diff --git a/crates/cli-support/src/js/mod.rs b/crates/cli-support/src/js/mod.rs
index f2a31793c..8d6d28457 100644
--- a/crates/cli-support/src/js/mod.rs
+++ b/crates/cli-support/src/js/mod.rs
@@ -418,27 +418,32 @@ impl<'a> Context<'a> {
         let mut js = if self.config.no_modules {
             format!(
                     "\
-                    (function() {{
-                        var wasm;
-                        const __exports = {{}};
-                        {globals}
-                        function init(wasm_path) {{
-                            const fetchPromise = fetch(wasm_path);
-                            let resultPromise;
-                            if (typeof WebAssembly.instantiateStreaming === 'function') {{
-                                resultPromise = WebAssembly.instantiateStreaming(fetchPromise, {{ './{module}': __exports }});
-                            }} else {{
-                                resultPromise = fetchPromise
-                                    .then(response => response.arrayBuffer())
-                                    .then(buffer => WebAssembly.instantiate(buffer, {{ './{module}': __exports }}));
-                            }}
-                            return resultPromise.then(({{instance}}) => {{
-                                wasm = init.wasm = instance.exports;
-                                return;
-                            }});
-                        }};
-                        self.{global_name} = Object.assign(init, __exports);
-                    }})();",
+(function() {{
+    var wasm;
+    const __exports = {{}};
+    {globals}
+    function init(path_or_module) {{
+        let instantiation;
+        const imports = {{ './{module}': __exports }};
+        if (path_or_module instanceof WebAssembly.Module) {{
+            instantiation = WebAssembly.instantiate(path_or_module, imports);
+        }} else {{
+            const data = fetch(path_or_module);
+            if (typeof WebAssembly.instantiateStreaming === 'function') {{
+                instantiation = WebAssembly.instantiateStreaming(data, imports);
+            }} else {{
+                instantiation = data
+                    .then(response => response.arrayBuffer())
+                    .then(buffer => WebAssembly.instantiate(buffer, imports));
+            }}
+        }}
+        return instantiation.then(({{instance}}) => {{
+            wasm = init.wasm = instance.exports;
+            return;
+        }});
+    }};
+    self.{global_name} = Object.assign(init, __exports);
+}})();",
                     globals = self.globals,
                     module = module_name,
                     global_name = self.config.no_modules_global
diff --git a/guide/src/reference/no-esm.md b/guide/src/reference/no-esm.md
index 25465de54..79db840ce 100644
--- a/guide/src/reference/no-esm.md
+++ b/guide/src/reference/no-esm.md
@@ -59,14 +59,14 @@ for the wasm-module-to-be. The page is configured with one exported global, in
 this case `wasm_bindgen`. The name of this global can be configured with the
 `--no-modules-global` option.
 
-The global `wasm_bindgen` is a function that takes one argument, the path to the
-wasm file. When invoked `wasm_bindgen` will return a promise for when the wasm
-file is ready-to-go. After that all exported functionality on
-`wasm_bindgen` will be functional.
+The global `wasm_bindgen` is a function that takes one argument: either the path
+to the wasm file to fetch or a `WebAssembly.Module`. When invoked `wasm_bindgen`
+will return a promise for when the wasm module is ready-to-go. After that all
+exported functionality on `wasm_bindgen` will be functional.
 
 In the example above, after calling `wasm_bindgen('./hello_bg.wasm')` we wait
-for the wasm module to be compiled, and afterwards we're invoking our `greet`
-export.
+for the wasm module to be fetched and compiled, and afterwards we're invoking
+our `greet` export.
 
 Note that exports are available for binding before the wasm module has been
 instantiated, for example this would have also worked: