diff --git a/ChangeLog.md b/ChangeLog.md
index c8aec8d73c0a7..96197eaad601b 100644
--- a/ChangeLog.md
+++ b/ChangeLog.md
@@ -25,6 +25,11 @@ See docs/process.md for more on how version tagging works.
   This paves the way for marking the function as `async` which does not allow
   `new` to be used.  This usage of `new` here was never documented and is
   considered and antipattern. (#23210)
+- The factory function exposed in `-sMODULARIZE` mode is now marked as `async`,
+  which allows us to use `await` within it.  One side effect of this is that
+  it is no longer possible to use this function with the `new` keyword.  Prior
+  to this change it was technically possible to do `var m = new Module()`, but
+  this will not result in `Module is not a constructor`. (#23157)
 - `PATH.basename()` no longer calls `PATH.normalize()`, so that
   `PATH.basename("a/.")` returns `"."` instead of `"a"` and
   `PATH.basename("a/b/..")` returns `".."` instead of `"a"`. This is in line with
diff --git a/src/preamble.js b/src/preamble.js
index 4f4dc32dba0ca..2e91449ac76fc 100644
--- a/src/preamble.js
+++ b/src/preamble.js
@@ -1036,11 +1036,11 @@ function getWasmImports() {
     trueModule = null;
 #endif
 #if SHARED_MEMORY || RELOCATABLE
-    receiveInstance(result['instance'], result['module']);
+    return receiveInstance(result['instance'], result['module']);
 #else
     // TODO: Due to Closure regression https://github.com/google/closure-compiler/issues/3193, the above line no longer optimizes out down to the following line.
     // When the regression is fixed, can restore the above PTHREADS-enabled path.
-    receiveInstance(result['instance']);
+    return receiveInstance(result['instance']);
 #endif
   }
 #endif // WASM_ASYNC_COMPILATION
@@ -1076,8 +1076,7 @@ function getWasmImports() {
         // Instantiate from the module posted from the main thread.
         // We can just use sync instantiation in the worker.
         var instance = new WebAssembly.Instance(module, getWasmImports());
-        receiveInstance(instance, module);
-        resolve();
+        resolve(receiveInstance(instance, module));
       };
     });
   }
@@ -1095,16 +1094,16 @@ function getWasmImports() {
   try {
 #endif
     var result = await instantiateAsync(wasmBinary, wasmBinaryFile, info);
-    receiveInstantiationResult(result);
+    var exports = receiveInstantiationResult(result);
 #if LOAD_SOURCE_MAP
     receiveSourceMapJSON(await getSourceMapAsync());
 #endif
-    return result;
+    return exports;
 #if MODULARIZE
   } catch (e) {
     // If instantiation fails, reject the module ready promise.
     readyPromiseReject(e);
-    return;
+    return Promise.reject(e);
   }
 #endif
 #else // WASM_ASYNC_COMPILATION
diff --git a/test/code_size/hello_webgl2_wasm.json b/test/code_size/hello_webgl2_wasm.json
index 13919b590d957..d7738773ebc50 100644
--- a/test/code_size/hello_webgl2_wasm.json
+++ b/test/code_size/hello_webgl2_wasm.json
@@ -1,10 +1,10 @@
 {
   "a.html": 454,
   "a.html.gz": 328,
-  "a.js": 4532,
-  "a.js.gz": 2315,
+  "a.js": 4538,
+  "a.js.gz": 2320,
   "a.wasm": 10402,
   "a.wasm.gz": 6703,
-  "total": 15388,
-  "total_gz": 9346
+  "total": 15394,
+  "total_gz": 9351
 }
diff --git a/test/code_size/hello_webgl2_wasm2js.json b/test/code_size/hello_webgl2_wasm2js.json
index d54f14a652c99..da83c09580bbe 100644
--- a/test/code_size/hello_webgl2_wasm2js.json
+++ b/test/code_size/hello_webgl2_wasm2js.json
@@ -1,8 +1,8 @@
 {
   "a.html": 346,
   "a.html.gz": 262,
-  "a.js": 22200,
-  "a.js.gz": 11583,
-  "total": 22546,
-  "total_gz": 11845
+  "a.js": 22206,
+  "a.js.gz": 11589,
+  "total": 22552,
+  "total_gz": 11851
 }
diff --git a/test/code_size/hello_webgl_wasm.json b/test/code_size/hello_webgl_wasm.json
index e619b3f3321c3..e4c3af111aac8 100644
--- a/test/code_size/hello_webgl_wasm.json
+++ b/test/code_size/hello_webgl_wasm.json
@@ -1,10 +1,10 @@
 {
   "a.html": 454,
   "a.html.gz": 328,
-  "a.js": 4070,
-  "a.js.gz": 2158,
+  "a.js": 4076,
+  "a.js.gz": 2163,
   "a.wasm": 10402,
   "a.wasm.gz": 6703,
-  "total": 14926,
-  "total_gz": 9189
+  "total": 14932,
+  "total_gz": 9194
 }
diff --git a/test/code_size/hello_webgl_wasm2js.json b/test/code_size/hello_webgl_wasm2js.json
index a01758dd16374..c2cb2b2deec67 100644
--- a/test/code_size/hello_webgl_wasm2js.json
+++ b/test/code_size/hello_webgl_wasm2js.json
@@ -1,8 +1,8 @@
 {
   "a.html": 346,
   "a.html.gz": 262,
-  "a.js": 21726,
-  "a.js.gz": 11413,
-  "total": 22072,
-  "total_gz": 11675
+  "a.js": 21732,
+  "a.js.gz": 11419,
+  "total": 22078,
+  "total_gz": 11681
 }
diff --git a/test/other/codesize/test_codesize_cxx_ctors1.gzsize b/test/other/codesize/test_codesize_cxx_ctors1.gzsize
index f8c4d739e8274..737757b6409f6 100644
--- a/test/other/codesize/test_codesize_cxx_ctors1.gzsize
+++ b/test/other/codesize/test_codesize_cxx_ctors1.gzsize
@@ -1 +1 @@
-8482
+8479
diff --git a/test/other/codesize/test_codesize_cxx_ctors1.jssize b/test/other/codesize/test_codesize_cxx_ctors1.jssize
index 3b3bc5532ae28..762198145a407 100644
--- a/test/other/codesize/test_codesize_cxx_ctors1.jssize
+++ b/test/other/codesize/test_codesize_cxx_ctors1.jssize
@@ -1 +1 @@
-20818
+20814
diff --git a/test/other/codesize/test_codesize_cxx_ctors2.gzsize b/test/other/codesize/test_codesize_cxx_ctors2.gzsize
index 6ed96170748c2..4b2de216d1132 100644
--- a/test/other/codesize/test_codesize_cxx_ctors2.gzsize
+++ b/test/other/codesize/test_codesize_cxx_ctors2.gzsize
@@ -1 +1 @@
-8466
+8464
diff --git a/test/other/codesize/test_codesize_cxx_ctors2.jssize b/test/other/codesize/test_codesize_cxx_ctors2.jssize
index 035c83c3d83de..8a83c476c8fbb 100644
--- a/test/other/codesize/test_codesize_cxx_ctors2.jssize
+++ b/test/other/codesize/test_codesize_cxx_ctors2.jssize
@@ -1 +1 @@
-20786
+20782
diff --git a/test/other/codesize/test_codesize_cxx_except.gzsize b/test/other/codesize/test_codesize_cxx_except.gzsize
index e0a4790acc2ab..dcb81b5dcf759 100644
--- a/test/other/codesize/test_codesize_cxx_except.gzsize
+++ b/test/other/codesize/test_codesize_cxx_except.gzsize
@@ -1 +1 @@
-9516
+9515
diff --git a/test/other/codesize/test_codesize_cxx_except.jssize b/test/other/codesize/test_codesize_cxx_except.jssize
index 5540250d5313e..be711e63391a0 100644
--- a/test/other/codesize/test_codesize_cxx_except.jssize
+++ b/test/other/codesize/test_codesize_cxx_except.jssize
@@ -1 +1 @@
-24663
+24659
diff --git a/test/other/codesize/test_codesize_cxx_except_wasm.gzsize b/test/other/codesize/test_codesize_cxx_except_wasm.gzsize
index eb60637f84202..4b21b21bcebed 100644
--- a/test/other/codesize/test_codesize_cxx_except_wasm.gzsize
+++ b/test/other/codesize/test_codesize_cxx_except_wasm.gzsize
@@ -1 +1 @@
-8443
+8442
diff --git a/test/other/codesize/test_codesize_cxx_except_wasm.jssize b/test/other/codesize/test_codesize_cxx_except_wasm.jssize
index 61b087013e3d6..0acd83bc289ab 100644
--- a/test/other/codesize/test_codesize_cxx_except_wasm.jssize
+++ b/test/other/codesize/test_codesize_cxx_except_wasm.jssize
@@ -1 +1 @@
-20711
+20707
diff --git a/test/other/codesize/test_codesize_cxx_except_wasm_exnref.gzsize b/test/other/codesize/test_codesize_cxx_except_wasm_exnref.gzsize
index eb60637f84202..4b21b21bcebed 100644
--- a/test/other/codesize/test_codesize_cxx_except_wasm_exnref.gzsize
+++ b/test/other/codesize/test_codesize_cxx_except_wasm_exnref.gzsize
@@ -1 +1 @@
-8443
+8442
diff --git a/test/other/codesize/test_codesize_cxx_except_wasm_exnref.jssize b/test/other/codesize/test_codesize_cxx_except_wasm_exnref.jssize
index 61b087013e3d6..0acd83bc289ab 100644
--- a/test/other/codesize/test_codesize_cxx_except_wasm_exnref.jssize
+++ b/test/other/codesize/test_codesize_cxx_except_wasm_exnref.jssize
@@ -1 +1 @@
-20711
+20707
diff --git a/test/other/codesize/test_codesize_cxx_lto.jssize b/test/other/codesize/test_codesize_cxx_lto.jssize
index 6b1a29e39cd0b..5710a05e36e4a 100644
--- a/test/other/codesize/test_codesize_cxx_lto.jssize
+++ b/test/other/codesize/test_codesize_cxx_lto.jssize
@@ -1 +1 @@
-20402
+20398
diff --git a/test/other/codesize/test_codesize_cxx_mangle.gzsize b/test/other/codesize/test_codesize_cxx_mangle.gzsize
index 644357aa4e240..f3e9ad4de127c 100644
--- a/test/other/codesize/test_codesize_cxx_mangle.gzsize
+++ b/test/other/codesize/test_codesize_cxx_mangle.gzsize
@@ -1 +1 @@
-9523
+9520
diff --git a/test/other/codesize/test_codesize_cxx_mangle.jssize b/test/other/codesize/test_codesize_cxx_mangle.jssize
index 5540250d5313e..be711e63391a0 100644
--- a/test/other/codesize/test_codesize_cxx_mangle.jssize
+++ b/test/other/codesize/test_codesize_cxx_mangle.jssize
@@ -1 +1 @@
-24663
+24659
diff --git a/test/other/codesize/test_codesize_cxx_noexcept.gzsize b/test/other/codesize/test_codesize_cxx_noexcept.gzsize
index f8c4d739e8274..737757b6409f6 100644
--- a/test/other/codesize/test_codesize_cxx_noexcept.gzsize
+++ b/test/other/codesize/test_codesize_cxx_noexcept.gzsize
@@ -1 +1 @@
-8482
+8479
diff --git a/test/other/codesize/test_codesize_cxx_noexcept.jssize b/test/other/codesize/test_codesize_cxx_noexcept.jssize
index 3b3bc5532ae28..762198145a407 100644
--- a/test/other/codesize/test_codesize_cxx_noexcept.jssize
+++ b/test/other/codesize/test_codesize_cxx_noexcept.jssize
@@ -1 +1 @@
-20818
+20814
diff --git a/test/other/codesize/test_codesize_cxx_wasmfs.gzsize b/test/other/codesize/test_codesize_cxx_wasmfs.gzsize
index ac5764e2098c7..b61971c4899e0 100644
--- a/test/other/codesize/test_codesize_cxx_wasmfs.gzsize
+++ b/test/other/codesize/test_codesize_cxx_wasmfs.gzsize
@@ -1 +1 @@
-3769
+3767
diff --git a/test/other/codesize/test_codesize_cxx_wasmfs.jssize b/test/other/codesize/test_codesize_cxx_wasmfs.jssize
index c5bde85823b0f..4d6a5c2242ae0 100644
--- a/test/other/codesize/test_codesize_cxx_wasmfs.jssize
+++ b/test/other/codesize/test_codesize_cxx_wasmfs.jssize
@@ -1 +1 @@
-8493
+8489
diff --git a/test/other/codesize/test_codesize_files_js_fs.gzsize b/test/other/codesize/test_codesize_files_js_fs.gzsize
index 7afd85884af0e..9b4307790bc0a 100644
--- a/test/other/codesize/test_codesize_files_js_fs.gzsize
+++ b/test/other/codesize/test_codesize_files_js_fs.gzsize
@@ -1 +1 @@
-7621
+7619
diff --git a/test/other/codesize/test_codesize_files_js_fs.jssize b/test/other/codesize/test_codesize_files_js_fs.jssize
index 9aa6c5e6556ea..4a1f1fc3b35f2 100644
--- a/test/other/codesize/test_codesize_files_js_fs.jssize
+++ b/test/other/codesize/test_codesize_files_js_fs.jssize
@@ -1 +1 @@
-18731
+18727
diff --git a/test/other/codesize/test_codesize_files_wasmfs.gzsize b/test/other/codesize/test_codesize_files_wasmfs.gzsize
index f7374e5edea7f..fc6ded393e5f3 100644
--- a/test/other/codesize/test_codesize_files_wasmfs.gzsize
+++ b/test/other/codesize/test_codesize_files_wasmfs.gzsize
@@ -1 +1 @@
-2866
+2864
diff --git a/test/other/codesize/test_codesize_files_wasmfs.jssize b/test/other/codesize/test_codesize_files_wasmfs.jssize
index c98f921104b33..b0e10db098a91 100644
--- a/test/other/codesize/test_codesize_files_wasmfs.jssize
+++ b/test/other/codesize/test_codesize_files_wasmfs.jssize
@@ -1 +1 @@
-6140
+6136
diff --git a/test/other/codesize/test_codesize_hello_O0.gzsize b/test/other/codesize/test_codesize_hello_O0.gzsize
index 8ca7d7e2dcf2a..2e566b72e9754 100644
--- a/test/other/codesize/test_codesize_hello_O0.gzsize
+++ b/test/other/codesize/test_codesize_hello_O0.gzsize
@@ -1 +1 @@
-8003
+8001
diff --git a/test/other/codesize/test_codesize_hello_O0.jssize b/test/other/codesize/test_codesize_hello_O0.jssize
index 1e88f55d68b32..ed158caffe7f4 100644
--- a/test/other/codesize/test_codesize_hello_O0.jssize
+++ b/test/other/codesize/test_codesize_hello_O0.jssize
@@ -1 +1 @@
-21535
+21526
diff --git a/test/other/codesize/test_codesize_hello_O1.gzsize b/test/other/codesize/test_codesize_hello_O1.gzsize
index c98e88a99e28f..8361266fd249f 100644
--- a/test/other/codesize/test_codesize_hello_O1.gzsize
+++ b/test/other/codesize/test_codesize_hello_O1.gzsize
@@ -1 +1 @@
-2713
+2710
diff --git a/test/other/codesize/test_codesize_hello_O1.jssize b/test/other/codesize/test_codesize_hello_O1.jssize
index 6fdb8ccd778a3..b1fed5923c9bd 100644
--- a/test/other/codesize/test_codesize_hello_O1.jssize
+++ b/test/other/codesize/test_codesize_hello_O1.jssize
@@ -1 +1 @@
-6921
+6909
diff --git a/test/other/codesize/test_codesize_hello_O2.gzsize b/test/other/codesize/test_codesize_hello_O2.gzsize
index cc278bd694d3e..9b65630a860d2 100644
--- a/test/other/codesize/test_codesize_hello_O2.gzsize
+++ b/test/other/codesize/test_codesize_hello_O2.gzsize
@@ -1 +1 @@
-2369
+2367
diff --git a/test/other/codesize/test_codesize_hello_O2.jssize b/test/other/codesize/test_codesize_hello_O2.jssize
index 30162af6fe2dd..8af67d43171a1 100644
--- a/test/other/codesize/test_codesize_hello_O2.jssize
+++ b/test/other/codesize/test_codesize_hello_O2.jssize
@@ -1 +1 @@
-4844
+4840
diff --git a/test/other/codesize/test_codesize_hello_O3.gzsize b/test/other/codesize/test_codesize_hello_O3.gzsize
index cc6f0ac7ecffd..9294c7754fde1 100644
--- a/test/other/codesize/test_codesize_hello_O3.gzsize
+++ b/test/other/codesize/test_codesize_hello_O3.gzsize
@@ -1 +1 @@
-2283
+2281
diff --git a/test/other/codesize/test_codesize_hello_O3.jssize b/test/other/codesize/test_codesize_hello_O3.jssize
index 9bce5583b99b7..54f5b2754d8c8 100644
--- a/test/other/codesize/test_codesize_hello_O3.jssize
+++ b/test/other/codesize/test_codesize_hello_O3.jssize
@@ -1 +1 @@
-4695
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diff --git a/test/other/codesize/test_codesize_hello_Os.gzsize b/test/other/codesize/test_codesize_hello_Os.gzsize
index cc6f0ac7ecffd..9294c7754fde1 100644
--- a/test/other/codesize/test_codesize_hello_Os.gzsize
+++ b/test/other/codesize/test_codesize_hello_Os.gzsize
@@ -1 +1 @@
-2283
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diff --git a/test/other/codesize/test_codesize_hello_Os.jssize b/test/other/codesize/test_codesize_hello_Os.jssize
index 9bce5583b99b7..54f5b2754d8c8 100644
--- a/test/other/codesize/test_codesize_hello_Os.jssize
+++ b/test/other/codesize/test_codesize_hello_Os.jssize
@@ -1 +1 @@
-4695
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diff --git a/test/other/codesize/test_codesize_hello_Oz.gzsize b/test/other/codesize/test_codesize_hello_Oz.gzsize
index 42752c3ef1f12..65629867eaa09 100644
--- a/test/other/codesize/test_codesize_hello_Oz.gzsize
+++ b/test/other/codesize/test_codesize_hello_Oz.gzsize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_hello_Oz.jssize b/test/other/codesize/test_codesize_hello_Oz.jssize
index 77d471ad303a9..092b8f173fcb7 100644
--- a/test/other/codesize/test_codesize_hello_Oz.jssize
+++ b/test/other/codesize/test_codesize_hello_Oz.jssize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_hello_dylink.gzsize b/test/other/codesize/test_codesize_hello_dylink.gzsize
index 06e102d5685af..457dba7d4e56d 100644
--- a/test/other/codesize/test_codesize_hello_dylink.gzsize
+++ b/test/other/codesize/test_codesize_hello_dylink.gzsize
@@ -1 +1 @@
-6150
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diff --git a/test/other/codesize/test_codesize_hello_dylink.jssize b/test/other/codesize/test_codesize_hello_dylink.jssize
index 7a9400801574e..95a7e2bcec768 100644
--- a/test/other/codesize/test_codesize_hello_dylink.jssize
+++ b/test/other/codesize/test_codesize_hello_dylink.jssize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_hello_export_nothing.gzsize b/test/other/codesize/test_codesize_hello_export_nothing.gzsize
index 15475a3d5fc2c..eeda1003324b0 100644
--- a/test/other/codesize/test_codesize_hello_export_nothing.gzsize
+++ b/test/other/codesize/test_codesize_hello_export_nothing.gzsize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_hello_export_nothing.jssize b/test/other/codesize/test_codesize_hello_export_nothing.jssize
index 5f3db86bbc3ea..01aa7a842cfcd 100644
--- a/test/other/codesize/test_codesize_hello_export_nothing.jssize
+++ b/test/other/codesize/test_codesize_hello_export_nothing.jssize
@@ -1 +1 @@
-3575
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diff --git a/test/other/codesize/test_codesize_hello_wasmfs.gzsize b/test/other/codesize/test_codesize_hello_wasmfs.gzsize
index cc6f0ac7ecffd..9294c7754fde1 100644
--- a/test/other/codesize/test_codesize_hello_wasmfs.gzsize
+++ b/test/other/codesize/test_codesize_hello_wasmfs.gzsize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_hello_wasmfs.jssize b/test/other/codesize/test_codesize_hello_wasmfs.jssize
index 9bce5583b99b7..54f5b2754d8c8 100644
--- a/test/other/codesize/test_codesize_hello_wasmfs.jssize
+++ b/test/other/codesize/test_codesize_hello_wasmfs.jssize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_libcxxabi_message_O3.gzsize b/test/other/codesize/test_codesize_libcxxabi_message_O3.gzsize
index 86fc8f4d80b5a..d9238636e9b56 100644
--- a/test/other/codesize/test_codesize_libcxxabi_message_O3.gzsize
+++ b/test/other/codesize/test_codesize_libcxxabi_message_O3.gzsize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_libcxxabi_message_O3.jssize b/test/other/codesize/test_codesize_libcxxabi_message_O3.jssize
index 58f5850ae5fcf..5e583deec4ef3 100644
--- a/test/other/codesize/test_codesize_libcxxabi_message_O3.jssize
+++ b/test/other/codesize/test_codesize_libcxxabi_message_O3.jssize
@@ -1 +1 @@
-3938
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diff --git a/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.gzsize b/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.gzsize
index 8bae76d7966a2..d9575c3ff89c3 100644
--- a/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.gzsize
+++ b/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.gzsize
@@ -1 +1 @@
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diff --git a/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.jssize b/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.jssize
index 6b2af3f880b0c..c5829fbe7542d 100644
--- a/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.jssize
+++ b/test/other/codesize/test_codesize_libcxxabi_message_O3_standalone.jssize
@@ -1 +1 @@
-3986
+3982
diff --git a/test/other/codesize/test_codesize_mem_O3.jssize b/test/other/codesize/test_codesize_mem_O3.jssize
index ddeb3cf88bf70..a377090b30deb 100644
--- a/test/other/codesize/test_codesize_mem_O3.jssize
+++ b/test/other/codesize/test_codesize_mem_O3.jssize
@@ -1 +1 @@
-4830
+4826
diff --git a/test/other/codesize/test_codesize_mem_O3_grow.gzsize b/test/other/codesize/test_codesize_mem_O3_grow.gzsize
index ea5f1c5174ecc..4edaf066bde20 100644
--- a/test/other/codesize/test_codesize_mem_O3_grow.gzsize
+++ b/test/other/codesize/test_codesize_mem_O3_grow.gzsize
@@ -1 +1 @@
-2461
+2459
diff --git a/test/other/codesize/test_codesize_mem_O3_grow.jssize b/test/other/codesize/test_codesize_mem_O3_grow.jssize
index 581cc8f752a1c..f2e5995fa3eb6 100644
--- a/test/other/codesize/test_codesize_mem_O3_grow.jssize
+++ b/test/other/codesize/test_codesize_mem_O3_grow.jssize
@@ -1 +1 @@
-5115
+5110
diff --git a/test/other/codesize/test_codesize_mem_O3_grow_standalone.gzsize b/test/other/codesize/test_codesize_mem_O3_grow_standalone.gzsize
index 5e7c8b88a0264..0b460a920465c 100644
--- a/test/other/codesize/test_codesize_mem_O3_grow_standalone.gzsize
+++ b/test/other/codesize/test_codesize_mem_O3_grow_standalone.gzsize
@@ -1 +1 @@
-2164
+2161
diff --git a/test/other/codesize/test_codesize_mem_O3_grow_standalone.jssize b/test/other/codesize/test_codesize_mem_O3_grow_standalone.jssize
index 1f440269b96d4..d006b5a61362b 100644
--- a/test/other/codesize/test_codesize_mem_O3_grow_standalone.jssize
+++ b/test/other/codesize/test_codesize_mem_O3_grow_standalone.jssize
@@ -1 +1 @@
-4523
+4519
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone.gzsize b/test/other/codesize/test_codesize_mem_O3_standalone.gzsize
index 10c8452b2c3ab..37a8c942bc967 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone.gzsize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone.gzsize
@@ -1 +1 @@
-2128
+2125
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone.jssize b/test/other/codesize/test_codesize_mem_O3_standalone.jssize
index ab5135ded797f..9fe1dca4db53f 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone.jssize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone.jssize
@@ -1 +1 @@
-4455
+4451
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone_lib.gzsize b/test/other/codesize/test_codesize_mem_O3_standalone_lib.gzsize
index c34a5b9bd9c60..0b90508d29f8e 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone_lib.gzsize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone_lib.gzsize
@@ -1 +1 @@
-1885
+1883
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone_lib.jssize b/test/other/codesize/test_codesize_mem_O3_standalone_lib.jssize
index 6cd1cb4835d89..db8dc2bc0d028 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone_lib.jssize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone_lib.jssize
@@ -1 +1 @@
-3985
+3981
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone_narg.gzsize b/test/other/codesize/test_codesize_mem_O3_standalone_narg.gzsize
index 8bae76d7966a2..d9575c3ff89c3 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone_narg.gzsize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone_narg.gzsize
@@ -1 +1 @@
-1899
+1897
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone_narg.jssize b/test/other/codesize/test_codesize_mem_O3_standalone_narg.jssize
index 6b2af3f880b0c..c5829fbe7542d 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone_narg.jssize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone_narg.jssize
@@ -1 +1 @@
-3986
+3982
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.gzsize b/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.gzsize
index 8bae76d7966a2..d9575c3ff89c3 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.gzsize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.gzsize
@@ -1 +1 @@
-1899
+1897
diff --git a/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.jssize b/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.jssize
index 6b2af3f880b0c..c5829fbe7542d 100644
--- a/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.jssize
+++ b/test/other/codesize/test_codesize_mem_O3_standalone_narg_flto.jssize
@@ -1 +1 @@
-3986
+3982
diff --git a/test/other/codesize/test_codesize_minimal_64.gzsize b/test/other/codesize/test_codesize_minimal_64.gzsize
index 2a63ccf651217..4d851a7800ac5 100644
--- a/test/other/codesize/test_codesize_minimal_64.gzsize
+++ b/test/other/codesize/test_codesize_minimal_64.gzsize
@@ -1 +1 @@
-1439
+1441
diff --git a/test/other/codesize/test_codesize_minimal_64.jssize b/test/other/codesize/test_codesize_minimal_64.jssize
index 31410c0cab693..9bcc9f43c3d2c 100644
--- a/test/other/codesize/test_codesize_minimal_64.jssize
+++ b/test/other/codesize/test_codesize_minimal_64.jssize
@@ -1 +1 @@
-3064
+3058
diff --git a/test/other/codesize/test_codesize_minimal_O1.gzsize b/test/other/codesize/test_codesize_minimal_O1.gzsize
index f02edd5f91078..641d5f59ecacf 100644
--- a/test/other/codesize/test_codesize_minimal_O1.gzsize
+++ b/test/other/codesize/test_codesize_minimal_O1.gzsize
@@ -1 +1 @@
-1520
+1524
diff --git a/test/other/codesize/test_codesize_minimal_O1.jssize b/test/other/codesize/test_codesize_minimal_O1.jssize
index 7cca7c9e17bf6..799c77152539d 100644
--- a/test/other/codesize/test_codesize_minimal_O1.jssize
+++ b/test/other/codesize/test_codesize_minimal_O1.jssize
@@ -1 +1 @@
-3664
+3653
diff --git a/test/other/codesize/test_codesize_minimal_O2.jssize b/test/other/codesize/test_codesize_minimal_O2.jssize
index aa57446358cb9..ed4e7db85ed49 100644
--- a/test/other/codesize/test_codesize_minimal_O2.jssize
+++ b/test/other/codesize/test_codesize_minimal_O2.jssize
@@ -1 +1 @@
-2769
+2763
diff --git a/test/other/codesize/test_codesize_minimal_O3.gzsize b/test/other/codesize/test_codesize_minimal_O3.gzsize
index 7345521b14101..a9449958c6a77 100644
--- a/test/other/codesize/test_codesize_minimal_O3.gzsize
+++ b/test/other/codesize/test_codesize_minimal_O3.gzsize
@@ -1 +1 @@
-1336
+1338
diff --git a/test/other/codesize/test_codesize_minimal_O3.jssize b/test/other/codesize/test_codesize_minimal_O3.jssize
index 8ef17f6cef8d3..c98e88a99e28f 100644
--- a/test/other/codesize/test_codesize_minimal_O3.jssize
+++ b/test/other/codesize/test_codesize_minimal_O3.jssize
@@ -1 +1 @@
-2719
+2713
diff --git a/test/other/codesize/test_codesize_minimal_Os.gzsize b/test/other/codesize/test_codesize_minimal_Os.gzsize
index 7345521b14101..a9449958c6a77 100644
--- a/test/other/codesize/test_codesize_minimal_Os.gzsize
+++ b/test/other/codesize/test_codesize_minimal_Os.gzsize
@@ -1 +1 @@
-1336
+1338
diff --git a/test/other/codesize/test_codesize_minimal_Os.jssize b/test/other/codesize/test_codesize_minimal_Os.jssize
index 8ef17f6cef8d3..c98e88a99e28f 100644
--- a/test/other/codesize/test_codesize_minimal_Os.jssize
+++ b/test/other/codesize/test_codesize_minimal_Os.jssize
@@ -1 +1 @@
-2719
+2713
diff --git a/test/other/codesize/test_codesize_minimal_Oz-ctors.gzsize b/test/other/codesize/test_codesize_minimal_Oz-ctors.gzsize
index d378cb0bf85c3..a38c571765e98 100644
--- a/test/other/codesize/test_codesize_minimal_Oz-ctors.gzsize
+++ b/test/other/codesize/test_codesize_minimal_Oz-ctors.gzsize
@@ -1 +1 @@
-1327
+1328
diff --git a/test/other/codesize/test_codesize_minimal_Oz-ctors.jssize b/test/other/codesize/test_codesize_minimal_Oz-ctors.jssize
index f3bb5816bff9b..1c0fb1915fe42 100644
--- a/test/other/codesize/test_codesize_minimal_Oz-ctors.jssize
+++ b/test/other/codesize/test_codesize_minimal_Oz-ctors.jssize
@@ -1 +1 @@
-2704
+2698
diff --git a/test/other/codesize/test_codesize_minimal_Oz.gzsize b/test/other/codesize/test_codesize_minimal_Oz.gzsize
index 7345521b14101..a9449958c6a77 100644
--- a/test/other/codesize/test_codesize_minimal_Oz.gzsize
+++ b/test/other/codesize/test_codesize_minimal_Oz.gzsize
@@ -1 +1 @@
-1336
+1338
diff --git a/test/other/codesize/test_codesize_minimal_Oz.jssize b/test/other/codesize/test_codesize_minimal_Oz.jssize
index 8ef17f6cef8d3..c98e88a99e28f 100644
--- a/test/other/codesize/test_codesize_minimal_Oz.jssize
+++ b/test/other/codesize/test_codesize_minimal_Oz.jssize
@@ -1 +1 @@
-2719
+2713
diff --git a/test/other/codesize/test_codesize_minimal_esm.gzsize b/test/other/codesize/test_codesize_minimal_esm.gzsize
index 84abd852d3092..3d86ec6498f3f 100644
--- a/test/other/codesize/test_codesize_minimal_esm.gzsize
+++ b/test/other/codesize/test_codesize_minimal_esm.gzsize
@@ -1 +1 @@
-1487
+1500
diff --git a/test/other/codesize/test_codesize_minimal_esm.jssize b/test/other/codesize/test_codesize_minimal_esm.jssize
index 1877dcdd8387c..5fd68c5a45f3d 100644
--- a/test/other/codesize/test_codesize_minimal_esm.jssize
+++ b/test/other/codesize/test_codesize_minimal_esm.jssize
@@ -1 +1 @@
-3095
+3114
diff --git a/test/other/codesize/test_codesize_minimal_pthreads.gzsize b/test/other/codesize/test_codesize_minimal_pthreads.gzsize
index 529e64fdfb43e..af9bc346b7a89 100644
--- a/test/other/codesize/test_codesize_minimal_pthreads.gzsize
+++ b/test/other/codesize/test_codesize_minimal_pthreads.gzsize
@@ -1 +1 @@
-4118
+4125
diff --git a/test/other/codesize/test_codesize_minimal_pthreads.jssize b/test/other/codesize/test_codesize_minimal_pthreads.jssize
index e4b77e6fc2965..ef124865d8379 100644
--- a/test/other/codesize/test_codesize_minimal_pthreads.jssize
+++ b/test/other/codesize/test_codesize_minimal_pthreads.jssize
@@ -1 +1 @@
-8556
+8572
diff --git a/test/other/codesize/test_codesize_minimal_wasmfs.gzsize b/test/other/codesize/test_codesize_minimal_wasmfs.gzsize
index 7345521b14101..a9449958c6a77 100644
--- a/test/other/codesize/test_codesize_minimal_wasmfs.gzsize
+++ b/test/other/codesize/test_codesize_minimal_wasmfs.gzsize
@@ -1 +1 @@
-1336
+1338
diff --git a/test/other/codesize/test_codesize_minimal_wasmfs.jssize b/test/other/codesize/test_codesize_minimal_wasmfs.jssize
index 8ef17f6cef8d3..c98e88a99e28f 100644
--- a/test/other/codesize/test_codesize_minimal_wasmfs.jssize
+++ b/test/other/codesize/test_codesize_minimal_wasmfs.jssize
@@ -1 +1 @@
-2719
+2713
diff --git a/test/other/test_unoptimized_code_size.js.size b/test/other/test_unoptimized_code_size.js.size
index 6f75fa3a9a413..f3f35fa00f766 100644
--- a/test/other/test_unoptimized_code_size.js.size
+++ b/test/other/test_unoptimized_code_size.js.size
@@ -1 +1 @@
-53709
+53731
diff --git a/test/other/test_unoptimized_code_size_no_asserts.js.size b/test/other/test_unoptimized_code_size_no_asserts.js.size
index e55af0c20aeb7..6a64d917e56ba 100644
--- a/test/other/test_unoptimized_code_size_no_asserts.js.size
+++ b/test/other/test_unoptimized_code_size_no_asserts.js.size
@@ -1 +1 @@
-29018
+29040
diff --git a/test/other/test_unoptimized_code_size_strict.js.size b/test/other/test_unoptimized_code_size_strict.js.size
index ca6f382d48289..b1e8288a3b676 100644
--- a/test/other/test_unoptimized_code_size_strict.js.size
+++ b/test/other/test_unoptimized_code_size_strict.js.size
@@ -1 +1 @@
-52531
+52553
diff --git a/test/test_unicode_js_library.out b/test/test_unicode_js_library.out
index c96bed51b0188..aa42466399fb6 100644
--- a/test/test_unicode_js_library.out
+++ b/test/test_unicode_js_library.out
@@ -1,2 +1,2 @@
-Unicode postjs: àČšñéáúÍųåêâăščếệüçλληνικάбългарскиPусскийСрпскиУкраїнська한국어中文普通话(中国大陆)普通话(香港)中文(台灣)粵語(香港)日本語हिन्दीภาษาไทย
 Unicode snowman ☃ says hello! àČšñéáúÍųåêâăščếệüçλληνικάбългарскиPусскийСрпскиУкраїнська한국어中文普通话(中国大陆)普通话(香港)中文(台灣)粵語(香港)日本語हिन्दीภาษาไทย
+Unicode postjs: àČšñéáúÍųåêâăščếệüçλληνικάбългарскиPусскийСрпскиУкраїнська한국어中文普通话(中国大陆)普通话(香港)中文(台灣)粵語(香港)日本語हिन्दीภาษาไทย
diff --git a/tools/emscripten.py b/tools/emscripten.py
index 250432f5462f7..5c4e549ea3885 100644
--- a/tools/emscripten.py
+++ b/tools/emscripten.py
@@ -893,6 +893,16 @@ def create_sending(metadata, library_symbols):
   return '{\n  ' + ',\n  '.join(elems) + '\n}'
 
 
+def can_use_await():
+  # In MODULARIZE mode we can use `await` since the factory function itself
+  # is marked as `async` and the generated code all lives inside that factory
+  # function.
+  # However, because closure does see this (it runs only on the inner code),
+  # it sees this as a top-level-await, which it does not yet support.
+  # FIXME(https://github.com/emscripten-core/emscripten/issues/23158)
+  return settings.MODULARIZE and not settings.USE_CLOSURE_COMPILER
+
+
 def make_export_wrappers(function_exports):
   assert not settings.MINIMAL_RUNTIME
 
@@ -932,7 +942,7 @@ def install_wrapper(sym):
       # With assertions enabled we create a wrapper that are calls get routed through, for
       # the lifetime of the program.
       wrapper += f"createExportWrapper('{name}', {nargs});"
-    elif settings.WASM_ASYNC_COMPILATION or settings.PTHREADS:
+    elif (settings.WASM_ASYNC_COMPILATION and not can_use_await()) or settings.PTHREADS:
       # With WASM_ASYNC_COMPILATION wrapper will replace the global var and Module var on
       # first use.
       args = [f'a{i}' for i in range(nargs)]
@@ -998,7 +1008,11 @@ def create_module(receiving, metadata, global_exports, library_symbols):
 
   if not settings.MINIMAL_RUNTIME:
     if settings.WASM_ASYNC_COMPILATION:
-      module.append("var wasmExports;\ncreateWasm();\n")
+      if can_use_await():
+        # In modullize mode the generated code is within a factory function.
+        module.append("var wasmExports = await createWasm();\n")
+      else:
+        module.append("var wasmExports;\ncreateWasm();\n")
     else:
       module.append("var wasmExports = createWasm();\n")
 
diff --git a/tools/link.py b/tools/link.py
index 88ef0822e8a23..203078a8ae23a 100644
--- a/tools/link.py
+++ b/tools/link.py
@@ -2379,23 +2379,23 @@ def modularize():
   logger.debug(f'Modularizing, assigning to var {settings.EXPORT_NAME}')
   generated_js = read_file(final_js)
 
-  # When targetting node and ES6 we use `await import ..` in the generated code
-  # so the outer function needs to be marked as async.
-  async_emit = ''
-  if settings.EXPORT_ES6 and settings.ENVIRONMENT_MAY_BE_NODE:
-    async_emit = 'async '
+  if settings.WASM_ASYNC_COMPILATION or (settings.EXPORT_ES6 and settings.ENVIRONMENT_MAY_BE_NODE):
+    maybe_async = 'async '
+  else:
+    maybe_async = ''
 
   if settings.MODULARIZE == 'instance':
     wrapper_function = '''
-export default async function init(moduleArg = {}) {
+export default %(maybe_async)s function init(moduleArg = {}) {
   var moduleRtn;
 
 %(generated_js)s
 
-  return await moduleRtn;
+  return moduleRtn;
 }
 ''' % {
-      'generated_js': generated_js
+      'generated_js': generated_js,
+      'maybe_async': maybe_async,
     }
   else:
     wrapper_function = '''
@@ -2407,7 +2407,7 @@ def modularize():
   return moduleRtn;
 }
 ''' % {
-      'maybe_async': async_emit,
+      'maybe_async': maybe_async,
       'generated_js': generated_js
     }