diff --git a/packages/cli/src/build/build.ts b/packages/cli/src/build/build.ts
index 45f1cb0a2..f7c1da7bb 100644
--- a/packages/cli/src/build/build.ts
+++ b/packages/cli/src/build/build.ts
@@ -83,24 +83,7 @@ export async function build(
                 }));
   }
 
-  if (bundled) {
-    // Polymer 1.x and Polymer 2.x deal with relative urls in dom-module
-    // templates differently.  Polymer CLI will attempt to provide a sensible
-    // default value for the `rewriteUrlsInTemplates` option passed to
-    // `polymer-bundler` based on the version of Polymer found in the project's
-    // folders.  We will default to Polymer 1.x behavior unless 2.x is found.
-    const polymerVersion = await getPolymerVersion();
-    const bundlerOptions = {
-      rewriteUrlsInTemplates: !polymerVersion.startsWith('2.')
-    };
-    if (typeof options.bundle === 'object') {
-      Object.assign(bundlerOptions, options.bundle);
-    }
-    buildStream = buildStream.pipe(polymerProject.bundler(bundlerOptions));
-  }
-
   const htmlSplitter = new HtmlSplitter();
-
   buildStream = pipeStreams([
     buildStream,
     htmlSplitter.split(),
@@ -119,6 +102,22 @@ export async function build(
     htmlSplitter.rejoin()
   ]);
 
+  if (bundled) {
+    // Polymer 1.x and Polymer 2.x deal with relative urls in dom-module
+    // templates differently.  Polymer CLI will attempt to provide a sensible
+    // default value for the `rewriteUrlsInTemplates` option passed to
+    // `polymer-bundler` based on the version of Polymer found in the project's
+    // folders.  We will default to Polymer 1.x behavior unless 2.x is found.
+    const polymerVersion = await getPolymerVersion();
+    const bundlerOptions = {
+      rewriteUrlsInTemplates: !polymerVersion.startsWith('2.')
+    };
+    if (typeof options.bundle === 'object') {
+      Object.assign(bundlerOptions, options.bundle);
+    }
+    buildStream = buildStream.pipe(polymerProject.bundler(bundlerOptions));
+  }
+
   if (options.insertPrefetchLinks) {
     buildStream = buildStream.pipe(polymerProject.addPrefetchLinks());
   }