diff --git a/js_modules/dagster-ui/packages/ui-core/src/asset-graph/AssetGraphExplorer.tsx b/js_modules/dagster-ui/packages/ui-core/src/asset-graph/AssetGraphExplorer.tsx
index f578ed1623219..804c40b6fc9b2 100644
--- a/js_modules/dagster-ui/packages/ui-core/src/asset-graph/AssetGraphExplorer.tsx
+++ b/js_modules/dagster-ui/packages/ui-core/src/asset-graph/AssetGraphExplorer.tsx
@@ -101,7 +101,9 @@ export const GROUPS_ONLY_SCALE = 0.15;
 const DEFAULT_SET_HIDE_NODES_MATCH = (_node: AssetNodeForGraphQueryFragment) => true;
 
 export const AssetGraphExplorer = (props: Props) => {
-  const fullAssetGraphData = useFullAssetGraphData(props.fetchOptions);
+  const {fullAssetGraphData, loading: fullAssetGraphDataLoading} = useFullAssetGraphData(
+    props.fetchOptions,
+  );
   const [hideNodesMatching, setHideNodesMatching] = useState(() => DEFAULT_SET_HIDE_NODES_MATCH);
 
   const {
@@ -152,7 +154,7 @@ export const AssetGraphExplorer = (props: Props) => {
   return (
     <Loading allowStaleData queryResult={fetchResult}>
       {() => {
-        if (graphDataLoading || filteredAssetsLoading) {
+        if (graphDataLoading || filteredAssetsLoading || fullAssetGraphDataLoading) {
           return <LoadingSpinner purpose="page" />;
         }
         if (!assetGraphData || !allAssetKeys || !fullAssetGraphData) {
diff --git a/js_modules/dagster-ui/packages/ui-core/src/asset-graph/useAssetGraphData.tsx b/js_modules/dagster-ui/packages/ui-core/src/asset-graph/useAssetGraphData.tsx
index fb022ac59af75..9f04afd587172 100644
--- a/js_modules/dagster-ui/packages/ui-core/src/asset-graph/useAssetGraphData.tsx
+++ b/js_modules/dagster-ui/packages/ui-core/src/asset-graph/useAssetGraphData.tsx
@@ -93,7 +93,7 @@ export function useFullAssetGraphData(options: AssetGraphFetchScope) {
       });
   }, [options.loading, queryItems]);
 
-  return fullAssetGraphData;
+  return {fullAssetGraphData, loading: fetchResult.loading || options.loading};
 }
 
 export type GraphDataState = {