diff --git a/src/use-swr.ts b/src/use-swr.ts
index e885ed4b80..6da64b0f36 100644
--- a/src/use-swr.ts
+++ b/src/use-swr.ts
@@ -167,7 +167,11 @@ function useSWR<Data = any, Error = any>(
     fn = config.fetcher
   }
 
-  const initialData = cache.get(key) || config.initialData
+  if (config.initialData && !cache.has(key)) {
+    cache.set(key, config.initialData, false)
+  }
+
+  const initialData = cache.get(key)
   const initialError = cache.get(keyErr)
 
   // if a state is accessed (data, error or isValidating),
@@ -366,7 +370,7 @@ function useSWR<Data = any, Error = any>(
     // and trigger a revalidation
 
     const currentHookData = stateRef.current.data
-    const latestKeyedData = cache.get(key) || config.initialData
+    const latestKeyedData = cache.get(key)
 
     // update the state if the key changed (not the inital render) or cache updated
     if (