diff --git a/crates/red_knot_python_semantic/resources/mdtest/metaclass.md b/crates/red_knot_python_semantic/resources/mdtest/metaclass.md
index 29be7c51a6..0630b266b3 100644
--- a/crates/red_knot_python_semantic/resources/mdtest/metaclass.md
+++ b/crates/red_knot_python_semantic/resources/mdtest/metaclass.md
@@ -21,16 +21,16 @@ reveal_type(type.__class__)  # revealed: Literal[type]
 ## Basic
 
 ```py
-class A(type): ...
-class B(metaclass=A): ...
+class M(type): ...
+class B(metaclass=M): ...
 
-reveal_type(B.__class__)  # revealed: Literal[A]
+reveal_type(B.__class__)  # revealed: Literal[M]
 ```
 
 ## Invalid metaclass
 
-If a class is a subclass of a class with a custom metaclass, then the subclass will also have that
-metaclass.
+A class which doesn't inherit `type` (and/or doesn't implement a custom `__new__` accepting the same
+arguments as `type.__new__`) isn't a valid metaclass.
 
 ```py
 class M: ...
@@ -139,13 +139,14 @@ from nonexistent_module import UnknownClass  # error: [unresolved-import]
 
 class C(UnknownClass): ...
 
+# TODO: should be `type[type] & Unknown`
 reveal_type(C.__class__)  # revealed: Literal[type]
 
 class M(type): ...
 class A(metaclass=M): ...
 class B(A, UnknownClass): ...
 
-# TODO: This should resolve to `type[M] | Unknown` instead
+# TODO: should be `type[M] & Unknown`
 reveal_type(B.__class__)  # revealed: Literal[M]
 ```
 
@@ -161,12 +162,16 @@ reveal_type(B.__class__)  # revealed: Literal[M]
 
 ## Non-class
 
-When a class has an explicit `metaclass` that is not a class, the value should be returned as is.
+When a class has an explicit `metaclass` that is not a class, but is a callable that accepts
+`type.__new__` arguments, we should return the meta type of its return type.
 
 ```py
-class A(metaclass=1): ...
+def f(*args, **kwargs) -> int: ...
 
-reveal_type(A.__class__)  # revealed: Literal[1]
+class A(metaclass=f): ...
+
+# TODO should be `type[int]`
+reveal_type(A.__class__)  # revealed: @Todo
 ```
 
 ## Cyclic
diff --git a/crates/red_knot_python_semantic/src/types.rs b/crates/red_knot_python_semantic/src/types.rs
index f17ae65ffe..74f24e741d 100644
--- a/crates/red_knot_python_semantic/src/types.rs
+++ b/crates/red_knot_python_semantic/src/types.rs
@@ -2100,8 +2100,10 @@ impl<'db> Class<'db> {
             };
 
             let Type::ClassLiteral(mut candidate) = metaclass else {
-                // If the metaclass is not a class, return it directly.
-                return Ok(metaclass);
+                // TODO: If the metaclass is not a class, we should verify that it's a callable
+                // which accepts the same arguments as `type.__new__` (otherwise error), and return
+                // the meta-type of its return type. (And validate that is a class type?)
+                return Ok(Type::Todo);
             };
 
             // Reconcile all base classes' metaclasses with the candidate metaclass.