Index: clangd/index/SymbolYAML.h
===================================================================
--- clangd/index/SymbolYAML.h
+++ clangd/index/SymbolYAML.h
@@ -44,7 +44,7 @@
 // Build an in-memory static index for global symbols from a symbol file.
 // The size of global symbols should be relatively small, so that all symbols
 // can be managed in memory.
-std::unique_ptr<SymbolIndex> loadIndex(llvm::StringRef SymbolFile,
+std::unique_ptr<SymbolIndex> loadIndex(llvm::StringRef SymbolFilename,
                                        bool UseDex = true);
 
 } // namespace clangd
Index: clangd/index/SymbolYAML.cpp
===================================================================
--- clangd/index/SymbolYAML.cpp
+++ clangd/index/SymbolYAML.cpp
@@ -8,6 +8,7 @@
 //===----------------------------------------------------------------------===//
 
 #include "SymbolYAML.h"
+#include "../Trace.h"
 #include "Index.h"
 #include "dex/DexIndex.h"
 #include "llvm/ADT/Optional.h"
@@ -182,17 +183,24 @@
   return OS.str();
 }
 
-std::unique_ptr<SymbolIndex> loadIndex(llvm::StringRef SymbolFile,
+std::unique_ptr<SymbolIndex> loadIndex(llvm::StringRef SymbolFilename,
                                        bool UseDex) {
-  auto Buffer = llvm::MemoryBuffer::getFile(SymbolFile);
+  trace::Span OverallTracer("LoadIndex");
+  auto Buffer = llvm::MemoryBuffer::getFile(SymbolFilename);
   if (!Buffer) {
-    llvm::errs() << "Can't open " << SymbolFile << "\n";
+    llvm::errs() << "Can't open " << SymbolFilename << "\n";
     return nullptr;
   }
-  auto Slab = symbolsFromYAML(Buffer.get()->getBuffer());
+  StringRef Data = Buffer.get()->getBuffer();
+  llvm::Optional<SymbolSlab> SymbolSlab;
+  {
+    trace::Span Tracer("ParseYAML");
+    auto Slab = symbolsFromYAML(Data);
+  }
 
-  return UseDex ? dex::DexIndex::build(std::move(Slab))
-                : MemIndex::build(std::move(Slab), RefSlab());
+  trace::Span Tracer("BuildIndex");
+  return UseDex ? dex::DexIndex::build(std::move(*SymbolSlab))
+                : MemIndex::build(std::move(*SymbolSlab), RefSlab());
 }
 
 } // namespace clangd
Index: clangd/tool/ClangdMain.cpp
===================================================================
--- clangd/tool/ClangdMain.cpp
+++ clangd/tool/ClangdMain.cpp
@@ -280,9 +280,15 @@
   Opts.BuildDynamicSymbolIndex = EnableIndex;
   std::unique_ptr<SymbolIndex> StaticIdx;
   if (EnableIndex && !YamlSymbolFile.empty()) {
-    StaticIdx = loadIndex(YamlSymbolFile, UseDex);
-    Opts.StaticIndex = StaticIdx.get();
+    // Load the index asynchronously. Meanwhile SwapIndex returns no results.
+    SwapIndex *Placeholder;
+    StaticIdx.reset(Placeholder = new SwapIndex(llvm::make_unique<MemIndex>()));
+    runAsync<void>([Placeholder] {
+      if (auto Idx = loadIndex(YamlSymbolFile))
+        Placeholder->reset(std::move(Idx));
+    });
   }
+  Opts.StaticIndex = StaticIdx.get();
   Opts.AsyncThreadsCount = WorkerThreadsCount;
 
   clangd::CodeCompleteOptions CCOpts;