Webpack 2: How to exclude all node_modules except for

I think you can use regex, something like

exclude: [
  /node_modules\/(?!identicons).*/
]

Another way:

exclude: [
  {
    test: [
      path.resolve(__dirname, './node_modules'),
    ],
    exclude: [
      path.resolve(__dirname, './node_modules/MODULE_TO_INCLUDE'),
      path.resolve(__dirname, './node_modules/ANOTHER_MODULE_TO_INCLUDE'),
    ]
  }
]

It worked for me.