diff --git a/src/use-query.spec.ts b/src/use-query.spec.ts
index c62f1a4..0fb2fcc 100644
--- a/src/use-query.spec.ts
+++ b/src/use-query.spec.ts
@@ -567,6 +567,45 @@ describe('useQuery', () => {
       })
       expect(cache.getQueryData(['id'])).toBe(42)
     })
+
+    it('uses the placeholderData immediately after changing the key', async () => {
+      const key = ref(1)
+      const placeholderData = { data: 'ok' }
+      const { wrapper } = mountSimple({
+        key: () => [key.value],
+        query: async () => ({ data: 'done' }),
+        placeholderData,
+      })
+
+      await flushPromises()
+
+      key.value++
+      await nextTick()
+      expect(wrapper.vm.data).toBe(placeholderData)
+      await flushPromises()
+      expect(wrapper.vm.data).not.toBe(placeholderData)
+      key.value++
+      expect(wrapper.vm.data).toBe(placeholderData)
+    })
+
+    // NOTE: same as above but added for regression testing
+    // https://github.com/posva/pinia-colada/issues/154
+    it('uses the placeholderData even if the query is invalidated after after changing the key', async () => {
+      const key = ref(1)
+      const placeholderData = { data: 'ok' }
+      const { wrapper } = mountSimple({
+        key: () => ['common', key.value],
+        query: async () => ({ data: 'done' }),
+        placeholderData,
+      })
+      const queryCache = useQueryCache()
+
+      await flushPromises()
+
+      key.value++
+      queryCache.invalidateQueries({ key: ['common'] })
+      expect(wrapper.vm.data).toBe(placeholderData)
+    })
   })
 
   describe('refresh data', () => {
diff --git a/src/use-query.ts b/src/use-query.ts
index 41721f9..2a66f8d 100644
--- a/src/use-query.ts
+++ b/src/use-query.ts
@@ -268,7 +268,11 @@ export function useQuery<
 
       if (toValue(enabled)) refresh()
     },
-    { immediate: true },
+    {
+      immediate: true,
+      // We need to set the placeholderData immediately to avoid an undefined value
+      flush: 'sync',
+    },
   )
 
   // avoid adding a watcher if enabled cannot change