diff --git a/packages/react-client/src/ReactFlightClient.js b/packages/react-client/src/ReactFlightClient.js
index b966645623bbb..fc59a91fb2fac 100644
--- a/packages/react-client/src/ReactFlightClient.js
+++ b/packages/react-client/src/ReactFlightClient.js
@@ -1074,7 +1074,14 @@ function getTaskName(type: mixed): string {
   }
 }
 
-function initializeElement(response: Response, element: any): void {
+function initializeElement(
+  response: Response,
+  element: any,
+  lazyType: null | LazyComponent<
+    React$Element<any>,
+    SomeChunk<React$Element<any>>,
+  >,
+): void {
   if (!__DEV__) {
     return;
   }
@@ -1141,6 +1148,18 @@ function initializeElement(response: Response, element: any): void {
   if (owner !== null) {
     initializeFakeStack(response, owner);
   }
+
+  // In case the JSX runtime has validated the lazy type as a static child, we
+  // need to transfer this information to the element.
+  if (
+    lazyType &&
+    lazyType._store &&
+    lazyType._store.validated &&
+    !element._store.validated
+  ) {
+    element._store.validated = lazyType._store.validated;
+  }
+
   // TODO: We should be freezing the element but currently, we might write into
   // _debugInfo later. We could move it into _store which remains mutable.
   Object.freeze(element.props);
@@ -1153,7 +1172,7 @@ function createElement(
   props: mixed,
   owner: ?ReactComponentInfo, // DEV-only
   stack: ?ReactStackTrace, // DEV-only
-  validated: number, // DEV-only
+  validated: 0 | 1 | 2, // DEV-only
 ):
   | React$Element<any>
   | LazyComponent<React$Element<any>, SomeChunk<React$Element<any>>> {
@@ -1230,7 +1249,7 @@ function createElement(
         handler.reason,
       );
       if (__DEV__) {
-        initializeElement(response, element);
+        initializeElement(response, element, null);
         // Conceptually the error happened inside this Element but right before
         // it was rendered. We don't have a client side component to render but
         // we can add some DebugInfo to explain that this was conceptually a
@@ -1249,7 +1268,7 @@ function createElement(
         }
         erroredChunk._debugInfo = [erroredComponent];
       }
-      return createLazyChunkWrapper(erroredChunk);
+      return createLazyChunkWrapper(erroredChunk, validated);
     }
     if (handler.deps > 0) {
       // We have blocked references inside this Element but we can turn this into
@@ -1258,16 +1277,17 @@ function createElement(
         createBlockedChunk(response);
       handler.value = element;
       handler.chunk = blockedChunk;
+      const lazyType = createLazyChunkWrapper(blockedChunk, validated);
       if (__DEV__) {
-        /// After we have initialized any blocked references, initialize stack etc.
-        const init = initializeElement.bind(null, response, element);
+        // After we have initialized any blocked references, initialize stack etc.
+        const init = initializeElement.bind(null, response, element, lazyType);
         blockedChunk.then(init, init);
       }
-      return createLazyChunkWrapper(blockedChunk);
+      return lazyType;
     }
   }
   if (__DEV__) {
-    initializeElement(response, element);
+    initializeElement(response, element, null);
   }
 
   return element;
@@ -1275,6 +1295,7 @@ function createElement(
 
 function createLazyChunkWrapper<T>(
   chunk: SomeChunk<T>,
+  validated: 0 | 1 | 2, // DEV-only
 ): LazyComponent<T, SomeChunk<T>> {
   const lazyType: LazyComponent<T, SomeChunk<T>> = {
     $$typeof: REACT_LAZY_TYPE,
@@ -1286,6 +1307,8 @@ function createLazyChunkWrapper<T>(
     const chunkDebugInfo: ReactDebugInfo =
       chunk._debugInfo || (chunk._debugInfo = ([]: ReactDebugInfo));
     lazyType._debugInfo = chunkDebugInfo;
+    // Initialize a store for key validation by the JSX runtime.
+    lazyType._store = {validated: validated};
   }
   return lazyType;
 }
@@ -2090,7 +2113,7 @@ function parseModelString(
         }
         // We create a React.lazy wrapper around any lazy values.
         // When passed into React, we'll know how to suspend on this.
-        return createLazyChunkWrapper(chunk);
+        return createLazyChunkWrapper(chunk, 0);
       }
       case '@': {
         // Promise
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 cd546f61359dc..a49e268ebf040 100644
--- a/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
+++ b/packages/react-server-dom-webpack/src/__tests__/ReactFlightDOMBrowser-test.js
@@ -2846,4 +2846,64 @@ describe('ReactFlightDOMBrowser', () => {
 
     expect(container.innerHTML).toBe('<p>Hi</p>');
   });
+
+  it('should not have missing key warnings when a static child is blocked on debug info', async () => {
+    const ClientComponent = clientExports(function ClientComponent({element}) {
+      return (
+        <div>
+          <span>Hi</span>
+          {element}
+        </div>
+      );
+    });
+
+    let debugReadableStreamController;
+
+    const debugReadableStream = new ReadableStream({
+      start(controller) {
+        debugReadableStreamController = controller;
+      },
+    });
+
+    const stream = await serverAct(() =>
+      ReactServerDOMServer.renderToReadableStream(
+        <ClientComponent element={<span>Sebbie</span>} />,
+        webpackMap,
+        {
+          debugChannel: {
+            writable: new WritableStream({
+              write(chunk) {
+                debugReadableStreamController.enqueue(chunk);
+              },
+              close() {
+                debugReadableStreamController.close();
+              },
+            }),
+          },
+        },
+      ),
+    );
+
+    function ClientRoot({response}) {
+      return use(response);
+    }
+
+    const response = ReactServerDOMClient.createFromReadableStream(stream, {
+      debugChannel: {readable: createDelayedStream(debugReadableStream)},
+    });
+
+    const container = document.createElement('div');
+    const root = ReactDOMClient.createRoot(container);
+
+    await act(() => {
+      root.render(<ClientRoot response={response} />);
+    });
+
+    // Wait for the debug info to be processed.
+    await act(() => {});
+
+    expect(container.innerHTML).toBe(
+      '<div><span>Hi</span><span>Sebbie</span></div>',
+    );
+  });
 });
diff --git a/packages/react/src/ReactLazy.js b/packages/react/src/ReactLazy.js
index 69b35b58cc8bd..55b1690b7caea 100644
--- a/packages/react/src/ReactLazy.js
+++ b/packages/react/src/ReactLazy.js
@@ -59,7 +59,10 @@ export type LazyComponent<T, P> = {
   $$typeof: symbol | number,
   _payload: P,
   _init: (payload: P) => T,
+
+  // __DEV__
   _debugInfo?: null | ReactDebugInfo,
+  _store?: {validated: 0 | 1 | 2, ...}, // 0: not validated, 1: validated, 2: force fail
 };
 
 function lazyInitializer<T>(payload: Payload<T>): T {
diff --git a/packages/react/src/jsx/ReactJSXElement.js b/packages/react/src/jsx/ReactJSXElement.js
index cb475340c9c38..a77c4c3cdbf10 100644
--- a/packages/react/src/jsx/ReactJSXElement.js
+++ b/packages/react/src/jsx/ReactJSXElement.js
@@ -804,6 +804,14 @@ function validateChildKeys(node) {
       if (node._store) {
         node._store.validated = 1;
       }
+    } else if (isLazyType(node)) {
+      if (node._payload.status === 'fulfilled') {
+        if (isValidElement(node._payload.value) && node._payload.value._store) {
+          node._payload.value._store.validated = 1;
+        }
+      } else if (node._store) {
+        node._store.validated = 1;
+      }
     }
   }
 }
@@ -822,3 +830,11 @@ export function isValidElement(object) {
     object.$$typeof === REACT_ELEMENT_TYPE
   );
 }
+
+export function isLazyType(object) {
+  return (
+    typeof object === 'object' &&
+    object !== null &&
+    object.$$typeof === REACT_LAZY_TYPE
+  );
+}