diff --git a/quartz/plugins/pageTypes/dispatcher.ts b/quartz/plugins/pageTypes/dispatcher.ts
index 803a076..bb6b6de 100644
--- a/quartz/plugins/pageTypes/dispatcher.ts
+++ b/quartz/plugins/pageTypes/dispatcher.ts
@@ -198,12 +198,16 @@ export const PageTypeDispatcher: QuartzEmitterPlugin<Partial<DispatcherOptions>>
         }
       }
 
-      // Render Body components to populate htmlAst for transclusion
-      populateVirtualPageHtmlAst(virtualEntries, ctx, allFiles, resources)
-
-      // Merge virtual page data into allFiles so renderPage can resolve transcludes
+      // Merge virtual page data into allFiles before populating htmlAst so that
+      // Body components rendered during populateVirtualPageHtmlAst can resolve
+      // cross-virtual-page embeds (e.g. a .base file embedded in a .canvas file).
+      // The vfile.data objects are shared by reference, so htmlAst set on earlier
+      // entries becomes visible to later entries in the same pass.
       const allFilesWithVirtual = [...allFiles, ...virtualEntries.map((ve) => ve.vfile.data)]
 
+      // Render Body components to populate htmlAst for transclusion
+      populateVirtualPageHtmlAst(virtualEntries, ctx, allFilesWithVirtual, resources)
+
       // Phase 2: Emit regular pages (with virtual page data available for transclusion)
       for (const [tree, file] of content) {
         const slug = file.data.slug!
@@ -288,12 +292,11 @@ export const PageTypeDispatcher: QuartzEmitterPlugin<Partial<DispatcherOptions>>
         }
       }
 
-      // Render Body components to populate htmlAst for transclusion
-      populateVirtualPageHtmlAst(virtualEntries, ctx, allFiles, resources)
-
-      // Merge virtual page data into allFiles for transclude resolution
       const allFilesWithVirtual = [...allFiles, ...virtualEntries.map((ve) => ve.vfile.data)]
 
+      // Render Body components to populate htmlAst for transclusion
+      populateVirtualPageHtmlAst(virtualEntries, ctx, allFilesWithVirtual, resources)
+
       // Phase 2: Emit changed regular pages
       for (const [tree, file] of content) {
         const slug = file.data.slug!