diff --git a/mypy/checkexpr.py b/mypy/checkexpr.py
index 835eeb725394..bfcf0f43134e 100644
--- a/mypy/checkexpr.py
+++ b/mypy/checkexpr.py
@@ -138,6 +138,7 @@
     function_type,
     get_all_type_vars,
     get_type_vars,
+    has_deferred_constructor,
     is_literal_type_like,
     make_simplified_union,
     simple_literal_type,
@@ -400,6 +401,15 @@ def analyze_ref_expr(self, e: RefExpr, lvalue: bool = False) -> Type:
                 result = node.type
         elif isinstance(node, (FuncDef, TypeInfo, TypeAlias, MypyFile, TypeVarLikeExpr)):
             result = self.analyze_static_reference(node, e, e.is_alias_rvalue or lvalue)
+            if (
+                isinstance(node, TypeInfo)
+                and isinstance(result, ProperType)
+                and isinstance(result, AnyType)
+                and has_deferred_constructor(node)
+            ):
+                # When __init__ or __new__ is wrapped in a custom decorator, we need to defer.
+                # analyze_static_reference guarantees that it never defers, so play along.
+                self.chk.handle_cannot_determine_type(node.name, e)
         else:
             if isinstance(node, PlaceholderNode):
                 assert False, f"PlaceholderNode {node.fullname!r} leaked to checker"
diff --git a/mypy/typeops.py b/mypy/typeops.py
index 87a4d8cefd13..60104c5e97ba 100644
--- a/mypy/typeops.py
+++ b/mypy/typeops.py
@@ -237,6 +237,21 @@ def type_object_type(info: TypeInfo, named_type: Callable[[str], Instance]) -> P
     return result
 
 
+def has_deferred_constructor(info: TypeInfo) -> bool:
+    init_method = info.get("__init__")
+    new_method = info.get("__new__") or init_method
+    return (
+        init_method is not None
+        and _is_deferred_decorator(init_method.node)
+        or new_method is not None
+        and _is_deferred_decorator(new_method.node)
+    )
+
+
+def _is_deferred_decorator(n: SymbolNode | None) -> bool:
+    return isinstance(n, Decorator) and n.type is None and not n.var.is_ready
+
+
 def is_valid_constructor(n: SymbolNode | None) -> bool:
     """Does this node represents a valid constructor method?
 
diff --git a/test-data/unit/check-classes.test b/test-data/unit/check-classes.test
index 498a2c12b6e8..08f3366613d1 100644
--- a/test-data/unit/check-classes.test
+++ b/test-data/unit/check-classes.test
@@ -9289,3 +9289,34 @@ from typ import NT
 def f() -> NT:
     return NT(x='')
 [builtins fixtures/tuple.pyi]
+
+[case testDecoratedConstructorDeferral]
+from typing import Any, Callable, TypeVar
+
+Tc = TypeVar('Tc', bound=Callable[..., Any])
+
+def any_decorator_factory() -> Callable[[Tc], Tc]:
+    def inner(func: Tc) -> Tc:
+        return func
+    return inner
+
+
+def function_pre() -> None:
+    reveal_type(GoodClass())  # N: Revealed type is "__main__.GoodClass"
+    reveal_type(BadClass())  # N: Revealed type is "Any"
+
+
+class GoodClass:
+    @any_decorator_factory()
+    def __init__(self):
+        pass
+
+class BadClass:
+    @unknown()  # E: Name "unknown" is not defined
+    def __init__(self):
+        pass
+
+
+def function_post() -> None:
+    reveal_type(GoodClass())  # N: Revealed type is "__main__.GoodClass"
+    reveal_type(BadClass())  # N: Revealed type is "Any"