diff --git a/src/js_printer/lib.rs b/src/js_printer/lib.rs
index c712a54b64ef..0e0ec9fde134 100644
--- a/src/js_printer/lib.rs
+++ b/src/js_printer/lib.rs
@@ -2475,31 +2475,17 @@ pub(crate) mod __gated_printer {
             let module_type = self.options.module_type;
 
             if IS_BUN_PLATFORM {
-                // "bun" is not a real module. It's just globalThis.Bun.
-                //
-                //  transform from:
-                //      const foo = await import("bun")
-                //      const bar = require("bun")
-                //
-                //  transform to:
-                //      const foo = await Promise.resolve(globalThis.Bun)
-                //      const bar = globalThis.Bun
-                //
-                if record.tag == ImportRecordTag::Bun {
-                    if record.kind == ImportKind::Dynamic {
-                        self.print(b"Promise.resolve(globalThis.Bun)");
-                        if wrap {
-                            self.print(b")");
-                        }
-                        return;
-                    } else if record.kind == ImportKind::Require || record.kind == ImportKind::Stmt
-                    {
-                        self.print(b"globalThis.Bun");
-                        if wrap {
-                            self.print(b")");
-                        }
-                        return;
+                // import("bun") is excluded: the loader returns the module namespace for it,
+                // and a specifier that escapes const inlining reaches the loader anyway, so
+                // the literal form has to resolve to that same namespace.
+                if record.tag == ImportRecordTag::Bun
+                    && (record.kind == ImportKind::Require || record.kind == ImportKind::Stmt)
+                {
+                    self.print(b"globalThis.Bun");
+                    if wrap {
+                        self.print(b")");
                     }
+                    return;
                 }
             }
 
diff --git a/src/jsc/RuntimeTranspilerCache.rs b/src/jsc/RuntimeTranspilerCache.rs
index 3373c1402e99..c1547e752700 100644
--- a/src/jsc/RuntimeTranspilerCache.rs
+++ b/src/jsc/RuntimeTranspilerCache.rs
@@ -51,7 +51,9 @@ bun_core::declare_scope!(cache, visible);
 /// Version 25: Every ModuleInfo record carries a trailing FetchParameters slot
 /// so ImportEntry/ExportEntry/StarExportEntry moduleRequestType matches JSC's
 /// after WebKit 90b2ecf79ae3 keyed m_loadedModules on (specifier, type).
-const EXPECTED_VERSION: u32 = 25;
+/// Version 26: a literal `import("bun")` is printed as a dynamic import instead of
+/// `Promise.resolve(globalThis.Bun)`.
+const EXPECTED_VERSION: u32 = 26;
 
 /// Source files smaller than this are not written to / read from the on-disk
 /// transpiler cache. Originally 50 KiB, which excluded almost every file in a
diff --git a/test/bundler/bundler_bun.test.ts b/test/bundler/bundler_bun.test.ts
index 674da11059bb..c7c82e4762a3 100644
--- a/test/bundler/bundler_bun.test.ts
+++ b/test/bundler/bundler_bun.test.ts
@@ -3,6 +3,41 @@ import { describe, expect } from "bun:test";
 import { itBundled } from "./expectBundled";
 
 describe("bundler", () => {
+  // import("bun") is left for the runtime, which resolves it to the "bun" module
+  // namespace (default = Bun plus a named export per property), the same thing a
+  // non-literal specifier gets. require("bun") is still inlined to globalThis.Bun,
+  // which is also what the runtime returns for a non-literal require().
+  itBundled("bun/dynamic-import-bun-is-module-namespace", {
+    target: "bun",
+    files: {
+      "/entry.ts": /* js */ `
+        const ns = await import("bun");
+        console.log(Object.prototype.toString.call(ns), ns.default === Bun, ns.serve === Bun.serve);
+        console.log(require("bun") === Bun);
+      `,
+    },
+    run: { stdout: "[object Module] true true\ntrue" },
+    onAfterBundle(api) {
+      api.expectFile("out.js").toContain('import("bun")');
+      api.expectFile("out.js").not.toContain("Promise.resolve(globalThis.Bun)");
+    },
+  });
+  // --minify-syntax inlines the const, so the import() reaches the printer as a literal.
+  itBundled("bun/dynamic-import-bun-inlined-const", {
+    target: "bun",
+    minifySyntax: true,
+    files: {
+      "/entry.ts": /* js */ `
+        const specifier = "bun";
+        const ns = await import(specifier);
+        console.log(Object.prototype.toString.call(ns), ns.default === Bun, ns.serve === Bun.serve);
+      `,
+    },
+    run: { stdout: "[object Module] true true" },
+    onAfterBundle(api) {
+      api.expectFile("out.js").toContain('import("bun")');
+    },
+  });
   // https://github.com/oven-sh/bun/issues/18899
   itBundled("bun/import-bun-format-cjs", {
     target: "bun",
diff --git a/test/js/bun/resolve/builtin-esm-lazy-exports.test.ts b/test/js/bun/resolve/builtin-esm-lazy-exports.test.ts
index d82c66e201f6..75d71c9347bc 100644
--- a/test/js/bun/resolve/builtin-esm-lazy-exports.test.ts
+++ b/test/js/bun/resolve/builtin-esm-lazy-exports.test.ts
@@ -43,9 +43,9 @@ const helper = `
 // static entries without constructing them; for...in constructs all of them, so the entries below avoid it.) The
 // watched names are a sample of those entries plus the plain function (`write`, `createRequire`) an entry imports.
 //
-// Note that a literal `import ... from "bun"` (and `import("bun")` / `require("bun")`) is rewritten by the
-// transpiler into a read of globalThis.Bun and never loads the module; the module is what `export ... from "bun"`
-// and a non-literal import() specifier go through. Imports of node:process and node:module always load the module.
+// Note that a static `import ... from "bun"` and `require("bun")` are rewritten by the transpiler into a read of
+// globalThis.Bun and never load the module; the module is what `export ... from "bun"` and import() go through.
+// Imports of node:process and node:module always load the module.
 const WATCHED = ["$", "CryptoHasher", "Glob", "S3Client", "SQL", "TOML", "Transpiler", "secrets", "write"] as const;
 const PROCESS_WATCHED = ["allowedNodeEnvironmentFlags", "config", "release", "stderr", "stdin", "stdout", "versions"];
 const MODULE_WATCHED = [
@@ -74,9 +74,6 @@ const nativeHelper = `
   export function print(result) {
     console.log(JSON.stringify(result));
   }
-  // import(specifier) with this really loads the module; a literal (or a const the transpiler can inline) would be
-  // rewritten to globalThis.Bun instead.
-  export const specifier = "bun";
 `;
 
 const bunReexport = `
@@ -329,8 +326,8 @@ test.concurrent('"bun": re-exports construct the properties that get bound, not
 
 test.concurrent('"bun": import() namespace has the same export list, and every export is the Bun.* value', async () => {
   const result = await runEntry(`
-    import { constructed, print, specifier } from "./native-helper.mjs";
-    const ns = await import(specifier);
+    import { constructed, print } from "./native-helper.mjs";
+    const ns = await import("bun");
     const afterImport = constructed();
     // Neither [[OwnPropertyKeys]] of the namespace nor Object.keys of the Bun object reads any of the properties.
     const exportNames = Reflect.ownKeys(ns).filter(key => typeof key === "string").sort();
diff --git a/test/js/bun/resolve/import-meta.test.js b/test/js/bun/resolve/import-meta.test.js
index b2a3cc54b06b..30c66bb6efc4 100644
--- a/test/js/bun/resolve/import-meta.test.js
+++ b/test/js/bun/resolve/import-meta.test.js
@@ -1,7 +1,7 @@
 import { spawnSync } from "bun";
 import { isModuleResolveFilenameSlowPathEnabled } from "bun:internal-for-testing";
-import { expect, it, mock } from "bun:test";
-import { bunEnv, bunExe, ospath } from "harness";
+import { describe, expect, it, mock } from "bun:test";
+import { bunEnv, bunExe, ospath, tempDir } from "harness";
 import { mkdirSync, rmSync, writeFileSync } from "node:fs";
 import Module from "node:module";
 import { tmpdir } from "node:os";
@@ -224,8 +224,43 @@ it('require("bun") works', () => {
   expect(require("bun")).toBe(Bun);
 });
 
-it('import("bun") works', async () => {
-  expect(await import("bun")).toBe(Bun);
+it('import("bun") returns the "bun" module namespace', async () => {
+  const ns = await import("bun");
+  expect(ns.default).toBe(Bun);
+  expect(ns.serve).toBe(Bun.serve);
+  // Same module record as a specifier the transpiler cannot see through.
+  expect(ns).toBe(await import(eval("'bun'")));
+});
+
+// Whether `import(specifier)` reaches the printer as a literal depends on const
+// inlining, which only applies to a const declared before any other statement in
+// its scope. What comes back must not depend on that.
+describe.concurrent('import() of "bun" resolves to the same thing however the specifier is written', () => {
+  it.each([
+    ["string literal", `const ns = await import("bun");`],
+    ["const declared first (inlined)", `const specifier = "bun"; const ns = await import(specifier);`],
+    [
+      "const declared after an import (not inlined)",
+      `import "./empty.mjs"; const specifier = "bun"; const ns = await import(specifier);`,
+    ],
+    ["let", `let specifier = "bun"; const ns = await import(specifier);`],
+  ])("%s", async (_, source) => {
+    using dir = tempDir("import-bun", {
+      "empty.mjs": "",
+      "entry.mjs": `${source}\nconsole.log(Object.prototype.toString.call(ns), ns.default === Bun, ns.serve === Bun.serve);\n`,
+    });
+    await using proc = Bun.spawn({
+      cmd: [bunExe(), "entry.mjs"],
+      cwd: String(dir),
+      env: bunEnv,
+      stdout: "pipe",
+      stderr: "pipe",
+    });
+    const [stdout, stderr, exitCode] = await Promise.all([proc.stdout.text(), proc.stderr.text(), proc.exited]);
+    expect(stderr).toBe("");
+    expect(stdout).toBe("[object Module] true true\n");
+    expect(exitCode).toBe(0);
+  });
 });
 
 it("require.resolve with empty options object", () => {
diff --git a/test/js/bun/test/mock/mock-module.test.ts b/test/js/bun/test/mock/mock-module.test.ts
index ac7f43daed57..a5967e27702a 100644
--- a/test/js/bun/test/mock/mock-module.test.ts
+++ b/test/js/bun/test/mock/mock-module.test.ts
@@ -8,6 +8,7 @@
 // - Write test for import {foo} from "./foo"; export {foo}
 
 import { expect, mock, spyOn, test } from "bun:test";
+import { bunEnv, bunExe, tempDir } from "harness";
 import { default as defaultValue, fn, iCallFn, rexported, rexportedAs, variable } from "./mock-module-fixture";
 import * as spyFixture from "./spymodule-fixture";
 
@@ -166,3 +167,33 @@ test("mocking a builtin", async () => {
   const { readFile } = await import("node:fs/promises");
   expect(await readFile("hello.txt", "utf8")).toBe("hello world");
 });
+
+// Runs in a child so the mock of "bun" does not outlive this test. A literal
+// import("bun") used to be rewritten by the transpiler and skip the module
+// registry, so only the non-literal form saw the mock.
+test('mocking "bun" applies to a literal import("bun") like it does to a computed specifier', async () => {
+  using dir = tempDir("mock-bun-module", {
+    "mock-bun.test.ts": `
+      import { expect, mock, test } from "bun:test";
+
+      test("literal and computed import() of bun agree", async () => {
+        mock.module("bun", () => ({ mocked: true }));
+        const literal = await import("bun");
+        const computed = await import(eval("'bun'"));
+        expect(literal.mocked).toBe(true);
+        expect(literal).toBe(computed);
+      });
+    `,
+  });
+  await using proc = Bun.spawn({
+    cmd: [bunExe(), "test", "mock-bun.test.ts"],
+    cwd: String(dir),
+    env: bunEnv,
+    stdout: "ignore",
+    stderr: "pipe",
+  });
+  const [stderr, exitCode] = await Promise.all([proc.stderr.text(), proc.exited]);
+  expect(stderr).toContain(" 1 pass\n");
+  expect(stderr).toContain(" 0 fail\n");
+  expect(exitCode).toBe(0);
+});