diff --git a/internal/bundler_tests/bundler_dce_test.go b/internal/bundler_tests/bundler_dce_test.go
index 97014265458..ea09225d434 100644
--- a/internal/bundler_tests/bundler_dce_test.go
+++ b/internal/bundler_tests/bundler_dce_test.go
@@ -4319,6 +4319,8 @@ func TestDCEOfIIFE(t *testing.T) {
 				use(isPure);
 				var isNotPure = ((x = foo, y = bar) => 123)();
 				use(isNotPure);
+				(async () => ({ get then() { notPure() } }))();
+				(async function() { return { get then() { notPure() } }; })();
 			`,
 		},
 		entryPaths: []string{
diff --git a/internal/bundler_tests/snapshots/snapshots_dce.txt b/internal/bundler_tests/snapshots/snapshots_dce.txt
index 3c2ad0dc08c..80d5435f26e 100644
--- a/internal/bundler_tests/snapshots/snapshots_dce.txt
+++ b/internal/bundler_tests/snapshots/snapshots_dce.txt
@@ -543,6 +543,14 @@ var isPure = /* @__PURE__ */ ((x, y) => 123)();
 use(isPure);
 var isNotPure = ((x = foo, y = bar) => 123)();
 use(isNotPure);
+(async () => ({ get then() {
+  notPure();
+} }))();
+(async function() {
+  return { get then() {
+    notPure();
+  } };
+})();
 
 ================================================================================
 TestDCEOfUsingDeclarations
diff --git a/internal/js_parser/js_parser.go b/internal/js_parser/js_parser.go
index aff81bc3641..e6e40e0a949 100644
--- a/internal/js_parser/js_parser.go
+++ b/internal/js_parser/js_parser.go
@@ -14335,11 +14335,11 @@ func (p *parser) visitExprInOut(expr js_ast.Expr, in exprIn) (js_ast.Expr, exprO
 		if !e.CanBeUnwrappedIfUnused {
 			switch target := e.Target.Data.(type) {
 			case *js_ast.EArrow:
-				if p.iifeCanBeRemovedIfUnused(target.Args, target.Body) {
+				if !target.IsAsync && p.iifeCanBeRemovedIfUnused(target.Args, target.Body) {
 					e.CanBeUnwrappedIfUnused = true
 				}
 			case *js_ast.EFunction:
-				if p.iifeCanBeRemovedIfUnused(target.Fn.Args, target.Fn.Body) {
+				if !target.Fn.IsAsync && !target.Fn.IsGenerator && p.iifeCanBeRemovedIfUnused(target.Fn.Args, target.Fn.Body) {
 					e.CanBeUnwrappedIfUnused = true
 				}
 			}
diff --git a/internal/js_parser/js_parser_test.go b/internal/js_parser/js_parser_test.go
index 72b7b61cc67..79c75cb850c 100644
--- a/internal/js_parser/js_parser_test.go
+++ b/internal/js_parser/js_parser_test.go
@@ -2415,9 +2415,9 @@ func TestArrow(t *testing.T) {
 
 	expectPrinted(t, "(() => {})\n(0)", "/* @__PURE__ */ (() => {\n})(0);\n")
 	expectPrinted(t, "(x => {})\n(0)", "/* @__PURE__ */ ((x) => {\n})(0);\n")
-	expectPrinted(t, "(async () => {})\n(0)", "/* @__PURE__ */ (async () => {\n})(0);\n")
-	expectPrinted(t, "(async x => {})\n(0)", "/* @__PURE__ */ (async (x) => {\n})(0);\n")
-	expectPrinted(t, "(async (x) => {})\n(0)", "/* @__PURE__ */ (async (x) => {\n})(0);\n")
+	expectPrinted(t, "(async () => {})\n(0)", "(async () => {\n})(0);\n")
+	expectPrinted(t, "(async x => {})\n(0)", "(async (x) => {\n})(0);\n")
+	expectPrinted(t, "(async (x) => {})\n(0)", "(async (x) => {\n})(0);\n")
 
 	expectParseError(t, "y = () => {}(0)", "<stdin>: ERROR: Expected \";\" but found \"(\"\n")
 	expectParseError(t, "y = x => {}(0)", "<stdin>: ERROR: Expected \";\" but found \"(\"\n")
@@ -2439,9 +2439,9 @@ func TestArrow(t *testing.T) {
 
 	expectPrinted(t, "y = (() => {})\n(0)", "y = /* @__PURE__ */ (() => {\n})(0);\n")
 	expectPrinted(t, "y = (x => {})\n(0)", "y = /* @__PURE__ */ ((x) => {\n})(0);\n")
-	expectPrinted(t, "y = (async () => {})\n(0)", "y = /* @__PURE__ */ (async () => {\n})(0);\n")
-	expectPrinted(t, "y = (async x => {})\n(0)", "y = /* @__PURE__ */ (async (x) => {\n})(0);\n")
-	expectPrinted(t, "y = (async (x) => {})\n(0)", "y = /* @__PURE__ */ (async (x) => {\n})(0);\n")
+	expectPrinted(t, "y = (async () => {})\n(0)", "y = (async () => {\n})(0);\n")
+	expectPrinted(t, "y = (async x => {})\n(0)", "y = (async (x) => {\n})(0);\n")
+	expectPrinted(t, "y = (async (x) => {})\n(0)", "y = (async (x) => {\n})(0);\n")
 
 	expectParseError(t, "(() => {}(0))", "<stdin>: ERROR: Expected \")\" but found \"(\"\n")
 	expectParseError(t, "(x => {}(0))", "<stdin>: ERROR: Expected \")\" but found \"(\"\n")
@@ -2463,9 +2463,9 @@ func TestArrow(t *testing.T) {
 
 	expectPrinted(t, "((() => {})\n(0))", "/* @__PURE__ */ (() => {\n})(0);\n")
 	expectPrinted(t, "((x => {})\n(0))", "/* @__PURE__ */ ((x) => {\n})(0);\n")
-	expectPrinted(t, "((async () => {})\n(0))", "/* @__PURE__ */ (async () => {\n})(0);\n")
-	expectPrinted(t, "((async x => {})\n(0))", "/* @__PURE__ */ (async (x) => {\n})(0);\n")
-	expectPrinted(t, "((async (x) => {})\n(0))", "/* @__PURE__ */ (async (x) => {\n})(0);\n")
+	expectPrinted(t, "((async () => {})\n(0))", "(async () => {\n})(0);\n")
+	expectPrinted(t, "((async x => {})\n(0))", "(async (x) => {\n})(0);\n")
+	expectPrinted(t, "((async (x) => {})\n(0))", "(async (x) => {\n})(0);\n")
 
 	expectParseError(t, "y = (() => {}(0))", "<stdin>: ERROR: Expected \")\" but found \"(\"\n")
 	expectParseError(t, "y = (x => {}(0))", "<stdin>: ERROR: Expected \")\" but found \"(\"\n")
@@ -2487,9 +2487,9 @@ func TestArrow(t *testing.T) {
 
 	expectPrinted(t, "y = ((() => {})\n(0))", "y = /* @__PURE__ */ (() => {\n})(0);\n")
 	expectPrinted(t, "y = ((x => {})\n(0))", "y = /* @__PURE__ */ ((x) => {\n})(0);\n")
-	expectPrinted(t, "y = ((async () => {})\n(0))", "y = /* @__PURE__ */ (async () => {\n})(0);\n")
-	expectPrinted(t, "y = ((async x => {})\n(0))", "y = /* @__PURE__ */ (async (x) => {\n})(0);\n")
-	expectPrinted(t, "y = ((async (x) => {})\n(0))", "y = /* @__PURE__ */ (async (x) => {\n})(0);\n")
+	expectPrinted(t, "y = ((async () => {})\n(0))", "y = (async () => {\n})(0);\n")
+	expectPrinted(t, "y = ((async x => {})\n(0))", "y = (async (x) => {\n})(0);\n")
+	expectPrinted(t, "y = ((async (x) => {})\n(0))", "y = (async (x) => {\n})(0);\n")
 }
 
 func TestTemplate(t *testing.T) {
@@ -4412,14 +4412,14 @@ func TestMangleIIFE(t *testing.T) {
 	expectPrintedNormalAndMangle(t, "(() => { return a() })()", "(() => {\n  return a();\n})();\n", "a();\n")
 	expectPrintedNormalAndMangle(t, "(() => { let b = a; b() })()", "(() => {\n  let b = a;\n  b();\n})();\n", "a();\n")
 	expectPrintedNormalAndMangle(t, "(() => { let b = a; return b() })()", "(() => {\n  let b = a;\n  return b();\n})();\n", "a();\n")
-	expectPrintedNormalAndMangle(t, "(async () => {})()", "/* @__PURE__ */ (async () => {\n})();\n", "")
+	expectPrintedNormalAndMangle(t, "(async () => {})()", "(async () => {\n})();\n", "")
 	expectPrintedNormalAndMangle(t, "(async () => { a() })()", "(async () => {\n  a();\n})();\n", "(async () => a())();\n")
 	expectPrintedNormalAndMangle(t, "(async () => { let b = a; b() })()", "(async () => {\n  let b = a;\n  b();\n})();\n", "(async () => a())();\n")
 
 	expectPrintedNormalAndMangle(t, "var a = (function() {})()", "var a = /* @__PURE__ */ function() {\n}();\n", "var a = /* @__PURE__ */ function() {\n}();\n")
 	expectPrintedNormalAndMangle(t, "(function() {})()", "/* @__PURE__ */ (function() {\n})();\n", "")
-	expectPrintedNormalAndMangle(t, "(function*() {})()", "/* @__PURE__ */ (function* () {\n})();\n", "")
-	expectPrintedNormalAndMangle(t, "(async function() {})()", "/* @__PURE__ */ (async function() {\n})();\n", "")
+	expectPrintedNormalAndMangle(t, "(function*() {})()", "(function* () {\n})();\n", "")
+	expectPrintedNormalAndMangle(t, "(async function() {})()", "(async function() {\n})();\n", "")
 	expectPrintedNormalAndMangle(t, "(function() { a() })()", "(function() {\n  a();\n})();\n", "(function() {\n  a();\n})();\n")
 	expectPrintedNormalAndMangle(t, "(function*() { a() })()", "(function* () {\n  a();\n})();\n", "(function* () {\n  a();\n})();\n")
 	expectPrintedNormalAndMangle(t, "(async function() { a() })()", "(async function() {\n  a();\n})();\n", "(async function() {\n  a();\n})();\n")
diff --git a/internal/js_printer/js_printer.go b/internal/js_printer/js_printer.go
index 4011815bc94..dc74f791f03 100644
--- a/internal/js_printer/js_printer.go
+++ b/internal/js_printer/js_printer.go
@@ -2358,7 +2358,11 @@ func (p *printer) printExpr(expr js_ast.Expr, level js_ast.L, flags printExprFla
 
 			// Inline IIFEs that return expressions at print time
 			if len(e.Args) == 0 {
-				if arrow, ok := e.Target.Data.(*js_ast.EArrow); ok && len(arrow.Args) == 0 {
+				// Note: Do not inline async arrow functions as they are not IIFEs. In
+				// particular, they are not necessarily invoked immediately, and any
+				// exceptions involved in their evaluation will be swallowed without
+				// bubbling up to the surrounding context.
+				if arrow, ok := e.Target.Data.(*js_ast.EArrow); ok && len(arrow.Args) == 0 && !arrow.IsAsync {
 					stmts := arrow.Body.Block.Stmts
 
 					// "(() => {})()" => "void 0"