shortCircuit: true,
      source: '...',
    };
  }
-  // Defer to Node.js for all other URLs.
-  return defaultLoad(url, context, defaultLoad);
+
+  // Defer to the next hook in the chain.
+  return nextLoad(url, context);
 }
 ```

@ -870,13 +918,22 @@ source to a supported one (see [Examples](#examples) below).

 #### `globalPreload()`

+<!-- YAML
+changes:
+  - version: REPLACEME
+    pr-url: https://github.com/nodejs/node/pull/42623
+    description: Add support for chaining globalPreload hooks.
+-->
+
 > The loaders API is being redesigned. This hook may disappear or its
 > signature may change. Do not rely on the API described below.

 > In a previous version of this API, this hook was named
 > `getGlobalPreloadCode`.

-* Returns: {string}
+* `context` {Object} Information to assist the preload code
+  * `port` {MessagePort}
+* Returns: {string} Code to run before application startup

 Sometimes it might be necessary to run some code inside of the same global
 scope that the application runs in. This hook allows the return of a string
@ -890,13 +947,7 @@ If the code needs more advanced `require` features, it has to construct
 its own `require` using  `module.createRequire()`.

 ```js
-/**
- * @param {{
-     port: MessagePort,
-   }} utilities Things that preload code might find useful
- * @returns {string} Code to run before application startup
- */
-export function globalPreload(utilities) {
+export function globalPreload(context) {
  return `\
 globalThis.someInjectedProperty = 42;
 console.log('I just set some globals!');
@ -921,10 +972,6 @@ close normally.
 /**
 * This example has the application context send a message to the loader
 * and sends the message back to the application context
- * @param {{
-     port: MessagePort,
-   }} utilities Things that preload code might find useful
- * @returns {string} Code to run before application startup
 */
 export function globalPreload({ port }) {
  port.onmessage = (evt) => {
@ -946,9 +993,11 @@ customizations of Node.js’ code loading and evaluation behaviors.

 #### HTTPS loader

-In current Node.js, specifiers starting with `https://` are unsupported. The
-loader below registers hooks to enable rudimentary support for such specifiers.
-While this may seem like a significant improvement to Node.js core
+In current Node.js, specifiers starting with `https://` are experimental (see
+[HTTPS and HTTP imports][]).
+
+The loader below registers hooks to enable rudimentary support for such
+specifiers. While this may seem like a significant improvement to Node.js core
 functionality, there are substantial downsides to actually using this loader:
 performance is much slower than loading files from disk, there is no caching,
 and there is no security.
@ -957,7 +1006,7 @@ and there is no security.
 // https-loader.mjs
 import { get } from 'node:https';

-export function resolve(specifier, context, defaultResolve) {
+export function resolve(specifier, context, nextResolve) {
  const { parentURL = null } = context;

  // Normally Node.js would error on specifiers starting with 'https://', so
@ -965,19 +1014,21 @@ export function resolve(specifier, context, defaultResolve) {
  // passed along to the later hooks below.
  if (specifier.startsWith('https://')) {
    return {
+      shortCircuit: true,
      url: specifier
    };
  } else if (parentURL && parentURL.startsWith('https://')) {
    return {
-      url: new URL(specifier, parentURL).href
+      shortCircuit: true,
+      url: new URL(specifier, parentURL).href,
    };
  }

  // Let Node.js handle all other specifiers.
-  return defaultResolve(specifier, context, defaultResolve);
+  return nextResolve(specifier, context);
 }

-export function load(url, context, defaultLoad) {
+export function load(url, context, nextLoad) {
  // For JavaScript to be loaded over the network, we need to fetch and
  // return it.
  if (url.startsWith('https://')) {
@ -989,6 +1040,7 @@ export function load(url, context, defaultLoad) {
          // This example assumes all network-provided JavaScript is ES module
          // code.
          format: 'module',
+          shortCircuit: true,
          source: data,
        }));
      }).on('error', (err) => reject(err));
@ -996,7 +1048,7 @@ export function load(url, context, defaultLoad) {
  }

  // Let Node.js handle all other URLs.
-  return defaultLoad(url, context, defaultLoad);
+  return nextLoad(url, context);
 }
 ```

@ -1036,27 +1088,29 @@ const baseURL = pathToFileURL(`${cwd()}/`).href;
 // CoffeeScript files end in .coffee, .litcoffee or .coffee.md.
 const extensionsRegex = /\.coffee$|\.litcoffee$|\.coffee\.md$/;

-export async function resolve(specifier, context, defaultResolve) {
-  const { parentURL = baseURL } = context;
-
-  // Node.js normally errors on unknown file extensions, so return a URL for
-  // specifiers ending in the CoffeeScript file extensions.
+export async function resolve(specifier, context, nextResolve) {
  if (extensionsRegex.test(specifier)) {
+    const { parentURL = baseURL } = context;
+
+    // Node.js normally errors on unknown file extensions, so return a URL for
+    // specifiers ending in the CoffeeScript file extensions.
    return {
+      shortCircuit: true,
      url: new URL(specifier, parentURL).href
    };
  }

  // Let Node.js handle all other specifiers.
-  return defaultResolve(specifier, context, defaultResolve);
+  return nextResolve(specifier, context);
 }

-export async function load(url, context, defaultLoad) {
-  // Now that we patched resolve to let CoffeeScript URLs through, we need to
-  // tell Node.js what format such URLs should be interpreted as. Because
-  // CoffeeScript transpiles into JavaScript, it should be one of the two
-  // JavaScript formats: 'commonjs' or 'module'.
+export async function load(url, context, nextLoad) {
  if (extensionsRegex.test(url)) {
+    // Now that we patched resolve to let CoffeeScript URLs through, we need to
+    // tell Node.js what format such URLs should be interpreted as. Because
+    // CoffeeScript transpiles into JavaScript, it should be one of the two
+    // JavaScript formats: 'commonjs' or 'module'.
+
    // CoffeeScript files can be either CommonJS or ES modules, so we want any
    // CoffeeScript file to be treated by Node.js the same as a .js file at the
    // same location. To determine how Node.js would interpret an arbitrary .js
@ -1069,25 +1123,26 @@ export async function load(url, context, defaultLoad) {
    // loader. Avoiding the need for a separate CommonJS handler is a future
    // enhancement planned for ES module loaders.
    if (format === 'commonjs') {
-      return { format };
+      return {
+        format,
+        shortCircuit: true,
+      };
    }

-    const { source: rawSource } = await defaultLoad(url, { format });
+    const { source: rawSource } = await nextLoad(url, { ...context, format });
    // This hook converts CoffeeScript source code into JavaScript source code
    // for all imported CoffeeScript files.
-    const transformedSource = CoffeeScript.compile(rawSource.toString(), {
-      bare: true,
-      filename: url,
-    });
+    const transformedSource = coffeeCompile(rawSource.toString(), url);

    return {
      format,
+      shortCircuit: true,
      source: transformedSource,
    };
  }

  // Let Node.js handle all other URLs.
-  return defaultLoad(url, context, defaultLoad);
+  return nextLoad(url, context);
 }

 async function getPackageType(url) {
@ -1495,6 +1550,7 @@ success!
 [Determining module system]: packages.md#determining-module-system
 [Dynamic `import()`]: https://wiki.developer.mozilla.org/en-US/docs/Web/JavaScript/Reference/Statements/import#Dynamic_Imports
 [ES Module Integration Proposal for WebAssembly]: https://github.com/webassembly/esm-integration
+[HTTPS and HTTP imports]: #https-and-http-imports
 [Import Assertions]: #import-assertions
 [Import Assertions proposal]: https://github.com/tc39/proposal-import-assertions
 [JSON modules]: #json-modules
@ -1525,9 +1581,9 @@ success!
 [`util.TextDecoder`]: util.md#class-utiltextdecoder
 [cjs-module-lexer]: https://github.com/nodejs/cjs-module-lexer/tree/1.2.2
 [custom https loader]: #https-loader
-[load hook]: #loadurl-context-defaultload
+[load hook]: #loadurl-context-nextload
 [percent-encoded]: url.md#percent-encoding-in-urls
-[resolve hook]: #resolvespecifier-context-defaultresolve
+[resolve hook]: #resolvespecifier-context-nextresolve
 [special scheme]: https://url.spec.whatwg.org/#special-scheme
 [status code]: process.md#exit-codes
 [the official standard format]: https://tc39.github.io/ecma262/#sec-modules
--- a/lib/internal/errors.js
+++ b/lib/internal/errors.js
@ -1359,6 +1359,13 @@ E('ERR_IPC_CHANNEL_CLOSED', 'Channel closed', Error);
 E('ERR_IPC_DISCONNECTED', 'IPC channel is already disconnected', Error);
 E('ERR_IPC_ONE_PIPE', 'Child process can have only one IPC pipe', Error);
 E('ERR_IPC_SYNC_FORK', 'IPC cannot be used with synchronous forks', Error);
+E(
+  'ERR_LOADER_CHAIN_INCOMPLETE',
+  'The "%s" hook from %s did not call the next hook in its chain and did not' +
+  ' explicitly signal a short circuit. If this is intentional, include' +
+  ' `shortCircuit: true` in the hook\'s return.',
+  Error
+);
 E('ERR_MANIFEST_ASSERT_INTEGRITY',
  (moduleURL, realIntegrities) => {
    let msg = `The content of "${
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@ -23,12 +23,13 @@ const {
 const { MessageChannel } = require('internal/worker/io');

 const {
+  ERR_LOADER_CHAIN_INCOMPLETE,
  ERR_INTERNAL_ASSERTION,
  ERR_INVALID_ARG_TYPE,
  ERR_INVALID_ARG_VALUE,
  ERR_INVALID_RETURN_PROPERTY_VALUE,
  ERR_INVALID_RETURN_VALUE,
-  ERR_UNKNOWN_MODULE_FORMAT
+  ERR_UNKNOWN_MODULE_FORMAT,
 } = require('internal/errors').codes;
 const { pathToFileURL, isURLInstance, URL } = require('internal/url');
 const { emitExperimentalWarning } = require('internal/util');
@ -36,6 +37,10 @@ const {
  isAnyArrayBuffer,
  isArrayBufferView,
 } = require('internal/util/types');
+const {
+  validateObject,
+  validateString,
+} = require('internal/validators');
 const ModuleMap = require('internal/modules/esm/module_map');
 const ModuleJob = require('internal/modules/esm/module_job');

@ -56,10 +61,39 @@ const {


 /**
- * Prevent the specifier resolution warning from being printed twice
+ * @typedef {object} ExportedHooks
+ * @property {Function} globalPreload
+ * @property {Function} resolve
+ * @property {Function} load
 */
-let emittedSpecifierResolutionWarning = false;

+/**
+ * @typedef {Record<string, any>} ModuleExports
+ */
+
+/**
+ * @typedef {object} KeyedExports
+ * @property {ModuleExports} exports
+ * @property {URL['href']} url
+ */
+
+/**
+ * @typedef {object} KeyedHook
+ * @property {Function} fn
+ * @property {URL['href']} url
+ */
+
+/**
+ * @typedef {'builtin'|'commonjs'|'json'|'module'|'wasm'} ModuleFormat
+ */
+
+/**
+ * @typedef {ArrayBuffer|TypedArray|string} ModuleSource
+ */
+
+// [2] `validate...()`s throw the wrong error
+
+let emittedSpecifierResolutionWarning = false;

 /**
 * An ESMLoader instance is used as the main entry point for loading ES modules.
@ -70,27 +104,35 @@ class ESMLoader {
  /**
   * Prior to ESM loading. These are called once before any modules are started.
   * @private
-   * @property {Function[]} globalPreloaders First-in-first-out list of
-   * preload hooks.
+   * @property {KeyedHook[]} globalPreloaders Last-in-first-out
+   *  list of preload hooks.
   */
  #globalPreloaders = [];

  /**
   * Phase 2 of 2 in ESM loading.
   * @private
-   * @property {Function[]} loaders First-in-first-out list of loader hooks.
+   * @property {KeyedHook[]} loaders Last-in-first-out
+   *  collection of loader hooks.
   */
  #loaders = [
-    defaultLoad,
+    {
+      fn: defaultLoad,
+      url: 'node:internal/modules/esm/load',
+    },
  ];

  /**
   * Phase 1 of 2 in ESM loading.
   * @private
-   * @property {Function[]} resolvers First-in-first-out list of resolver hooks
+   * @property {KeyedHook[]} resolvers Last-in-first-out
+   *  collection of resolver hooks.
   */
  #resolvers = [
-    defaultResolve,
+    {
+      fn: defaultResolve,
+      url: 'node:internal/modules/esm/resolve',
+    },
  ];

  #importMetaInitializer = initializeImportMeta;
@ -116,13 +158,16 @@ class ESMLoader {
  translators = translators;

  constructor() {
-    if (getOptionValue('--experimental-loader')) {
+    if (getOptionValue('--experimental-loader').length > 0) {
      emitExperimentalWarning('Custom ESM Loaders');
    }
    if (getOptionValue('--experimental-network-imports')) {
      emitExperimentalWarning('Network Imports');
    }
-    if (getOptionValue('--experimental-specifier-resolution') === 'node' && !emittedSpecifierResolutionWarning) {
+    if (
+      !emittedSpecifierResolutionWarning &&
+      getOptionValue('--experimental-specifier-resolution') === 'node'
+    ) {
      process.emitWarning(
        'The Node.js specifier resolution flag is experimental. It could change or be removed at any time.',
        'ExperimentalWarning'
@ -131,6 +176,11 @@ class ESMLoader {
    }
  }

+  /**
+   *
+   * @param {ModuleExports} exports
+   * @returns {ExportedHooks}
+   */
  static pluckHooks({
    globalPreload,
    resolve,
@ -194,34 +244,51 @@ class ESMLoader {
  /**
   * Collect custom/user-defined hook(s). After all hooks have been collected,
   * calls global preload hook(s).
-   * @param {object | object[]} customLoaders A list of exports from
-   * user-defined loaders (as returned by ESMLoader.import()).
+   * @param {KeyedExports} customLoaders
+   *  A list of exports from user-defined loaders (as returned by
+   *  ESMLoader.import()).
   */
  async addCustomLoaders(
    customLoaders = [],
  ) {
-    if (!ArrayIsArray(customLoaders)) customLoaders = [customLoaders];
-
    for (let i = 0; i < customLoaders.length; i++) {
-      const exports = customLoaders[i];
+      const {
+        exports,
+        url,
+      } = customLoaders[i];
      const {
        globalPreloader,
        resolver,
        loader,
      } = ESMLoader.pluckHooks(exports);

-      if (globalPreloader) ArrayPrototypePush(
-        this.#globalPreloaders,
-        FunctionPrototypeBind(globalPreloader, null), // [1]
-      );
-      if (resolver) ArrayPrototypePush(
-        this.#resolvers,
-        FunctionPrototypeBind(resolver, null), // [1]
-      );
-      if (loader) ArrayPrototypePush(
-        this.#loaders,
-        FunctionPrototypeBind(loader, null), // [1]
-      );
+      if (globalPreloader) {
+        ArrayPrototypePush(
+          this.#globalPreloaders,
+          {
+            fn: FunctionPrototypeBind(globalPreloader), // [1]
+            url,
+          },
+        );
+      }
+      if (resolver) {
+        ArrayPrototypePush(
+          this.#resolvers,
+          {
+            fn: FunctionPrototypeBind(resolver), // [1]
+            url,
+          },
+        );
+      }
+      if (loader) {
+        ArrayPrototypePush(
+          this.#loaders,
+          {
+            fn: FunctionPrototypeBind(loader), // [1]
+            url,
+          },
+        );
+      }
    }

    // [1] ensure hook function is not bound to ESMLoader instance
@ -286,7 +353,7 @@ class ESMLoader {
      // immediately and synchronously
      url = 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 url !== 'string') { // [2]
        throw new ERR_INTERNAL_ASSERTION(`Base url for module ${url} not loaded.`);
      }
    }
@ -308,12 +375,17 @@ class ESMLoader {
   */
  async getModuleJob(specifier, parentURL, importAssertions) {
    let importAssertionsForResolve;
+
+    // By default, `this.#loaders` contains just the Node default load hook
    if (this.#loaders.length !== 1) {
-      // We can skip cloning if there are no user provided loaders because
+      // We can skip cloning if there are no user-provided loaders because
      // the Node.js default resolve hook does not use import assertions.
-      importAssertionsForResolve =
-        ObjectAssign(ObjectCreate(null), importAssertions);
+      importAssertionsForResolve = ObjectAssign(
+        ObjectCreate(null),
+        importAssertions,
+      );
    }
+
    const { format, url } =
      await this.resolve(specifier, parentURL, importAssertionsForResolve);

@ -391,11 +463,21 @@ class ESMLoader {
   * @param {string} parentURL Path of the parent importing the module.
   * @param {Record<string, string>} importAssertions Validations for the
   *                                                  module import.
-   * @returns {Promise<object | object[]>} A list of module export(s).
+   * @returns {Promise<ExportedHooks | KeyedExports[]>}
+   *  A collection of module export(s) or a list of collections of module
+   *  export(s).
   */
  async import(specifiers, parentURL, importAssertions) {
+    // For loaders, `import` is passed multiple things to process, it returns a
+    // list pairing the url and exports collected. This is especially useful for
+    // error messaging, to identity from where an export came. But, in most
+    // cases, only a single url is being "imported" (ex `import()`), so there is
+    // only 1 possible url from which the exports were collected and it is
+    // already known to the caller. Nesting that in a list would only ever
+    // create redundant work for the caller, so it is later popped off the
+    // internal list.
    const wasArr = ArrayIsArray(specifiers);
-    if (!wasArr) specifiers = [specifiers];
+    if (!wasArr) { specifiers = [specifiers]; }

    const count = specifiers.length;
    const jobs = new Array(count);
@ -408,36 +490,106 @@ class ESMLoader {

    const namespaces = await PromiseAll(new SafeArrayIterator(jobs));

-    return wasArr ?
-      namespaces :
-      namespaces[0];
+    if (!wasArr) { return namespaces[0]; } // We can skip the pairing below
+
+    for (let i = 0; i < count; i++) {
+      const namespace = ObjectCreate(null);
+      namespace.url = specifiers[i];
+      namespace.exports = namespaces[i];
+
+      namespaces[i] = namespace;
+    }
+
+    return namespaces;
  }

  /**
   * Provide source that is understood by one of Node's translators.
   *
-   * The internals of this WILL change when chaining is implemented,
-   * depending on the resolution/consensus from #36954
-   * @param {string} url The URL/path of the module to be loaded
+   * Internally, this behaves like a backwards iterator, wherein the stack of
+   * hooks starts at the top and each call to `nextLoad()` moves down 1 step
+   * until it reaches the bottom or short-circuits.
+   *
+   * @param {URL['href']} url The URL/path of the module to be loaded
   * @param {object} context Metadata about the module
-   * @returns {object}
+   * @returns {{ format: ModuleFormat, source: ModuleSource }}
   */
  async load(url, context = {}) {
-    const defaultLoader = this.#loaders[0];
+    const loaders = this.#loaders;
+    let hookIndex = loaders.length - 1;
+    let {
+      fn: loader,
+      url: loaderFilePath,
+    } = loaders[hookIndex];
+    let chainFinished = hookIndex === 0;
+    let shortCircuited = false;

-    const loader = this.#loaders.length === 1 ?
-      defaultLoader :
-      this.#loaders[1];
-    const loaded = await loader(url, context, defaultLoader);
+    const nextLoad = async (nextUrl, ctx = context) => {
+      --hookIndex; // `nextLoad` has been called, so decrement our pointer.

-    if (typeof loaded !== 'object') {
+      ({
+        fn: loader,
+        url: loaderFilePath,
+      } = loaders[hookIndex]);
+
+      if (hookIndex === 0) { chainFinished = true; }
+
+      const hookErrIdentifier = `${loaderFilePath} "load"`;
+
+      if (typeof nextUrl !== 'string') {
+        // non-strings can be coerced to a url string
+        // validateString() throws a less-specific error
+        throw new ERR_INVALID_ARG_TYPE(
+          `${hookErrIdentifier} nextLoad(url)`,
+          'a url string',
+          nextUrl,
+        );
+      }
+
+      // Try to avoid expensive URL instantiation for known-good urls
+      if (!this.moduleMap.has(nextUrl)) {
+        try {
+          new URL(nextUrl);
+        } catch {
+          throw new ERR_INVALID_ARG_VALUE(
+            `${hookErrIdentifier} nextLoad(url)`,
+            nextUrl,
+            'should be a url string',
+          );
+        }
+      }
+
+      validateObject(ctx, `${hookErrIdentifier} nextLoad(, context)`);
+
+      const output = await loader(nextUrl, ctx, nextLoad);
+
+      if (output?.shortCircuit === true) { shortCircuited = true; }
+
+      return output;
+    };
+
+    const loaded = await loader(
+      url,
+      context,
+      nextLoad,
+    );
+
+    const hookErrIdentifier = `${loaderFilePath} load`;
+
+    if (typeof loaded !== 'object') { // [2]
      throw new ERR_INVALID_RETURN_VALUE(
-        'object',
-        'loader load',
+        'an object',
+        hookErrIdentifier,
        loaded,
      );
    }

+    if (loaded?.shortCircuit === true) { shortCircuited = true; }
+
+    if (!chainFinished && !shortCircuited) {
+      throw new ERR_LOADER_CHAIN_INCOMPLETE('load', loaderFilePath);
+    }
+
    const {
      format,
      source,
@ -454,10 +606,10 @@ class ESMLoader {
        url);
    }

-    if (typeof format !== 'string') {
+    if (typeof format !== 'string') { // [2]
      throw new ERR_INVALID_RETURN_PROPERTY_VALUE(
-        'string',
-        'loader resolve',
+        'a string',
+        hookErrIdentifier,
        'format',
        format,
      );
@ -468,12 +620,14 @@ class ESMLoader {
      typeof source !== 'string' &&
      !isAnyArrayBuffer(source) &&
      !isArrayBufferView(source)
-    ) throw ERR_INVALID_RETURN_PROPERTY_VALUE(
-      'string, an ArrayBuffer, or a TypedArray',
-      'loader load',
-      'source',
-      source
-    );
+    ) {
+      throw ERR_INVALID_RETURN_PROPERTY_VALUE(
+        'a string, an ArrayBuffer, or a TypedArray',
+        hookErrIdentifier,
+        'source',
+        source
+      );
+    }

    return {
      format,
@ -482,10 +636,7 @@ class ESMLoader {
  }

  preload() {
-    const count = this.#globalPreloaders.length;
-    if (!count) return;
-
-    for (let i = 0; i < count; i++) {
+    for (let i = this.#globalPreloaders.length - 1; i >= 0; i--) {
      const channel = new MessageChannel();
      const {
        port1: insidePreload,
@ -495,16 +646,23 @@ class ESMLoader {
      insidePreload.unref();
      insideLoader.unref();

-      const preload = this.#globalPreloaders[i]({
-        port: insideLoader
+      const {
+        fn: preloader,
+        url: specifier,
+      } = this.#globalPreloaders[i];
+
+      const preload = preloader({
+        port: insideLoader,
      });

-      if (preload == null) return;
+      if (preload == null) { return; }

-      if (typeof preload !== 'string') {
+      const hookErrIdentifier = `${specifier} globalPreload`;
+
+      if (typeof preload !== 'string') { // [2]
        throw new ERR_INVALID_RETURN_VALUE(
-          'string',
-          'loader globalPreloadCode',
+          'a string',
+          hookErrIdentifier,
          preload,
        );
      }
@ -569,14 +727,16 @@ class ESMLoader {
  /**
   * Resolve the location of the module.
   *
-   * The internals of this WILL change when chaining is implemented,
-   * depending on the resolution/consensus from #36954.
+   * Internally, this behaves like a backwards iterator, wherein the stack of
+   * hooks starts at the top and each call to `nextResolve()` moves down 1 step
+   * until it reaches the bottom or short-circuits.
+   *
   * @param {string} originalSpecifier The specified URL path of the module to
   *                                   be resolved.
   * @param {string} [parentURL] The URL path of the module's parent.
   * @param {ImportAssertions} [importAssertions] Assertions from the import
   *                                              statement or expression.
-   * @returns {{ url: string }}
+   * @returns {{ format: string, url: URL['href'] }}
   */
  async resolve(
    originalSpecifier,
@ -589,61 +749,118 @@ class ESMLoader {
      !isMain &&
      typeof parentURL !== 'string' &&
      !isURLInstance(parentURL)
-    ) throw new ERR_INVALID_ARG_TYPE(
-      'parentURL',
-      ['string', 'URL'],
+    ) {
+      throw new ERR_INVALID_ARG_TYPE(
+        'parentURL',
+        ['string', 'URL'],
+        parentURL,
+      );
+    }
+    const resolvers = this.#resolvers;
+
+    let hookIndex = resolvers.length - 1;
+    let {
+      fn: resolver,
+      url: resolverFilePath,
+    } = resolvers[hookIndex];
+    let chainFinished = hookIndex === 0;
+    let shortCircuited = false;
+
+    const context = {
+      conditions: DEFAULT_CONDITIONS,
+      importAssertions,
      parentURL,
-    );
+    };

-    const conditions = DEFAULT_CONDITIONS;
+    const nextResolve = async (suppliedSpecifier, ctx = context) => {
+      --hookIndex; // `nextResolve` has been called, so decrement our pointer.

-    const defaultResolver = this.#resolvers[0];
+      ({
+        fn: resolver,
+        url: resolverFilePath,
+      } = resolvers[hookIndex]);
+
+      if (hookIndex === 0) { chainFinished = true; }
+
+      const hookErrIdentifier = `${resolverFilePath} "resolve"`;
+
+      validateString(
+        suppliedSpecifier,
+        `${hookErrIdentifier} nextResolve(specifier)`,
+      ); // non-strings can be coerced to a url string
+
+      validateObject(ctx, `${hookErrIdentifier} nextResolve(, context)`);
+
+      const output = await resolver(suppliedSpecifier, ctx, nextResolve);
+
+      if (output?.shortCircuit === true) { shortCircuited = true; }
+
+      return output;
+    };

-    const resolver = this.#resolvers.length === 1 ?
-      defaultResolver :
-      this.#resolvers[1];
    const resolution = await resolver(
      originalSpecifier,
-      {
-        conditions,
-        importAssertions,
-        parentURL,
-      },
-      defaultResolver,
+      context,
+      nextResolve,
    );

-    if (typeof resolution !== 'object') {
+    const hookErrIdentifier = `${resolverFilePath} resolve`;
+
+    if (typeof resolution !== 'object') { // [2]
      throw new ERR_INVALID_RETURN_VALUE(
-        'object',
-        'loader resolve',
+        'an object',
+        hookErrIdentifier,
        resolution,
      );
    }

-    const { format, url } = resolution;
+    if (resolution?.shortCircuit === true) { shortCircuited = true; }
+
+    if (!chainFinished && !shortCircuited) {
+      throw new ERR_LOADER_CHAIN_INCOMPLETE('resolve', resolverFilePath);
+    }
+
+    const {
+      format,
+      url,
+    } = resolution;

    if (
      format != null &&
-      typeof format !== 'string'
+      typeof format !== 'string' // [2]
    ) {
      throw new ERR_INVALID_RETURN_PROPERTY_VALUE(
-        'string',
-        'loader resolve',
+        'a string',
+        hookErrIdentifier,
        'format',
        format,
      );
    }

-    if (typeof url !== 'string') { // non-strings can be coerced to a url string
+    if (typeof url !== 'string') {
+      // non-strings can be coerced to a url string
+      // validateString() throws a less-specific error
      throw new ERR_INVALID_RETURN_PROPERTY_VALUE(
-        'string',
-        'loader resolve',
+        'a url string',
+        hookErrIdentifier,
        'url',
        url,
      );
    }

-    new URL(url); // Intentionally trigger error if `url` is invalid
+    // Try to avoid expensive URL instantiation for known-good urls
+    if (!this.moduleMap.has(url)) {
+      try {
+        new URL(url);
+      } catch {
+        throw new ERR_INVALID_RETURN_PROPERTY_VALUE(
+          'a url string',
+          hookErrIdentifier,
+          'url',
+          url,
+        );
+      }
+    }

    return {
      format,
--- a/lib/internal/modules/run_main.js
+++ b/lib/internal/modules/run_main.js
@ -28,8 +28,12 @@ function resolveMainPath(main) {
 }

 function shouldUseESMLoader(mainPath) {
-  const userLoader = getOptionValue('--experimental-loader');
-  if (userLoader)
+  /**
+   * @type {string[]} userLoaders A list of custom loaders registered by the user
+   * (or an empty list when none have been registered).
+   */
+  const userLoaders = getOptionValue('--experimental-loader');
+  if (userLoaders.length > 0)
    return true;
  const esModuleSpecifierResolution =
    getOptionValue('--experimental-specifier-resolution');
--- a/lib/internal/process/esm_loader.js
+++ b/lib/internal/process/esm_loader.js
@ -49,11 +49,9 @@ exports.esmLoader = esmLoader;
 */
 async function initializeLoader() {
  const { getOptionValue } = require('internal/options');
-  // customLoaders CURRENTLY can be only 1 (a string)
-  // Once chaining is implemented, it will be string[]
  const customLoaders = getOptionValue('--experimental-loader');

-  if (!customLoaders.length) return;
+  if (customLoaders.length === 0) return;

  let cwd;
  try {
@ -68,7 +66,7 @@ async function initializeLoader() {
  const internalEsmLoader = new ESMLoader();

  // Importation must be handled by internal loader to avoid poluting userland
-  const exports = await internalEsmLoader.import(
+  const keyedExportsList = await internalEsmLoader.import(
    customLoaders,
    pathToFileURL(cwd).href,
    ObjectCreate(null),
@ -76,7 +74,7 @@ async function initializeLoader() {

  // Hooks must then be added to external/public loader
  // (so they're triggered in userland)
-  await esmLoader.addCustomLoaders(exports);
+  await esmLoader.addCustomLoaders(keyedExportsList);
 }

 exports.loadESM = async function loadESM(callback) {
--- a/lib/internal/util/types.js
+++ b/lib/internal/util/types.js
@ -68,7 +68,7 @@ module.exports = {
  isFloat32Array,
  isFloat64Array,
  isBigInt64Array,
-  isBigUint64Array
+  isBigUint64Array,
 };

 let isCryptoKey;
--- a/src/node_options.cc
+++ b/src/node_options.cc
@ -346,7 +346,7 @@ EnvironmentOptionsParser::EnvironmentOptionsParser() {
  AddOption("--experimental-json-modules", "", NoOp{}, kAllowedInEnvironment);
  AddOption("--experimental-loader",
            "use the specified module as a custom loader",
-            &EnvironmentOptions::userland_loader,
+            &EnvironmentOptions::userland_loaders,
            kAllowedInEnvironment);
  AddAlias("--loader", "--experimental-loader");
  AddOption("--experimental-modules", "", NoOp{}, kAllowedInEnvironment);
--- a/src/node_options.h
+++ b/src/node_options.h
@ -161,7 +161,7 @@ class EnvironmentOptions : public Options {
  bool trace_warnings = false;
  bool extra_info_on_fatal_exception = true;
  std::string unhandled_rejections;
-  std::string userland_loader;
+  std::vector<std::string> userland_loaders;
  bool verify_base_objects =
 #ifdef DEBUG
      true;
--- a/test/es-module/test-esm-experimental-warnings.mjs
+++ b/test/es-module/test-esm-experimental-warnings.mjs
@ -1,10 +1,33 @@
 import { mustCall } from '../common/index.mjs';
 import { fileURL } from '../common/fixtures.mjs';
-import { match, strictEqual } from 'assert';
+import { doesNotMatch, match, strictEqual } from 'assert';
 import { spawn } from 'child_process';
 import { execPath } from 'process';

-// Verify experimental warnings are printed
+// Verify no warnings are printed when no experimental features are enabled or used
+{
+  const input = `import ${JSON.stringify(fileURL('es-module-loaders', 'module-named-exports.mjs'))}`;
+  const child = spawn(execPath, [
+    '--input-type=module',
+    '--eval',
+    input,
+  ]);
+
+  let stderr = '';
+  child.stderr.setEncoding('utf8');
+  child.stderr.on('data', (data) => { stderr += data; });
+  child.on('close', mustCall((code, signal) => {
+    strictEqual(code, 0);
+    strictEqual(signal, null);
+    doesNotMatch(
+      stderr,
+      /ExperimentalWarning/,
+      new Error('No experimental warning(s) should be emitted when no experimental feature is enabled')
+    );
+  }));
+}
+
+// Verify experimental warning is printed when experimental feature is enabled
 for (
  const [experiment, arg] of [
    [/Custom ESM Loaders/, `--experimental-loader=${fileURL('es-module-loaders', 'hooks-custom.mjs')}`],
--- a/test/es-module/test-esm-loader-chaining.mjs
+++ b/test/es-module/test-esm-loader-chaining.mjs
@ -0,0 +1,352 @@
+import '../common/index.mjs';
+import fixtures from '../common/fixtures.js';
+import assert from 'node:assert';
+import { spawnSync } from 'node:child_process';
+
+const setupArgs = [
+  '--no-warnings',
+  '--input-type=module',
+  '--eval',
+];
+const commonInput = 'import fs from "node:fs"; console.log(fs)';
+const commonArgs = [
+  ...setupArgs,
+  commonInput,
+];
+
+{ // Verify unadulterated source is loaded when there are no loaders
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      ...setupArgs,
+      'import fs from "node:fs"; console.log(typeof fs?.constants?.F_OK )',
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.strictEqual(status, 0);
+  assert.match(stdout, /number/); // node:fs is an object
+}
+
+{ // Verify loaded source is properly different when only load changes something
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passthru.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.match(stdout, /load passthru/);
+  assert.match(stdout, /resolve passthru/);
+  assert.strictEqual(status, 0);
+  assert.match(stdout, /foo/);
+}
+
+{ // Verify multiple changes from hooks result in proper output
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-shortcircuit.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-foo.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.match(stdout, /resolve 42/); // It did go thru resolve-42
+  assert.strictEqual(status, 0);
+  assert.match(stdout, /foo/); // LIFO, so resolve-foo won
+}
+
+{ // Verify modifying context within resolve chain is respected
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-shortcircuit.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-receiving-modified-context.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passing-modified-context.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.match(stdout, /bar/);
+  assert.strictEqual(status, 0);
+}
+
+{ // Verify multiple changes from hooks result in proper output
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-shortcircuit.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-foo.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.match(stdout, /resolve foo/); // It did go thru resolve-foo
+  assert.strictEqual(status, 0);
+  assert.match(stdout, /42/); // LIFO, so resolve-42 won
+}
+
+{ // Verify error thrown for incomplete resolve chain, citing errant loader & hook
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-incomplete.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.match(stdout, /resolve passthru/);
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_LOADER_CHAIN_INCOMPLETE/);
+  assert.match(stderr, /loader-resolve-incomplete\.mjs/);
+  assert.match(stderr, /"resolve"/);
+}
+
+{ // Verify error NOT thrown when nested resolve hook signaled a short circuit
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-shortcircuit.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-next-modified.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.strictEqual(stdout.trim(), 'foo');
+  assert.strictEqual(status, 0);
+}
+
+{ // Verify error NOT thrown when nested load hook signaled a short circuit
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-shortcircuit.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-next-modified.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(stderr, '');
+  assert.match(stdout, /421/);
+  assert.strictEqual(status, 0);
+}
+
+{ // Verify chain does break and throws appropriately
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-incomplete.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-foo-or-42.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.doesNotMatch(stdout, /resolve passthru/);
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_LOADER_CHAIN_INCOMPLETE/);
+  assert.match(stderr, /loader-resolve-incomplete\.mjs/);
+  assert.match(stderr, /"resolve"/);
+}
+
+{ // Verify error thrown for incomplete load chain, citing errant loader & hook
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-incomplete.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passthru.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.match(stdout, /load passthru/);
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_LOADER_CHAIN_INCOMPLETE/);
+  assert.match(stderr, /loader-load-incomplete\.mjs/);
+  assert.match(stderr, /"load"/);
+}
+
+{ // Verify chain does break and throws appropriately
+  const { status, stderr, stdout } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-incomplete.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.doesNotMatch(stdout, /load passthru/);
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_LOADER_CHAIN_INCOMPLETE/);
+  assert.match(stderr, /loader-load-incomplete\.mjs/);
+  assert.match(stderr, /"load"/);
+}
+
+{ // Verify error thrown when invalid `specifier` argument passed to `resolve…next`
+  const { status, stderr } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-bad-next-specifier.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_INVALID_ARG_TYPE/);
+  assert.match(stderr, /loader-resolve-bad-next-specifier\.mjs/);
+  assert.match(stderr, /"resolve"/);
+  assert.match(stderr, /nextResolve\(specifier\)/);
+}
+
+{ // Verify error thrown when invalid `context` argument passed to `resolve…next`
+  const { status, stderr } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-resolve-bad-next-context.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_INVALID_ARG_TYPE/);
+  assert.match(stderr, /loader-resolve-bad-next-context\.mjs/);
+  assert.match(stderr, /"resolve"/);
+  assert.match(stderr, /nextResolve\(, context\)/);
+}
+
+{ // Verify error thrown when invalid `url` argument passed to `load…next`
+  const { status, stderr } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-bad-next-url.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_INVALID_ARG_TYPE/);
+  assert.match(stderr, /loader-load-bad-next-url\.mjs/);
+  assert.match(stderr, /"load"/);
+  assert.match(stderr, /nextLoad\(url\)/);
+}
+
+{ // Verify error thrown when invalid `url` argument passed to `load…next`
+  const { status, stderr } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-impersonating-next-url.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_INVALID_ARG_VALUE/);
+  assert.match(stderr, /loader-load-impersonating-next-url\.mjs/);
+  assert.match(stderr, /"load"/);
+  assert.match(stderr, /nextLoad\(url\)/);
+}
+
+{ // Verify error thrown when invalid `context` argument passed to `load…next`
+  const { status, stderr } = spawnSync(
+    process.execPath,
+    [
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-passthru.mjs'),
+      '--loader',
+      fixtures.fileURL('es-module-loaders', 'loader-load-bad-next-context.mjs'),
+      ...commonArgs,
+    ],
+    { encoding: 'utf8' },
+  );
+
+  assert.strictEqual(status, 1);
+  assert.match(stderr, /ERR_INVALID_ARG_TYPE/);
+  assert.match(stderr, /loader-load-bad-next-context\.mjs/);
+  assert.match(stderr, /"load"/);
+  assert.match(stderr, /nextLoad\(, context\)/);
+}
--- a/test/es-module/test-esm-loader-hooks.mjs
+++ b/test/es-module/test-esm-loader-hooks.mjs
@ -35,6 +35,7 @@ const { ESMLoader } = esmLoaderModule;

    return {
      format: suggestedFormat,
+      shortCircuit: true,
      url: resolvedURL,
    };
  }
@ -54,15 +55,21 @@ const { ESMLoader } = esmLoaderModule;
    // This doesn't matter (just to avoid errors)
    return {
      format: 'module',
+      shortCircuit: true,
      source: '',
    };
  }

-  const customLoader = {
-    // Ensure ESMLoader actually calls the custom hooks
-    resolve: mustCall(resolve),
-    load: mustCall(load),
-  };
+  const customLoader = [
+    {
+      exports: {
+        // Ensure ESMLoader actually calls the custom hooks
+        resolve: mustCall(resolve),
+        load: mustCall(load),
+      },
+      url: import.meta.url,
+    },
+  ];

  esmLoader.addCustomLoaders(customLoader);

--- a/test/es-module/test-esm-loader-invalid-url.mjs
+++ b/test/es-module/test-esm-loader-invalid-url.mjs
@ -4,7 +4,7 @@ import assert from 'assert';

 import('../fixtures/es-modules/test-esm-ok.mjs')
 .then(assert.fail, (error) => {
-  expectsError({ code: 'ERR_INVALID_URL' })(error);
-  assert.strictEqual(error.input, '../fixtures/es-modules/test-esm-ok.mjs');
+  expectsError({ code: 'ERR_INVALID_RETURN_PROPERTY_VALUE' })(error);
+  assert.match(error.message, /loader-invalid-url\.mjs/);
 })
 .then(mustCall());
--- a/test/es-module/test-esm-tla-unfinished.mjs
+++ b/test/es-module/test-esm-tla-unfinished.mjs
@ -3,11 +3,17 @@ import assert from 'assert';
 import child_process from 'child_process';
 import fixtures from '../common/fixtures.js';

+const commonArgs = [
+  '--no-warnings',
+  '--input-type=module',
+  '--eval',
+];
+
 {
  // Unresolved TLA promise, --eval
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    ['--input-type=module', '--eval', 'await new Promise(() => {})'],
+    [...commonArgs, 'await new Promise(() => {})'],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout, stderr], [13, '', '']);
 }
@ -16,7 +22,7 @@ import fixtures from '../common/fixtures.js';
  // Rejected TLA promise, --eval
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    ['--input-type=module', '-e', 'await Promise.reject(new Error("Xyz"))'],
+    [...commonArgs, 'await Promise.reject(new Error("Xyz"))'],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout], [1, '']);
  assert.match(stderr, /Error: Xyz/);
@ -26,8 +32,10 @@ import fixtures from '../common/fixtures.js';
  // Unresolved TLA promise with explicit exit code, --eval
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    ['--input-type=module', '--eval',
-     'process.exitCode = 42;await new Promise(() => {})'],
+    [
+      ...commonArgs,
+      'process.exitCode = 42;await new Promise(() => {})',
+    ],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout, stderr], [42, '', '']);
 }
@ -36,8 +44,10 @@ import fixtures from '../common/fixtures.js';
  // Rejected TLA promise with explicit exit code, --eval
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    ['--input-type=module', '-e',
-     'process.exitCode = 42;await Promise.reject(new Error("Xyz"))'],
+    [
+      ...commonArgs,
+      'process.exitCode = 42;await Promise.reject(new Error("Xyz"))',
+    ],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout], [1, '']);
  assert.match(stderr, /Error: Xyz/);
@ -47,7 +57,7 @@ import fixtures from '../common/fixtures.js';
  // Unresolved TLA promise, module file
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    [fixtures.path('es-modules/tla/unresolved.mjs')],
+    ['--no-warnings', fixtures.path('es-modules/tla/unresolved.mjs')],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout, stderr], [13, '', '']);
 }
@ -56,7 +66,7 @@ import fixtures from '../common/fixtures.js';
  // Rejected TLA promise, module file
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    [fixtures.path('es-modules/tla/rejected.mjs')],
+    ['--no-warnings', fixtures.path('es-modules/tla/rejected.mjs')],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout], [1, '']);
  assert.match(stderr, /Error: Xyz/);
@ -66,7 +76,7 @@ import fixtures from '../common/fixtures.js';
  // Unresolved TLA promise, module file
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    [fixtures.path('es-modules/tla/unresolved-withexitcode.mjs')],
+    ['--no-warnings', fixtures.path('es-modules/tla/unresolved-withexitcode.mjs')],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout, stderr], [42, '', '']);
 }
@ -75,7 +85,7 @@ import fixtures from '../common/fixtures.js';
  // Rejected TLA promise, module file
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    [fixtures.path('es-modules/tla/rejected-withexitcode.mjs')],
+    ['--no-warnings', fixtures.path('es-modules/tla/rejected-withexitcode.mjs')],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout], [1, '']);
  assert.match(stderr, /Error: Xyz/);
@ -85,7 +95,7 @@ import fixtures from '../common/fixtures.js';
  // Calling process.exit() in .mjs should return status 0
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    [fixtures.path('es-modules/tla/process-exit.mjs')],
+    ['--no-warnings', fixtures.path('es-modules/tla/process-exit.mjs')],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout, stderr], [0, '', '']);
 }
@ -94,7 +104,7 @@ import fixtures from '../common/fixtures.js';
  // Calling process.exit() in worker thread shouldn't influence main thread
  const { status, stdout, stderr } = child_process.spawnSync(
    process.execPath,
-    [fixtures.path('es-modules/tla/unresolved-with-worker-process-exit.mjs')],
+    ['--no-warnings', fixtures.path('es-modules/tla/unresolved-with-worker-process-exit.mjs')],
    { encoding: 'utf8' });
  assert.deepStrictEqual([status, stdout, stderr], [13, '', '']);
 }
--- a/test/fixtures/es-module-loaders/builtin-named-exports-loader.mjs
+++ b/test/fixtures/es-module-loaders/builtin-named-exports-loader.mjs
@ -18,6 +18,7 @@ export async function resolve(specifier, context, next) {

  if (def.url.startsWith('node:')) {
    return {
+      shortCircuit: true,
      url: `custom-${def.url}`,
      importAssertions: context.importAssertions,
    };
@ -29,6 +30,7 @@ export function load(url, context, next) {
  if (url.startsWith('custom-node:')) {
    const urlObj = new URL(url);
    return {
+      shortCircuit: true,
      source: generateBuiltinModule(urlObj.pathname),
      format: 'module',
    };
--- a/test/fixtures/es-module-loaders/example-loader.mjs
+++ b/test/fixtures/es-module-loaders/example-loader.mjs
@ -11,6 +11,7 @@ baseURL.pathname = process.cwd() + '/';
 export function resolve(specifier, { parentURL = baseURL }, defaultResolve) {
  if (builtinModules.includes(specifier)) {
    return {
+      shortCircuit: true,
      url: 'node:' + specifier
    };
  }
@ -22,6 +23,7 @@ export function resolve(specifier, { parentURL = baseURL }, defaultResolve) {
  }
  const resolved = new URL(specifier, parentURL);
  return {
+    shortCircuit: true,
    url: resolved.href
  };
 }
--- a/test/fixtures/es-module-loaders/hooks-custom.mjs
+++ b/test/fixtures/es-module-loaders/hooks-custom.mjs
@ -29,25 +29,30 @@ export function load(url, context, next) {

  if (url.endsWith('esmHook/badReturnFormatVal.mjs')) return {
    format: Array(0),
+    shortCircuit: true,
    source: '',
  }
  if (url.endsWith('esmHook/unsupportedReturnFormatVal.mjs')) return {
    format: 'foo', // Not one of the allowable inputs: no translator named 'foo'
+    shortCircuit: true,
    source: '',
  }

  if (url.endsWith('esmHook/badReturnSourceVal.mjs')) return {
    format: 'module',
+    shortCircuit: true,
    source: Array(0),
  }

  if (url.endsWith('esmHook/preknownFormat.pre')) return {
    format: context.format,
+    shortCircuit: true,
    source: `const msg = 'hello world'; export default msg;`
  };

  if (url.endsWith('esmHook/virtual.mjs')) return {
    format: 'module',
+    shortCircuit: true,
    source: `export const message = 'Woohoo!'.toUpperCase();`,
  };

@ -63,6 +68,7 @@ export function resolve(specifier, context, next) {

  if (specifier.startsWith('esmHook')) return {
    format,
+    shortCircuit: true,
    url: pathToFileURL(specifier).href,
    importAssertions: context.importAssertions,
  };
--- a/test/fixtures/es-module-loaders/loader-invalid-format.mjs
+++ b/test/fixtures/es-module-loaders/loader-invalid-format.mjs
@ -1,7 +1,8 @@
 export async function resolve(specifier, { parentURL, importAssertions }, defaultResolve) {
  if (parentURL && specifier === '../fixtures/es-modules/test-esm-ok.mjs') {
    return {
-      url: 'file:///asdf'
+      shortCircuit: true,
+      url: 'file:///asdf',
    };
  }
  return defaultResolve(specifier, {parentURL, importAssertions}, defaultResolve);
@ -11,6 +12,7 @@ export async function load(url, context, next) {
  if (url === 'file:///asdf') {
    return {
      format: 'esm',
+      shortCircuit: true,
      source: '',
    }
  }
--- a/test/fixtures/es-module-loaders/loader-invalid-url.mjs
+++ b/test/fixtures/es-module-loaders/loader-invalid-url.mjs
@ -1,6 +1,7 @@
 export async function resolve(specifier, { parentURL, importAssertions }, defaultResolve) {
  if (parentURL && specifier === '../fixtures/es-modules/test-esm-ok.mjs') {
    return {
+      shortCircuit: true,
      url: specifier,
      importAssertions,
    };
--- a/test/fixtures/es-module-loaders/loader-load-bad-next-context.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-bad-next-context.mjs
@ -0,0 +1,3 @@
+export async function load(url, context, next) {
+  return next(url, []);
+}
--- a/test/fixtures/es-module-loaders/loader-load-bad-next-url.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-bad-next-url.mjs
@ -0,0 +1,3 @@
+export async function load(url, context, next) {
+  return next([], context);
+}
--- a/test/fixtures/es-module-loaders/loader-load-foo-or-42.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-foo-or-42.mjs
@ -0,0 +1,11 @@
+export async function load(url) {
+  const val = url.includes('42')
+    ? '42'
+    : '"foo"';
+
+  return {
+    format: 'module',
+    shortCircuit: true,
+    source: `export default ${val}`,
+  };
+}
--- a/test/fixtures/es-module-loaders/loader-load-impersonating-next-url.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-impersonating-next-url.mjs
@ -0,0 +1,3 @@
+export async function load(url, context, next) {
+  return next('not/a/url', context);
+}
--- a/test/fixtures/es-module-loaders/loader-load-incomplete.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-incomplete.mjs
@ -0,0 +1,6 @@
+export async function load() {
+  return {
+    format: 'module',
+    source: 'export default 42',
+  };
+}
--- a/test/fixtures/es-module-loaders/loader-load-next-modified.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-next-modified.mjs
@ -0,0 +1,11 @@
+export async function load(url, context, next) {
+  const {
+    format,
+    source,
+  } = await next(url, context);
+
+  return {
+    format,
+    source: source + 1,
+  };
+}
--- a/test/fixtures/es-module-loaders/loader-load-passing-modified-context.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-passing-modified-context.mjs
@ -0,0 +1,6 @@
+export async function load(url, context, next) {
+  return next(url, {
+    ...context,
+    foo: 'bar',
+  });
+}
--- a/test/fixtures/es-module-loaders/loader-load-passthru.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-passthru.mjs
@ -0,0 +1,4 @@
+export async function load(url, context, next) {
+  console.log('load passthru'); // This log is deliberate
+  return next(url, context);
+}
--- a/test/fixtures/es-module-loaders/loader-load-receiving-modified-context.mjs
+++ b/test/fixtures/es-module-loaders/loader-load-receiving-modified-context.mjs
@ -0,0 +1,4 @@
+export async function load(url, context, next) {
+  console.log(context.foo); // This log is deliberate
+  return next(url, context);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-42.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-42.mjs
@ -0,0 +1,4 @@
+export async function resolve(specifier, context, next) {
+  console.log('resolve 42'); // This log is deliberate
+  return next('file:///42.mjs', context);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-bad-next-context.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-bad-next-context.mjs
@ -0,0 +1,3 @@
+export async function resolve(specifier, context, next) {
+  return next(specifier, []);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-bad-next-specifier.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-bad-next-specifier.mjs
@ -0,0 +1,3 @@
+export async function resolve(specifier, context, next) {
+  return next([], context);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-foo.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-foo.mjs
@ -0,0 +1,4 @@
+export async function resolve(specifier, context, next) {
+  console.log('resolve foo'); // This log is deliberate
+  return next('file:///foo.mjs', context);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-incomplete.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-incomplete.mjs
@ -0,0 +1,5 @@
+export async function resolve() {
+  return {
+    url: 'file:///incomplete-resolve-chain.js',
+  };
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-next-modified.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-next-modified.mjs
@ -0,0 +1,11 @@
+export async function resolve(url, context, next) {
+  const {
+    format,
+    url: nextUrl,
+  } = await next(url, context);
+
+  return {
+    format,
+    url: `${nextUrl}?foo`,
+  };
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-passing-modified-context.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-passing-modified-context.mjs
@ -0,0 +1,6 @@
+export async function resolve(specifier, context, next) {
+  return next(specifier, {
+    ...context,
+    foo: 'bar',
+  });
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-passthru.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-passthru.mjs
@ -0,0 +1,4 @@
+export async function resolve(specifier, context, next) {
+  console.log('resolve passthru'); // This log is deliberate
+  return next(specifier, context);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-receiving-modified-context.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-receiving-modified-context.mjs
@ -0,0 +1,4 @@
+export async function resolve(specifier, context, next) {
+  console.log(context.foo); // This log is deliberate
+  return next(specifier, context);
+}
--- a/test/fixtures/es-module-loaders/loader-resolve-shortcircuit.mjs
+++ b/test/fixtures/es-module-loaders/loader-resolve-shortcircuit.mjs
@ -0,0 +1,6 @@
+export async function resolve(specifier) {
+  return {
+    shortCircuit: true,
+    url: specifier,
+  }
+}
--- a/test/fixtures/es-module-loaders/mock-loader.mjs
+++ b/test/fixtures/es-module-loaders/mock-loader.mjs
@ -171,6 +171,7 @@ export function globalPreload({port}) {
 export async function resolve(specifier, context, defaultResolve) {
  if (specifier === 'node:mock') {
    return {
+      shortCircuit: true,
      url: specifier
    };
  }
@ -180,10 +181,12 @@ export async function resolve(specifier, context, defaultResolve) {
    // Do nothing, let it get the "real" module
  } else if (mockedModuleExports.has(def.url)) {
    return {
+      shortCircuit: true,
      url: `mock-facade:${currentMockVersion}:${encodeURIComponent(def.url)}`
    };
  };
  return {
+    shortCircuit: true,
    url: def.url,
  };
 }
@ -196,6 +199,7 @@ export async function load(url, context, defaultLoad) {
     * channel with preloadCode
     */
    return {
+      shortCircuit: true,
      source: 'export default import.meta.doMock',
      format: 'module'
    };
@ -210,6 +214,7 @@ export async function load(url, context, defaultLoad) {
      decodeURIComponent(encodedTargetURL)
    ));
    return {
+      shortCircuit: true,
      source: ret,
      format: 'module'
    };
--- a/test/fixtures/es-module-loaders/string-sources.mjs
+++ b/test/fixtures/es-module-loaders/string-sources.mjs
@ -22,7 +22,11 @@ const SOURCES = {
 }
 export function resolve(specifier, context, next) {
  if (specifier.startsWith('test:')) {
-    return { url: specifier, importAssertions: context.importAssertions };
+    return {
+      importAssertions: context.importAssertions,
+      shortCircuit: true,
+      url: specifier,
+    };
  }
  return next(specifier, context);
 }
@ -31,6 +35,7 @@ export function load(href, context, next) {
  if (href.startsWith('test:')) {
    return {
      format: 'module',
+      shortCircuit: true,
      source: SOURCES[href],
    };
  }
--- a/test/parallel/test-module-main-fail.js
+++ b/test/parallel/test-module-main-fail.js
@ -10,7 +10,10 @@ for (const entryPoint of entryPoints) {
  try {
    execFileSync(node, [entryPoint], { stdio: 'pipe' });
  } catch (e) {
-    assert(e.toString().match(/Error: Cannot find module/));
+    const error = e.toString();
+    assert.match(error, /MODULE_NOT_FOUND/);
+    assert.match(error, /Cannot find module/);
+    assert(error.includes(entryPoint));
    continue;
  }
  assert.fail('Executing node with inexistent entry point should ' +