diff --git a/blocks/library/html/test/__snapshots__/index.js.snap b/blocks/library/html/test/__snapshots__/index.js.snap
index 230e7e9d9b8224..465266d93baeef 100644
--- a/blocks/library/html/test/__snapshots__/index.js.snap
+++ b/blocks/library/html/test/__snapshots__/index.js.snap
@@ -4,6 +4,19 @@ exports[`core/html block edit matches snapshot 1`] = `
 <div
   class="wp-block-html"
 >
-  <textarea />
+  <div
+    class="components-placeholder"
+  >
+    <div
+      class="components-placeholder__label"
+    />
+    <div
+      class="components-placeholder__fieldset"
+    >
+      <span
+        class="spinner is-active"
+      />
+    </div>
+  </div>
 </div>
 `;
diff --git a/components/code-editor/editor.js b/components/code-editor/editor.js
new file mode 100644
index 00000000000000..23ebe66a4aba86
--- /dev/null
+++ b/components/code-editor/editor.js
@@ -0,0 +1,105 @@
+/**
+ * WordPress dependencies
+ */
+import { Component } from '@wordpress/element';
+import { keycodes } from '@wordpress/utils';
+
+/**
+ * Module constants
+ */
+const { UP, DOWN } = keycodes;
+
+class CodeEditor extends Component {
+	constructor() {
+		super( ...arguments );
+
+		this.onFocus = this.onFocus.bind( this );
+		this.onBlur = this.onBlur.bind( this );
+		this.onCursorActivity = this.onCursorActivity.bind( this );
+		this.onKeyHandled = this.onKeyHandled.bind( this );
+	}
+
+	componentDidMount() {
+		const instance = wp.codeEditor.initialize( this.textarea, window._wpGutenbergCodeEditorSettings );
+		this.editor = instance.codemirror;
+
+		this.editor.on( 'focus', this.onFocus );
+		this.editor.on( 'blur', this.onBlur );
+		this.editor.on( 'cursorActivity', this.onCursorActivity );
+		this.editor.on( 'keyHandled', this.onKeyHandled );
+
+		this.updateFocus();
+	}
+
+	componentDidUpdate( prevProps ) {
+		if ( this.props.value !== prevProps.value && this.editor.getValue() !== this.props.value ) {
+			this.editor.setValue( this.props.value );
+		}
+
+		if ( this.props.focus !== prevProps.focus ) {
+			this.updateFocus();
+		}
+	}
+
+	componentWillUnmount() {
+		this.editor.on( 'focus', this.onFocus );
+		this.editor.off( 'blur', this.onBlur );
+		this.editor.off( 'cursorActivity', this.onCursorActivity );
+		this.editor.off( 'keyHandled', this.onKeyHandled );
+
+		this.editor.toTextArea();
+		this.editor = null;
+	}
+
+	onFocus() {
+		if ( this.props.onFocus ) {
+			this.props.onFocus();
+		}
+	}
+
+	onBlur( editor ) {
+		if ( this.props.onChange ) {
+			this.props.onChange( editor.getValue() );
+		}
+	}
+
+	onCursorActivity( editor ) {
+		this.lastCursor = editor.getCursor();
+	}
+
+	onKeyHandled( editor, name, event ) {
+		/*
+		 * Pressing UP/DOWN should only move focus to another block if the cursor is
+		 * at the start or end of the editor.
+		 *
+		 * We do this by stopping UP/DOWN from propagating if:
+		 *  - We know what the cursor was before this event; AND
+		 *  - This event caused the cursor to move
+		 */
+		if ( event.keyCode === UP || event.keyCode === DOWN ) {
+			const areCursorsEqual = ( a, b ) => a.line === b.line && a.ch === b.ch;
+			if ( this.lastCursor && ! areCursorsEqual( editor.getCursor(), this.lastCursor ) ) {
+				event.stopImmediatePropagation();
+			}
+		}
+	}
+
+	updateFocus() {
+		if ( this.props.focus && ! this.editor.hasFocus() ) {
+			// Need to wait for the next frame to be painted before we can focus the editor
+			window.requestAnimationFrame( () => {
+				this.editor.focus();
+			} );
+		}
+
+		if ( ! this.props.focus && this.editor.hasFocus() ) {
+			document.activeElement.blur();
+		}
+	}
+
+	render() {
+		return <textarea ref={ ref => ( this.textarea = ref ) } value={ this.props.value } />;
+	}
+}
+
+export default CodeEditor;
diff --git a/components/code-editor/index.js b/components/code-editor/index.js
index 2cfd363f7fe314..8e9bebe5f5fac3 100644
--- a/components/code-editor/index.js
+++ b/components/code-editor/index.js
@@ -2,104 +2,94 @@
  * WordPress dependencies
  */
 import { Component } from '@wordpress/element';
-import { keycodes } from '@wordpress/utils';
+import { __ } from '@wordpress/i18n';
 
 /**
- * Module constants
+ * Internal dependencies
  */
-const { UP, DOWN } = keycodes;
+import CodeEditor from './editor';
+import Placeholder from '../placeholder';
+import Spinner from '../spinner';
 
-class CodeEditor extends Component {
-	constructor() {
-		super( ...arguments );
+function loadScript() {
+	return new Promise( ( resolve, reject ) => {
+		const handles = [ 'wp-codemirror', 'code-editor', 'htmlhint', 'csslint', 'jshint' ];
 
-		this.onFocus = this.onFocus.bind( this );
-		this.onBlur = this.onBlur.bind( this );
-		this.onCursorActivity = this.onCursorActivity.bind( this );
-		this.onKeyHandled = this.onKeyHandled.bind( this );
-	}
+		// Don't load htmlhint-kses unless we need it
+		if ( window._wpGutenbergCodeEditorSettings.htmlhint.kses ) {
+			handles.push( 'htmlhint-kses' );
+		}
 
-	componentDidMount() {
-		const instance = wp.codeEditor.initialize( this.textarea );
-		this.editor = instance.codemirror;
+		const script = document.createElement( 'script' );
+		script.src = `/wp-admin/load-scripts.php?load=${ handles.join( ',' ) }`;
+		script.onload = resolve;
+		script.onerror = reject;
 
-		this.editor.on( 'focus', this.onFocus );
-		this.editor.on( 'blur', this.onBlur );
-		this.editor.on( 'cursorActivity', this.onCursorActivity );
-		this.editor.on( 'keyHandled', this.onKeyHandled );
+		document.head.appendChild( script );
+	} );
+}
 
-		this.updateFocus();
-	}
+function loadStyle() {
+	return new Promise( ( resolve, reject ) => {
+		const handles = [ 'wp-codemirror', 'code-editor' ];
 
-	componentDidUpdate( prevProps ) {
-		if ( this.props.value !== prevProps.value && this.editor.getValue() !== this.props.value ) {
-			this.editor.setValue( this.props.value );
-		}
+		const style = document.createElement( 'link' );
+		style.rel = 'stylesheet';
+		style.href = `/wp-admin/load-styles.php?load=${ handles.join( ',' ) }`;
+		style.onload = resolve;
+		style.onerror = reject;
 
-		if ( this.props.focus !== prevProps.focus ) {
-			this.updateFocus();
-		}
-	}
+		document.head.appendChild( style );
+	} );
+}
 
-	componentWillUnmount() {
-		this.editor.on( 'focus', this.onFocus );
-		this.editor.off( 'blur', this.onBlur );
-		this.editor.off( 'cursorActivity', this.onCursorActivity );
-		this.editor.off( 'keyHandled', this.onKeyHandled );
+let hasAlreadyLoadedAssets = false;
 
-		this.editor.toTextArea();
-		this.editor = null;
+function loadAssets() {
+	if ( hasAlreadyLoadedAssets ) {
+		return Promise.resolve();
 	}
 
-	onFocus() {
-		if ( this.props.onFocus ) {
-			this.props.onFocus();
-		}
-	}
+	return Promise.all( [ loadScript(), loadStyle() ] ).then( () => {
+		hasAlreadyLoadedAssets = true;
+	} );
+}
 
-	onBlur( editor ) {
-		if ( this.props.onChange ) {
-			this.props.onChange( editor.getValue() );
-		}
-	}
+class LazyCodeEditor extends Component {
+	constructor() {
+		super( ...arguments );
 
-	onCursorActivity( editor ) {
-		this.lastCursor = editor.getCursor();
+		this.state = {
+			status: 'pending',
+		};
 	}
 
-	onKeyHandled( editor, name, event ) {
-		/*
-		 * Pressing UP/DOWN should only move focus to another block if the cursor is
-		 * at the start or end of the editor.
-		 * 
-		 * We do this by stopping UP/DOWN from propagating if:
-		 *  - We know what the cursor was before this event; AND
-		 *  - This event caused the cursor to move 
-		 */
-		if ( event.keyCode === UP || event.keyCode === DOWN ) {
-			const areCursorsEqual = ( a, b ) => a.line === b.line && a.ch === b.ch;
-			if ( this.lastCursor && ! areCursorsEqual( editor.getCursor(), this.lastCursor ) ) {
-				event.stopImmediatePropagation();
+	componentDidMount() {
+		loadAssets().then(
+			() => {
+				this.setState( { status: 'success' } );
+			},
+			() => {
+				this.setState( { status: 'error' } );
 			}
-		}
+		);
 	}
 
-	updateFocus() {
-		if ( this.props.focus && ! this.editor.hasFocus() ) {
-			// Need to wait for the next frame to be painted before we can focus the editor
-			window.requestAnimationFrame( () => {
-				this.editor.focus();
-			} );
+	render() {
+		if ( this.state.status === 'pending' ) {
+			return (
+				<Placeholder>
+					<Spinner />
+				</Placeholder>
+			);
 		}
 
-		if ( ! this.props.focus && this.editor.hasFocus() ) {
-			document.activeElement.blur();
+		if ( this.state.status === 'error' ) {
+			return <Placeholder>{ __( 'An unknown error occurred.' ) }</Placeholder>;
 		}
-	}
 
-	render() {
-		return <textarea ref={ ref => ( this.textarea = ref ) } value={ this.props.value } />;
+		return <CodeEditor { ...this.props } />;
 	}
 }
 
-export default CodeEditor;
+export default LazyCodeEditor;
diff --git a/components/code-editor/test/__snapshots__/index.js.snap b/components/code-editor/test/__snapshots__/editor.js.snap
similarity index 100%
rename from components/code-editor/test/__snapshots__/index.js.snap
rename to components/code-editor/test/__snapshots__/editor.js.snap
diff --git a/components/code-editor/test/index.js b/components/code-editor/test/editor.js
similarity index 92%
rename from components/code-editor/test/index.js
rename to components/code-editor/test/editor.js
index ea92f02b74fd98..8579eb42b2f4fd 100644
--- a/components/code-editor/test/index.js
+++ b/components/code-editor/test/editor.js
@@ -7,7 +7,7 @@ import { set, noop } from 'lodash';
 /**
  * Internal dependencies
  */
-import CodeEditor from '../';
+import CodeEditor from '../editor';
 
 describe( 'CodeEditor', () => {
 	it( 'should render without an error', () => {
diff --git a/lib/client-assets.php b/lib/client-assets.php
index 1b8f96d1ff7756..4c3817136eebd2 100644
--- a/lib/client-assets.php
+++ b/lib/client-assets.php
@@ -748,6 +748,32 @@ function gutenberg_enqueue_registered_block_scripts_and_styles() {
 add_action( 'enqueue_block_assets', 'gutenberg_enqueue_registered_block_scripts_and_styles' );
 add_action( 'enqueue_block_editor_assets', 'gutenberg_enqueue_registered_block_scripts_and_styles' );
 
+/**
+ * The code editor settings that were last captured by
+ * gutenberg_capture_code_editor_settings().
+ *
+ * @var array|false
+ */
+$gutenberg_captured_code_editor_settings = false;
+
+/**
+ * When passed to the wp_code_editor_settings filter, this function captures
+ * the code editor settings given to it and then prevents
+ * wp_enqueue_code_editor() from enqueuing any assets.
+ *
+ * This is a workaround until e.g. code_editor_settings() is added to Core.
+ *
+ * @since 2.1.0
+ *
+ * @param array $settings Code editor settings.
+ * @return false
+ */
+function gutenberg_capture_code_editor_settings( $settings ) {
+	global $gutenberg_captured_code_editor_settings;
+	$gutenberg_captured_code_editor_settings = $settings;
+	return false;
+}
+
 /**
  * Scripts & Styles.
  *
@@ -844,6 +870,16 @@ function gutenberg_editor_scripts_and_styles( $hook ) {
 	), $meta_box_url );
 	wp_localize_script( 'wp-editor', '_wpMetaBoxUrl', $meta_box_url );
 
+	// Populate default code editor settings by short-circuiting wp_enqueue_code_editor.
+	global $gutenberg_captured_code_editor_settings;
+	add_filter( 'wp_code_editor_settings', 'gutenberg_capture_code_editor_settings' );
+	wp_enqueue_code_editor( array( 'type' => 'text/html' ) );
+	remove_filter( 'wp_code_editor_settings', 'gutenberg_capture_code_editor_settings' );
+	wp_add_inline_script( 'wp-editor', sprintf(
+		'window._wpGutenbergCodeEditorSettings = %s;',
+		wp_json_encode( $gutenberg_captured_code_editor_settings )
+	) );
+
 	// Initialize the editor.
 	$gutenberg_theme_support = get_theme_support( 'gutenberg' );
 	$align_wide              = get_theme_support( 'align-wide' );
@@ -907,14 +943,10 @@ function gutenberg_editor_scripts_and_styles( $hook ) {
 		'post' => $post_to_edit['id'],
 	) );
 	wp_enqueue_editor();
-	wp_enqueue_code_editor( array(
-		'type' => 'text/html',
-	) );
 
 	/**
 	 * Styles
 	 */
-
 	wp_enqueue_style( 'wp-edit-post' );
 
 	/**