diff --git a/scene/2d/audio_stream_player_2d.cpp b/scene/2d/audio_stream_player_2d.cpp
index 0cb431e6f..ac6adf8f5 100644
--- a/scene/2d/audio_stream_player_2d.cpp
+++ b/scene/2d/audio_stream_player_2d.cpp
@@ -275,6 +275,9 @@ void AudioStreamPlayer2D::_notification(int p_what) {
 }
 
 void AudioStreamPlayer2D::set_stream(Ref<AudioStream> p_stream) {
+	// Instancing audio streams can cause large memory allocations, do it prior to AudioServer::lock.
+	Ref<AudioStreamPlayback> pre_instanced_playback = p_stream->instance_playback();
+
 	AudioServer::get_singleton()->lock();
 
 	mix_buffer.resize(AudioServer::get_singleton()->thread_get_mix_buffer_size());
@@ -288,7 +291,7 @@ void AudioStreamPlayer2D::set_stream(Ref<AudioStream> p_stream) {
 
 	if (p_stream.is_valid()) {
 		stream = p_stream;
-		stream_playback = p_stream->instance_playback();
+		stream_playback = pre_instanced_playback;
 	}
 
 	AudioServer::get_singleton()->unlock();
diff --git a/scene/3d/audio_stream_player_3d.cpp b/scene/3d/audio_stream_player_3d.cpp
index 616abdfa8..7d869c2c5 100644
--- a/scene/3d/audio_stream_player_3d.cpp
+++ b/scene/3d/audio_stream_player_3d.cpp
@@ -627,6 +627,9 @@ void AudioStreamPlayer3D::_notification(int p_what) {
 }
 
 void AudioStreamPlayer3D::set_stream(Ref<AudioStream> p_stream) {
+	// Instancing audio streams can cause large memory allocations, do it prior to AudioServer::lock.
+	Ref<AudioStreamPlayback> pre_instanced_playback = p_stream->instance_playback();
+
 	AudioServer::get_singleton()->lock();
 
 	mix_buffer.resize(AudioServer::get_singleton()->thread_get_mix_buffer_size());
@@ -640,7 +643,7 @@ void AudioStreamPlayer3D::set_stream(Ref<AudioStream> p_stream) {
 
 	if (p_stream.is_valid()) {
 		stream = p_stream;
-		stream_playback = p_stream->instance_playback();
+		stream_playback = pre_instanced_playback;
 	}
 
 	AudioServer::get_singleton()->unlock();
diff --git a/scene/audio/audio_stream_player.cpp b/scene/audio/audio_stream_player.cpp
index 66931aa45..21c620b4b 100644
--- a/scene/audio/audio_stream_player.cpp
+++ b/scene/audio/audio_stream_player.cpp
@@ -167,6 +167,9 @@ void AudioStreamPlayer::_notification(int p_what) {
 }
 
 void AudioStreamPlayer::set_stream(Ref<AudioStream> p_stream) {
+	// Instancing audio streams can cause large memory allocations, do it prior to AudioServer::lock.
+	Ref<AudioStreamPlayback> pre_instanced_playback = p_stream->instance_playback();
+
 	AudioServer::get_singleton()->lock();
 
 	if (active.is_set() && stream_playback.is_valid() && !stream_paused) {
@@ -203,7 +206,7 @@ void AudioStreamPlayer::set_stream(Ref<AudioStream> p_stream) {
 
 	if (p_stream.is_valid()) {
 		stream = p_stream;
-		stream_playback = p_stream->instance_playback();
+		stream_playback = pre_instanced_playback;
 	}
 
 	AudioServer::get_singleton()->unlock();