diff --git a/graphify/analyze.py b/graphify/analyze.py
index 4be1a401c..0d4bbe4c9 100644
--- a/graphify/analyze.py
+++ b/graphify/analyze.py
@@ -663,6 +663,11 @@ def _endpoint_source_file(node_id: str) -> str:
         if rel not in ("imports_from", "re_exports"):
             continue
 
+        # Deferred `import(...)` edges are real dependencies but do not form a
+        # hard file-level cycle, so they are excluded from cycle detection (#1241).
+        if data.get("deferred"):
+            continue
+
         src_file_attr = data.get("source_file", "")
         if not isinstance(src_file_attr, str) or not src_file_attr:
             continue
diff --git a/graphify/extract.py b/graphify/extract.py
index 267cf3664..0d857acec 100644
--- a/graphify/extract.py
+++ b/graphify/extract.py
@@ -1922,8 +1922,13 @@ def _dynamic_import_js(node, source: bytes, caller_nid: str, str_path: str, edge
             edges.append({
                 "source": caller_nid,
                 "target": tgt_nid,
+                # A deferred `import(...)` is a real dependency, so keep it as an
+                # `imports_from` edge (visible in the graph) but mark it `deferred`
+                # so find_import_cycles does not treat it as a static import and
+                # report a phantom file cycle (#1241).
                 "relation": "imports_from",
                 "context": "import",
+                "deferred": True,
                 "confidence": "EXTRACTED",
                 "source_file": str_path,
                 "source_location": f"L{node.start_point[0] + 1}",
diff --git a/tests/test_js_import_resolution.py b/tests/test_js_import_resolution.py
index f5f892c6f..b8314a971 100644
--- a/tests/test_js_import_resolution.py
+++ b/tests/test_js_import_resolution.py
@@ -404,6 +404,52 @@ def test_svelte_rune_import_resolves_svelte_ts_file(tmp_path: Path):
     assert _has_edge(result, "src/routes/page.ts", "src/lib/hooks/is-mobile.svelte.ts")
 
 
+def test_ts_dynamic_import_does_not_create_phantom_cycle(tmp_path: Path):
+    # A deferred `import('./x')` is not a static import: it must be emitted as a
+    # `dynamic_import` edge (like the Svelte/Astro/Vue emitters), not
+    # `imports_from`. Otherwise two files that reference each other via one static
+    # import + one dynamic import are reported as a phantom circular dependency.
+    # Regression test for #1241.
+    import networkx as nx
+
+    from graphify.analyze import find_import_cycles
+
+    actions = _write(
+        tmp_path / "actions.ts",
+        'export function doThing() {}\n'
+        'export async function lazy() {\n'
+        '  const m = await import("./modal");\n'
+        '  return m.openModal();\n'
+        '}\n',
+    )
+    modal = _write(
+        tmp_path / "modal.ts",
+        'import { doThing } from "./actions";\n'
+        'export function openModal() { doThing(); }\n',
+    )
+
+    result = _extract_for([actions, modal], tmp_path)
+
+    # The deferred import() edge stays in the graph as an `imports_from` edge
+    # marked `deferred` (the dependency remains visible); the real static import
+    # (modal.ts -> actions.ts) is unaffected.
+    deferred = [edge for edge in result["edges"] if edge.get("deferred")]
+    assert deferred and all(edge["relation"] == "imports_from" for edge in deferred)
+    assert _has_edge(result, "modal.ts", "actions.ts", "imports_from")
+
+    # End to end: the deferred import must not manufacture a file cycle.
+    graph = nx.DiGraph()
+    for node in result["nodes"]:
+        graph.add_node(node["id"], **{k: v for k, v in node.items() if k != "id"})
+    for edge in result["edges"]:
+        graph.add_edge(
+            edge["source"],
+            edge["target"],
+            **{k: v for k, v in edge.items() if k not in ("source", "target")},
+        )
+    assert find_import_cycles(graph) == []
+
+
 def test_tsconfig_alias_import_resolves_existing_ts_file(tmp_path: Path):
     _write(
         tmp_path / "tsconfig.json",