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1.
When a guy has an orgasm, but due to depleted semen, ejaculation does not occur.
"He was about to cum all over my face, but it was just a phantom load. What a pussy."
by letsgetitagain March 05, 2009
 
2.
The mysterious (and some say, nonexistent) phenomenon, sometimes known as the faked male orgasm, is better known as a phantom load.
"The strangest thing happened."
"What?"
"After sex, last night I saw the condom John used, but it was... empty."
"How could that be?"
"I know, it's so weird! He acted like he finished, but I guess it was just a phantom load."
by Neologist-PJG July 16, 2013