diff --git a/mlx/backend/common/error.h b/mlx/backend/common/error.h
new file mode 100644
index 0000000000..ba1164f192
--- /dev/null
+++ b/mlx/backend/common/error.h
@@ -0,0 +1,49 @@
+// Copyright © 2026 Apple Inc.
+
+#pragma once
+
+#include <atomic>
+#include <memory>
+#include <string>
+
+namespace mlx::core {
+
+class Error {
+ public:
+  // TODO: Use std::atomic<std::shared_ptr> when it gets supported in Xcode.
+  using Message = std::shared_ptr<std::string>;
+
+  void set_message(Message msg) {
+    std::atomic_store(&message_, std::move(msg));
+  }
+
+  bool valid() const {
+    auto msg = std::atomic_load(&message_);
+    return msg.get();
+  }
+
+  // If |ptr| is a valid event, copy and return true.
+  bool store_if_valid(const Error* ptr) {
+    if (ptr && this != ptr) {
+      Message msg = std::atomic_load(&ptr->message_);
+      if (msg) {
+        set_message(std::move(msg));
+        return true;
+      }
+    }
+    return false;
+  }
+
+  // If current error is valid, throw and clear.
+  void check() {
+    auto msg = std::atomic_exchange(&message_, {});
+    if (msg) {
+      throw std::runtime_error(*msg);
+    }
+  }
+
+ private:
+  Message message_;
+};
+
+} // namespace mlx::core
diff --git a/mlx/backend/metal/device.cpp b/mlx/backend/metal/device.cpp
index cd601dd319..dfee91e767 100644
--- a/mlx/backend/metal/device.cpp
+++ b/mlx/backend/metal/device.cpp
@@ -529,20 +529,22 @@ void CommandEncoder::commit(std::function<void()> completion) {
         }
         // If any of the waited event has error in it, poison the encoder.
         for (auto& event : wait_events) {
-          if (event->error()) {
-            error_ = event->error();
+          if (error_.store_if_valid(event->error())) {
             break;
           }
         }
         // Set error only when no error happended before, to preserve the
         // earliest error.
-        if (!error_ && cbuf->status() == MTL::CommandBufferStatusError) {
-          error_ = std::make_shared<std::string>(fmt::format(
-              "[METAL] Command buffer execution failed: {}.",
-              cbuf->error()->localizedDescription()->utf8String()));
+        bool has_error = error_.valid();
+        if (!has_error && cbuf->status() == MTL::CommandBufferStatusError) {
+          error_.set_message(
+              std::make_shared<std::string>(fmt::format(
+                  "[METAL] Command buffer execution failed: {}.",
+                  cbuf->error()->localizedDescription()->utf8String())));
+          has_error = true;
         }
         // Poison all the signaled events when error happened.
-        if (error_) {
+        if (has_error) {
           for (auto& [event, value] : signal_events) {
             event->set_error(error_);
           }
@@ -568,20 +570,17 @@ void CommandEncoder::synchronize() {
   commit();
   cbuf->waitUntilCompleted();
 
-  if (error_ && !exiting_) {
-    auto error = std::move(error_);
-    throw std::runtime_error(*error);
+  if (!exiting_) {
+    error_.check();
   }
 }
 
 MTL::ComputeCommandEncoder* CommandEncoder::get_command_encoder() {
   if (!encoder_) {
+    error_.check();
     encoder_ = NS::RetainPtr(
         buffer_->computeCommandEncoder(MTL::DispatchTypeConcurrent));
     fence_ = NS::TransferPtr(device_.mtl_device()->newFence());
-    // Reset error when user starts to encode new commands, they are supposed to
-    // have handled the error in synchronize() or Event::wait().
-    error_.reset();
   }
   return encoder_.get();
 }
diff --git a/mlx/backend/metal/device.h b/mlx/backend/metal/device.h
index 871e95ccff..6c642b4b03 100644
--- a/mlx/backend/metal/device.h
+++ b/mlx/backend/metal/device.h
@@ -6,11 +6,11 @@
 #include <functional>
 #include <mutex>
 #include <shared_mutex>
-#include <string>
 #include <unordered_map>
 #include <unordered_set>
 
 #include "mlx/array.h"
+#include "mlx/backend/common/error.h"
 #include "mlx/backend/common/metal_kernel.h"
 #include "mlx/backend/metal/resident.h"
 #include "mlx/device.h"
@@ -119,7 +119,7 @@ class MLX_API CommandEncoder {
   std::vector<std::tuple<std::shared_ptr<EventImpl>, uint64_t>> signal_events_;
 
   // Error from previous commited command buffer.
-  std::shared_ptr<std::string> error_;
+  Error error_;
 
   // Encoder for issuing GPU commands.
   // The members are used within a single ComputeCommandEncoder and will be
diff --git a/mlx/backend/metal/event.cpp b/mlx/backend/metal/event.cpp
index 77f48f0838..0529a72514 100644
--- a/mlx/backend/metal/event.cpp
+++ b/mlx/backend/metal/event.cpp
@@ -26,24 +26,21 @@ EventImpl::~EventImpl() {
 }
 
 void EventImpl::wait(uint64_t value) {
-  check_error();
+  if (auto* p = error(); p) {
+    p->check();
+  }
   mtl_event_->waitUntilSignaledValue(value, -1); // never times out
-  check_error();
+  if (auto* p = error(); p) {
+    p->check();
+  }
 }
 
 void EventImpl::signal(uint64_t value) {
   mtl_event_->setSignaledValue(value);
 }
 
-void EventImpl::set_error(std::shared_ptr<std::string> error) {
-  std::atomic_store(&error_, std::move(error));
-}
-
-void EventImpl::check_error() {
-  auto error = std::atomic_exchange(&error_, {});
-  if (error) {
-    throw std::runtime_error(*error);
-  }
+void EventImpl::set_error(Error& error) {
+  error_.store(&error);
 }
 
 } // namespace metal
diff --git a/mlx/backend/metal/event.h b/mlx/backend/metal/event.h
index c5c82a7cd3..ea0ebdcac0 100644
--- a/mlx/backend/metal/event.h
+++ b/mlx/backend/metal/event.h
@@ -12,11 +12,10 @@ class EventImpl {
 
   void wait(uint64_t value);
   void signal(uint64_t value);
-  void set_error(std::shared_ptr<std::string> error);
-  void check_error();
+  void set_error(Error& error);
 
-  const auto& error() const {
-    return error_;
+  Error* error() const {
+    return error_.load();
   }
 
   auto* mtl_event() {
@@ -24,8 +23,8 @@ class EventImpl {
   }
 
  private:
-  // TODO: Use std::atomic<std::shared_ptr> when it gets supported in Xcode.
-  std::shared_ptr<std::string> error_;
+  // All streams outlive events so pointers would be always valid.
+  std::atomic<Error*> error_;
 
   NS::SharedPtr<MTL::SharedEvent> mtl_event_;
 };