diff --git a/compiler/bindings/python/iree/build/executor.py b/compiler/bindings/python/iree/build/executor.py
index 8554e207976a..6e5afe8939ec 100644
--- a/compiler/bindings/python/iree/build/executor.py
+++ b/compiler/bindings/python/iree/build/executor.py
@@ -519,6 +519,12 @@ def _service_graph(self):
                 completed_deps.add(completed_dep)
         except TimeoutError:
             pass
+        except concurrent.futures.TimeoutError:
+            # In Python 3.10, future access throws concurrent.futures.TimeoutError.
+            # In 3.11, that was made a subclass of TimeoutError, which is advertised
+            # as thrown (and the original is marked as deprecated).
+            # TODO: Remove this clause once 3.10 support is dropped.
+            pass
 
         # Purge done from in-flight list.
         self.in_flight_deps.difference_update(completed_deps)
diff --git a/compiler/bindings/python/test/build_api/CMakeLists.txt b/compiler/bindings/python/test/build_api/CMakeLists.txt
index 9721bb06887b..fceac40c531c 100644
--- a/compiler/bindings/python/test/build_api/CMakeLists.txt
+++ b/compiler/bindings/python/test/build_api/CMakeLists.txt
@@ -14,10 +14,9 @@ if(IREE_INPUT_TORCH)
   )
 endif()
 
-# FIXME: This test fails on python3.10.
-# iree_py_test(
-#   NAME
-#   concurrency_test
-#  SRCS
-#    "concurrency_test.py"
-#)
+iree_py_test(
+ NAME
+   concurrency_test
+ SRCS
+   "concurrency_test.py"
+)