diff --git a/src/tools/rust-analyzer/crates/hir-ty/src/lower.rs b/src/tools/rust-analyzer/crates/hir-ty/src/lower.rs
index a97d7687162e..9befca11b3e5 100644
--- a/src/tools/rust-analyzer/crates/hir-ty/src/lower.rs
+++ b/src/tools/rust-analyzer/crates/hir-ty/src/lower.rs
@@ -27,8 +27,8 @@ use hir_def::{
     resolver::{HasResolver, LifetimeNs, Resolver, TypeNs, ValueNs},
     signatures::{FunctionSignature, TraitFlags, TypeAliasFlags},
     type_ref::{
-        ConstRef, LifetimeRefId, PathId, TraitBoundModifier, TraitRef as HirTraitRef, TypeBound,
-        TypeRef, TypeRefId,
+        ConstRef, FnType, LifetimeRefId, PathId, TraitBoundModifier, TraitRef as HirTraitRef,
+        TypeBound, TypeRef, TypeRefId,
     },
 };
 use hir_expand::name::Name;
@@ -98,7 +98,7 @@ impl ImplTraitLoweringState {
     }
 }
 
-#[derive(Debug, Clone)]
+#[derive(Debug, Clone, Copy)]
 pub enum LifetimeElisionKind<'db> {
     /// Create a new anonymous lifetime parameter and reference it.
     ///
@@ -437,26 +437,7 @@ impl<'db, 'a> TyLoweringContext<'db, 'a> {
                 Ty::new_ref(interner, lifetime, inner_ty, lower_mutability(ref_.mutability))
             }
             TypeRef::Placeholder => Ty::new_error(interner, ErrorGuaranteed),
-            TypeRef::Fn(fn_) => {
-                let substs = self.with_shifted_in(
-                    DebruijnIndex::from_u32(1),
-                    |ctx: &mut TyLoweringContext<'_, '_>| {
-                        Tys::new_from_iter(
-                            interner,
-                            fn_.params.iter().map(|&(_, tr)| ctx.lower_ty(tr)),
-                        )
-                    },
-                );
-                Ty::new_fn_ptr(
-                    interner,
-                    Binder::dummy(FnSig {
-                        abi: fn_.abi.as_ref().map_or(FnAbi::Rust, FnAbi::from_symbol),
-                        safety: if fn_.is_unsafe { Safety::Unsafe } else { Safety::Safe },
-                        c_variadic: fn_.is_varargs,
-                        inputs_and_output: substs,
-                    }),
-                )
-            }
+            TypeRef::Fn(fn_) => self.lower_fn_ptr(fn_),
             TypeRef::DynTrait(bounds) => self.lower_dyn_trait(bounds),
             TypeRef::ImplTrait(bounds) => {
                 match self.impl_trait_mode.mode {
@@ -517,6 +498,30 @@ impl<'db, 'a> TyLoweringContext<'db, 'a> {
         (ty, res)
     }
 
+    fn lower_fn_ptr(&mut self, fn_: &FnType) -> Ty<'db> {
+        let interner = self.interner;
+        let (params, ret_ty) = fn_.split_params_and_ret();
+        let old_lifetime_elision = self.lifetime_elision;
+        let mut args = Vec::with_capacity(fn_.params.len());
+        self.with_shifted_in(DebruijnIndex::from_u32(1), |ctx: &mut TyLoweringContext<'_, '_>| {
+            ctx.lifetime_elision =
+                LifetimeElisionKind::AnonymousCreateParameter { report_in_path: false };
+            args.extend(params.iter().map(|&(_, tr)| ctx.lower_ty(tr)));
+            ctx.lifetime_elision = LifetimeElisionKind::for_fn_ret(interner);
+            args.push(ctx.lower_ty(ret_ty));
+        });
+        self.lifetime_elision = old_lifetime_elision;
+        Ty::new_fn_ptr(
+            interner,
+            Binder::dummy(FnSig {
+                abi: fn_.abi.as_ref().map_or(FnAbi::Rust, FnAbi::from_symbol),
+                safety: if fn_.is_unsafe { Safety::Unsafe } else { Safety::Safe },
+                c_variadic: fn_.is_varargs,
+                inputs_and_output: Tys::new_from_slice(&args),
+            }),
+        )
+    }
+
     /// This is only for `generic_predicates_for_param`, where we can't just
     /// lower the self types of the predicates since that could lead to cycles.
     /// So we just check here if the `type_ref` resolves to a generic param, and which.
diff --git a/src/tools/rust-analyzer/crates/hir-ty/src/lower/path.rs b/src/tools/rust-analyzer/crates/hir-ty/src/lower/path.rs
index b77aeab62d15..f3d0de12275e 100644
--- a/src/tools/rust-analyzer/crates/hir-ty/src/lower/path.rs
+++ b/src/tools/rust-analyzer/crates/hir-ty/src/lower/path.rs
@@ -599,7 +599,7 @@ impl<'a, 'b, 'db> PathLoweringContext<'a, 'b, 'db> {
         explicit_self_ty: Option<Ty<'db>>,
         lowering_assoc_type_generics: bool,
     ) -> GenericArgs<'db> {
-        let old_lifetime_elision = self.ctx.lifetime_elision.clone();
+        let old_lifetime_elision = self.ctx.lifetime_elision;
 
         if let Some(args) = self.current_or_prev_segment.args_and_bindings
             && args.parenthesized != GenericArgsParentheses::No
@@ -640,7 +640,7 @@ impl<'a, 'b, 'db> PathLoweringContext<'a, 'b, 'db> {
             explicit_self_ty,
             PathGenericsSource::Segment(self.current_segment_u32()),
             lowering_assoc_type_generics,
-            self.ctx.lifetime_elision.clone(),
+            self.ctx.lifetime_elision,
         );
         self.ctx.lifetime_elision = old_lifetime_elision;
         result
@@ -884,7 +884,7 @@ impl<'a, 'b, 'db> PathLoweringContext<'a, 'b, 'db> {
                                 assoc_type: binding_idx as u32,
                             },
                             false,
-                            this.ctx.lifetime_elision.clone(),
+                            this.ctx.lifetime_elision,
                         )
                     });
                 let args = GenericArgs::new_from_iter(
@@ -902,7 +902,7 @@ impl<'a, 'b, 'db> PathLoweringContext<'a, 'b, 'db> {
                             // `Fn()`-style generics are elided like functions. This is `Output` (we lower to it in hir-def).
                             LifetimeElisionKind::for_fn_ret(self.ctx.interner)
                         } else {
-                            self.ctx.lifetime_elision.clone()
+                            self.ctx.lifetime_elision
                         };
                     self.with_lifetime_elision(lifetime_elision, |this| {
                         match (&this.ctx.store[type_ref], this.ctx.impl_trait_mode.mode) {
diff --git a/src/tools/rust-analyzer/crates/ide-diagnostics/src/handlers/missing_lifetime.rs b/src/tools/rust-analyzer/crates/ide-diagnostics/src/handlers/missing_lifetime.rs
index b07f9e68f634..5cb710b66b5f 100644
--- a/src/tools/rust-analyzer/crates/ide-diagnostics/src/handlers/missing_lifetime.rs
+++ b/src/tools/rust-analyzer/crates/ide-diagnostics/src/handlers/missing_lifetime.rs
@@ -100,4 +100,19 @@ fn foo<T: Fn(WithLifetime) -> WithLifetime>() {}
         "#,
         );
     }
+
+    #[test]
+    fn regression_21430() {
+        check_diagnostics(
+            r#"
+struct S {
+    f: fn(A<()>),
+}
+
+struct A<'a, T> {
+    a: &'a T,
+}
+        "#,
+        );
+    }
 }