diff --git a/.changeset/invalidate-during-initial-fetch.md b/.changeset/invalidate-during-initial-fetch.md
new file mode 100644
index 0000000000..b542131370
--- /dev/null
+++ b/.changeset/invalidate-during-initial-fetch.md
@@ -0,0 +1,5 @@
+---
+'@tanstack/query-core': patch
+---
+
+Refetch once more when a query is invalidated while its initial fetch is in flight, so the result of a fetch that started before the invalidation no longer satisfies it.
diff --git a/packages/query-core/src/__tests__/queryClient.test.tsx b/packages/query-core/src/__tests__/queryClient.test.tsx
index d76bd14da4..04340dbdc8 100644
--- a/packages/query-core/src/__tests__/queryClient.test.tsx
+++ b/packages/query-core/src/__tests__/queryClient.test.tsx
@@ -2592,6 +2592,93 @@ describe('queryClient', () => {
       expect(queryFn).toHaveBeenCalledTimes(1)
       unsubscribe()
     })
+
+    it('should refetch once more when invalidated during the initial fetch', async () => {
+      const key = queryKey()
+      let serverState = 'before'
+      const queryFn = vi.fn(() => sleep(10).then(() => serverState))
+
+      const observer = new QueryObserver(queryClient, {
+        queryKey: key,
+        queryFn,
+      })
+      const unsubscribe = observer.subscribe(noop)
+
+      // the initial fetch is still in flight and knows nothing about this data
+      serverState = 'after'
+      const invalidated = queryClient.invalidateQueries({ queryKey: key })
+
+      await vi.advanceTimersByTimeAsync(20)
+      await invalidated
+
+      expect(queryFn).toHaveBeenCalledTimes(2)
+      expect(queryClient.getQueryData(key)).toBe('after')
+      unsubscribe()
+    })
+
+    it('should coalesce invalidations during the initial fetch into one refetch', async () => {
+      const key = queryKey()
+      const queryFn = vi.fn(() => sleep(10).then(() => 'data'))
+
+      const observer = new QueryObserver(queryClient, {
+        queryKey: key,
+        queryFn,
+      })
+      const unsubscribe = observer.subscribe(noop)
+
+      const invalidated = Promise.all([
+        queryClient.invalidateQueries({ queryKey: key }),
+        queryClient.invalidateQueries({ queryKey: key }),
+        queryClient.invalidateQueries({ queryKey: key }),
+      ])
+
+      await vi.advanceTimersByTimeAsync(20)
+      await invalidated
+
+      expect(queryFn).toHaveBeenCalledTimes(2)
+      unsubscribe()
+    })
+
+    it('should not refetch after the initial fetch when "refetchType" is "none"', async () => {
+      const key = queryKey()
+      const queryFn = vi.fn(() => sleep(10).then(() => 'data'))
+
+      const observer = new QueryObserver(queryClient, {
+        queryKey: key,
+        queryFn,
+      })
+      const unsubscribe = observer.subscribe(noop)
+
+      await queryClient.invalidateQueries({
+        queryKey: key,
+        refetchType: 'none',
+      })
+      await vi.advanceTimersByTimeAsync(20)
+
+      expect(queryFn).toHaveBeenCalledTimes(1)
+      unsubscribe()
+    })
+
+    it('should not refetch once more when the invalidation starts the fetch', async () => {
+      const key = queryKey()
+      const queryFn = vi.fn(() => sleep(10).then(() => 'data'))
+
+      const observer = new QueryObserver(queryClient, {
+        queryKey: key,
+        queryFn,
+      })
+      const unsubscribe = observer.subscribe(noop)
+
+      await vi.advanceTimersByTimeAsync(10)
+      expect(queryFn).toHaveBeenCalledTimes(1)
+
+      const invalidated = queryClient.invalidateQueries({ queryKey: key })
+      await vi.advanceTimersByTimeAsync(20)
+      await invalidated
+
+      expect(queryFn).toHaveBeenCalledTimes(2)
+      unsubscribe()
+    })
   })
 
   describe('resetQueries', () => {
diff --git a/packages/query-core/src/query.ts b/packages/query-core/src/query.ts
index bc35f0fceb..9ba1a3dbd6 100644
--- a/packages/query-core/src/query.ts
+++ b/packages/query-core/src/query.ts
@@ -242,11 +242,13 @@ export class Query<
   observers: Array<QueryObserver<any, any, any, any, any>>
   #defaultOptions?: QueryOptions<TQueryFnData, TError, TData, TQueryKey>
   #abortSignalConsumed: boolean
+  #invalidatedDuringFetch: boolean
 
   constructor(config: QueryConfig<TQueryFnData, TError, TData, TQueryKey>) {
     super()
 
     this.#abortSignalConsumed = false
+    this.#invalidatedDuringFetch = false
     this.#defaultOptions = config.defaultOptions
     this.setOptions(config.options)
     this.observers = []
@@ -566,12 +568,20 @@ export class Query<
    * updates `state.isInvalidated` and notifies observers, but does not by
    * itself trigger a refetch.
    *
+   * A fetch that is already in flight started before this invalidation, so its
+   * result cannot satisfy it. That is remembered here so the next refetch runs
+   * once more after the in-flight fetch settles instead of just reusing it.
+   *
    * @example
    * ```ts
    * query.invalidate()
    * ```
    */
   invalidate(): void {
+    if (this.state.fetchStatus !== 'idle') {
+      this.#invalidatedDuringFetch = true
+    }
+
     if (!this.state.isInvalidated) {
       this.#dispatch({ type: 'invalidate' })
     }
@@ -604,11 +614,23 @@ export class Query<
       } else if (this.#retryer) {
         // make sure that retries that were potentially cancelled due to unmounts can continue
         this.#retryer.continueRetry()
+        if (this.#invalidatedDuringFetch) {
+          // The in-flight fetch predates the invalidation, so its result would
+          // drop the refetch intent. Let it settle to provide a first result,
+          // then fetch once more. Further callers coalesce onto that fetch,
+          // because starting it clears the flag below.
+          return this.#retryer.promise.then(() =>
+            this.fetch(options, { ...fetchOptions, cancelRefetch: false }),
+          )
+        }
         // Return current promise if we are already fetching
         return this.#retryer.promise
       }
     }
 
+    // A fetch starting now runs after any invalidation, so it can satisfy it
+    this.#invalidatedDuringFetch = false
+
     // Update config if passed, otherwise the config from the last execution is used
     if (options) {
       this.setOptions(options)