diff --git a/Doc/c-api/number.rst b/Doc/c-api/number.rst
index ad8b5935258fa7..0438869d9bf7fb 100644
--- a/Doc/c-api/number.rst
+++ b/Doc/c-api/number.rst
@@ -196,8 +196,9 @@ Number Protocol
 
    See the built-in function :func:`pow`. Returns ``NULL`` on failure.  The operation
    is done *in-place* when *o1* supports it.  This is the equivalent of the Python
-   statement ``o1 **= o2`` when o3 is :c:data:`Py_None`, or an in-place variant of
-   ``pow(o1, o2, o3)`` otherwise. If *o3* is to be ignored, pass :c:data:`Py_None`
+   statement ``o1 **= o2`` when o3 is :c:data:`Py_None`, or hypothetical in-place variant of
+   ``pow(o1, o2, o3)`` (not supported in Python) otherwise.
+   If *o3* is to be ignored, pass :c:data:`Py_None`
    in its place (passing ``NULL`` for *o3* would cause an illegal memory access).
 
 
diff --git a/Doc/reference/datamodel.rst b/Doc/reference/datamodel.rst
index 005a768f684e2c..40d6c610dda63a 100644
--- a/Doc/reference/datamodel.rst
+++ b/Doc/reference/datamodel.rst
@@ -3389,6 +3389,13 @@ left undefined.
    :ref:`faq-augmented-assignment-tuple-error`), but this behavior is in fact
    part of the data model.
 
+   Note that :meth:`__ipow__` should be defined to accept an optional third
+   argument if the third non-``None`` argument of
+   :c:func:`PyNumber_InPlacePower` is to be supported.
+
+   .. versionchanged:: next
+      :meth:`!__ipow__` can now be called with three arguments in
+      :c:func:`!PyNumber_InPlacePower`.
 
 .. method:: object.__neg__(self)
             object.__pos__(self)
diff --git a/Doc/whatsnew/3.15.rst b/Doc/whatsnew/3.15.rst
index 7131eeb697eb69..a0a3a73e2e7a41 100644
--- a/Doc/whatsnew/3.15.rst
+++ b/Doc/whatsnew/3.15.rst
@@ -75,6 +75,11 @@ New features
 Other language changes
 ======================
 
+* The :meth:`~object.__ipow__` method should be defined to accept an optional
+  third argument (as it was documented) to support non-``None`` third argument
+  in :c:func:`PyNumber_InPlacePower` which no longer ignored if
+  :meth:`!__ipow__` is defined.
+  (Contributed by Serhiy Storchaka in :gh:`86069`.)
 
 
 New modules
diff --git a/Lib/test/test_capi/test_number.py b/Lib/test/test_capi/test_number.py
index bdd8868529f632..ddbc2f4ac38fed 100644
--- a/Lib/test/test_capi/test_number.py
+++ b/Lib/test/test_capi/test_number.py
@@ -246,8 +246,7 @@ def __ipow__(*args):
 
         x = X()
         self.assertEqual(inplacepower(x, 11), (x, 11))
-        # XXX: In-place power doesn't pass the third arg to __ipow__.
-        self.assertEqual(inplacepower(x, 11, 5), (x, 11))
+        self.assertEqual(inplacepower(x, 11, 5), (x, 11, 5))
 
     def test_long(self):
         # Test PyNumber_Long()
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-02-17-15-04-19.gh-issue-86069.qeWCJF.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-02-17-15-04-19.gh-issue-86069.qeWCJF.rst
new file mode 100644
index 00000000000000..e67e557f9b5dc8
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-02-17-15-04-19.gh-issue-86069.qeWCJF.rst
@@ -0,0 +1,4 @@
+The default implementation of the
+:c:member:`~PyNumberMethods.nb_inplace_power` slot no longer ignores the
+third argument, but passes it to the :meth:`~object.__ipow__` method if its
+value is not ``None``.
diff --git a/Objects/typeobject.c b/Objects/typeobject.c
index a7ab69fef4c721..734e175bcba746 100644
--- a/Objects/typeobject.c
+++ b/Objects/typeobject.c
@@ -10081,8 +10081,14 @@ SLOT1(slot_nb_inplace_remainder, __imod__, PyObject *)
 static PyObject *
 slot_nb_inplace_power(PyObject *self, PyObject * arg1, PyObject *arg2)
 {
-    PyObject *stack[2] = {self, arg1};
-    return vectorcall_method(&_Py_ID(__ipow__), stack, 2);
+    if (arg2 == Py_None) {
+        PyObject *stack[2] = {self, arg1};
+        return vectorcall_method(&_Py_ID(__ipow__), stack, 2);
+    }
+    else {
+        PyObject *stack[3] = {self, arg1, arg2};
+        return vectorcall_method(&_Py_ID(__ipow__), stack, 3);
+    }
 }
 SLOT1(slot_nb_inplace_lshift, __ilshift__, PyObject *)
 SLOT1(slot_nb_inplace_rshift, __irshift__, PyObject *)