diff --git a/ember-async-data/src/tracked-async-data.ts b/ember-async-data/src/tracked-async-data.ts
index af7e58ff..f7b6f9b2 100644
--- a/ember-async-data/src/tracked-async-data.ts
+++ b/ember-async-data/src/tracked-async-data.ts
@@ -32,13 +32,25 @@ class _TrackedAsyncData<T> {
   #token: unknown;
 
   /**
-    @param promise The promise to load.
+    @param promise The promise to load or function to call to load the promise.
    */
-  constructor(data: T | Promise<T>) {
+  constructor(data: T | Promise<T> | (() => T | Promise<T>)) {
     if (this.constructor !== _TrackedAsyncData) {
       throw new Error('tracked-async-data cannot be subclassed');
     }
 
+    // If the data is a function, we call it to get the actual data.
+    if (isFunction(data)) {
+      try {
+        data = data();
+      } catch (error) {
+        // If the function throws an error instead of returning a promise, we conclude the state as rejected.
+        // This is not called if the returned promise rejects, as that is handled later.
+        this.#state.data = ['REJECTED', error];
+        return;
+      }
+    }
+
     if (!isPromiseLike(data)) {
       this.#state.data = ['RESOLVED', data];
       return;
@@ -298,7 +310,7 @@ interface Rejected<T> extends _TrackedAsyncData<T> {
  */
 type TrackedAsyncData<T> = Pending<T> | Resolved<T> | Rejected<T>;
 const TrackedAsyncData = _TrackedAsyncData as new <T>(
-  data: T | Promise<T>,
+  data: T | Promise<T> | (() => T | Promise<T>),
 ) => TrackedAsyncData<T>;
 export default TrackedAsyncData;
 
@@ -318,3 +330,7 @@ function isPromiseLike(data: unknown): data is PromiseLike<unknown> {
     typeof data.then === 'function'
   );
 }
+
+function isFunction<T>(data: unknown): data is () => T | Promise<T> {
+  return typeof data === 'function';
+}
diff --git a/ember-async-data/type-tests/tracked-async-data-test.ts b/ember-async-data/type-tests/tracked-async-data-test.ts
index 3e8fc11e..57601ac3 100644
--- a/ember-async-data/type-tests/tracked-async-data-test.ts
+++ b/ember-async-data/type-tests/tracked-async-data-test.ts
@@ -6,7 +6,7 @@ import { expectTypeOf } from 'expect-type';
 declare function unreachable(x: never): never;
 
 declare class PublicAPI<T> {
-  constructor(data: T | Promise<T>);
+  constructor(data: T | Promise<T> | (() => T | Promise<T>));
   get state(): 'PENDING' | 'RESOLVED' | 'REJECTED';
   get value(): T | null;
   get error(): unknown;
@@ -31,6 +31,19 @@ expectTypeOf(TrackedAsyncData).toBeConstructibleWith(Promise.resolve());
 expectTypeOf(TrackedAsyncData).toBeConstructibleWith(Promise.resolve(12));
 expectTypeOf(TrackedAsyncData).toBeConstructibleWith(Promise.reject());
 expectTypeOf(TrackedAsyncData).toBeConstructibleWith(Promise.reject('gah'));
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => 12);
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => 'hello');
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => true);
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => null);
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => undefined);
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => ({ cool: 'story' }));
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => ['neat']);
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => Promise.resolve());
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => Promise.resolve(12));
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() => Promise.reject());
+expectTypeOf(TrackedAsyncData).toBeConstructibleWith(() =>
+  Promise.reject('gah'),
+);
 
 // We use `toMatchTypeOf` here to confirm the union type which makes up
 // `TrackedAsyncData` is structurally compatible with the desired public
diff --git a/package.json b/package.json
index 7aa9c009..2c991068 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "ember-async-data",
-  "version": "1.0.3",
+  "version": "2.0.0",
   "private": true,
   "repository": "https://github.com/chriskrycho/ember-async-data",
   "license": "MIT",
diff --git a/test-app/tests/unit/tracked-async-data-test.ts b/test-app/tests/unit/tracked-async-data-test.ts
index 9f301e28..87b82d71 100644
--- a/test-app/tests/unit/tracked-async-data-test.ts
+++ b/test-app/tests/unit/tracked-async-data-test.ts
@@ -201,4 +201,47 @@ module('Unit | TrackedAsyncData', function () {
 
     assert.strictEqual(result.state, 'REJECTED');
   });
+
+  module(
+    'it calls input and uses return value when input is a function',
+    function () {
+      test('function returning a value', async function (assert) {
+        const result = new TrackedAsyncData(() => 'hello');
+        await settled();
+
+        assert.strictEqual(result.state, 'RESOLVED');
+        assert.strictEqual(result.value, 'hello');
+      });
+
+      test('function returning a promise', async function (assert) {
+        const deferred = defer();
+        const result = new TrackedAsyncData(() => deferred.promise);
+
+        deferred.resolve('hello');
+        await settled();
+
+        assert.strictEqual(result.state, 'RESOLVED');
+        assert.strictEqual(result.value, 'hello');
+      });
+
+      test('function throwing an error', async function (assert) {
+        const result = new TrackedAsyncData(() => {
+          throw new Error('foobar');
+        });
+
+        assert.strictEqual(result.state, 'REJECTED');
+        assert.strictEqual((result.error as Error).message, 'foobar');
+      });
+
+      test('function returning a rejected promise', async function (assert) {
+        const result = new TrackedAsyncData(() =>
+          Promise.reject(new Error('foobar')),
+        );
+        await settled();
+
+        assert.strictEqual(result.state, 'REJECTED');
+        assert.strictEqual((result.error as Error).message, 'foobar');
+      });
+    },
+  );
 });