Index: openmp/libomptarget/include/rtl.h
===================================================================
--- openmp/libomptarget/include/rtl.h
+++ openmp/libomptarget/include/rtl.h
@@ -154,6 +154,8 @@
 
   int64_t RequiresFlags = OMP_REQ_UNDEFINED;
 
+  static thread_local llvm::SmallVector<__tgt_bin_desc*> DelayedDescs;
+
   explicit RTLsTy() = default;
 
   // Register the clauses of the requires directive.
Index: openmp/libomptarget/src/interface.cpp
===================================================================
--- openmp/libomptarget/src/interface.cpp
+++ openmp/libomptarget/src/interface.cpp
@@ -18,6 +18,9 @@
 
 #include "Utilities.h"
 
+#include "llvm/ADT/ScopeExit.h"
+#include "llvm/ADT/SmallVector.h"
+
 #include <cassert>
 #include <cstdio>
 #include <cstdlib>
@@ -35,15 +38,28 @@
 /// adds a target shared library to the target execution image
 EXTERN void __tgt_register_lib(__tgt_bin_desc *Desc) {
   TIMESCOPE();
+
+  // `RTLsTy::loadRTLs` `dlopen`s the runtime plugins, which might load other libraries finally
+  // calling `__tgt_register_lib` during their initialization.
+  // When this happens delay the loading of the libraries until the outermost call finishes,
+  // to ensure that the plugins are initialized before any library is loaded.
+  RTLsTy::DelayedDescs.push_back(Desc);
+  if(RTLsTy::DelayedDescs.size() > 1) {
+    return;
+  }
   std::call_once(PM->RTLs.InitFlag, &RTLsTy::loadRTLs, &PM->RTLs);
-  for (auto &RTL : PM->RTLs.AllRTLs) {
-    if (RTL.register_lib) {
-      if ((*RTL.register_lib)(Desc) != OFFLOAD_SUCCESS) {
-        DP("Could not register library with %s", RTL.RTLName.c_str());
+
+  for (auto* DelayedDesc: RTLsTy::DelayedDescs) {
+    for (auto &RTL : PM->RTLs.AllRTLs) {
+      if (RTL.register_lib) {
+        if ((*RTL.register_lib)(DelayedDesc) != OFFLOAD_SUCCESS) {
+          DP("Could not register library with %s", RTL.RTLName.c_str());
+        }
       }
     }
+    PM->RTLs.registerLib(DelayedDesc);
   }
-  PM->RTLs.registerLib(Desc);
+  RTLsTy::DelayedDescs.clear();
 }
 
 ////////////////////////////////////////////////////////////////////////////////
@@ -54,6 +70,16 @@
 /// unloads a target shared library
 EXTERN void __tgt_unregister_lib(__tgt_bin_desc *Desc) {
   TIMESCOPE();
+
+  // Similarly to `__tgt_register_lib`, libraries might be unregistered during `RTLsTy::loadRTLs`.
+  // When this happens just cancel their delayed registration.
+  for (auto It = RTLsTy::DelayedDescs.begin(), E = RTLsTy::DelayedDescs.end(); It != E; ++It) {
+    if(*It == Desc) {
+      RTLsTy::DelayedDescs.erase(It);
+      return;
+    }
+  }
+
   PM->RTLs.unregisterLib(Desc);
   for (auto &RTL : PM->RTLs.UsedRTLs) {
     if (RTL->unregister_lib) {
Index: openmp/libomptarget/src/rtl.cpp
===================================================================
--- openmp/libomptarget/src/rtl.cpp
+++ openmp/libomptarget/src/rtl.cpp
@@ -353,6 +353,8 @@
   return __tgt_image_info{(*BinaryOrErr)->getArch().data()};
 }
 
+thread_local llvm::SmallVector<__tgt_bin_desc*> RTLsTy::DelayedDescs;
+
 void RTLsTy::registerRequires(int64_t Flags) {
   // TODO: add more elaborate check.
   // Minimal check: only set requires flags if previous value
Index: openmp/libomptarget/test/offloading/dynamic_module_multiple.c
===================================================================
--- /dev/null
+++ openmp/libomptarget/test/offloading/dynamic_module_multiple.c
@@ -0,0 +1,21 @@
+// RUN: %libomptarget-compile-generic -DFOO -fPIC -shared -o %t-foo.so && \
+// RUN: %libomptarget-compile-generic -DBAR -fPIC -shared -o %t-bar.so && \
+// RUN: %libomptarget-compile-generic %t-foo.so %t-bar.so && \
+// RUN: %libomptarget-run-generic 2>&1 | %fcheck-generic
+
+#if defined(FOO)
+void foo() {}
+#elif defined(BAR)
+void bar() {}
+#else
+
+#include <stdio.h>
+int main() {
+#pragma omp target
+  ;
+  // CHECK: DONE.
+  printf("%s\n", "DONE.");
+  return 0;
+}
+
+#endif