diff --git a/src/System.IO.Pipelines/src/System/IO/Pipelines/PipeCompletion.cs b/src/System.IO.Pipelines/src/System/IO/Pipelines/PipeCompletion.cs
index b9b582c6589c..22ddbf1e7118 100644
--- a/src/System.IO.Pipelines/src/System/IO/Pipelines/PipeCompletion.cs
+++ b/src/System.IO.Pipelines/src/System/IO/Pipelines/PipeCompletion.cs
@@ -13,25 +13,28 @@ namespace System.IO.Pipelines
     internal struct PipeCompletion
     {
         private static readonly ArrayPool<PipeCompletionCallback> s_completionCallbackPool = ArrayPool<PipeCompletionCallback>.Shared;
-        private static readonly Exception s_completedNoException = new Exception();
 
         private const int InitialCallbacksSize = 1;
 
-        private Exception _exception;
+        private bool _isCompleted;
+        private ExceptionDispatchInfo _exceptionInfo;
 
         private PipeCompletionCallback[] _callbacks;
         private int _callbackCount;
 
-        public bool IsCompleted => _exception != null;
+        public bool IsCompleted => _isCompleted;
 
-        public bool IsFaulted => IsCompleted && _exception != s_completedNoException;
+        public bool IsFaulted => _exceptionInfo != null;
 
         public PipeCompletionCallbacks TryComplete(Exception exception = null)
         {
-            if (_exception == null)
+            if (!_isCompleted)
             {
-                // Set the exception object to the exception passed in or a sentinel value
-                _exception = exception ?? s_completedNoException;
+                _isCompleted = true;
+                if (exception != null)
+                {
+                    _exceptionInfo = ExceptionDispatchInfo.Capture(exception);
+                }
             }
             return GetCallbacks();
         }
@@ -68,12 +71,12 @@ public PipeCompletionCallbacks AddCallback(Action<Exception, object> callback, o
         [MethodImpl(MethodImplOptions.AggressiveInlining)]
         public bool IsCompletedOrThrow()
         {
-            if (_exception == null)
+            if (!_isCompleted)
             {
                 return false;
             }
 
-            if (_exception != s_completedNoException)
+            if (_exceptionInfo != null)
             {
                 ThrowLatchedException();
             }
@@ -91,7 +94,7 @@ private PipeCompletionCallbacks GetCallbacks()
 
             var callbacks = new PipeCompletionCallbacks(s_completionCallbackPool,
                 _callbackCount,
-                _exception == s_completedNoException ? null : _exception,
+                _exceptionInfo?.SourceException,
                 _callbacks);
 
             _callbacks = null;
@@ -103,13 +106,14 @@ public void Reset()
         {
             Debug.Assert(IsCompleted);
             Debug.Assert(_callbacks == null);
-            _exception = null;
+            _isCompleted = false;
+            _exceptionInfo = null;
         }
 
         [MethodImpl(MethodImplOptions.NoInlining)]
         private void ThrowLatchedException()
         {
-            ExceptionDispatchInfo.Capture(_exception).Throw();
+            _exceptionInfo.Throw();
         }
 
         public override string ToString()
diff --git a/src/System.IO.Pipelines/tests/FlushAsyncCompletionTests.cs b/src/System.IO.Pipelines/tests/FlushAsyncCompletionTests.cs
index 7579adc7073e..e64e2af867ce 100644
--- a/src/System.IO.Pipelines/tests/FlushAsyncCompletionTests.cs
+++ b/src/System.IO.Pipelines/tests/FlushAsyncCompletionTests.cs
@@ -33,5 +33,33 @@ async Task Await(ValueTask<FlushResult> a)
             Assert.Equal(true, task2.IsFaulted);
             Assert.Equal("Concurrent reads or writes are not supported.", task2.Exception.InnerExceptions[0].Message);
         }
+
+        [Fact]
+        public async Task CompletingWithExceptionDoesNotAffectState()
+        {
+            Pipe.Writer.Complete();
+            Pipe.Writer.Complete(new Exception());
+
+            var result = await Pipe.Reader.ReadAsync();
+            Assert.True(result.IsCompleted);
+        }
+
+        [Fact]
+        public async Task CompletingWithExceptionDoesNotAffectFailedState()
+        {
+            Pipe.Writer.Complete(new InvalidOperationException());
+            Pipe.Writer.Complete(new Exception());
+
+            await Assert.ThrowsAsync<InvalidOperationException>(async () => await Pipe.Reader.ReadAsync());
+        }
+
+        [Fact]
+        public async Task CompletingWithoutExceptionDoesNotAffectState()
+        {
+            Pipe.Writer.Complete(new InvalidOperationException());
+            Pipe.Writer.Complete();
+
+            await Assert.ThrowsAsync<InvalidOperationException>(async () => await Pipe.Reader.ReadAsync());
+        }
     }
 }
diff --git a/src/System.IO.Pipelines/tests/PipeReaderWriterFacts.cs b/src/System.IO.Pipelines/tests/PipeReaderWriterFacts.cs
index f25f08b2a22c..6f1117909b8d 100644
--- a/src/System.IO.Pipelines/tests/PipeReaderWriterFacts.cs
+++ b/src/System.IO.Pipelines/tests/PipeReaderWriterFacts.cs
@@ -9,6 +9,7 @@
 using System.Runtime.CompilerServices;
 using System.Runtime.InteropServices;
 using System.Text;
+using System.Text.RegularExpressions;
 using System.Threading;
 using System.Threading.Tasks;
 using Xunit;
@@ -238,6 +239,8 @@ void ThrowTestException()
             invalidOperationException = await Assert.ThrowsAsync<InvalidOperationException>(async () => await _pipe.Writer.FlushAsync());
             Assert.Equal("Reader exception", invalidOperationException.Message);
             Assert.Contains("ThrowTestException", invalidOperationException.StackTrace);
+
+            Assert.Single(Regex.Matches(invalidOperationException.StackTrace, "Pipe.GetFlushResult"));
         }
 
         [Fact]
@@ -304,6 +307,8 @@ void ThrowTestException()
             invalidOperationException = await Assert.ThrowsAsync<InvalidOperationException>(async () => await _pipe.Reader.ReadAsync());
             Assert.Equal("Writer exception", invalidOperationException.Message);
             Assert.Contains("ThrowTestException", invalidOperationException.StackTrace);
+
+            Assert.Single(Regex.Matches(invalidOperationException.StackTrace, "Pipe.GetReadResult"));
         }
 
         [Fact]
diff --git a/src/System.IO.Pipelines/tests/ReadAsyncCompletionTests.cs b/src/System.IO.Pipelines/tests/ReadAsyncCompletionTests.cs
index fc11059b0024..cd418a4292c1 100644
--- a/src/System.IO.Pipelines/tests/ReadAsyncCompletionTests.cs
+++ b/src/System.IO.Pipelines/tests/ReadAsyncCompletionTests.cs
@@ -30,5 +30,33 @@ async Task Await(ValueTask<ReadResult> a)
             Assert.Equal(true, task2.IsFaulted);
             Assert.Equal("Concurrent reads or writes are not supported.", task2.Exception.InnerExceptions[0].Message);
         }
+
+        [Fact]
+        public async Task CompletingWithExceptionDoesNotAffectState()
+        {
+            Pipe.Reader.Complete();
+            Pipe.Reader.Complete(new Exception());
+
+            var result = await Pipe.Writer.FlushAsync();
+            Assert.True(result.IsCompleted);
+        }
+
+        [Fact]
+        public async Task CompletingWithExceptionDoesNotAffectFailedState()
+        {
+            Pipe.Reader.Complete(new InvalidOperationException());
+            Pipe.Reader.Complete(new Exception());
+
+            await Assert.ThrowsAsync<InvalidOperationException>(async () => await Pipe.Writer.FlushAsync());
+        }
+
+        [Fact]
+        public async Task CompletingWithoutExceptionDoesNotAffectState()
+        {
+            Pipe.Reader.Complete(new InvalidOperationException());
+            Pipe.Reader.Complete();
+
+            await Assert.ThrowsAsync<InvalidOperationException>(async () => await Pipe.Writer.FlushAsync());
+        }
     }
 }