diff --git a/.changeset/itchy-grapes-do.md b/.changeset/itchy-grapes-do.md
new file mode 100644
index 0000000000..398c5491d8
--- /dev/null
+++ b/.changeset/itchy-grapes-do.md
@@ -0,0 +1,5 @@
+---
+'hive': patch
+---
+
+Fix operation insights showing loading for missing operations
diff --git a/packages/web/app/src/pages/target-insights-operation.tsx b/packages/web/app/src/pages/target-insights-operation.tsx
index 5cef856c24..4c8cd49f46 100644
--- a/packages/web/app/src/pages/target-insights-operation.tsx
+++ b/packages/web/app/src/pages/target-insights-operation.tsx
@@ -33,7 +33,7 @@ function GraphQLOperationBody(props: {
     return <GraphQLHighlight className="pt-6" code={operation.body} />;
   }
 
-  return <div>Loading...</div>;
+  return <div>Operation not found.</div>;
 }
 
 const Operation_View_OperationBodyQuery = graphql(`
@@ -147,7 +147,11 @@ function OperationView({
       )}
       <div className="mt-12 w-full rounded-md border border-gray-800 bg-gray-900/50 p-5">
         <Section.Title>Operation body</Section.Title>
-        <GraphQLOperationBody operation={result.data?.target?.operation ?? null} />
+        {result.fetching ? (
+          <div>Loading...</div>
+        ) : (
+          <GraphQLOperationBody operation={result.data?.target?.operation ?? null} />
+        )}
       </div>
     </>
   );