diff --git a/packages/react-reconciler/src/ReactFiberBeginWork.js b/packages/react-reconciler/src/ReactFiberBeginWork.js
index a6ee56a09061e..a207b5e9ef05c 100644
--- a/packages/react-reconciler/src/ReactFiberBeginWork.js
+++ b/packages/react-reconciler/src/ReactFiberBeginWork.js
@@ -2355,18 +2355,20 @@ function initSuspenseListRenderState(
   tail: null | Fiber,
   lastContentRow: null | Fiber,
   tailMode: SuspenseListTailMode,
+  lastEffectBeforeRendering: null | Fiber,
 ): void {
   let renderState: null | SuspenseListRenderState =
     workInProgress.memoizedState;
   if (renderState === null) {
-    workInProgress.memoizedState = {
+    workInProgress.memoizedState = ({
       isBackwards: isBackwards,
       rendering: null,
       last: lastContentRow,
       tail: tail,
       tailExpiration: 0,
       tailMode: tailMode,
-    };
+      lastEffect: lastEffectBeforeRendering,
+    }: SuspenseListRenderState);
   } else {
     // We can reuse the existing object from previous renders.
     renderState.isBackwards = isBackwards;
@@ -2375,6 +2377,7 @@ function initSuspenseListRenderState(
     renderState.tail = tail;
     renderState.tailExpiration = 0;
     renderState.tailMode = tailMode;
+    renderState.lastEffect = lastEffectBeforeRendering;
   }
 }
 
@@ -2456,6 +2459,7 @@ function updateSuspenseListComponent(
           tail,
           lastContentRow,
           tailMode,
+          workInProgress.lastEffect,
         );
         break;
       }
@@ -2487,6 +2491,7 @@ function updateSuspenseListComponent(
           tail,
           null, // last
           tailMode,
+          workInProgress.lastEffect,
         );
         break;
       }
@@ -2497,6 +2502,7 @@ function updateSuspenseListComponent(
           null, // tail
           null, // last
           undefined,
+          workInProgress.lastEffect,
         );
         break;
       }
diff --git a/packages/react-reconciler/src/ReactFiberCompleteWork.js b/packages/react-reconciler/src/ReactFiberCompleteWork.js
index 2436ec6af6a63..8bb417723fdfc 100644
--- a/packages/react-reconciler/src/ReactFiberCompleteWork.js
+++ b/packages/react-reconciler/src/ReactFiberCompleteWork.js
@@ -1053,7 +1053,10 @@ function completeWork(
                 // Rerender the whole list, but this time, we'll force fallbacks
                 // to stay in place.
                 // Reset the effect list before doing the second pass since that's now invalid.
-                workInProgress.firstEffect = workInProgress.lastEffect = null;
+                if (renderState.lastEffect === null) {
+                  workInProgress.firstEffect = null;
+                }
+                workInProgress.lastEffect = renderState.lastEffect;
                 // Reset the child fibers to their original state.
                 resetChildFibers(workInProgress, renderExpirationTime);
 
diff --git a/packages/react-reconciler/src/__tests__/ReactSuspenseList-test.internal.js b/packages/react-reconciler/src/__tests__/ReactSuspenseList-test.internal.js
index e22dc8ccd63cb..f41e7a5073eed 100644
--- a/packages/react-reconciler/src/__tests__/ReactSuspenseList-test.internal.js
+++ b/packages/react-reconciler/src/__tests__/ReactSuspenseList-test.internal.js
@@ -585,6 +585,90 @@ describe('ReactSuspenseList', () => {
     );
   });
 
+  it('displays all "together" during an update', async () => {
+    let A = createAsyncText('A');
+    let B = createAsyncText('B');
+    let C = createAsyncText('C');
+    let D = createAsyncText('D');
+
+    function Foo({step}) {
+      return (
+        <SuspenseList revealOrder="together">
+          {step === 0 && (
+            <Suspense fallback={<Text text="Loading A" />}>
+              <A />
+            </Suspense>
+          )}
+          {step === 0 && (
+            <Suspense fallback={<Text text="Loading B" />}>
+              <B />
+            </Suspense>
+          )}
+          {step === 1 && (
+            <Suspense fallback={<Text text="Loading C" />}>
+              <C />
+            </Suspense>
+          )}
+          {step === 1 && (
+            <Suspense fallback={<Text text="Loading D" />}>
+              <D />
+            </Suspense>
+          )}
+        </SuspenseList>
+      );
+    }
+
+    // Mount
+    await A.resolve();
+    ReactNoop.render(<Foo step={0} />);
+    expect(Scheduler).toFlushAndYield([
+      'A',
+      'Suspend! [B]',
+      'Loading B',
+      'Loading A',
+      'Loading B',
+    ]);
+    expect(ReactNoop).toMatchRenderedOutput(
+      <>
+        <span>Loading A</span>
+        <span>Loading B</span>
+      </>,
+    );
+    await B.resolve();
+    expect(Scheduler).toFlushAndYield(['A', 'B']);
+    expect(ReactNoop).toMatchRenderedOutput(
+      <>
+        <span>A</span>
+        <span>B</span>
+      </>,
+    );
+
+    // Update
+    await C.resolve();
+    ReactNoop.render(<Foo step={1} />);
+    expect(Scheduler).toFlushAndYield([
+      'C',
+      'Suspend! [D]',
+      'Loading D',
+      'Loading C',
+      'Loading D',
+    ]);
+    expect(ReactNoop).toMatchRenderedOutput(
+      <>
+        <span>Loading C</span>
+        <span>Loading D</span>
+      </>,
+    );
+    await D.resolve();
+    expect(Scheduler).toFlushAndYield(['C', 'D']);
+    expect(ReactNoop).toMatchRenderedOutput(
+      <>
+        <span>C</span>
+        <span>D</span>
+      </>,
+    );
+  });
+
   it('avoided boundaries can be coordinate with SuspenseList', async () => {
     let A = createAsyncText('A');
     let B = createAsyncText('B');