diff --git a/packages/react-client/src/__tests__/ReactFlight-test.js b/packages/react-client/src/__tests__/ReactFlight-test.js
index b4a07239296..fb4404200d8 100644
--- a/packages/react-client/src/__tests__/ReactFlight-test.js
+++ b/packages/react-client/src/__tests__/ReactFlight-test.js
@@ -2812,7 +2812,7 @@ describe('ReactFlight', () => {
                   transport: expect.arrayContaining([]),
                 },
               },
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 53 : 21},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 55 : 21},
             ]
           : undefined,
       );
@@ -2822,7 +2822,7 @@ describe('ReactFlight', () => {
       expect(getDebugInfo(await thirdPartyChildren[0])).toEqual(
         __DEV__
           ? [
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 54 : 22}, // Clamped to the start
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 56 : 22}, // Clamped to the start
               {
                 name: 'ThirdPartyComponent',
                 env: 'third-party',
@@ -2830,15 +2830,15 @@ describe('ReactFlight', () => {
                 stack: '    in Object.<anonymous> (at **)',
                 props: {},
               },
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 54 : 22},
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 55 : 23}, // This last one is when the promise resolved into the first party.
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 56 : 22},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 57 : 23}, // This last one is when the promise resolved into the first party.
             ]
           : undefined,
       );
       expect(getDebugInfo(thirdPartyChildren[1])).toEqual(
         __DEV__
           ? [
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 54 : 22}, // Clamped to the start
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 56 : 22}, // Clamped to the start
               {
                 name: 'ThirdPartyLazyComponent',
                 env: 'third-party',
@@ -2846,14 +2846,14 @@ describe('ReactFlight', () => {
                 stack: '    in myLazy (at **)\n    in lazyInitializer (at **)',
                 props: {},
               },
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 54 : 22},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 56 : 22},
             ]
           : undefined,
       );
       expect(getDebugInfo(thirdPartyChildren[2])).toEqual(
         __DEV__
           ? [
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 54 : 22},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 56 : 22},
               {
                 name: 'ThirdPartyFragmentComponent',
                 env: 'third-party',
@@ -2861,7 +2861,7 @@ describe('ReactFlight', () => {
                 stack: '    in Object.<anonymous> (at **)',
                 props: {},
               },
-              {time: gate(flags => flags.enableAsyncDebugInfo) ? 54 : 22},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 56 : 22},
             ]
           : undefined,
       );
@@ -2936,7 +2936,7 @@ describe('ReactFlight', () => {
                   transport: expect.arrayContaining([]),
                 },
               },
-              {time: 31},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 33 : 17},
             ]
           : undefined,
       );
@@ -2944,7 +2944,7 @@ describe('ReactFlight', () => {
       expect(getDebugInfo(thirdPartyFragment)).toEqual(
         __DEV__
           ? [
-              {time: 32},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 34 : 18},
               {
                 name: 'Keyed',
                 env: 'Server',
@@ -2954,7 +2954,7 @@ describe('ReactFlight', () => {
                   children: {},
                 },
               },
-              {time: 33},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 35 : 19},
             ]
           : undefined,
       );
@@ -2962,7 +2962,7 @@ describe('ReactFlight', () => {
       expect(getDebugInfo(thirdPartyFragment.props.children)).toEqual(
         __DEV__
           ? [
-              {time: 33}, // Clamp to the start
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 35 : 19}, // Clamp to the start
               {
                 name: 'ThirdPartyAsyncIterableComponent',
                 env: 'third-party',
@@ -2970,7 +2970,7 @@ describe('ReactFlight', () => {
                 stack: '    in Object.<anonymous> (at **)',
                 props: {},
               },
-              {time: 33},
+              {time: gate(flags => flags.enableAsyncDebugInfo) ? 35 : 19},
             ]
           : undefined,
       );
@@ -3901,6 +3901,40 @@ describe('ReactFlight', () => {
     );
   });
 
+  it('does not crash when exporting a JSX element as a client reference', async () => {
+    const ClientReference = clientReference(React.createElement('div'));
+
+    function App() {
+      return ClientReference;
+    }
+
+    const transport = ReactNoopFlightServer.render({
+      root: ReactServer.createElement(App),
+    });
+
+    await act(async () => {
+      const {root} = await ReactNoopFlightClient.read(transport);
+      ReactNoop.render(root);
+      if (__DEV__) {
+        expect(getDebugInfo(root)).toEqual([
+          {
+            time: 12,
+          },
+          {
+            env: 'Server',
+            key: null,
+            name: 'App',
+            props: {},
+            stack: '    in Object.<anonymous> (at **)',
+          },
+          {
+            time: 13,
+          },
+        ]);
+      }
+    });
+  });
+
   // @gate enableOptimisticKey
   it('collapses optimistic keys to an optimistic key', async () => {
     function Bar({text}) {
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
index 412ec0c9ca7..29b14661104 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
@@ -2905,7 +2905,7 @@ describe('ReactFlightDOMBrowser', () => {
                 "Object.<anonymous>",
                 "/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js",
                 2826,
-                19,
+                17,
                 2810,
                 89,
               ],
diff --git a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
index 995f0da37ec..7569613c9f7 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMEdge-test.js
@@ -499,8 +499,7 @@ describe('ReactFlightDOMEdge', () => {
         },
       },
     );
-    // TODO: Cyclic references currently cause a Lazy wrapper which is not ideal.
-    const resultElement = result.root._init(result.root._payload);
+    const resultElement = result.root;
     // Should still match the result when parsed
     expect(resultElement).toEqual(props.root);
     expect(resultElement.props.children[5]).toBe(
@@ -702,7 +701,7 @@ describe('ReactFlightDOMEdge', () => {
     const [stream2, drip] = dripStream(stream);
 
     // Allow some of the content through.
-    drip(__DEV__ ? 7500 : 5000);
+    drip(__DEV__ ? 30000 : 5000);
 
     const result = await ReactServerDOMClient.createFromReadableStream(
       stream2,
diff --git a/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js b/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js
index 2570c0d12e2..3655bedfd76 100644
--- a/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js
+++ b/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js
@@ -626,7 +626,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 589,
-                40,
+                38,
                 570,
                 49,
               ],
@@ -658,7 +658,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     589,
-                    40,
+                    38,
                     570,
                     49,
                   ],
@@ -714,7 +714,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   589,
-                  40,
+                  38,
                   570,
                   49,
                 ],
@@ -784,7 +784,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     589,
-                    40,
+                    38,
                     570,
                     49,
                   ],
@@ -1218,7 +1218,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "fetchThirdParty",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 93,
-                40,
+                38,
                 91,
                 3,
               ],
@@ -1250,7 +1250,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "fetchThirdParty",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     93,
-                    40,
+                    38,
                     91,
                     3,
                   ],
@@ -1306,7 +1306,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "fetchThirdParty",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   93,
-                  40,
+                  38,
                   91,
                   3,
                 ],
@@ -1360,7 +1360,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "fetchThirdParty",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     93,
-                    40,
+                    38,
                     91,
                     3,
                   ],
@@ -1416,7 +1416,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "fetchThirdParty",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   93,
-                  40,
+                  38,
                   91,
                   3,
                 ],
@@ -1545,7 +1545,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 1508,
-                40,
+                38,
                 1491,
                 62,
               ],
@@ -1577,7 +1577,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     1508,
-                    40,
+                    38,
                     1491,
                     62,
                   ],
@@ -1633,7 +1633,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   1508,
-                  40,
+                  38,
                   1491,
                   62,
                 ],
@@ -1706,7 +1706,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     1508,
-                    40,
+                    38,
                     1491,
                     62,
                   ],
@@ -1858,7 +1858,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 1821,
-                40,
+                38,
                 1805,
                 57,
               ],
@@ -1890,7 +1890,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     1821,
-                    40,
+                    38,
                     1805,
                     57,
                   ],
@@ -1946,7 +1946,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   1821,
-                  40,
+                  38,
                   1805,
                   57,
                 ],
@@ -2016,7 +2016,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     1821,
-                    40,
+                    38,
                     1805,
                     57,
                   ],
@@ -2154,7 +2154,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 2117,
-                40,
+                38,
                 2099,
                 80,
               ],
@@ -2186,7 +2186,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     2117,
-                    40,
+                    38,
                     2099,
                     80,
                   ],
@@ -2242,7 +2242,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   2117,
-                  40,
+                  38,
                   2099,
                   80,
                 ],
@@ -2293,7 +2293,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     2117,
-                    40,
+                    38,
                     2099,
                     80,
                   ],
@@ -2357,7 +2357,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   2117,
-                  40,
+                  38,
                   2099,
                   80,
                 ],
@@ -2416,7 +2416,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     2117,
-                    40,
+                    38,
                     2099,
                     80,
                   ],
@@ -2464,7 +2464,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   2117,
-                  40,
+                  38,
                   2099,
                   80,
                 ],
@@ -2730,7 +2730,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 2693,
-                40,
+                38,
                 2681,
                 56,
               ],
@@ -2762,7 +2762,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     2693,
-                    40,
+                    38,
                     2681,
                     56,
                   ],
@@ -2810,7 +2810,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   2693,
-                  40,
+                  38,
                   2681,
                   56,
                 ],
@@ -2924,7 +2924,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 2882,
-                40,
+                38,
                 2861,
                 42,
               ],
@@ -2956,7 +2956,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     2882,
-                    40,
+                    38,
                     2861,
                     42,
                   ],
@@ -3004,7 +3004,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   2882,
-                  40,
+                  38,
                   2861,
                   42,
                 ],
@@ -3055,7 +3055,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     2882,
-                    40,
+                    38,
                     2861,
                     42,
                   ],
@@ -3095,7 +3095,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   2882,
-                  40,
+                  38,
                   2861,
                   42,
                 ],
@@ -3192,7 +3192,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                 "Object.<anonymous>",
                 "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                 3158,
-                19,
+                17,
                 3146,
                 36,
               ],
@@ -3216,7 +3216,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                     "Object.<anonymous>",
                     "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                     3158,
-                    19,
+                    17,
                     3146,
                     36,
                   ],
@@ -3248,7 +3248,7 @@ describe('ReactFlightAsyncDebugInfo', () => {
                   "Object.<anonymous>",
                   "/packages/react-server/src/__tests__/ReactFlightAsyncDebugInfo-test.js",
                   3158,
-                  19,
+                  17,
                   3146,
                   36,
                 ],
diff --git a/packages/react/src/jsx/ReactJSXElement.js b/packages/react/src/jsx/ReactJSXElement.js
index 3a5a5d51a9b..b2cd87785a9 100644
--- a/packages/react/src/jsx/ReactJSXElement.js
+++ b/packages/react/src/jsx/ReactJSXElement.js
@@ -259,7 +259,7 @@ function ReactElement(type, key, props, owner, debugStack, debugTask) {
       configurable: false,
       enumerable: false,
       writable: true,
-      value: null,
+      value: [],
     });
     Object.defineProperty(element, '_debugStack', {
       configurable: false,