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 000000000000000..f37e2585a9a3b27
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2026-08-23-16-31-00.gh-issue-151126.phAWIG.rst
@@ -0,0 +1,2 @@
+Raise :exc:`MemoryError` on allocation failure in
+``_PyXIData_InitWithSize``.
diff --git a/Python/crossinterp.c b/Python/crossinterp.c
index ed77c1be646e275..abd94e74f972b8e 100644
--- a/Python/crossinterp.c
+++ b/Python/crossinterp.c
@@ -388,6 +388,7 @@ _PyXIData_InitWithSize(_PyXIData_t *xidata,
     _PyXIData_Init(xidata, interp, NULL, obj, new_object);
     xidata->data = PyMem_RawCalloc(1, size);
     if (xidata->data == NULL) {
+        PyErr_NoMemory();
         return -1;
     }
     xidata->free = PyMem_RawFree;