diff --git a/src/runtime/components/elements/Icon.vue b/src/runtime/components/elements/Icon.vue
index ca8f782b..f3f6e14a 100644
--- a/src/runtime/components/elements/Icon.vue
+++ b/src/runtime/components/elements/Icon.vue
@@ -7,10 +7,9 @@
 
 <script setup lang="ts">
 import type { IconifyIcon } from '@iconify/vue'
-import { computed, ref, watch } from 'vue'
 import { Icon as Iconify } from '@iconify/vue/dist/offline'
 import { loadIcon } from '@iconify/vue'
-import { useNuxtApp, useState } from '#imports'
+import { useNuxtApp, useState, computed, watch, onMounted } from '#imports'
 
 const props = defineProps({
   name: {
@@ -20,19 +19,31 @@ const props = defineProps({
 })
 const nuxtApp = useNuxtApp()
 const state = useState('u-icons', () => ({}))
-const isFetching = ref(false)
-const icon = computed<IconifyIcon | null>(() => state.value?.[props.name])
+
+const isFetching = computed(() => !!state.value?.[props.name]?.then)
+const icon = computed<IconifyIcon | null>(() => !state.value?.[props.name] || state.value[props.name].then ? null : state.value[props.name])
 const component = computed(() => nuxtApp.vueApp.component(props.name))
-const loadIconComponent = async () => {
-  if (component.value) { return }
-  if (!state.value?.[props.name]) {
-    isFetching.value = true
-    state.value[props.name] = await loadIcon(props.name).catch(() => null)
-    isFetching.value = false
-  }
+
+const loadIconComponent = (name: string) => {
+  state.value = state.value || {}
+  if (nuxtApp.vueApp.component(props.name) || state.value[name] || state.value[name] === null) { return }
+
+  state.value[name] = loadIcon(name)
+    .then((res) => { state.value[name] = res })
+    // We won't try to load this icon again if it fails
+    .catch(() => { state.value[name] = null })
+
+  // return an awaitable promise
+  return state.value[name]
+}
+
+onMounted(() => {
+  watch(() => props.name, loadIconComponent, { immediate: true })
+})
+
+if (process.server) {
+  await loadIconComponent(props.name)
 }
-watch(() => props.name, loadIconComponent)
-!component.value && (await loadIconComponent())
 </script>
 
 <script lang="ts">