diff --git a/compiler/src/dotty/tools/dotc/transform/init/Objects.scala b/compiler/src/dotty/tools/dotc/transform/init/Objects.scala
index 1050fbe85ef2..12a1ba3a0642 100644
--- a/compiler/src/dotty/tools/dotc/transform/init/Objects.scala
+++ b/compiler/src/dotty/tools/dotc/transform/init/Objects.scala
@@ -864,7 +864,7 @@ class Objects(using Context @constructorOnly):
       Bottom
 
     case Bottom =>
-      if field.isStaticObject then ObjectRef(field.moduleClass.asClass)
+      if field.isStaticObject then accessObject(field.moduleClass.asClass)
       else Bottom
 
     case ValueSet(values) =>
diff --git a/tests/init-global/warn/cyclic-object.scala b/tests/init-global/warn/cyclic-object.scala
new file mode 100644
index 000000000000..e997d3259877
--- /dev/null
+++ b/tests/init-global/warn/cyclic-object.scala
@@ -0,0 +1,9 @@
+package cyclicObject
+
+object O1 { // warn
+  val o = cyclicObject.O2
+}
+
+object O2 {
+  val o = cyclicObject.O1
+}