diff --git a/Lib/test/test_interpreters/test_api.py b/Lib/test/test_interpreters/test_api.py
index a34b20beaca7a3..289e607ad3fad3 100644
--- a/Lib/test/test_interpreters/test_api.py
+++ b/Lib/test/test_interpreters/test_api.py
@@ -2204,6 +2204,16 @@ def test_whence(self):
             whence = eval(text)
             self.assertEqual(whence, _interpreters.WHENCE_LEGACY_CAPI)
 
+    def test_contextvars_missing(self):
+        script = f"""
+            import contextvars
+            print(getattr(contextvars.Token, "MISSING", "'doesn't exist'"))
+            """
+
+        orig = _interpreters.create()
+        text = self.run_and_capture(orig, script)
+        self.assertEqual(text.strip(), "<Token.MISSING>")
+
     def test_is_running(self):
         def check(interpid, expected):
             with self.assertRaisesRegex(InterpreterError, 'unrecognized'):
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-09-05-01-19-04.gh-issue-138192.erluq5.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-09-05-01-19-04.gh-issue-138192.erluq5.rst
new file mode 100644
index 00000000000000..05fa8edacd680a
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-09-05-01-19-04.gh-issue-138192.erluq5.rst
@@ -0,0 +1,2 @@
+Fix :mod:`contextvars` initialization so that all subinterpreters are assigned the
+:attr:`~contextvars.Token.MISSING` value.
diff --git a/Python/context.c b/Python/context.c
index b764f5813fac79..2f978b1c0abc43 100644
--- a/Python/context.c
+++ b/Python/context.c
@@ -1360,11 +1360,8 @@ get_token_missing(void)
 PyStatus
 _PyContext_Init(PyInterpreterState *interp)
 {
-    if (!_Py_IsMainInterpreter(interp)) {
-        return _PyStatus_OK();
-    }
-
     PyObject *missing = get_token_missing();
+    assert(PyUnstable_IsImmortal(missing));
     if (PyDict_SetItemString(
         _PyType_GetDict(&PyContextToken_Type), "MISSING", missing))
     {