diff --git a/src/plugins/output-state-plugin.ts b/src/plugins/output-state-plugin.ts
index 154b2021..0c405758 100644
--- a/src/plugins/output-state-plugin.ts
+++ b/src/plugins/output-state-plugin.ts
@@ -9,7 +9,7 @@ import {
   getSpecialExportTypeFromComposedExportPath,
   normalizeExportPath,
 } from '../entries'
-import { isBinExportPath, isTypeFile } from '../utils'
+import { isBinExportPath, isPrivateExportPath, isTypeFile } from '../utils'
 
 // [filename, sourceFileName, size]
 type FileState = [string, string, number]
@@ -156,22 +156,43 @@ function logOutputState(stats: SizeStats) {
         const [filename, , size] = item
         const normalizedExportName = normalizeExportName(exportName)
 
-        const prefix =
+        const exportNameWithPadding =
           index === 0
-            ? normalizedExportName
+            ? // Each exports, only show the export path in the first item.
+              // For other formats, just show the padding spaces.
+              normalizedExportName
             : ' '.repeat(normalizedExportName.length)
         const filenamePadding = ' '.repeat(
           Math.max(maxLengthOfExportName, 'Exports'.length) -
             normalizedExportName.length,
         )
         const isType = isTypeFile(filename)
+
+        const prettiedSize = prettyBytes(size)
         const sizePadding = ' '.repeat(
           Math.max(maxFilenameLength, 'File'.length) - filename.length,
         )
-        const prettiedSize = prettyBytes(size)
+
+        // Logging shared in debug mode
+        if (isPrivateExportPath(exportName)) {
+          if (index === 0 && process.env.DEBUG) {
+            const sizePadding = ' '.repeat(
+              Math.max(maxFilenameLength, 'File'.length) -
+                'private shared'.length,
+            )
+            console.log(
+              pc.dim(normalizeExportName(exportName)),
+              filenamePadding,
+              pc.dim('private shared'),
+              sizePadding,
+              pc.dim(prettiedSize),
+            )
+          }
+          return
+        }
 
         console.log(
-          prefix,
+          exportNameWithPadding,
           filenamePadding,
           `${pc[isType ? 'dim' : 'bold'](filename)}`,
           sizePadding,
diff --git a/src/utils.ts b/src/utils.ts
index 69dba835..37cf5a41 100644
--- a/src/utils.ts
+++ b/src/utils.ts
@@ -247,3 +247,12 @@ export function sourceFilenameToExportFullPath(filename: string) {
 
   return relativify(exportPath)
 }
+
+// If the file is matching the private module convention file export path.
+// './lib/_foo' -> true
+// './_util/index' -> true
+// './lib/_foo/bar' -> true
+// './foo' -> false
+export function isPrivateExportPath(exportPath: string) {
+  return /\/_/.test(exportPath)
+}
diff --git a/test/integration/shared-module/index.test.ts b/test/integration/shared-module/index.test.ts
index 3f3d046c..5be97948 100644
--- a/test/integration/shared-module/index.test.ts
+++ b/test/integration/shared-module/index.test.ts
@@ -10,7 +10,7 @@ describe('integration shared-module', () => {
       {
         directory: __dirname,
       },
-      async ({ distDir }) => {
+      async ({ distDir, stdout }) => {
         const jsFiles = await getFileNamesFromDirectory(distDir)
         expect(jsFiles).toEqual([
           '_internal/index.cjs',
@@ -35,6 +35,9 @@ describe('integration shared-module', () => {
           'index.react-server.js': `'./_internal/index.react-server.js'`,
           './_internal/index.react-server.js': 'internal:react-server',
         })
+
+        // Hide private shared module
+        expect(stdout).not.toContain('./lib/_util')
       },
     )
   })