diff --git a/.changeset/fix-pwsh-native-shim.md b/.changeset/fix-pwsh-native-shim.md
new file mode 100644
index 0000000000..f66aa15d16
--- /dev/null
+++ b/.changeset/fix-pwsh-native-shim.md
@@ -0,0 +1,7 @@
+---
+"pacquet": patch
+"@pnpm/engine.pm.commands": patch
+"pnpm": patch
+---
+
+Fixed the PowerShell shim generated by `npm install -g pnpm` on Windows so it invokes the native `pnpm.exe` binary [pnpm/pnpm#14362](https://github.com/pnpm/pnpm/issues/14362).
diff --git a/pnpm/crates/cli/src/cli_args/self_update/install_pnpm.rs b/pnpm/crates/cli/src/cli_args/self_update/install_pnpm.rs
index c3734033cb..ab27e35dc4 100644
--- a/pnpm/crates/cli/src/cli_args/self_update/install_pnpm.rs
+++ b/pnpm/crates/cli/src/cli_args/self_update/install_pnpm.rs
@@ -148,7 +148,12 @@ pub(super) fn assert_pnpm_runs(
 
 /// The native pnpm executable linked into an installed engine wrapper.
 pub(super) fn pnpm_executable_path(install_dir: &Path, package_name: &str) -> PathBuf {
-    package_dir(install_dir, package_name).join(if host_platform() == "win32" {
+    let wrapper_dir = package_dir(install_dir, package_name);
+    wrapper_executable_path(&wrapper_dir, host_platform())
+}
+
+fn wrapper_executable_path(wrapper_dir: &Path, platform: &str) -> PathBuf {
+    wrapper_dir.join(if wrapper_dir.join("pnpm.exe").exists() || platform == "win32" {
         "pnpm.exe"
     } else {
         "pnpm"
@@ -418,7 +423,7 @@ pub(crate) fn link_exe_platform_binary(
         })?;
     let native_source_root = native_source_trust_root(&install_real_dir, wrapper_pkg_name);
     let src = validate_native_binary_source(&src, &native_source_root)?;
-    let dest = wrapper_real_dir.join(executable);
+    let dest = wrapper_executable_path(&wrapper_real_dir, platform);
     replace_executable(&src, &dest)
         .into_diagnostic()
         .wrap_err("link the native pnpm binary into the wrapper")?;
diff --git a/pnpm/crates/cli/src/cli_args/self_update/install_pnpm/tests.rs b/pnpm/crates/cli/src/cli_args/self_update/install_pnpm/tests.rs
index bbde1d77be..43e27d3423 100644
--- a/pnpm/crates/cli/src/cli_args/self_update/install_pnpm/tests.rs
+++ b/pnpm/crates/cli/src/cli_args/self_update/install_pnpm/tests.rs
@@ -1,5 +1,5 @@
 use super::{
-    PNPM_EXE_PACKAGE_NAME, PNPM_PACKAGE_NAME, assert_release_is_installable,
+    PNPM_EXE_PACKAGE_NAME, PNPM_PACKAGE_NAME, assert_pnpm_runs, assert_release_is_installable,
     exe_platform_pkg_dir_name, exe_platform_pkg_dir_name_next, link_exe_platform_binary,
     package_dir, pnpm_package_to_install, reuse_cached_engine, run_install,
 };
@@ -154,6 +154,21 @@ fn links_the_host_platform_binary_into_the_wrapper() {
     assert_eq!(mode & 0o777, 0o755, "the linked binary is executable");
 }
 
+#[cfg(unix)]
+#[test]
+fn links_the_host_platform_binary_over_an_extension_bearing_wrapper_target() {
+    let temp = tempfile::tempdir().expect("tempdir");
+    fake_engine_install(temp.path(), true);
+    let wrapper_dir = package_dir(temp.path(), PNPM_PACKAGE_NAME);
+    fs::write(wrapper_dir.join("pnpm.exe"), b"placeholder").expect("write placeholder");
+
+    link_exe_platform_binary(temp.path(), PNPM_PACKAGE_NAME).expect("linking should succeed");
+
+    let dest = wrapper_dir.join("pnpm.exe");
+    assert_eq!(fs::read(&dest).expect("read linked binary"), b"#!/bin/sh\necho pnpm\n");
+    assert_pnpm_runs(temp.path(), PNPM_PACKAGE_NAME, "12.0.0").expect("linked pnpm should run");
+}
+
 #[cfg(unix)]
 #[test]
 fn links_the_host_platform_binary_into_scoped_exe_wrapper() {
diff --git a/pnpm/crates/cli/src/cli_args/self_update/tests.rs b/pnpm/crates/cli/src/cli_args/self_update/tests.rs
index c16cd1e0be..220707523b 100644
--- a/pnpm/crates/cli/src/cli_args/self_update/tests.rs
+++ b/pnpm/crates/cli/src/cli_args/self_update/tests.rs
@@ -89,8 +89,9 @@ fn self_update_refreshes_an_existing_v1_dispatcher_from_the_v12_engine() {
     let global_bin = root.path().join("bin");
     let install_dir = root.path().join("engine");
     fs::create_dir_all(&global_bin).unwrap();
-    let executable = install_pnpm::pnpm_executable_path(&install_dir, "pnpm");
-    fs::create_dir_all(executable.parent().unwrap()).unwrap();
+    let wrapper_dir = install_pnpm::package_dir(&install_dir, "pnpm");
+    fs::create_dir_all(&wrapper_dir).unwrap();
+    let executable = wrapper_dir.join("pnpm.exe");
     fs::write(&executable, b"new v12 engine").unwrap();
     let dispatcher = global_shim_dispatcher_path(&global_bin);
     fs::write(&dispatcher, b"old v12 engine").unwrap();
diff --git a/pnpm/npm/pnpm/install.js b/pnpm/npm/pnpm/install.js
index 28d13a2ec4..16d5948126 100644
--- a/pnpm/npm/pnpm/install.js
+++ b/pnpm/npm/pnpm/install.js
@@ -1,10 +1,11 @@
 #!/usr/bin/env node
 // Preinstall for the pnpm v12 wrapper (shared verbatim by `pnpm` and
 // `@pnpm/exe`): replace the shebang-less placeholder bins with the host's native
-// binary so `pnpm` runs directly, no Node startup per call. A placeholder (not a
-// Node launcher) is required because the Windows shim is generated from the bin
-// file and npm won't re-read package.json after preinstall; the tradeoff is no
-// fallback when build scripts are blocked (`--ignore-scripts`, pnpm/Bun default).
+// binary so `pnpm` runs directly, no Node startup per call. The `.exe` suffix is
+// used on every platform because PowerShell cannot execute an extensionless
+// native binary through an explicit path. The placeholder makes the bin target
+// packable before preinstall replaces it; the tradeoff is no fallback when build
+// scripts are blocked (`--ignore-scripts`, pnpm/Bun default).
 //
 // `pn`/`pnpx`/`pnx` are committed `#!/bin/sh` scripts on Unix (so only `pnpm` is
 // relinked); on Windows the native binary is hardlinked onto each and
@@ -63,7 +64,7 @@ function setup () {
     }
     rewriteBin(newBin)
   } else {
-    placeBinary(nativeBinary, path.join(wrapperDir, 'pnpm'), 0o755)
+    placeBinary(nativeBinary, path.join(wrapperDir, 'pnpm.exe'), 0o755)
   }
 }
 
diff --git a/pnpm/npm/pnpm/package.json b/pnpm/npm/pnpm/package.json
index 07afdfec39..73701f3d61 100644
--- a/pnpm/npm/pnpm/package.json
+++ b/pnpm/npm/pnpm/package.json
@@ -27,7 +27,7 @@
     "directory": "pnpm/npm/pnpm"
   },
   "bin": {
-    "pnpm": "pnpm",
+    "pnpm": "pnpm.exe",
     "pn": "pn",
     "pnpx": "pnpx",
     "pnx": "pnx"
@@ -41,7 +41,7 @@
     "node": ">=18.*"
   },
   "files": [
-    "pnpm",
+    "pnpm.exe",
     "pn",
     "pnpx",
     "pnx",
diff --git a/pnpm/npm/pnpm/pnpm b/pnpm/npm/pnpm/pnpm.exe
similarity index 100%
rename from pnpm/npm/pnpm/pnpm
rename to pnpm/npm/pnpm/pnpm.exe
diff --git a/pnpm/npm/pnpm/scripts/generate-packages.mjs b/pnpm/npm/pnpm/scripts/generate-packages.mjs
index b1e0854310..d39f96f7b2 100644
--- a/pnpm/npm/pnpm/scripts/generate-packages.mjs
+++ b/pnpm/npm/pnpm/scripts/generate-packages.mjs
@@ -33,7 +33,7 @@ const NOTICES_FILE = "THIRD-PARTY-NOTICES.md";
 // publish the same `files` list, so anything named there has to be copied here
 // too.
 const WRAPPER_FILES = [
-  "pnpm",
+  "pnpm.exe",
   "pn",
   "pnpx",
   "pnx",
diff --git a/pnpm/npm/pnpm/test/install.test.mjs b/pnpm/npm/pnpm/test/install.test.mjs
new file mode 100644
index 0000000000..5e0c481157
--- /dev/null
+++ b/pnpm/npm/pnpm/test/install.test.mjs
@@ -0,0 +1,91 @@
+import assert from 'node:assert/strict'
+import { execFileSync } from 'node:child_process'
+import fs from 'node:fs'
+import os from 'node:os'
+import path from 'node:path'
+import process from 'node:process'
+import { test } from 'node:test'
+import { fileURLToPath } from 'node:url'
+
+import { getBinCandidates, splitBinSpecifier } from '../native-binary.mjs'
+
+const wrapperDir = path.resolve(fileURLToPath(import.meta.url), '../..')
+const wrapperManifest = JSON.parse(fs.readFileSync(path.join(wrapperDir, 'package.json'), 'utf8'))
+
+test('npm installs a shim that runs the native pnpm binary', (t) => {
+  assert.equal(wrapperManifest.bin.pnpm, 'pnpm.exe')
+
+  const tempDir = fs.mkdtempSync(path.join(os.tmpdir(), 'pnpm wrapper install-'))
+  t.after(() => fs.rmSync(tempDir, { recursive: true, force: true }))
+
+  const candidate = getBinCandidates()[0]
+  assert.ok(candidate)
+  const { packageName, binFile } = splitBinSpecifier(candidate)
+  const nativePackageDir = path.join(tempDir, 'native-package')
+  fs.mkdirSync(nativePackageDir)
+  fs.writeFileSync(path.join(nativePackageDir, 'package.json'), JSON.stringify({
+    name: packageName,
+    version: '1.0.0',
+  }))
+  writeNativeFixture(path.join(nativePackageDir, binFile))
+
+  const fixtureDir = path.join(tempDir, 'wrapper')
+  fs.mkdirSync(fixtureDir)
+  for (const file of ['install.js', 'native-binary.mjs', wrapperManifest.bin.pnpm]) {
+    fs.copyFileSync(path.join(wrapperDir, file), path.join(fixtureDir, file))
+  }
+  fs.writeFileSync(path.join(fixtureDir, 'package.json'), JSON.stringify({
+    name: 'pnpm-install-fixture',
+    version: '1.0.0',
+    type: 'module',
+    bin: { pnpm: wrapperManifest.bin.pnpm },
+    scripts: { preinstall: 'node install.js' },
+    optionalDependencies: { [packageName]: `file:${nativePackageDir}` },
+  }))
+
+  const prefix = path.join(tempDir, 'prefix')
+  runNpm([
+    'install',
+    '--global',
+    '--install-links=true',
+    '--dangerously-allow-all-scripts',
+    '--prefix',
+    prefix,
+    fixtureDir,
+  ], tempDir)
+
+  if (process.platform === 'win32') {
+    const shim = path.join(prefix, 'pnpm.ps1')
+    assert.match(fs.readFileSync(shim, 'utf8'), /pnpm\.exe/)
+    assert.match(execFileSync('pwsh', ['-NoProfile', '-File', shim, '--version'], { encoding: 'utf8' }), /^v\d+/)
+  } else {
+    assert.equal(execFileSync(path.join(prefix, 'bin', 'pnpm'), ['works'], { encoding: 'utf8' }), 'fixture:works\n')
+  }
+})
+
+function runNpm (args, cwd) {
+  if (process.platform === 'win32') {
+    const npmCli = execFileSync('where.exe', ['npm.cmd'], { encoding: 'utf8' })
+      .split(/\r?\n/)
+      .filter(Boolean)
+      .map(launcher => path.join(path.dirname(launcher), 'node_modules', 'npm', 'bin', 'npm-cli.js'))
+      .find(candidate => fs.existsSync(candidate))
+    assert.ok(npmCli, 'Unable to find npm-cli.js next to an npm.cmd on PATH')
+    execFileSync(process.execPath, [npmCli, ...args], { cwd, stdio: 'pipe' })
+  } else {
+    execFileSync('npm', args, { cwd, stdio: 'pipe' })
+  }
+}
+
+function writeNativeFixture (destPath) {
+  if (process.platform === 'win32') {
+    try {
+      fs.linkSync(process.execPath, destPath)
+    } catch (err) {
+      if (err.code !== 'EXDEV') throw err
+      fs.copyFileSync(process.execPath, destPath)
+    }
+  } else {
+    fs.writeFileSync(destPath, '#!/bin/sh\nprintf \'fixture:%s\\n\' "$1"\n', { mode: 0o755 })
+  }
+}
diff --git a/pnpm11/engine/pm/commands/src/self-updater/installPnpm.ts b/pnpm11/engine/pm/commands/src/self-updater/installPnpm.ts
index 01222de474..c4cd650ed2 100644
--- a/pnpm11/engine/pm/commands/src/self-updater/installPnpm.ts
+++ b/pnpm11/engine/pm/commands/src/self-updater/installPnpm.ts
@@ -516,7 +516,8 @@ export function linkExePlatformBinary (installDir: string, wrapperPkgName: strin
     if (src != null) break
   }
   if (src == null) return
-  const dest = path.join(wrapperDir, executable)
+  const wrapperExecutable = fs.existsSync(path.join(wrapperDir, 'pnpm.exe')) ? 'pnpm.exe' : executable
+  const dest = path.join(wrapperDir, wrapperExecutable)
   forceLink(src, dest)
 
   if (platform === 'win32') {
diff --git a/pnpm11/engine/pm/commands/test/self-updater/selfUpdate.test.ts b/pnpm11/engine/pm/commands/test/self-updater/selfUpdate.test.ts
index a41d643f7e..6b0b38de95 100644
--- a/pnpm11/engine/pm/commands/test/self-updater/selfUpdate.test.ts
+++ b/pnpm11/engine/pm/commands/test/self-updater/selfUpdate.test.ts
@@ -1430,9 +1430,10 @@ describe('linkExePlatformBinary', () => {
     fs.mkdirSync(wrapperDir, { recursive: true })
     fs.mkdirSync(platformDir, { recursive: true })
 
-    fs.writeFileSync(path.join(wrapperDir, executable), 'This is a placeholder.')
+    const wrapperExecutable = 'pnpm.exe'
+    fs.writeFileSync(path.join(wrapperDir, wrapperExecutable), 'This is a placeholder.')
     fs.writeFileSync(path.join(wrapperDir, 'package.json'), JSON.stringify({
-      bin: { pnpm: 'pnpm', pn: 'pn', pnpx: 'pnpx', pnx: 'pnx' },
+      bin: { pnpm: wrapperExecutable, pn: 'pn', pnpx: 'pnpx', pnx: 'pnx' },
     }))
 
     const fakeBinaryContent = '#!/bin/sh\necho "fake pnpm v12 binary"'
@@ -1440,7 +1441,7 @@ describe('linkExePlatformBinary', () => {
 
     linkExePlatformBinary(dir, 'pnpm')
 
-    const result = fs.readFileSync(path.join(wrapperDir, executable), 'utf8')
+    const result = fs.readFileSync(path.join(wrapperDir, wrapperExecutable), 'utf8')
     expect(result).toBe(fakeBinaryContent)
   })