diff --git a/packages/markdown-preview/lib/markdown-preview-view.js b/packages/markdown-preview/lib/markdown-preview-view.js
index 34e964f16..78a222efc 100644
--- a/packages/markdown-preview/lib/markdown-preview-view.js
+++ b/packages/markdown-preview/lib/markdown-preview-view.js
@@ -274,7 +274,22 @@ module.exports = class MarkdownPreviewView {
     return this.getMarkdownSource()
       .then(source => {
         if (source != null) {
-          return this.renderMarkdownText(source)
+          if (this.loaded) {
+            return this.renderMarkdownText(source);
+          } else {
+            // If we haven't loaded yet, defer before we render the Markdown
+            // for the first time. This allows the pane to appear and to
+            // display the loading indicator. Otherwise the first render
+            // happens before the pane is even visible.
+            //
+            // This doesn't slow anything down; it just shifts the work around
+            // so that the pane appears earlier in the cycle.
+            return new Promise((resolve) => {
+              setTimeout(() => {
+                resolve(this.renderMarkdownText(source))
+              }, 0)
+            })
+          }
         }
       })
       .catch(reason => this.showError({ message: reason }))
@@ -339,6 +354,7 @@ module.exports = class MarkdownPreviewView {
       })
 
       await done(this.element)
+      this.element.classList.remove('loading')
 
       this.emitter.emit('did-change-markdown')
       this.element.scrollTop = scrollTop
@@ -444,11 +460,7 @@ module.exports = class MarkdownPreviewView {
 
   showLoading() {
     this.loading = true
-    this.element.textContent = ''
-    const div = document.createElement('div')
-    div.classList.add('markdown-spinner')
-    div.textContent = 'Loading Markdown\u2026'
-    this.element.appendChild(div)
+    this.element.classList.add('loading')
   }
 
   selectAll() {
diff --git a/packages/markdown-preview/spec/markdown-preview-spec.js b/packages/markdown-preview/spec/markdown-preview-spec.js
index 8ea5bed7c..64627bcf3 100644
--- a/packages/markdown-preview/spec/markdown-preview-spec.js
+++ b/packages/markdown-preview/spec/markdown-preview-spec.js
@@ -41,6 +41,13 @@ describe('Markdown Preview', function () {
           .getActiveItem())
     )
 
+    waitsFor(
+      'preview to finish loading',
+      () => {
+        return !preview.element.classList.contains('loading')
+      }
+    )
+
     runs(() => {
       expect(preview).toBeInstanceOf(MarkdownPreviewView)
       expect(preview.getPath()).toBe(
diff --git a/packages/markdown-preview/styles/markdown-preview.less b/packages/markdown-preview/styles/markdown-preview.less
index 0853c74ef..8e44e81b6 100644
--- a/packages/markdown-preview/styles/markdown-preview.less
+++ b/packages/markdown-preview/styles/markdown-preview.less
@@ -2,6 +2,7 @@
 // Global Markdown Preview styles
 
 .markdown-preview {
+  contain: paint;
 
   // Hide a `pre` that comes directly after an `atom-text-editor` because the
   // `atom-text-editor` is the syntax-highlighted representation.
@@ -35,14 +36,38 @@
   .task-list-item {
     list-style-type: none;
   }
+
+  &.loading {
+    display: flex;
+    flex-direction: column;
+    justify-content: center;
+
+    // `.loading` on the preview element automatically shows the spinner/text.
+    // We add a slight animation delay so that, when the preview content is
+    // quick to appear (as usually happens), the spinner won't be shown. It
+    // only shows up when preview content takes a while to render.
+    &:before {
+      display: block;
+      content: 'Loading Markdown…';
+      margin: auto;
+      background-image: url(images/octocat-spinner-128.gif);
+      background-repeat: no-repeat;
+      background-size: 64px;
+      background-position: top center;
+      padding-top: 70px;
+      text-align: center;
+      opacity: 0;
+      animation-duration: 1s;
+      animation-name: appear-after-short-delay;
+      animation-delay: 0.75s;
+      animation-fill-mode: forwards;
+    }
+  }
 }
 
-.markdown-spinner {
-  margin: auto;
-  background-image: url(images/octocat-spinner-128.gif);
-  background-repeat: no-repeat;
-  background-size: 64px;
-  background-position: top center;
-  padding-top: 70px;
-  text-align: center;
+// Not an actual animation; we just use an animation so that it can appear
+// after a short delay.
+@keyframes appear-after-short-delay {
+  0% { opacity: 1; }
+  100% { opacity: 1; }
 }