diff -r 9e3be159d023 Lib/asyncio/base_subprocess.py
--- a/Lib/asyncio/base_subprocess.py	Fri Jul 31 07:58:56 2015 -0700
+++ b/Lib/asyncio/base_subprocess.py	Fri Jul 31 17:30:29 2015 +0200
@@ -34,6 +34,15 @@ class BaseSubprocessTransport(transports
         if stderr == subprocess.PIPE:
             self._pipes[2] = None
 
+        try:
+            self._init(args, shell, stdin, stdout, stderr, bufsize,
+                       waiter, kwargs)
+        except:
+            self.close()
+            raise
+
+    def _init(self, args, shell, stdin, stdout, stderr, bufsize,
+              waiter, kwargs):
         # Create the child process: set the _proc attribute
         self._start(args=args, shell=shell, stdin=stdin, stdout=stdout,
                     stderr=stderr, bufsize=bufsize, **kwargs)
diff -r 9e3be159d023 Lib/test/test_asyncio/test_subprocess.py
--- a/Lib/test/test_asyncio/test_subprocess.py	Fri Jul 31 07:58:56 2015 -0700
+++ b/Lib/test/test_asyncio/test_subprocess.py	Fri Jul 31 17:30:29 2015 +0200
@@ -1,6 +1,7 @@
 import signal
 import sys
 import unittest
+import warnings
 from unittest import mock
 
 import asyncio
@@ -413,6 +414,25 @@ class SubprocessMixin:
         # the transport was not notified yet
         self.assertFalse(killed)
 
+    def test_popen_error(self):
+        @asyncio.coroutine
+        def popen_bug():
+            args = [sys.executable, '-c', 'pass']
+            proc = yield from asyncio.create_subprocess_exec(
+                                          *args,
+                                          loop=self.loop)
+
+
+        with mock.patch('subprocess.Popen') as popen:
+            coro = popen_bug()
+
+            exc = ZeroDivisionError
+            popen.side_effect = exc
+            with warnings.catch_warnings(record=True) as warns:
+                with self.assertRaises(exc):
+                    self.loop.run_until_complete(coro)
+                self.assertEqual(warns, [])
+
 
 if sys.platform != 'win32':
     # Unix