diff --git a/mypyc/codegen/emitmodule.py b/mypyc/codegen/emitmodule.py
index b8a19ac1d669..a3970b9c181e 100644
--- a/mypyc/codegen/emitmodule.py
+++ b/mypyc/codegen/emitmodule.py
@@ -867,8 +867,16 @@ def generate_globals_init(self, emitter: Emitter) -> None:
 
     def generate_module_def(self, emitter: Emitter, module_name: str, module: ModuleIR) -> None:
         """Emit the PyModuleDef struct for a module and the module init function."""
-        # Emit module methods
         module_prefix = emitter.names.private_name(module_name)
+        self.emit_module_exec_func(emitter, module_name, module_prefix, module)
+        self.emit_module_methods(emitter, module_name, module_prefix, module)
+        self.emit_module_def_struct(emitter, module_name, module_prefix)
+        self.emit_module_init_func(emitter, module_name, module_prefix)
+
+    def emit_module_methods(
+        self, emitter: Emitter, module_name: str, module_prefix: str, module: ModuleIR
+    ) -> None:
+        """Emit module methods (the static PyMethodDef table)."""
         emitter.emit_line(f"static PyMethodDef {module_prefix}module_methods[] = {{")
         for fn in module.functions:
             if fn.class_name is not None or fn.name == TOP_LEVEL_NAME:
@@ -888,7 +896,10 @@ def generate_module_def(self, emitter: Emitter, module_name: str, module: Module
         emitter.emit_line("};")
         emitter.emit_line()
 
-        # Emit module definition struct
+    def emit_module_def_struct(
+        self, emitter: Emitter, module_name: str, module_prefix: str
+    ) -> None:
+        """Emit the static module definition struct (PyModuleDef)."""
         emitter.emit_lines(
             f"static struct PyModuleDef {module_prefix}module = {{",
             "PyModuleDef_HEAD_INIT,",
@@ -900,36 +911,22 @@ def generate_module_def(self, emitter: Emitter, module_name: str, module: Module
             "};",
         )
         emitter.emit_line()
-        # Emit module init function. If we are compiling just one module, this
-        # will be the C API init function. If we are compiling 2+ modules, we
-        # generate a shared library for the modules and shims that call into
-        # the shared library, and in this case we use an internal module
-        # initialized function that will be called by the shim.
-        if not self.use_shared_lib:
-            declaration = f"PyMODINIT_FUNC PyInit_{module_name}(void)"
-        else:
-            declaration = f"PyObject *CPyInit_{exported_name(module_name)}(void)"
-        emitter.emit_lines(declaration, "{")
-        emitter.emit_line("PyObject* modname = NULL;")
-        # Store the module reference in a static and return it when necessary.
-        # This is separate from the *global* reference to the module that will
-        # be populated when it is imported by a compiled module. We want that
-        # reference to only be populated when the module has been successfully
-        # imported, whereas this we want to have to stop a circular import.
-        module_static = self.module_internal_static_name(module_name, emitter)
 
-        emitter.emit_lines(
-            f"if ({module_static}) {{",
-            f"Py_INCREF({module_static});",
-            f"return {module_static};",
-            "}",
-        )
+    def emit_module_exec_func(
+        self, emitter: Emitter, module_name: str, module_prefix: str, module: ModuleIR
+    ) -> None:
+        """Emit the module init function.
 
-        emitter.emit_lines(
-            f"{module_static} = PyModule_Create(&{module_prefix}module);",
-            f"if (unlikely({module_static} == NULL))",
-            "    goto fail;",
-        )
+        If we are compiling just one module, this will be the C API init
+        function. If we are compiling 2+ modules, we generate a shared
+        library for the modules and shims that call into the shared
+        library, and in this case we use an internal module initialized
+        function that will be called by the shim.
+        """
+        declaration = f"static int {module_prefix}_exec(PyObject *module)"
+        module_static = self.module_internal_static_name(module_name, emitter)
+        emitter.emit_lines(declaration, "{")
+        emitter.emit_line("PyObject* modname = NULL;")
         emitter.emit_line(
             f'modname = PyObject_GetAttrString((PyObject *){module_static}, "__name__");'
         )
@@ -959,8 +956,9 @@ def generate_module_def(self, emitter: Emitter, module_name: str, module: Module
 
         emitter.emit_lines("Py_DECREF(modname);")
 
-        emitter.emit_line(f"return {module_static};")
-        emitter.emit_lines("fail:", f"Py_CLEAR({module_static});", "Py_CLEAR(modname);")
+        emitter.emit_line("return 0;")
+        emitter.emit_lines("fail:")
+        emitter.emit_lines(f"Py_CLEAR({module_static});", "Py_CLEAR(modname);")
         for name, typ in module.final_names:
             static_name = emitter.static_name(name, module_name)
             emitter.emit_dec_ref(static_name, typ, is_xdec=True)
@@ -970,9 +968,44 @@ def generate_module_def(self, emitter: Emitter, module_name: str, module: Module
         # so we have to decref them
         for t in type_structs:
             emitter.emit_line(f"Py_CLEAR({t});")
-        emitter.emit_line("return NULL;")
+        emitter.emit_line("return -1;")
         emitter.emit_line("}")
 
+    def emit_module_init_func(
+        self, emitter: Emitter, module_name: str, module_prefix: str
+    ) -> None:
+        if not self.use_shared_lib:
+            declaration = f"PyMODINIT_FUNC PyInit_{module_name}(void)"
+        else:
+            declaration = f"PyObject *CPyInit_{exported_name(module_name)}(void)"
+        emitter.emit_lines(declaration, "{")
+
+        exec_func = f"{module_prefix}_exec"
+
+        # Store the module reference in a static and return it when necessary.
+        # This is separate from the *global* reference to the module that will
+        # be populated when it is imported by a compiled module. We want that
+        # reference to only be populated when the module has been successfully
+        # imported, whereas this we want to have to stop a circular import.
+        module_static = self.module_internal_static_name(module_name, emitter)
+
+        emitter.emit_lines(
+            f"if ({module_static}) {{",
+            f"Py_INCREF({module_static});",
+            f"return {module_static};",
+            "}",
+        )
+
+        emitter.emit_lines(
+            f"{module_static} = PyModule_Create(&{module_prefix}module);",
+            f"if (unlikely({module_static} == NULL))",
+            "    goto fail;",
+        )
+        emitter.emit_lines(f"if ({exec_func}({module_static}) != 0)", "    goto fail;")
+        emitter.emit_line(f"return {module_static};")
+        emitter.emit_lines("fail:", "return NULL;")
+        emitter.emit_lines("}")
+
     def generate_top_level_call(self, module: ModuleIR, emitter: Emitter) -> None:
         """Generate call to function representing module top level."""
         # Optimization: we tend to put the top level last, so reverse iterate