diff --git a/packages/next/build/webpack/loaders/next-image-loader.js b/packages/next/build/webpack/loaders/next-image-loader.js
index a2524d510f2fd..a0b8d0f47b5ff 100644
--- a/packages/next/build/webpack/loaders/next-image-loader.js
+++ b/packages/next/build/webpack/loaders/next-image-loader.js
@@ -91,8 +91,8 @@ function nextImageLoader(content) {
         })
       )
 
-    if (!isServer) {
-      this.emitFile(interpolatedName, content, null)
+    if (isServer) {
+      this.emitFile(`../${interpolatedName}`, content, null)
     }
 
     return `export default ${stringifiedData};`