diff --git a/packages/react-dom/src/__tests__/ReactServerRendering-test.js b/packages/react-dom/src/__tests__/ReactServerRendering-test.js
index b920a025eae85..56ee796e569b2 100644
--- a/packages/react-dom/src/__tests__/ReactServerRendering-test.js
+++ b/packages/react-dom/src/__tests__/ReactServerRendering-test.js
@@ -709,7 +709,7 @@ describe('ReactDOMServer', () => {
           ),
         );
         ReactDOMServer.renderToString(<LazyFoo />);
-      }).toThrow('ReactDOMServer does not yet support lazy-loaded components.');
+      }).toThrow('ReactDOMServer does not yet support Suspense.');
     });
 
     it('throws when suspending on the server', () => {
diff --git a/packages/react-dom/src/server/ReactPartialRenderer.js b/packages/react-dom/src/server/ReactPartialRenderer.js
index a28b41fc12c90..4c3335d062125 100644
--- a/packages/react-dom/src/server/ReactPartialRenderer.js
+++ b/packages/react-dom/src/server/ReactPartialRenderer.js
@@ -17,8 +17,6 @@ import invariant from 'shared/invariant';
 import getComponentName from 'shared/getComponentName';
 import describeComponentFrame from 'shared/describeComponentFrame';
 import ReactSharedInternals from 'shared/ReactSharedInternals';
-import {initializeLazyComponentType} from 'shared/ReactLazyComponent';
-import {Resolved, Rejected, Pending} from 'shared/ReactLazyStatusTags';
 import {
   warnAboutDeprecatedLifecycles,
   disableLegacyContext,
@@ -1233,42 +1231,33 @@ class ReactDOMServerRenderer {
           // eslint-disable-next-line-no-fallthrough
           case REACT_LAZY_TYPE: {
             const element: ReactElement = (nextChild: any);
-            const lazyComponent: LazyComponent<any> = (nextChild: any).type;
+            const lazyComponent: LazyComponent<any, any> = (nextChild: any)
+              .type;
             // Attempt to initialize lazy component regardless of whether the
             // suspense server-side renderer is enabled so synchronously
             // resolved constructors are supported.
-            initializeLazyComponentType(lazyComponent);
-            switch (lazyComponent._status) {
-              case Resolved: {
-                const nextChildren = [
-                  React.createElement(
-                    lazyComponent._result,
-                    Object.assign({ref: element.ref}, element.props),
-                  ),
-                ];
-                const frame: Frame = {
-                  type: null,
-                  domNamespace: parentNamespace,
-                  children: nextChildren,
-                  childIndex: 0,
-                  context: context,
-                  footer: '',
-                };
-                if (__DEV__) {
-                  ((frame: any): FrameDev).debugElementStack = [];
-                }
-                this.stack.push(frame);
-                return '';
-              }
-              case Rejected:
-                throw lazyComponent._result;
-              case Pending:
-              default:
-                invariant(
-                  false,
-                  'ReactDOMServer does not yet support lazy-loaded components.',
-                );
+            let payload = lazyComponent._payload;
+            let init = lazyComponent._init;
+            let result = init(payload);
+            const nextChildren = [
+              React.createElement(
+                result,
+                Object.assign({ref: element.ref}, element.props),
+              ),
+            ];
+            const frame: Frame = {
+              type: null,
+              domNamespace: parentNamespace,
+              children: nextChildren,
+              childIndex: 0,
+              context: context,
+              footer: '',
+            };
+            if (__DEV__) {
+              ((frame: any): FrameDev).debugElementStack = [];
             }
+            this.stack.push(frame);
+            return '';
           }
           // eslint-disable-next-line-no-fallthrough
           case REACT_SCOPE_TYPE: {
diff --git a/packages/react-reconciler/src/ReactChildFiber.js b/packages/react-reconciler/src/ReactChildFiber.js
index ab4c8a17a6d96..93e6ffae5daf0 100644
--- a/packages/react-reconciler/src/ReactChildFiber.js
+++ b/packages/react-reconciler/src/ReactChildFiber.js
@@ -10,6 +10,7 @@
 import type {ReactElement} from 'shared/ReactElementType';
 import type {ReactPortal} from 'shared/ReactTypes';
 import type {BlockComponent} from 'react/src/ReactBlock';
+import type {LazyComponent} from 'react/src/ReactLazy';
 import type {Fiber} from './ReactFiber';
 import type {ExpirationTime} from './ReactFiberExpirationTime';
 
@@ -20,6 +21,7 @@ import {
   REACT_ELEMENT_TYPE,
   REACT_FRAGMENT_TYPE,
   REACT_PORTAL_TYPE,
+  REACT_LAZY_TYPE,
   REACT_BLOCK_TYPE,
 } from 'shared/ReactSymbols';
 import {
@@ -48,7 +50,6 @@ import {
 } from './ReactCurrentFiber';
 import {isCompatibleFamilyForHotReloading} from './ReactFiberHotReloading';
 import {StrictMode} from './ReactTypeOfMode';
-import {initializeBlockComponentType} from 'shared/ReactLazyComponent';
 
 let didWarnAboutMaps;
 let didWarnAboutGenerators;
@@ -263,6 +264,22 @@ function warnOnFunctionType() {
   }
 }
 
+// We avoid inlining this to avoid potential deopts from using try/catch.
+/** @noinline */
+function resolveLazyType<T, P>(
+  lazyComponent: LazyComponent<T, P>,
+): LazyComponent<T, P> | T {
+  try {
+    // If we can, let's peek at the resulting type.
+    let payload = lazyComponent._payload;
+    let init = lazyComponent._init;
+    return init(payload);
+  } catch (x) {
+    // Leave it in place and let it throw again in the begin phase.
+    return lazyComponent;
+  }
+}
+
 // This wrapper function exists because I expect to clone the code in each path
 // to be able to optimize each path individually by branching early. This needs
 // a compiler or we can do it manually. Helpers that don't need this branching
@@ -419,22 +436,22 @@ function ChildReconciler(shouldTrackSideEffects) {
           existing._debugOwner = element._owner;
         }
         return existing;
-      } else if (
-        enableBlocksAPI &&
-        current.tag === Block &&
-        element.type.$$typeof === REACT_BLOCK_TYPE
-      ) {
+      } else if (enableBlocksAPI && current.tag === Block) {
         // The new Block might not be initialized yet. We need to initialize
         // it in case initializing it turns out it would match.
-        initializeBlockComponentType(element.type);
+        let type = element.type;
+        if (type.$$typeof === REACT_LAZY_TYPE) {
+          type = resolveLazyType(type);
+        }
         if (
-          (element.type: BlockComponent<any, any, any>)._fn ===
-          (current.type: BlockComponent<any, any, any>)._fn
+          type.$$typeof === REACT_BLOCK_TYPE &&
+          ((type: any): BlockComponent<any, any>)._render ===
+            (current.type: BlockComponent<any, any>)._render
         ) {
           // Same as above but also update the .type field.
           const existing = useFiber(current, element.props);
           existing.return = returnFiber;
-          existing.type = element.type;
+          existing.type = type;
           if (__DEV__) {
             existing._debugSource = element._source;
             existing._debugOwner = element._owner;
@@ -1188,17 +1205,20 @@ function ChildReconciler(shouldTrackSideEffects) {
           }
           case Block:
             if (enableBlocksAPI) {
-              if (element.type.$$typeof === REACT_BLOCK_TYPE) {
+              let type = element.type;
+              if (type.$$typeof === REACT_LAZY_TYPE) {
+                type = resolveLazyType(type);
+              }
+              if (type.$$typeof === REACT_BLOCK_TYPE) {
                 // The new Block might not be initialized yet. We need to initialize
                 // it in case initializing it turns out it would match.
-                initializeBlockComponentType(element.type);
                 if (
-                  (element.type: BlockComponent<any, any, any>)._fn ===
-                  (child.type: BlockComponent<any, any, any>)._fn
+                  ((type: any): BlockComponent<any, any>)._render ===
+                  (child.type: BlockComponent<any, any>)._render
                 ) {
                   deleteRemainingChildren(returnFiber, child.sibling);
                   const existing = useFiber(child, element.props);
-                  existing.type = element.type;
+                  existing.type = type;
                   existing.return = returnFiber;
                   if (__DEV__) {
                     existing._debugSource = element._source;
diff --git a/packages/react-reconciler/src/ReactFiberBeginWork.js b/packages/react-reconciler/src/ReactFiberBeginWork.js
index ea595f5f538b0..2231dc5ae5b61 100644
--- a/packages/react-reconciler/src/ReactFiberBeginWork.js
+++ b/packages/react-reconciler/src/ReactFiberBeginWork.js
@@ -9,6 +9,7 @@
 
 import type {ReactProviderType, ReactContext} from 'shared/ReactTypes';
 import type {BlockComponent} from 'react/src/ReactBlock';
+import type {LazyComponent as LazyComponentType} from 'react/src/ReactLazy';
 import type {Fiber} from './ReactFiber';
 import type {FiberRoot} from './ReactFiberRoot';
 import type {ExpirationTime} from './ReactFiberExpirationTime';
@@ -73,7 +74,6 @@ import invariant from 'shared/invariant';
 import shallowEqual from 'shared/shallowEqual';
 import getComponentName from 'shared/getComponentName';
 import ReactStrictModeWarnings from './ReactStrictModeWarnings';
-import {refineResolvedLazyComponent} from 'shared/ReactLazyComponent';
 import {REACT_LAZY_TYPE, getIteratorFn} from 'shared/ReactSymbols';
 import {
   getCurrentFiberOwnerNameInDevOrNull,
@@ -164,11 +164,7 @@ import {
   resumeMountClassInstance,
   updateClassInstance,
 } from './ReactFiberClassComponent';
-import {
-  readLazyComponentType,
-  resolveDefaultProps,
-} from './ReactFiberLazyComponent';
-import {initializeBlockComponentType} from 'shared/ReactLazyComponent';
+import {resolveDefaultProps} from './ReactFiberLazyComponent';
 import {
   resolveLazyComponentTag,
   createFiberFromTypeAndProps,
@@ -184,7 +180,6 @@ import {
   renderDidSuspendDelayIfPossible,
   markUnprocessedUpdateTime,
 } from './ReactFiberWorkLoop';
-import {Resolved} from 'shared/ReactLazyStatusTags';
 
 const ReactCurrentOwner = ReactSharedInternals.ReactCurrentOwner;
 
@@ -492,7 +487,14 @@ function updateSimpleMemoComponent(
         // We warn when you define propTypes on lazy()
         // so let's just skip over it to find memo() outer wrapper.
         // Inner props for memo are validated later.
-        outerMemoType = refineResolvedLazyComponent(outerMemoType);
+        const lazyComponent: LazyComponentType<any, any> = outerMemoType;
+        let payload = lazyComponent._payload;
+        let init = lazyComponent._init;
+        try {
+          outerMemoType = init(payload);
+        } catch (x) {
+          outerMemoType = null;
+        }
       }
       const outerPropTypes = outerMemoType && (outerMemoType: any).propTypes;
       if (outerPropTypes) {
@@ -703,10 +705,10 @@ function updateFunctionComponent(
   return workInProgress.child;
 }
 
-function updateBlock<Props, Payload, Data>(
+function updateBlock<Props, Data>(
   current: Fiber | null,
   workInProgress: Fiber,
-  block: BlockComponent<Props, Payload, Data>,
+  block: BlockComponent<Props, Data>,
   nextProps: any,
   renderExpirationTime: ExpirationTime,
 ) {
@@ -714,12 +716,7 @@ function updateBlock<Props, Payload, Data>(
   // hasn't yet mounted. This happens after the first render suspends.
   // We'll need to figure out if this is fine or can cause issues.
 
-  initializeBlockComponentType(block);
-  if (block._status !== Resolved) {
-    throw block._data;
-  }
-
-  const render = block._fn;
+  const render = block._render;
   const data = block._data;
 
   // The rest is a fork of updateFunctionComponent
@@ -1142,7 +1139,10 @@ function mountLazyComponent(
   // We can't start a User Timing measurement with correct label yet.
   // Cancel and resume right after we know the tag.
   cancelWorkTimer(workInProgress);
-  let Component = readLazyComponentType(elementType);
+  let lazyComponent: LazyComponentType<any, any> = elementType;
+  let payload = lazyComponent._payload;
+  let init = lazyComponent._init;
+  let Component = init(payload);
   // Store the unwrapped component in the type.
   workInProgress.type = Component;
   const resolvedTag = (workInProgress.tag = resolveLazyComponentTag(Component));
diff --git a/packages/react-reconciler/src/ReactFiberLazyComponent.js b/packages/react-reconciler/src/ReactFiberLazyComponent.js
index 394b35ae906d8..14085aff5128b 100644
--- a/packages/react-reconciler/src/ReactFiberLazyComponent.js
+++ b/packages/react-reconciler/src/ReactFiberLazyComponent.js
@@ -7,11 +7,6 @@
  * @flow
  */
 
-import type {LazyComponent} from 'react/src/ReactLazy';
-
-import {Resolved} from 'shared/ReactLazyStatusTags';
-import {initializeLazyComponentType} from 'shared/ReactLazyComponent';
-
 export function resolveDefaultProps(Component: any, baseProps: Object): Object {
   if (Component && Component.defaultProps) {
     // Resolve default props. Taken from ReactElement
@@ -26,11 +21,3 @@ export function resolveDefaultProps(Component: any, baseProps: Object): Object {
   }
   return baseProps;
 }
-
-export function readLazyComponentType<T>(lazyComponent: LazyComponent<T>): T {
-  initializeLazyComponentType(lazyComponent);
-  if (lazyComponent._status !== Resolved) {
-    throw lazyComponent._result;
-  }
-  return lazyComponent._result;
-}
diff --git a/packages/react-reconciler/src/__tests__/ReactBlocks-test.js b/packages/react-reconciler/src/__tests__/ReactBlocks-test.js
index 280eef0609a14..31c6cbd174d04 100644
--- a/packages/react-reconciler/src/__tests__/ReactBlocks-test.js
+++ b/packages/react-reconciler/src/__tests__/ReactBlocks-test.js
@@ -14,11 +14,13 @@ let useState;
 let Suspense;
 let block;
 let readString;
+let Scheduler;
 
 describe('ReactBlocks', () => {
   beforeEach(() => {
     jest.resetModules();
 
+    Scheduler = require('scheduler');
     React = require('react');
     ReactNoop = require('react-noop-renderer');
 
@@ -47,46 +49,44 @@ describe('ReactBlocks', () => {
     };
   });
 
-  it.experimental('renders a component with a suspending query', async () => {
-    function Query(id) {
+  it.experimental('prints the name of the render function in warnings', () => {
+    function Query(firstName) {
       return {
-        id: id,
-        name: readString('Sebastian'),
+        name: firstName,
       };
     }
 
-    function Render(props, data) {
-      return (
-        <span>
-          {props.title}: {data.name}
-        </span>
-      );
+    function User(props, data) {
+      let array = [<span>{data.name}</span>];
+      return <div>{array}</div>;
     }
 
-    let loadUser = block(Query, Render);
-
-    function App({User}) {
+    function App({Component}) {
       return (
         <Suspense fallback={'Loading...'}>
-          <User title="Name" />
+          <Component name="Name" />
         </Suspense>
       );
     }
 
-    await ReactNoop.act(async () => {
-      ReactNoop.render(<App User={loadUser(123)} />);
-    });
+    let loadUser = block(Query, User);
 
-    expect(ReactNoop).toMatchRenderedOutput('Loading...');
-
-    await ReactNoop.act(async () => {
-      jest.advanceTimersByTime(1000);
-    });
-
-    expect(ReactNoop).toMatchRenderedOutput(<span>Name: Sebastian</span>);
+    expect(() => {
+      ReactNoop.act(() => {
+        ReactNoop.render(<App Component={loadUser()} />);
+      });
+    }).toErrorDev(
+      'Warning: Each child in a list should have a unique ' +
+        '"key" prop.\n\nCheck the render method of `User`. See ' +
+        'https://fb.me/react-warning-keys for more information.\n' +
+        '    in span (at **)\n' +
+        '    in User (at **)\n' +
+        '    in Suspense (at **)\n' +
+        '    in App (at **)',
+    );
   });
 
-  it.experimental('supports a lazy wrapper around a chunk', async () => {
+  it.experimental('renders a component with a suspending query', async () => {
     function Query(id) {
       return {
         id: id,
@@ -112,30 +112,10 @@ describe('ReactBlocks', () => {
       );
     }
 
-    let resolveLazy;
-    let LazyUser = React.lazy(
-      () =>
-        new Promise(resolve => {
-          resolveLazy = function() {
-            resolve({
-              default: loadUser(123),
-            });
-          };
-        }),
-    );
-
-    await ReactNoop.act(async () => {
-      ReactNoop.render(<App User={LazyUser} />);
-    });
-
-    expect(ReactNoop).toMatchRenderedOutput('Loading...');
-
-    // Resolve the component.
     await ReactNoop.act(async () => {
-      await resolveLazy();
+      ReactNoop.render(<App User={loadUser(123)} />);
     });
 
-    // We're still waiting on the data.
     expect(ReactNoop).toMatchRenderedOutput('Loading...');
 
     await ReactNoop.act(async () => {
@@ -145,6 +125,65 @@ describe('ReactBlocks', () => {
     expect(ReactNoop).toMatchRenderedOutput(<span>Name: Sebastian</span>);
   });
 
+  it.experimental(
+    'does not support a lazy wrapper around a chunk',
+    async () => {
+      function Query(id) {
+        return {
+          id: id,
+          name: readString('Sebastian'),
+        };
+      }
+
+      function Render(props, data) {
+        return (
+          <span>
+            {props.title}: {data.name}
+          </span>
+        );
+      }
+
+      let loadUser = block(Query, Render);
+
+      function App({User}) {
+        return (
+          <Suspense fallback={'Loading...'}>
+            <User title="Name" />
+          </Suspense>
+        );
+      }
+
+      let resolveLazy;
+      let LazyUser = React.lazy(
+        () =>
+          new Promise(resolve => {
+            resolveLazy = function() {
+              resolve({
+                default: loadUser(123),
+              });
+            };
+          }),
+      );
+
+      await ReactNoop.act(async () => {
+        ReactNoop.render(<App User={LazyUser} />);
+      });
+
+      expect(ReactNoop).toMatchRenderedOutput('Loading...');
+
+      // Resolve the component.
+      await resolveLazy();
+
+      expect(Scheduler).toFlushAndThrow(
+        'Element type is invalid. Received a promise that resolves to: [object Object]. ' +
+          'Lazy element type must resolve to a class or function.' +
+          (__DEV__
+            ? ' Did you wrap a component in React.lazy() more than once?'
+            : ''),
+      );
+    },
+  );
+
   it.experimental(
     'can receive updated data for the same component',
     async () => {
diff --git a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
index d4b2055607059..d542173fce30e 100644
--- a/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactLazy-test.internal.js
@@ -879,7 +879,13 @@ describe('ReactLazy', () => {
       },
     );
 
-    expect(Scheduler).toFlushAndYield(['Started loading', 'Loading...']);
+    if (__DEV__) {
+      // Getting the name for the warning cause the loading to start early.
+      expect(Scheduler).toHaveYielded(['Started loading']);
+      expect(Scheduler).toFlushAndYield(['Loading...']);
+    } else {
+      expect(Scheduler).toFlushAndYield(['Started loading', 'Loading...']);
+    }
     expect(root).not.toMatchRenderedOutput(<div>AB</div>);
 
     await Promise.resolve();
diff --git a/packages/react/src/ReactBlock.js b/packages/react/src/ReactBlock.js
index 2b6c93b110fab..901ee1e90cc5c 100644
--- a/packages/react/src/ReactBlock.js
+++ b/packages/react/src/ReactBlock.js
@@ -7,7 +7,10 @@
  * @flow
  */
 
+import type {LazyComponent} from './ReactLazy';
+
 import {
+  REACT_LAZY_TYPE,
   REACT_BLOCK_TYPE,
   REACT_MEMO_TYPE,
   REACT_FORWARD_REF_TYPE,
@@ -19,55 +22,33 @@ type BlockRenderFunction<Props, Data> = (
   data: Data,
 ) => React$Node;
 
-type Thenable<T, R> = {
-  then(resolve: (T) => mixed, reject: (mixed) => mixed): R,
-};
-
-type Initializer<Props, Payload, Data> = (
-  payload: Payload,
-) =>
-  | [Data, BlockRenderFunction<Props, Data>]
-  | Thenable<[Data, BlockRenderFunction<Props, Data>], mixed>;
-
-export type UninitializedBlockComponent<Props, Payload, Data> = {
-  $$typeof: Symbol | number,
-  _status: -1,
-  _data: Payload,
-  _fn: Initializer<Props, Payload, Data>,
-};
-
-export type PendingBlockComponent<Props, Data> = {
-  $$typeof: Symbol | number,
-  _status: 0,
-  _data: Thenable<[Data, BlockRenderFunction<Props, Data>], mixed>,
-  _fn: null,
+type Payload<Props, Args: Iterable<any>, Data> = {
+  query: BlockQueryFunction<Args, Data>,
+  args: Args,
+  render: BlockRenderFunction<Props, Data>,
 };
 
-export type ResolvedBlockComponent<Props, Data> = {
+export type BlockComponent<Props, Data> = {
   $$typeof: Symbol | number,
-  _status: 1,
   _data: Data,
-  _fn: BlockRenderFunction<Props, Data>,
+  _render: BlockRenderFunction<Props, Data>,
 };
 
-export type RejectedBlockComponent = {
-  $$typeof: Symbol | number,
-  _status: 2,
-  _data: mixed,
-  _fn: null,
-};
-
-export type BlockComponent<Props, Payload, Data> =
-  | UninitializedBlockComponent<Props, Payload, Data>
-  | PendingBlockComponent<Props, Data>
-  | ResolvedBlockComponent<Props, Data>
-  | RejectedBlockComponent;
-
 opaque type Block<Props>: React$AbstractComponent<
   Props,
   null,
 > = React$AbstractComponent<Props, null>;
 
+function lazyInitializer<Props, Args: Iterable<any>, Data>(
+  payload: Payload<Props, Args, Data>,
+): BlockComponent<Props, Data> {
+  return {
+    $$typeof: REACT_BLOCK_TYPE,
+    _data: payload.query.apply(null, payload.args),
+    _render: payload.render,
+  };
+}
+
 export function block<Args: Iterable<any>, Props, Data>(
   query: BlockQueryFunction<Args, Data>,
   render: BlockRenderFunction<Props, Data>,
@@ -115,19 +96,26 @@ export function block<Args: Iterable<any>, Props, Data>(
       );
     }
   }
-  function initializer(args) {
-    let data = query.apply(null, args);
-    return [data, render];
-  }
+
   return function(): Block<Props> {
     let args: Args = arguments;
-    let blockComponent: UninitializedBlockComponent<Props, Args, Data> = {
-      $$typeof: REACT_BLOCK_TYPE,
-      _status: -1,
-      _data: args,
-      _fn: initializer,
+
+    let payload: Payload<Props, Args, Data> = {
+      query: query,
+      args: args,
+      render: render,
     };
+
+    let lazyType: LazyComponent<
+      BlockComponent<Props, Data>,
+      Payload<Props, Args, Data>,
+    > = {
+      $$typeof: REACT_LAZY_TYPE,
+      _payload: payload,
+      _init: lazyInitializer,
+    };
+
     // $FlowFixMe
-    return blockComponent;
+    return lazyType;
   };
 }
diff --git a/packages/react/src/ReactLazy.js b/packages/react/src/ReactLazy.js
index 1de3189c923c6..442ada2ebe830 100644
--- a/packages/react/src/ReactLazy.js
+++ b/packages/react/src/ReactLazy.js
@@ -13,46 +13,105 @@ type Thenable<T, R> = {
   then(resolve: (T) => mixed, reject: (mixed) => mixed): R,
 };
 
-export type UninitializedLazyComponent<T> = {
-  $$typeof: Symbol | number,
+const Uninitialized = -1;
+const Pending = 0;
+const Resolved = 1;
+const Rejected = 2;
+
+type UninitializedPayload<T> = {
   _status: -1,
-  _result: () => Thenable<{default: T, ...} | T, mixed>,
+  _result: () => Thenable<{default: T, ...}, mixed>,
 };
 
-export type PendingLazyComponent<T> = {
-  $$typeof: Symbol | number,
+type PendingPayload<T> = {
   _status: 0,
-  _result: Thenable<{default: T, ...} | T, mixed>,
+  _result: Thenable<{default: T, ...}, mixed>,
 };
 
-export type ResolvedLazyComponent<T> = {
-  $$typeof: Symbol | number,
+type ResolvedPayload<T> = {
   _status: 1,
   _result: T,
 };
 
-export type RejectedLazyComponent = {
-  $$typeof: Symbol | number,
+type RejectedPayload = {
   _status: 2,
   _result: mixed,
 };
 
-export type LazyComponent<T> =
-  | UninitializedLazyComponent<T>
-  | PendingLazyComponent<T>
-  | ResolvedLazyComponent<T>
-  | RejectedLazyComponent;
+type Payload<T> =
+  | UninitializedPayload<T>
+  | PendingPayload<T>
+  | ResolvedPayload<T>
+  | RejectedPayload;
+
+export type LazyComponent<T, P> = {
+  $$typeof: Symbol | number,
+  _payload: P,
+  _init: (payload: P) => T,
+};
+
+function lazyInitializer<T>(payload: Payload<T>): T {
+  if (payload._status === Uninitialized) {
+    const ctor = payload._result;
+    const thenable = ctor();
+    // Transition to the next state.
+    const pending: PendingPayload<any> = (payload: any);
+    pending._status = Pending;
+    pending._result = thenable;
+    thenable.then(
+      moduleObject => {
+        if (payload._status === Pending) {
+          const defaultExport = moduleObject.default;
+          if (__DEV__) {
+            if (defaultExport === undefined) {
+              console.error(
+                'lazy: Expected the result of a dynamic import() call. ' +
+                  'Instead received: %s\n\nYour code should look like: \n  ' +
+                  // Break up imports to avoid accidentally parsing them as dependencies.
+                  'const MyComponent = lazy(() => imp' +
+                  "ort('./MyComponent'))",
+                moduleObject,
+              );
+            }
+          }
+          // Transition to the next state.
+          const resolved: ResolvedPayload<any> = (payload: any);
+          resolved._status = Resolved;
+          resolved._result = defaultExport;
+        }
+      },
+      error => {
+        if (payload._status === Pending) {
+          // Transition to the next state.
+          const rejected: RejectedPayload = (payload: any);
+          rejected._status = Rejected;
+          rejected._result = error;
+        }
+      },
+    );
+  }
+  if (payload._status === Resolved) {
+    return payload._result;
+  } else {
+    throw payload._result;
+  }
+}
 
 export function lazy<T>(
-  ctor: () => Thenable<{default: T, ...} | T, mixed>,
-): LazyComponent<T> {
-  let lazyType: LazyComponent<T> = {
-    $$typeof: REACT_LAZY_TYPE,
-    // React uses these fields to store the result.
+  ctor: () => Thenable<{default: T, ...}, mixed>,
+): LazyComponent<T, Payload<T>> {
+  let payload: Payload<T> = {
+    // We use these fields to store the result.
     _status: -1,
     _result: ctor,
   };
 
+  let lazyType: LazyComponent<T, Payload<T>> = {
+    $$typeof: REACT_LAZY_TYPE,
+    _payload: payload,
+    _init: lazyInitializer,
+  };
+
   if (__DEV__) {
     // In production, this would just set it on the object.
     let defaultProps;
diff --git a/packages/shared/ReactLazyComponent.js b/packages/shared/ReactLazyComponent.js
deleted file mode 100644
index 8ed9a35b4ea68..0000000000000
--- a/packages/shared/ReactLazyComponent.js
+++ /dev/null
@@ -1,126 +0,0 @@
-/**
- * Copyright (c) Facebook, Inc. and its affiliates.
- *
- * This source code is licensed under the MIT license found in the
- * LICENSE file in the root directory of this source tree.
- *
- * @flow
- */
-
-import type {
-  PendingLazyComponent,
-  ResolvedLazyComponent,
-  RejectedLazyComponent,
-  LazyComponent,
-} from 'react/src/ReactLazy';
-
-import type {
-  PendingBlockComponent,
-  ResolvedBlockComponent,
-  RejectedBlockComponent,
-  BlockComponent,
-} from 'react/src/ReactBlock';
-
-import {
-  Uninitialized,
-  Pending,
-  Resolved,
-  Rejected,
-} from './ReactLazyStatusTags';
-
-export function refineResolvedLazyComponent<T>(
-  lazyComponent: LazyComponent<T>,
-): T | null {
-  return lazyComponent._status === Resolved ? lazyComponent._result : null;
-}
-
-export function initializeLazyComponentType(
-  lazyComponent: LazyComponent<any>,
-): void {
-  if (lazyComponent._status === Uninitialized) {
-    const ctor = lazyComponent._result;
-    const thenable = ctor();
-    // Transition to the next state.
-    const pending: PendingLazyComponent<any> = (lazyComponent: any);
-    pending._status = Pending;
-    pending._result = thenable;
-    thenable.then(
-      moduleObject => {
-        if (lazyComponent._status === Pending) {
-          const defaultExport = moduleObject.default;
-          if (__DEV__) {
-            if (defaultExport === undefined) {
-              console.error(
-                'lazy: Expected the result of a dynamic import() call. ' +
-                  'Instead received: %s\n\nYour code should look like: \n  ' +
-                  // Break up imports to avoid accidentally parsing them as dependencies.
-                  'const MyComponent = lazy(() => imp' +
-                  "ort('./MyComponent'))",
-                moduleObject,
-              );
-            }
-          }
-          // Transition to the next state.
-          const resolved: ResolvedLazyComponent<any> = (lazyComponent: any);
-          resolved._status = Resolved;
-          resolved._result = defaultExport;
-        }
-      },
-      error => {
-        if (lazyComponent._status === Pending) {
-          // Transition to the next state.
-          const rejected: RejectedLazyComponent = (lazyComponent: any);
-          rejected._status = Rejected;
-          rejected._result = error;
-        }
-      },
-    );
-  }
-}
-
-export function initializeBlockComponentType<Props, Payload, Data>(
-  blockComponent: BlockComponent<Props, Payload, Data>,
-): void {
-  if (blockComponent._status === Uninitialized) {
-    const thenableOrTuple = blockComponent._fn(blockComponent._data);
-    if (typeof thenableOrTuple.then !== 'function') {
-      let tuple: [any, any] = (thenableOrTuple: any);
-      const resolved: ResolvedBlockComponent<
-        Props,
-        Data,
-      > = (blockComponent: any);
-      resolved._status = Resolved;
-      resolved._data = tuple[0];
-      resolved._fn = tuple[1];
-      return;
-    }
-    const thenable = (thenableOrTuple: any);
-    // Transition to the next state.
-    const pending: PendingBlockComponent<Props, Data> = (blockComponent: any);
-    pending._status = Pending;
-    pending._data = thenable;
-    pending._fn = null;
-    thenable.then(
-      (tuple: [any, any]) => {
-        if (blockComponent._status === Pending) {
-          // Transition to the next state.
-          const resolved: ResolvedBlockComponent<
-            Props,
-            Data,
-          > = (blockComponent: any);
-          resolved._status = Resolved;
-          resolved._data = tuple[0];
-          resolved._fn = tuple[1];
-        }
-      },
-      error => {
-        if (blockComponent._status === Pending) {
-          // Transition to the next state.
-          const rejected: RejectedBlockComponent = (blockComponent: any);
-          rejected._status = Rejected;
-          rejected._data = error;
-        }
-      },
-    );
-  }
-}
diff --git a/packages/shared/ReactLazyStatusTags.js b/packages/shared/ReactLazyStatusTags.js
deleted file mode 100644
index 8baa0ad217248..0000000000000
--- a/packages/shared/ReactLazyStatusTags.js
+++ /dev/null
@@ -1,14 +0,0 @@
-/**
- * Copyright (c) Facebook, Inc. and its affiliates.
- *
- * This source code is licensed under the MIT license found in the
- * LICENSE file in the root directory of this source tree.
- *
- * @flow
- */
-
-// TODO: Move this to "react" once we can import from externals.
-export const Uninitialized = -1;
-export const Pending = 0;
-export const Resolved = 1;
-export const Rejected = 2;
diff --git a/packages/shared/getComponentName.js b/packages/shared/getComponentName.js
index 9817ea21963ee..3aabfaf8a4787 100644
--- a/packages/shared/getComponentName.js
+++ b/packages/shared/getComponentName.js
@@ -23,7 +23,6 @@ import {
   REACT_LAZY_TYPE,
   REACT_BLOCK_TYPE,
 } from 'shared/ReactSymbols';
-import {refineResolvedLazyComponent} from 'shared/ReactLazyComponent';
 import type {ReactContext, ReactProviderType} from 'shared/ReactTypes';
 
 function getWrappedName(
@@ -88,14 +87,16 @@ function getComponentName(type: mixed): string | null {
       case REACT_MEMO_TYPE:
         return getComponentName(type.type);
       case REACT_BLOCK_TYPE:
-        return getComponentName(type.render);
+        return getComponentName(type._render);
       case REACT_LAZY_TYPE: {
-        const thenable: LazyComponent<mixed> = (type: any);
-        const resolvedThenable = refineResolvedLazyComponent(thenable);
-        if (resolvedThenable) {
-          return getComponentName(resolvedThenable);
+        const lazyComponent: LazyComponent<any, any> = (type: any);
+        let payload = lazyComponent._payload;
+        let init = lazyComponent._init;
+        try {
+          return getComponentName(init(payload));
+        } catch (x) {
+          return null;
         }
-        break;
       }
     }
   }