diff --git a/src/plugins/core/cell.ts b/src/plugins/core/cell.ts
index f1267d9a6c..4850d78a56 100644
--- a/src/plugins/core/cell.ts
+++ b/src/plugins/core/cell.ts
@@ -266,9 +266,6 @@ export class CellPlugin extends CorePlugin<CoreState> implements CoreState {
           format: cell.format ? getItemId<Format>(cell.format, formats) : undefined,
           content: cell.content || undefined,
         };
-        if (cell instanceof FormulaCellWithDependencies) {
-          cells[xc].content = cell.contentWithFixedReferences || undefined;
-        }
       }
       _sheet.cells = cells;
     }
@@ -657,7 +654,7 @@ export class CellPlugin extends CorePlugin<CoreState> implements CoreState {
   }
 }
 
-class FormulaCellWithDependencies implements FormulaCell {
+export class FormulaCellWithDependencies implements FormulaCell {
   readonly isFormula = true;
   readonly compiledFormula: RangeCompiledFormula;
   constructor(
diff --git a/src/plugins/ui_core_views/cell_evaluation/evaluation_plugin.ts b/src/plugins/ui_core_views/cell_evaluation/evaluation_plugin.ts
index 1757866a38..3f30cc1b08 100644
--- a/src/plugins/ui_core_views/cell_evaluation/evaluation_plugin.ts
+++ b/src/plugins/ui_core_views/cell_evaluation/evaluation_plugin.ts
@@ -18,6 +18,7 @@ import {
   Zone,
   invalidateDependenciesCommands,
 } from "../../../types/index";
+import { FormulaCellWithDependencies } from "../../core";
 import { UIPlugin, UIPluginConfig } from "../../ui_plugin";
 import { CoreViewCommand, invalidateEvaluationCommands } from "./../../../types/commands";
 import { Evaluator } from "./evaluator";
@@ -281,7 +282,6 @@ export class EvaluationPlugin extends UIPlugin {
       const evaluatedCell = this.evaluator.getEvaluatedCell(position);
 
       const xc = toXC(position.col, position.row);
-
       const value = evaluatedCell.value;
       let isFormula = false;
       let newContent: string | undefined = undefined;
@@ -305,7 +305,12 @@ export class EvaluationPlugin extends UIPlugin {
       const format = newFormat
         ? getItemId<Format>(newFormat, data.formats)
         : exportedCellData.format;
-      const content = !isExported ? newContent : exportedCellData.content;
+      let content;
+      if (formulaCell instanceof FormulaCellWithDependencies) {
+        content = formulaCell.contentWithFixedReferences;
+      } else {
+        content = !isExported ? newContent : exportedCellData.content;
+      }
       exportedSheetData.cells[xc] = { ...exportedCellData, value, isFormula, content, format };
     }
   }
diff --git a/tests/model/__snapshots__/model.test.ts.snap b/tests/model/__snapshots__/model.test.ts.snap
new file mode 100644
index 0000000000..a734a0f311
--- /dev/null
+++ b/tests/model/__snapshots__/model.test.ts.snap
@@ -0,0 +1,56 @@
+// Jest Snapshot v1, https://goo.gl/fbAQLP
+
+exports[`Model export formula with unbound zone stays unbound 1`] = `
+{
+  "borders": {},
+  "formats": {},
+  "revisionId": "START_REVISION",
+  "settings": {
+    "locale": {
+      "code": "en_US",
+      "dateFormat": "m/d/yyyy",
+      "decimalSeparator": ".",
+      "formulaArgSeparator": ",",
+      "name": "English (US)",
+      "thousandsSeparator": ",",
+      "timeFormat": "hh:mm:ss a",
+    },
+  },
+  "sheets": [
+    {
+      "areGridLinesVisible": true,
+      "cells": {
+        "A1": {
+          "content": "=SUM(A3:3)",
+          "format": undefined,
+          "style": undefined,
+        },
+        "A2": {
+          "content": "=SUM(A3:A)",
+          "format": undefined,
+          "style": undefined,
+        },
+      },
+      "colNumber": 26,
+      "cols": {},
+      "conditionalFormats": [],
+      "dataValidationRules": [],
+      "figures": [],
+      "filterTables": [],
+      "headerGroups": {
+        "COL": [],
+        "ROW": [],
+      },
+      "id": "Sheet1",
+      "isVisible": true,
+      "merges": [],
+      "name": "Sheet1",
+      "rowNumber": 100,
+      "rows": {},
+    },
+  ],
+  "styles": {},
+  "uniqueFigureIds": true,
+  "version": 14,
+}
+`;
diff --git a/tests/model/model.test.ts b/tests/model/model.test.ts
index 4434ed02d1..01425c0b95 100644
--- a/tests/model/model.test.ts
+++ b/tests/model/model.test.ts
@@ -342,4 +342,19 @@ describe("Model", () => {
       "5"
     );
   });
+
+  test("export formula with unbound zone stays unbound", () => {
+    const modelData = {
+      sheets: [
+        {
+          cells: {
+            A1: { content: "=SUM(A3:3)" },
+            A2: { content: "=SUM(A3:A)" },
+          },
+        },
+      ],
+    };
+    const model = new Model(modelData);
+    expect(model.exportData()).toMatchSnapshot();
+  });
 });