diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2026-08-23-16-31-00.gh-issue-151126.phAWIG.rst b/Misc/NEWS.d/next/Core_and_Builtins/2026-08-23-16-31-00.gh-issue-151126.phAWIG.rst
new file mode 100644
index 00000000000000..b1459de1c1596d
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-08-23-16-31-00.gh-issue-151126.phAWIG.rst
@@ -0,0 +1 @@
+Fix a crash when allocation failure occurs during :ref:`interp-object-sharing`.
diff --git a/Python/crossinterp.c b/Python/crossinterp.c
index b8dd5f11c2a44c..d189d7bcefe313 100644
--- a/Python/crossinterp.c
+++ b/Python/crossinterp.c
@@ -388,6 +388,8 @@ _PyXIData_InitWithSize(_PyXIData_t *xidata,
     _PyXIData_Init(xidata, interp, NULL, obj, new_object);
     xidata->data = PyMem_RawCalloc(1, size);
     if (xidata->data == NULL) {
+        Py_CLEAR(xidata->obj);
+        PyErr_NoMemory();
         return -1;
     }
     xidata->free = PyMem_RawFree;