diff --git a/packages/next/src/shared/lib/dynamic-no-ssr.ts b/packages/next/src/shared/lib/dynamic-no-ssr.tsx
similarity index 83%
rename from packages/next/src/shared/lib/dynamic-no-ssr.ts
rename to packages/next/src/shared/lib/dynamic-no-ssr.tsx
index d32e49b51639..e5c1c1e22b2c 100644
--- a/packages/next/src/shared/lib/dynamic-no-ssr.ts
+++ b/packages/next/src/shared/lib/dynamic-no-ssr.tsx
@@ -11,7 +11,7 @@ export function suspense() {
 
 type Child = React.ReactElement<any, any>
 
-export default function NoSSR({ children }: { children: Child }): Child {
+export function NoSSR({ children }: { children: Child }): Child {
   if (typeof window === 'undefined') {
     suspense()
   }
diff --git a/packages/next/src/shared/lib/dynamic.tsx b/packages/next/src/shared/lib/dynamic.tsx
index 042438119d39..cd12962f493c 100644
--- a/packages/next/src/shared/lib/dynamic.tsx
+++ b/packages/next/src/shared/lib/dynamic.tsx
@@ -1,6 +1,5 @@
-import React, { lazy, Suspense } from 'react'
+import React from 'react'
 import Loadable from './loadable'
-import NoSSR from './dynamic-no-ssr'
 
 type ComponentModule<P = {}> = { default: React.ComponentType<P> }
 
@@ -8,10 +7,6 @@ export declare type LoaderComponent<P = {}> = Promise<
   React.ComponentType<P> | ComponentModule<P>
 >
 
-type NormalizedLoader<P = {}> = () => Promise<{
-  default: React.ComponentType<P>
-}>
-
 export declare type Loader<P = {}> =
   | (() => LoaderComponent<P>)
   | LoaderComponent<P>
@@ -57,30 +52,6 @@ export type LoadableFn<P = {}> = (
 
 export type LoadableComponent<P = {}> = React.ComponentType<P>
 
-export function noSSR<P = {}>(
-  LoadableInitializer: NormalizedLoader<P>,
-  loadableOptions: DynamicOptions<P>
-): React.ComponentType<P> {
-  // Removing webpack and modules means react-loadable won't try preloading
-  delete loadableOptions.webpack
-  delete loadableOptions.modules
-
-  const NoSSRComponent = lazy(LoadableInitializer)
-
-  const Loading = loadableOptions.loading!
-  const fallback = (
-    <Loading error={null} isLoading pastDelay={false} timedOut={false} />
-  )
-
-  return (props: any) => (
-    <Suspense fallback={fallback}>
-      <NoSSR>
-        <NoSSRComponent {...props} />
-      </NoSSR>
-    </Suspense>
-  )
-}
-
 export default function dynamic<P = {}>(
   dynamicOptions: DynamicOptions<P> | Loader<P>,
   options?: DynamicOptions<P>
@@ -127,26 +98,25 @@ export default function dynamic<P = {}>(
   loadableOptions = { ...loadableOptions, ...options }
 
   const loaderFn = loadableOptions.loader as () => LoaderComponent<P>
-  const loader = () => loaderFn().then(convertModule)
+  const loader = () =>
+    loaderFn != null
+      ? loaderFn().then(convertModule)
+      : Promise.resolve(convertModule(() => null))
 
   // coming from build/babel/plugins/react-loadable-plugin.js
   if (loadableOptions.loadableGenerated) {
     loadableOptions = {
       ...loadableOptions,
       ...loadableOptions.loadableGenerated,
-      loader,
     }
     delete loadableOptions.loadableGenerated
   }
 
   // support for disabling server side rendering, eg: dynamic(() => import('../hello-world'), {ssr: false}).
-  if (typeof loadableOptions.ssr === 'boolean') {
-    if (!loadableOptions.ssr) {
-      delete loadableOptions.ssr
-      return noSSR(loader, loadableOptions)
-    }
-    delete loadableOptions.ssr
+  if (typeof loadableOptions.ssr === 'boolean' && !loadableOptions.ssr) {
+    delete loadableOptions.webpack
+    delete loadableOptions.modules
   }
 
-  return loadableFn(loadableOptions)
+  return loadableFn({ ...loadableOptions, loader: loader as Loader<P> })
 }
diff --git a/packages/next/src/shared/lib/loadable.d.ts b/packages/next/src/shared/lib/loadable.d.ts
deleted file mode 100644
index 8ac6e8043379..000000000000
--- a/packages/next/src/shared/lib/loadable.d.ts
+++ /dev/null
@@ -1,15 +0,0 @@
-/* tslint:disable */
-import React from 'react'
-
-declare namespace LoadableExport {
-  interface ILoadable {
-    <P = {}>(opts: any): React.ComponentClass<P>
-    Map<P = {}>(opts: any): React.ComponentType<P>
-    preloadAll(): Promise<any>
-  }
-}
-
-// eslint-disable-next-line @typescript-eslint/no-redeclare
-declare const LoadableExport: LoadableExport.ILoadable
-
-export = LoadableExport
diff --git a/packages/next/src/shared/lib/loadable.ts b/packages/next/src/shared/lib/loadable.tsx
similarity index 94%
rename from packages/next/src/shared/lib/loadable.ts
rename to packages/next/src/shared/lib/loadable.tsx
index 3d075c1957f3..d4758716cc17 100644
--- a/packages/next/src/shared/lib/loadable.ts
+++ b/packages/next/src/shared/lib/loadable.tsx
@@ -23,6 +23,7 @@ WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE
 // Modified to be compatible with webpack 4 / Next.js
 
 import React from 'react'
+import { NoSSR } from './dynamic-no-ssr'
 import { LoadableContext } from './loadable-context'
 
 const ALL_INITIALIZERS: any[] = []
@@ -62,6 +63,7 @@ function createLoadableComponent(loadFn: any, options: any) {
       timeout: null,
       webpack: null,
       modules: null,
+      ssr: true,
     },
     options
   )
@@ -117,21 +119,24 @@ function createLoadableComponent(loadFn: any, options: any) {
       })
     }
   }
+
   function LoadableComponent(props: any) {
     useLoadableModule()
 
-    const fallbackElement = React.createElement(opts.loading, {
-      isLoading: true,
-      pastDelay: true,
-      error: null,
-    })
+    const Loading = opts.loading
+    const fallbackElement = (
+      <Loading isLoading={true} pastDelay={true} error={null} />
+    )
+
+    const Wrap = opts.ssr ? React.Fragment : NoSSR
+    const Lazy = opts.lazy
 
-    return React.createElement(
-      React.Suspense,
-      {
-        fallback: fallbackElement,
-      },
-      React.createElement(opts.lazy, props)
+    return (
+      <React.Suspense fallback={fallbackElement}>
+        <Wrap>
+          <Lazy {...props} />
+        </Wrap>
+      </React.Suspense>
     )
   }
 
diff --git a/test/unit/next-dynamic.test.tsx b/test/unit/next-dynamic.test.tsx
index e78e15d6ff0e..2e1c7cdea09d 100644
--- a/test/unit/next-dynamic.test.tsx
+++ b/test/unit/next-dynamic.test.tsx
@@ -8,6 +8,10 @@ import dynamic from 'next/dynamic'
 describe('next/dynamic', () => {
   it('test dynamic with jest', () => {
     const App = dynamic(() => import('./fixtures/stub-components/hello'))
+
+    // @ts-ignore
+    expect(App.preload).toBeDefined()
+
     act(() => {
       const { unmount } = render(<App />)
       unmount()