The invention relates to a valve nozzle for a dispenser for a liquid cosmetic product, said nozzle comprising a reservoir (R) and an internal piston (P) which is actuated by the displacement of a base (E). The inventive nozzle is characterised in that it comprises a cap (1) which closes the reservoir and is provided with a dispensing opening (10) that can be closed in a sealed manner by a pin (21) fixed to a spacer (2) which is arranged inside the cap (1) in a sliding manner and is provided with at least one line (20) which successively ensures the emptying of the reservoir and the discharge of the product. According to the invention, said cap (1) and said spacer (2) define a space (12) with a wall that has at least one elastically deformable region, enabling the pin (21) to retract from the dispensing opening (10), following the actuation of the piston (P), in order to ensure the discharge of the product.