diff --git a/src/fastmcp/cli/cli.py b/src/fastmcp/cli/cli.py
index 1605f567b..777f067f5 100644
--- a/src/fastmcp/cli/cli.py
+++ b/src/fastmcp/cli/cli.py
@@ -261,7 +261,11 @@ async def inspector(
             logger.error("No configuration available")
             sys.exit(1)
         assert config is not None  # For type checker
-        await config.source.load_server()
+
+        # Skip server-object validation in module mode — the module
+        # manages its own startup and may not expose an importable server.
+        if not module:
+            await config.source.load_server()
 
         env_vars = {}
         if ui_port: