diff --git a/src/main/resources/static/css/app.css b/src/main/resources/static/css/app.css
index fab552d..2425723 100644
--- a/src/main/resources/static/css/app.css
+++ b/src/main/resources/static/css/app.css
@@ -495,6 +495,45 @@ body {
   overflow-wrap: anywhere;
 }
 
+.htmx-indicator {
+  display: none;
+}
+
+.htmx-request .htmx-indicator,
+.htmx-request.htmx-indicator {
+  display: inline-flex;
+}
+
+.loading-pill {
+  align-items: center;
+  background: var(--rw-surface-muted);
+  border: 1px solid var(--rw-border);
+  border-radius: 999px;
+  color: var(--rw-muted);
+  font-size: .78rem;
+  font-weight: 700;
+  gap: .4rem;
+  min-height: 2rem;
+  padding: .25rem .65rem;
+  white-space: nowrap;
+}
+
+.loading-spinner {
+  animation: spin .8s linear infinite;
+  border: 2px solid var(--rw-border-strong);
+  border-top-color: var(--rw-primary);
+  border-radius: 999px;
+  display: inline-block;
+  height: .9rem;
+  width: .9rem;
+}
+
+@keyframes spin {
+  to {
+    transform: rotate(360deg);
+  }
+}
+
 .ai-answer {
   background: var(--rw-primary-soft);
   border: 1px solid var(--rw-border);
diff --git a/src/main/resources/templates/vpd-policies.html b/src/main/resources/templates/vpd-policies.html
index 9ddce0c..80bd0e9 100644
--- a/src/main/resources/templates/vpd-policies.html
+++ b/src/main/resources/templates/vpd-policies.html
@@ -72,13 +72,20 @@
             <span class="ms-2">Long: <strong th:text="${policy.longPredicate()}">NO</strong></span>
           </td>
           <td>
-            <button class="btn btn-sm rw-btn-primary"
+            <div class="action-stack">
+              <button class="btn btn-sm rw-btn-primary"
                     type="button"
                     th:hx-get="@{/vpd-policies/policy-explanation(objectOwner=${policy.objectOwner()},objectName=${policy.objectName()},policyName=${policy.policyName()})}"
                     th:hx-target="${'#policy-source-' + iter.index}"
+                    th:hx-indicator="${'#policy-loading-' + iter.index}"
                     hx-swap="innerHTML">
-              LLM 설명
-            </button>
+                LLM 설명
+              </button>
+              <span th:id="${'policy-loading-' + iter.index}" class="htmx-indicator loading-pill">
+                <span class="loading-spinner" aria-hidden="true"></span>
+                분석 중
+              </span>
+            </div>
           </td>
         </tr>
         <tr>