diff --git a/apps/server/src/share/content_renderer.spec.ts b/apps/server/src/share/content_renderer.spec.ts
index 57c4e3bc2..da0833c58 100644
--- a/apps/server/src/share/content_renderer.spec.ts
+++ b/apps/server/src/share/content_renderer.spec.ts
@@ -148,11 +148,8 @@ describe("content_renderer", () => {
                     `
                 });
                 const result = getContent(note);
-                expect(result.content).toStrictEqual(trimIndentation`\
-                    <p>
-                        <a class="reference-link">[missing note]</a>
-                    </p>
-                `);
+                const content = (result.content as string).replaceAll(/\s/g, "");
+                expect(content).toStrictEqual("<p>Foo</p>");
             });
 
             it("properly escapes note title", () => {
diff --git a/apps/server/src/share/content_renderer.ts b/apps/server/src/share/content_renderer.ts
index 96e228cc0..70d7f2b82 100644
--- a/apps/server/src/share/content_renderer.ts
+++ b/apps/server/src/share/content_renderer.ts
@@ -320,13 +320,13 @@ function renderText(result: Result, note: SNote | BNote) {
                 continue;
             }
 
-            if (linkEl.classList.contains("reference-link")) {
-                cleanUpReferenceLinks(linkEl, getNote);
-            }
-
             if (href?.startsWith("#")) {
                 handleAttachmentLink(linkEl, href, getNote, getAttachment);
             }
+
+            if (linkEl.classList.contains("reference-link")) {
+                cleanUpReferenceLinks(linkEl, getNote);
+            }
         }
 
         // Apply syntax highlight.
@@ -402,8 +402,8 @@ function cleanUpReferenceLinks(linkEl: HTMLElement, getNote: GetNoteFunction) {
     const noteId = href.split("/").at(-1);
     const note = noteId ? getNote(noteId) : undefined;
     if (!note) {
-        console.warn("Unable to find note ", noteId);
-        linkEl.innerHTML = "[missing note]";
+        // If a note is not found, simply replace it with a text.
+        linkEl.replaceWith(new TextNode(linkEl.innerText));
     } else if (note.isProtected) {
         linkEl.innerHTML = "[protected]";
     } else {