diff --git a/src/app/select-list.coffee b/src/app/select-list.coffee
index 15a8bc68e..c69f4c51b 100644
--- a/src/app/select-list.coffee
+++ b/src/app/select-list.coffee
@@ -13,7 +13,8 @@ class SelectList extends View
       @subview 'miniEditor', new Editor(mini: true)
       @div class: 'error', outlet: 'error'
       @div class: 'loading', outlet: 'loadingArea', =>
-        @span outlet: 'loading'
+        @span class: 'loading-message', outlet: 'loading'
+        @span class: 'badge', outlet: 'loadingBadge'
       @ol outlet: 'list'
 
   @viewClass: -> 'select-list'
@@ -71,6 +72,7 @@ class SelectList extends View
   setLoading: (message='') ->
     if message.length is 0
       @loading.text("")
+      @loadingBadge.text("")
       @loadingArea.hide()
     else
       @setError()
diff --git a/src/packages/fuzzy-finder/lib/fuzzy-finder-view.coffee b/src/packages/fuzzy-finder/lib/fuzzy-finder-view.coffee
index 72b8d03b2..8ffd22b9e 100644
--- a/src/packages/fuzzy-finder/lib/fuzzy-finder-view.coffee
+++ b/src/packages/fuzzy-finder/lib/fuzzy-finder-view.coffee
@@ -148,7 +148,8 @@ class FuzzyFinderView extends SelectList
       @setArray(listedItems)
       options.done(listedItems) if options.done?
     else
-      @setLoading("Indexing...")
+      @setLoading("Indexing project...")
+      @loadingBadge.text("")
 
     if @reloadProjectPaths
       @loadPathsTask?.abort()
@@ -157,6 +158,8 @@ class FuzzyFinderView extends SelectList
         @reloadProjectPaths = false
         @populateProjectPaths(options)
       @loadPathsTask = new LoadPathsTask(callback)
+      @loadPathsTask.on 'paths-loaded', (paths) =>
+        @loadingBadge.text(paths.length)
       @loadPathsTask.start()
 
   populateOpenBufferPaths: ->
diff --git a/src/packages/fuzzy-finder/lib/load-paths-task.coffee b/src/packages/fuzzy-finder/lib/load-paths-task.coffee
index dde8559a0..5f2bd3d8c 100644
--- a/src/packages/fuzzy-finder/lib/load-paths-task.coffee
+++ b/src/packages/fuzzy-finder/lib/load-paths-task.coffee
@@ -14,6 +14,7 @@ class LoadPathsTask extends Task
 
   pathsLoaded: (paths) ->
     @paths.push(paths...)
+    @trigger 'paths-loaded', @paths
 
   pathLoadingComplete: ->
     @callback(@paths)
diff --git a/src/packages/fuzzy-finder/spec/fuzzy-finder-spec.coffee b/src/packages/fuzzy-finder/spec/fuzzy-finder-spec.coffee
index 7423e3db0..1ca2973d4 100644
--- a/src/packages/fuzzy-finder/spec/fuzzy-finder-spec.coffee
+++ b/src/packages/fuzzy-finder/spec/fuzzy-finder-spec.coffee
@@ -46,7 +46,7 @@ describe 'FuzzyFinder', ->
           rootView.trigger 'fuzzy-finder:toggle-file-finder'
           paths = null
           expect(finderView.find(".loading")).toBeVisible()
-          expect(finderView.find(".loading")).toHaveText "Indexing..."
+          expect(finderView.find(".loading").text().length).toBeGreaterThan 0
 
           waitsFor "all project paths to load", 5000, ->
             unless finderView.reloadProjectPaths
diff --git a/static/select-list.less b/static/select-list.less
index 1c6107f01..c2ded3590 100644
--- a/static/select-list.less
+++ b/static/select-list.less
@@ -6,22 +6,18 @@
   }
 
   .loading {
-    text-align: center;
+    .loading-message:before {
+      font-family: 'Octicons Regular';
+      font-size: 1.1em;
+      width: 1.1em;
+      height: 1.1em;
+      margin-right: 5px;
+      -webkit-font-smoothing: antialiased;
+      content: '\f09e';
+    }
 
-    span {
-      padding: 5px 10px 5px 10px;
-      text-align: center;
-      border-radius: 3px;
-
-      &:before {
-        font-family: 'Octicons Regular';
-        font-size: 1.1em;
-        width: 1.1em;
-        height: 1.1em;
-        margin-right: 5px;
-        -webkit-font-smoothing: antialiased;
-        content: '\f09e';
-      }
+    .badge {
+      margin-left: 10px;
     }
   }
 
diff --git a/themes/atom-dark-ui/select-list.less b/themes/atom-dark-ui/select-list.less
index b83d11a52..3be4f0d5a 100644
--- a/themes/atom-dark-ui/select-list.less
+++ b/themes/atom-dark-ui/select-list.less
@@ -6,13 +6,6 @@
 
   .loading {
     color: #ccc;
-
-    span {
-      border: 1px solid rgba(255, 255, 255, 0.1);
-      border-top: 1px solid rgba(0, 0, 0, 1);
-      border-left: 1px solid rgba(0, 0, 0, 1);
-      background-color: #111;
-    }
   }
 
   ol {
diff --git a/themes/atom-light-ui/select-list.less b/themes/atom-light-ui/select-list.less
index 06d7768de..f53f7b8ba 100644
--- a/themes/atom-light-ui/select-list.less
+++ b/themes/atom-light-ui/select-list.less
@@ -11,11 +11,6 @@
 
   .loading {
     color: #333;
-
-    span {
-      border: 1px solid rgba(0, 0, 0, 0.1);
-      background-color: #dedede;
-    }
   }
 
   ol {