diff --git a/lib/internal/modules/esm/hooks.js b/lib/internal/modules/esm/hooks.js
index 8ad0263e49d724..109342e1d99c86 100644
--- a/lib/internal/modules/esm/hooks.js
+++ b/lib/internal/modules/esm/hooks.js
@@ -122,15 +122,16 @@ class Hooks {
    * Import and register custom/user-defined module loader hook(s).
    * @param {string} urlOrSpecifier
    * @param {string} parentURL
+   * @param {any} data
    */
-  async register(urlOrSpecifier, parentURL) {
+  async register(urlOrSpecifier, parentURL, data) {
     const moduleLoader = require('internal/process/esm_loader').esmLoader;
     const keyedExports = await moduleLoader.import(
       urlOrSpecifier,
       parentURL,
       kEmptyObject,
     );
-    this.addCustomLoader(urlOrSpecifier, keyedExports);
+    return await this.addCustomLoader(urlOrSpecifier, keyedExports, data);
   }
 
   allowImportMetaResolve() {
@@ -142,12 +143,14 @@ class Hooks {
    * After all hooks have been collected, the global preload hook(s) must be initialized.
    * @param {string} url Custom loader specifier
    * @param {Record<string, unknown>} exports
+   * @param {any} data Arbitrary data to pass to loader's `initialize`
    */
-  addCustomLoader(url, exports) {
+  async addCustomLoader(url, exports, data) {
     const {
       globalPreload,
       resolve,
       load,
+      initialize,
     } = pluckHooks(exports);
 
     if (globalPreload) {
@@ -162,6 +165,9 @@ class Hooks {
       const next = this.#chains.load[this.#chains.load.length - 1];
       ArrayPrototypePush(this.#chains.load, { fn: load, url, next });
     }
+    if (initialize) {
+      return await initialize(data);
+    }
   }
 
   /**
@@ -549,7 +555,7 @@ class HooksProxy {
     }
   }
 
-  async makeAsyncRequest(method, ...args) {
+  async makeAsyncRequest(method, args, transferList) {
     this.#waitForWorker();
 
     MessageChannel ??= require('internal/worker/io').MessageChannel;
@@ -557,7 +563,10 @@ class HooksProxy {
 
     // Pass work to the worker.
     debug('post async message to worker', { method, args });
-    this.#worker.postMessage({ method, args, port: asyncCommChannel.port2 }, [asyncCommChannel.port2]);
+    const finalTransferList = transferList ?
+      [asyncCommChannel.port2, ...transferList] :
+      [asyncCommChannel.port2]
+    this.#worker.postMessage({ method, args, port: asyncCommChannel.port2 }, finalTransferList);
 
     if (this.#numberOfPendingAsyncResponses++ === 0) {
       // On the next lines, the main thread will await a response from the worker thread that might
@@ -589,12 +598,12 @@ class HooksProxy {
     return body;
   }
 
-  makeSyncRequest(method, ...args) {
+  makeSyncRequest(method, args, transferList) {
     this.#waitForWorker();
 
     // Pass work to the worker.
-    debug('post sync message to worker', { method, args });
-    this.#worker.postMessage({ method, args });
+    debug('post sync message to worker', { method, args, transferList });
+    this.#worker.postMessage({ method, args }, transferList);
 
     let response;
     do {
@@ -675,6 +684,7 @@ function pluckHooks({
   globalPreload,
   resolve,
   load,
+  initialize,
 }) {
   const acceptedHooks = { __proto__: null };
 
@@ -688,6 +698,10 @@ function pluckHooks({
     acceptedHooks.load = load;
   }
 
+  if (initialize) {
+    acceptedHooks.initialize = initialize;
+  }
+
   return acceptedHooks;
 }
 
diff --git a/lib/internal/modules/esm/loader.js b/lib/internal/modules/esm/loader.js
index 5f8824a1bce647..b6faf6065b50de 100644
--- a/lib/internal/modules/esm/loader.js
+++ b/lib/internal/modules/esm/loader.js
@@ -66,10 +66,11 @@ class HooksProxyLoaderDelegate {
    *                                   be registered.
    * @param {string} parentURL The parent URL from where the loader will be
    *                           registered if using it package name as specifier
+   * @param {any} data Arbitrary data to be passed to the loader
    * @returns {{ format: string, url: URL['href'] }}
    */
-  register(originalSpecifier, parentURL) {
-    return hooksProxy.makeSyncRequest('register', originalSpecifier, parentURL);
+  register(originalSpecifier, parentURL, data, transferList) {
+    return hooksProxy.makeSyncRequest('register', [originalSpecifier, parentURL, data], transferList);
   }
 
   /**
@@ -83,9 +84,9 @@ class HooksProxyLoaderDelegate {
    */
   resolve(originalSpecifier, parentURL, importAssertions) {
     if (importAssertions && importAssertions[kResolveSync]) {
-      return hooksProxy.makeSyncRequest('resolve', originalSpecifier, parentURL, importAssertions);
+      return hooksProxy.makeSyncRequest('resolve', [originalSpecifier, parentURL, importAssertions]);
     }
-    return hooksProxy.makeAsyncRequest('resolve', originalSpecifier, parentURL, importAssertions);
+    return hooksProxy.makeAsyncRequest('resolve', [originalSpecifier, parentURL, importAssertions]);
   }
 
   /**
@@ -95,7 +96,7 @@ class HooksProxyLoaderDelegate {
    * @returns {Promise<{ format: ModuleFormat, source: ModuleSource }>}
    */
   load(url, context) {
-    return hooksProxy.makeAsyncRequest('load', url, context);
+    return hooksProxy.makeAsyncRequest('load', [url, context]);
   }
 }
 
@@ -301,15 +302,15 @@ class ModuleLoader {
     return module.getNamespace();
   }
 
-  register(specifier, parentUrl) {
+  register(specifier, parentUrl, data, transferList) {
     if (this.#delegate) {
-      return this.#delegate.register(specifier, parentUrl);
+      return this.#delegate.register(specifier, parentUrl, data, transferList);
     }
     // TODO: Consider flagging this.
     const flag = true; // getOptionValue('--experimental-loader-register');
     if (flag) {
       this.#delegate = new HooksProxyLoaderDelegate();
-      return this.register(specifier, parentUrl);
+      return this.#delegate.register(specifier, parentUrl, data, transferList);
     }
     throw new ERR_ESM_LOADER_REGISTRATION_UNAVAILABLE();
   }
@@ -420,6 +421,7 @@ function getHooksProxy() {
  * Register a single loader programmatically.
  * @param {string} specifier
  * @param {string} [parentURL]
+ * @param {any} [data]
  * @returns {void}
  * @example
  * ```js
@@ -429,9 +431,9 @@ function getHooksProxy() {
  * register(new URL('./myLoader.js', import.meta.url));
  * ```
  */
-function register(specifier, parentURL = 'data:') {
+function register(specifier, parentURL = 'data:', data = undefined, transferList = []) {
   const moduleLoader = require('internal/process/esm_loader').esmLoader;
-  moduleLoader.register(`${specifier}`, parentURL);
+  return moduleLoader.register(`${specifier}`, parentURL, data, transferList);
 }
 
 module.exports = {
diff --git a/test/es-module/test-esm-loader-hooks.mjs b/test/es-module/test-esm-loader-hooks.mjs
index 4cd1e7297c08d7..ec0c519fe5bff9 100644
--- a/test/es-module/test-esm-loader-hooks.mjs
+++ b/test/es-module/test-esm-loader-hooks.mjs
@@ -451,4 +451,65 @@ describe('Loader hooks', { concurrency: true }, () => {
     assert.strictEqual(code, 0);
     assert.strictEqual(signal, null);
   });
+
+  it('should invoke `initialize` correctly', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--experimental-loader',
+      fixtures.fileURL('/es-module-loaders/hooks-initialize.mjs'),
+      '--input-type=module',
+      '--eval',
+      `
+        import os from 'node:os';
+        import fs from 'node:fs';
+      `,
+    ]);
+
+    const lines = stdout.trim().split('\n');
+
+    assert.strictEqual(lines.length, 1);
+    assert.strictEqual(lines[0], 'hooks initialize');
+
+    assert.strictEqual(stderr, '');
+
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
+
+  it('should allow communicating with loader via `register` ports', async () => {
+    const { code, signal, stdout, stderr } = await spawnPromisified(execPath, [
+      '--no-warnings',
+      '--input-type=module',
+      '--eval',
+      `
+        import {MessageChannel} from 'node:worker_threads';
+        import {register} from 'node:module';
+        const {port1, port2} = new MessageChannel();
+        port1.on('message', (msg) => {
+          console.log('message', msg);
+        });
+        const result = register(
+          ${JSON.stringify(fixtures.fileURL('/es-module-loaders/hooks-initialize-port.mjs'))},
+          'data:',
+          port2,
+          [port2],
+        );
+        console.log('register', result);
+
+        await import('node:os');
+        port1.close();
+      `,
+    ]);
+
+    const lines = stdout.split('\n');
+
+    assert.strictEqual(lines[0], 'register ok');
+    assert.strictEqual(lines[1], 'message initialize');
+    assert.strictEqual(lines[2], 'message resolve node:os');
+
+    assert.strictEqual(stderr, '');
+
+    assert.strictEqual(code, 0);
+    assert.strictEqual(signal, null);
+  });
 });
diff --git a/test/fixtures/es-module-loaders/hooks-initialize-port.mjs b/test/fixtures/es-module-loaders/hooks-initialize-port.mjs
new file mode 100644
index 00000000000000..c522e3fa8bfd98
--- /dev/null
+++ b/test/fixtures/es-module-loaders/hooks-initialize-port.mjs
@@ -0,0 +1,17 @@
+let thePort = null;
+
+export async function initialize(port) {
+  port.postMessage('initialize');
+  thePort = port;
+  return 'ok';
+}
+
+export async function resolve(specifier, context, next) {
+  if (specifier === 'node:fs' || specifier.includes('loader')) {
+    return next(specifier);
+  }
+
+  thePort.postMessage(`resolve ${specifier}`);
+
+  return next(specifier);
+}
diff --git a/test/fixtures/es-module-loaders/hooks-initialize.mjs b/test/fixtures/es-module-loaders/hooks-initialize.mjs
new file mode 100644
index 00000000000000..bacf95a05700c0
--- /dev/null
+++ b/test/fixtures/es-module-loaders/hooks-initialize.mjs
@@ -0,0 +1,3 @@
+export async function initialize() {
+  console.log('hooks initialize');
+}
\ No newline at end of file