diff --git a/frontend/src/__tests__/riexchange.test.ts b/frontend/src/__tests__/riexchange.test.ts
index e9f42d41c..4167aaff0 100644
--- a/frontend/src/__tests__/riexchange.test.ts
+++ b/frontend/src/__tests__/riexchange.test.ts
@@ -820,6 +820,48 @@ describe('reshape recommendations empty state', () => {
     expect(recsEl.textContent).toContain('1 convertible RI ');
     expect(recsEl.textContent).not.toContain('none are registered');
   });
+
+  // Issue #1135: the three loads race. An empty reshape response that lands
+  // before the RI list must not keep the previous scope's count.
+  it('re-renders the empty-state count when recommendations resolve before the RI list', async () => {
+    (api.listConvertibleRIs as jest.Mock).mockResolvedValueOnce([sampleRI]);
+    await loadRIExchange();
+    expect(recsEl.textContent).toContain('All 1 convertible RI ');
+
+    let releaseRIs: (v: unknown) => void = () => undefined;
+    (api.listConvertibleRIs as jest.Mock).mockReturnValueOnce(new Promise(r => { releaseRIs = r; }));
+    const reload = loadRIExchange();
+    await new Promise(r => setTimeout(r, 0));
+    // Recommendations are in, RIs are not: no stale "All 1" claim.
+    expect(api.getReshapeRecommendations).toHaveBeenCalledTimes(2);
+    expect(recsEl.textContent).not.toContain('All 1 convertible RI');
+    expect(recsEl.textContent).toContain('No reshape recommendations right now.');
+
+    releaseRIs([sampleRI, { ...sampleRI, reserved_instance_id: 'ri-2' }, { ...sampleRI, reserved_instance_id: 'ri-3' }]);
+    await reload;
+    expect(recsEl.textContent).toContain('All 3 convertible RIs meet your utilization threshold');
+  });
+
+  it('does not quote a count from a failed RI load', async () => {
+    (api.listConvertibleRIs as jest.Mock).mockResolvedValueOnce([sampleRI]);
+    await loadRIExchange();
+    (api.listConvertibleRIs as jest.Mock).mockRejectedValueOnce(new Error('boom'));
+    await loadRIExchange();
+    expect(recsEl.textContent).toContain('No reshape recommendations right now.');
+    expect(recsEl.textContent).not.toContain('convertible RI');
+  });
+
+  it('keeps the error from a failed reshape load after the RI list arrives', async () => {
+    let releaseRIs: (v: unknown) => void = () => undefined;
+    (api.listConvertibleRIs as jest.Mock).mockReturnValueOnce(new Promise(r => { releaseRIs = r; }));
+    (api.getReshapeRecommendations as jest.Mock).mockRejectedValueOnce(new Error('ce down'));
+    const reload = loadRIExchange();
+    await new Promise(r => setTimeout(r, 0));
+    releaseRIs([sampleRI]);
+    await reload;
+    expect(recsEl.querySelector('.error')?.textContent).toContain('Failed to load recommendations: ce down');
+    expect(recsEl.textContent).not.toContain('utilization threshold');
+  });
 });
 
 // Staleness banner tests for issue #150.
diff --git a/frontend/src/riexchange.ts b/frontend/src/riexchange.ts
index 4b0855f7b..f334d7639 100644
--- a/frontend/src/riexchange.ts
+++ b/frontend/src/riexchange.ts
@@ -35,6 +35,11 @@ import { getCurrentUser } from './state';
 
 // Module state
 let currentRIs: ConvertibleRI[] = [];
+// True once currentRIs holds the convertible-RI list of the scope being
+// shown. The reshape empty state only quotes currentRIs.length while this is
+// set, so it never prints the previous scope's count, or a count from a list
+// that failed to load (issue #1135).
+let currentRIsLoaded = false;
 let currentUtilization: Map<string, RIUtilization> = new Map();
 let currentRecommendations: ReshapeRecommendation[] = [];
 const exchangePaymentPattern = /^\d+(?:\.\d+)?$/;
@@ -107,6 +112,7 @@ export async function loadRIExchange(): Promise<void> {
     if (generation !== scopeGeneration) return;
     utilizationGeneration++;
     currentRIs = [];
+    currentRIsLoaded = false;
     currentUtilization = new Map();
     currentRecommendations = [];
     currentRIAccountID = undefined;
@@ -141,11 +147,17 @@ export async function loadRIExchange(): Promise<void> {
   }
 
   // AWS (default / empty provider): full convertible-RI flow.
-  await Promise.all([
+  const [, recsLoaded] = await Promise.all([
     loadConvertibleRIs(accountID, generation),
     loadReshapeRecommendations(generation),
     loadExchangeHistory(generation),
   ]);
+  // The three loads race. When the reshape list came back empty before the
+  // RI list, its empty state was written without this scope's RI count, so
+  // render it again now that both are in. A failed reshape load keeps its
+  // error message (issue #1135).
+  if (generation !== scopeGeneration) return;
+  if (recsLoaded && currentRecommendations.length === 0) rerenderReshape();
 }
 
 /**
@@ -155,6 +167,7 @@ export async function loadRIExchange(): Promise<void> {
  */
 function renderGCPEmptyStates(): void {
   currentRIs = [];
+  currentRIsLoaded = false;
   currentUtilization = new Map();
   currentRecommendations = [];
   currentRIAccountID = undefined;
@@ -301,6 +314,7 @@ async function loadConvertibleRIs(accountID?: string, generation: number = scope
   showSkeletonRows(container, 3, 8);
 
   currentRIAccountID = accountID;
+  currentRIsLoaded = false;
 
   try {
     // issue #871: scope to the selected account so the page honours the
@@ -308,6 +322,7 @@ async function loadConvertibleRIs(accountID?: string, generation: number = scope
     const ris = await api.listConvertibleRIs(accountID);
     if (generation !== scopeGeneration) return;
     currentRIs = ris;
+    currentRIsLoaded = true;
     renderRIsTable(container, accountID);
     // Load utilization asynchronously (Cost Explorer is slow)
     utilizationGeneration++;
@@ -339,6 +354,7 @@ async function loadExchangeableAzureRIs(accountID: string | undefined, generatio
   // later provider switch back to AWS starts clean and reshape copy that
   // reads currentRIs.length isn't skewed by stale AWS rows.
   currentRIs = [];
+  currentRIsLoaded = false;
   currentUtilization = new Map();
   currentRIAccountID = undefined;
 
@@ -521,9 +537,11 @@ function appendAzureCell(tr: HTMLTableRowElement, text: string): void {
 // Reshape recommendations
 // ──────────────────────────────────────────────
 
-export async function loadReshapeRecommendations(generation: number = scopeGeneration): Promise<void> {
+// Resolves true when this call rendered a fresh reshape list (empty or not),
+// false when it was superseded, failed, or had nowhere to render.
+export async function loadReshapeRecommendations(generation: number = scopeGeneration): Promise<boolean> {
   const container = document.getElementById('ri-exchange-recommendations-list');
-  if (!container) return;
+  if (!container) return false;
 
   // Issue #344 T3: skeleton rows for the reshape-recommendations table.
   // 3 rows × 8 cols matches the rendered table shape — see
@@ -533,17 +551,19 @@ export async function loadReshapeRecommendations(generation: number = scopeGener
 
   try {
     const resp: ReshapeRecommendationsResponse = await api.getReshapeRecommendations();
-    if (generation !== scopeGeneration) return;
+    if (generation !== scopeGeneration) return false;
     currentRecommendations = resp.recommendations ?? [];
     renderRecommendations(container);
     renderReshapeStalenessBanner(resp.recs_staleness, resp.recs_collected_at);
     renderExcludedRIsNotice(resp.excluded_ris);
+    return true;
   } catch (error) {
-    if (generation !== scopeGeneration) return;
+    if (generation !== scopeGeneration) return false;
     teardownSkeleton(container);
     renderExcludedRIsNotice(undefined);
     const err = error as Error;
     container.innerHTML = `<p class="error">Failed to load recommendations: ${escapeHtml(err.message)}</p>`;
+    return false;
   }
 }
 
@@ -1359,9 +1379,13 @@ function renderRecommendations(container: HTMLElement): void {
     // contains convertibles to be utilized. Prior to this commit the same
     // message fired regardless of fleet presence, so a brand-new tenant saw
     // a claim about utilization of a non-existent fleet.
-    const copy = currentRIs.length === 0
-      ? 'Reshape recommendations appear once your accounts have active convertible Reserved Instances — none are registered yet.'
-      : `All ${currentRIs.length} convertible RI${currentRIs.length === 1 ? '' : 's'} meet your utilization threshold. No reshape needed.`;
+    // Until this scope's RI list is in (or when it failed to load), say
+    // nothing about the fleet rather than quote a stale count (#1135).
+    const copy = !currentRIsLoaded
+      ? 'No reshape recommendations right now.'
+      : currentRIs.length === 0
+        ? 'Reshape recommendations appear once your accounts have active convertible Reserved Instances — none are registered yet.'
+        : `All ${currentRIs.length} convertible RI${currentRIs.length === 1 ? '' : 's'} meet your utilization threshold. No reshape needed.`;
     container.innerHTML = `<p class="empty">${escapeHtml(copy)}</p>`;
     return;
   }