diff --git a/CHANGELOG.md b/CHANGELOG.md
index e6fd3b07..95fc3796 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -12,6 +12,9 @@ _Note: Gaps between patch versions are faulty, broken or test releases._
 
 ## UNRELEASED
 
+ * **Improvement**
+   * Added support for exports.modules when webpack target = node
+
 <!-- Add changelog entries for new changes under this section -->
 
 ## 3.7.0
diff --git a/src/parseUtils.js b/src/parseUtils.js
index b4dfeff2..0c667a43 100644
--- a/src/parseUtils.js
+++ b/src/parseUtils.js
@@ -25,6 +25,22 @@ function parseBundle(bundlePath) {
     ast,
     walkState,
     {
+      AssignmentExpression(node, state) {
+        if (state.locations) return;
+
+        // Modules are stored in exports.modules:
+        // exports.modules = {};
+        const {left, right} = node;
+
+        if (
+          left &&
+          left.object && left.object.name === 'exports' &&
+          left.property && left.property.name === 'modules' &&
+          isModulesHash(right)
+        ) {
+          state.locations = getModulesLocations(right);
+        }
+      },
       CallExpression(node, state, c) {
         if (state.locations) return;
 
diff --git a/test/bundles/validNodeBundle.js b/test/bundles/validNodeBundle.js
new file mode 100644
index 00000000..4ec4f59a
--- /dev/null
+++ b/test/bundles/validNodeBundle.js
@@ -0,0 +1,6 @@
+exports.ids = ["common"];
+exports.modules = {
+  0: function(e,t,n){n(1),n(21),n(96),n(306),n(23),n(150),n(57),n(56),n(34),n(138),e.exports=n(348)},
+  3: function(e,t,n){"use strict";e.exports=n(680)},
+  5: function(e,t){}
+};
diff --git a/test/bundles/validNodeBundle.modules.json b/test/bundles/validNodeBundle.modules.json
new file mode 100644
index 00000000..0c6be617
--- /dev/null
+++ b/test/bundles/validNodeBundle.modules.json
@@ -0,0 +1,7 @@
+{
+  "modules": {
+    "0": "function(e,t,n){n(1),n(21),n(96),n(306),n(23),n(150),n(57),n(56),n(34),n(138),e.exports=n(348)}",
+    "3": "function(e,t,n){\"use strict\";e.exports=n(680)}",
+    "5": "function(e,t){}"
+  }
+}