diff --git a/packages/store/addon/-private/caches/instance-cache.ts b/packages/store/addon/-private/caches/instance-cache.ts
index ed62be98229..a2ef35e1cbb 100644
--- a/packages/store/addon/-private/caches/instance-cache.ts
+++ b/packages/store/addon/-private/caches/instance-cache.ts
@@ -157,7 +157,7 @@ export class InstanceCache {
     const req = this.store.getRequestStateService();
     const fulfilled = req.getLastRequestForRecord(identifier);
     const isLoading =
-      fulfilled !== null && req.getPendingRequestsForRecord(identifier).some((req) => req.type === 'query');
+      fulfilled === null && req.getPendingRequestsForRecord(identifier).some((req) => req.type === 'query');
 
     if (isEmpty || (filterDeleted && recordData.isDeletionCommitted(identifier)) || isLoading) {
       return false;