diff --git a/crates/turbopack-cli/src/main.rs b/crates/turbopack-cli/src/main.rs
index bb956284d37d3..0129194f88bd0 100644
--- a/crates/turbopack-cli/src/main.rs
+++ b/crates/turbopack-cli/src/main.rs
@@ -6,9 +6,10 @@ use std::path::Path;
 use anyhow::{Context, Result};
 use clap::Parser;
 use tracing_subscriber::{layer::SubscriberExt, util::SubscriberInitExt, EnvFilter, Registry};
+use turbo_tasks_malloc::TurboMalloc;
 use turbopack_cli::{arguments::Arguments, register};
 use turbopack_trace_utils::{
-    exit::ExitGuard,
+    exit::ExitHandler,
     raw_trace::RawTraceLayer,
     trace_writer::TraceWriter,
     tracing_presets::{
@@ -17,16 +18,27 @@ use turbopack_trace_utils::{
 };
 
 #[global_allocator]
-static ALLOC: turbo_tasks_malloc::TurboMalloc = turbo_tasks_malloc::TurboMalloc;
+static ALLOC: TurboMalloc = TurboMalloc;
 
 fn main() {
-    use turbo_tasks_malloc::TurboMalloc;
-
     let args = Arguments::parse();
 
-    let trace = std::env::var("TURBOPACK_TRACING").ok();
+    tokio::runtime::Builder::new_multi_thread()
+        .enable_all()
+        .on_thread_stop(|| {
+            TurboMalloc::thread_stop();
+        })
+        .build()
+        .unwrap()
+        .block_on(main_inner(args))
+        .unwrap();
+}
 
-    let _guard = if let Some(mut trace) = trace {
+async fn main_inner(args: Arguments) -> Result<()> {
+    let exit_handler = ExitHandler::listen();
+
+    let trace = std::env::var("TURBOPACK_TRACING").ok();
+    if let Some(mut trace) = trace {
         // Trace presets
         match trace.as_str() {
             "overview" => {
@@ -57,27 +69,12 @@ fn main() {
         let (trace_writer, guard) = TraceWriter::new(trace_writer);
         let subscriber = subscriber.with(RawTraceLayer::new(trace_writer));
 
-        let guard = ExitGuard::new(guard).unwrap();
+        exit_handler
+            .on_exit(async move { tokio::task::spawn_blocking(|| drop(guard)).await.unwrap() });
 
         subscriber.init();
+    }
 
-        Some(guard)
-    } else {
-        None
-    };
-
-    tokio::runtime::Builder::new_multi_thread()
-        .enable_all()
-        .on_thread_stop(|| {
-            TurboMalloc::thread_stop();
-        })
-        .build()
-        .unwrap()
-        .block_on(main_inner(args))
-        .unwrap();
-}
-
-async fn main_inner(args: Arguments) -> Result<()> {
     register();
 
     match args {
diff --git a/crates/turbopack-trace-utils/Cargo.toml b/crates/turbopack-trace-utils/Cargo.toml
index 072fa9a60bfb4..d0c0a11f276c2 100644
--- a/crates/turbopack-trace-utils/Cargo.toml
+++ b/crates/turbopack-trace-utils/Cargo.toml
@@ -17,7 +17,7 @@ crossbeam-channel = { workspace = true }
 once_cell = { workspace = true }
 postcard = { workspace = true, features = ["alloc", "use-std"] }
 serde = { workspace = true, features = ["derive"] }
-tokio = { workspace = true, features = ["signal", "rt"] }
+tokio = { workspace = true, features = ["macros", "signal", "sync", "rt"] }
 tracing = { workspace = true }
 tracing-subscriber = { workspace = true }
 turbo-tasks-malloc = { workspace = true }
diff --git a/crates/turbopack-trace-utils/src/exit.rs b/crates/turbopack-trace-utils/src/exit.rs
index 90ab9d78bb1e9..f8177e48624ae 100644
--- a/crates/turbopack-trace-utils/src/exit.rs
+++ b/crates/turbopack-trace-utils/src/exit.rs
@@ -1,6 +1,11 @@
-use std::sync::{Arc, Mutex};
+use std::{
+    future::Future,
+    pin::Pin,
+    sync::{Arc, Mutex, OnceLock},
+};
 
 use anyhow::Result;
+use tokio::{select, sync::mpsc, task::JoinSet};
 
 /// A guard for the exit handler. When dropped, the exit guard will be dropped.
 /// It might also be dropped on Ctrl-C.
@@ -27,3 +32,181 @@ impl<T: Send + 'static> ExitGuard<T> {
         Ok(ExitGuard(guard))
     }
 }
+
+type BoxExitFuture = Pin<Box<dyn Future<Output = ()> + Send + 'static>>;
+
+/// The singular global ExitHandler. This is primarily used to ensure
+/// `ExitHandler::listen` is only called once.
+///
+/// The global handler is intentionally not exposed, so that APIs that depend on
+/// exit behavior are required to take the `ExitHandler`. This ensures that the
+/// `ExitHandler` is configured before these APIs are run, and that these
+/// consumers can be used with a callback (e.g. a mock) instead.
+static GLOBAL_EXIT_HANDLER: OnceLock<Arc<ExitHandler>> = OnceLock::new();
+
+pub struct ExitHandler {
+    tx: mpsc::UnboundedSender<BoxExitFuture>,
+}
+
+impl ExitHandler {
+    /// Waits for `SIGINT` using [`tokio::signal::ctrl_c`], and exits the
+    /// process with exit code `0` after running any futures scheduled with
+    /// [`ExitHandler::on_exit`].
+    ///
+    /// As this uses global process signals, this must only be called once, and
+    /// will panic if called multiple times. Use this when you own the
+    /// process (e.g. `turbopack-cli`).
+    ///
+    /// If you don't own the process (e.g. you're called as a library, such as
+    /// in `next-swc`), use [`ExitHandler::new_trigger`] instead.
+    ///
+    /// This may listen for other signals, like `SIGTERM` or `SIGPIPE` in the
+    /// future.
+    pub fn listen() -> &'static Arc<ExitHandler> {
+        let (handler, receiver) = Self::new_receiver();
+        if GLOBAL_EXIT_HANDLER.set(handler).is_err() {
+            panic!("ExitHandler::listen must only be called once");
+        }
+        tokio::spawn(async move {
+            tokio::signal::ctrl_c()
+                .await
+                .expect("failed to set ctrl_c handler");
+            receiver.run_exit_handler().await;
+            std::process::exit(0);
+        });
+        GLOBAL_EXIT_HANDLER.get().expect("value is set")
+    }
+
+    /// Creates an [`ExitHandler`] that can be manually controlled with an
+    /// [`ExitReceiver`].
+    ///
+    /// This does not actually exit the process or listen for any signals. If
+    /// you'd like that behavior, use [`ExitHandler::listen`].
+    ///
+    /// Because this API has no global side-effects and can be called many times
+    /// within the same process, it is possible to use it to provide a mock
+    /// [`ExitHandler`] inside unit tests.
+    pub fn new_receiver() -> (Arc<ExitHandler>, ExitReceiver) {
+        let (tx, rx) = mpsc::unbounded_channel();
+        (Arc::new(ExitHandler { tx }), ExitReceiver { rx })
+    }
+
+    /// Register this given [`Future`] to run upon process exit.
+    ///
+    /// As there are many ways for a process be killed that are outside of a
+    /// process's own control (e.g. `SIGKILL` or `SIGSEGV`), this API is
+    /// provided on a best-effort basis.
+    pub fn on_exit(&self, fut: impl Future<Output = ()> + Send + 'static) {
+        // realistically, this error case can only happen with the `new_receiver` API.
+        self.tx
+            .send(Box::pin(fut))
+            .expect("cannot send future after process exit");
+    }
+}
+
+/// Provides a way to run futures scheduled with an [`ExitHandler`].
+pub struct ExitReceiver {
+    rx: mpsc::UnboundedReceiver<BoxExitFuture>,
+}
+
+impl ExitReceiver {
+    /// Call this when the process exits to run the futures scheduled via
+    /// [`ExitHandler::on_exit`].
+    ///
+    /// As this is intended to be used in a library context, this does not exit
+    /// the process. It is expected that the process will not exit until
+    /// this async method finishes executing.
+    ///
+    /// Additional work can be scheduled using [`ExitHandler::on_exit`] even
+    /// while this is running, and it will execute before this function
+    /// finishes. Work attempted to be scheduled after this finishes will panic.
+    pub async fn run_exit_handler(mut self) {
+        let mut set = JoinSet::new();
+        while let Ok(fut) = self.rx.try_recv() {
+            set.spawn(fut);
+        }
+        loop {
+            select! {
+                biased;
+                Some(fut) = self.rx.recv() => {
+                    set.spawn(fut);
+                },
+                val = set.join_next() => {
+                    match val {
+                        Some(Ok(())) => {}
+                        Some(Err(_)) => panic!("ExitHandler future panicked!"),
+                        None => return,
+                    }
+                },
+            }
+        }
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use std::{
+        future::Future,
+        pin::Pin,
+        sync::{
+            atomic::{AtomicBool, AtomicU32, Ordering},
+            Arc,
+        },
+    };
+
+    use super::ExitHandler;
+
+    #[tokio::test]
+    async fn test_on_exit() {
+        let (handler, receiver) = ExitHandler::new_receiver();
+
+        let called = Arc::new(AtomicBool::new(false));
+        handler.on_exit({
+            let called = Arc::clone(&called);
+            async move {
+                tokio::task::yield_now().await;
+                called.store(true, Ordering::SeqCst);
+            }
+        });
+
+        receiver.run_exit_handler().await;
+        assert_eq!(called.load(Ordering::SeqCst), true);
+    }
+
+    #[tokio::test]
+    async fn test_queue_while_exiting() {
+        let (handler, receiver) = ExitHandler::new_receiver();
+        let call_count = Arc::new(AtomicU32::new(0));
+
+        type BoxExitFuture = Pin<Box<dyn Future<Output = ()> + Send + 'static>>;
+
+        // this struct is needed to construct the recursive closure type
+        #[derive(Clone)]
+        struct GetFut {
+            handler: Arc<ExitHandler>,
+            call_count: Arc<AtomicU32>,
+        }
+
+        impl GetFut {
+            fn get(self) -> BoxExitFuture {
+                Box::pin(async move {
+                    tokio::task::yield_now().await;
+                    if self.call_count.fetch_add(1, Ordering::SeqCst) < 99 {
+                        // queue more work while the exit handler is running
+                        Arc::clone(&self.handler).on_exit(self.get())
+                    }
+                })
+            }
+        }
+
+        handler.on_exit(
+            GetFut {
+                handler: Arc::clone(&handler),
+                call_count: Arc::clone(&call_count),
+            }
+            .get(),
+        );
+        receiver.run_exit_handler().await;
+        assert_eq!(call_count.load(Ordering::SeqCst), 100);
+    }
+}