diff --git a/java/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidator.java b/java/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidator.java
index f767da85101..30ebf09b222 100644
--- a/java/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidator.java
+++ b/java/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidator.java
@@ -30,6 +30,7 @@
 import dagger.internal.codegen.model.DiagnosticReporter;
 import dagger.internal.codegen.model.Key;
 import dagger.internal.codegen.validation.ValidationBindingGraphPlugin;
+import java.util.Optional;
 import javax.inject.Inject;
 
 /** Validates that there are not multiple set binding contributions to the same binding. */
@@ -59,7 +60,8 @@ private void checkForDuplicateSetContributions(
     Multimap<Key, Binding> dereferencedBindsTargets = HashMultimap.create();
     for (Binding dep : bindingGraph.requestedBindings(binding)) {
       if (dep.kind().equals(DELEGATE)) {
-        dereferencedBindsTargets.put(dereferenceDelegateBinding(dep, bindingGraph), dep);
+        dereferenceDelegateBinding(dep, bindingGraph)
+            .ifPresent(dereferencedKey -> dereferencedBindsTargets.put(dereferencedKey, dep));
       }
     }
 
@@ -80,13 +82,19 @@ private void checkForDuplicateSetContributions(
             });
   }
 
-  /** Returns the delegate target of a delegate binding (going through other delegates as well). */
-  private Key dereferenceDelegateBinding(Binding binding, BindingGraph bindingGraph) {
+  /**
+   * Returns the dereferenced key of a delegate binding (going through other delegates as well).
+   *
+   * <p>If the binding cannot be dereferenced (because it leads to a missing binding or duplicate
+   * bindings) then {@link Optional#empty()} is returned.
+   */
+  private Optional<Key> dereferenceDelegateBinding(Binding binding, BindingGraph bindingGraph) {
     ImmutableSet<Binding> delegateSet = bindingGraph.requestedBindings(binding);
-    if (delegateSet.isEmpty()) {
-      // There may not be a delegate if the delegate is missing. In this case, we just take the
-      // requested key and return that.
-      return Iterables.getOnlyElement(binding.dependencies()).key();
+    if (delegateSet.size() != 1) {
+      // If there isn't exactly 1 delegate then it means either a MissingBinding or DuplicateBinding
+      // error will be reported. Just return nothing rather than trying to dereference further, as
+      // anything we report here will just be noise on top of the other error anyway.
+      return Optional.empty();
     }
     // If there is a binding, first we check if that is a delegate binding so we can dereference
     // that binding if needed.
@@ -94,6 +102,6 @@ private Key dereferenceDelegateBinding(Binding binding, BindingGraph bindingGrap
     if (delegate.kind().equals(DELEGATE)) {
       return dereferenceDelegateBinding(delegate, bindingGraph);
     }
-    return delegate.key();
+    return Optional.of(delegate.key());
   }
 }
diff --git a/javatests/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidationTest.java b/javatests/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidationTest.java
index 8eaccaede37..e68099ae4b8 100644
--- a/javatests/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidationTest.java
+++ b/javatests/dagger/internal/codegen/bindinggraphvalidation/SetMultibindingValidationTest.java
@@ -95,6 +95,85 @@ public SetMultibindingValidationTest(CompilerMode compilerMode) {
             });
   }
 
+  // Regression test for b/316582741 to ensure the duplicate binding gets reported rather than
+  // causing a crash.
+  @Test public void testSetBindingsToDuplicateBinding() {
+    Source module =
+        CompilerTests.javaSource(
+            "test.TestModule",
+            "package test;",
+            "",
+            "import dagger.Binds;",
+            "import dagger.Module;",
+            "import dagger.Provides;",
+            "import dagger.multibindings.IntoSet;",
+            "",
+            "@Module",
+            "interface TestModule {",
+            "  @Binds @IntoSet Foo bindFoo(FooImpl impl);",
+            "",
+            "  @Provides static FooImpl provideFooImpl() { return null; }",
+            "",
+            "  @Provides static FooImpl provideFooImplAgain() { return null; }",
+            "}");
+    Source component =
+        CompilerTests.javaSource(
+            "test.TestComponent",
+            "package test;",
+            "",
+            "import dagger.Component;",
+            "import java.util.Set;",
+            "",
+            "@Component(modules = TestModule.class)",
+            "interface TestComponent {",
+            "  Set<Foo> setOfFoo();",
+            "}");
+    CompilerTests.daggerCompiler(FOO, FOO_IMPL, module, component)
+        .withProcessingOptions(compilerMode.processorOptions())
+        .compile(
+            subject -> {
+              subject.hasErrorCount(1);
+              subject.hasErrorContaining("FooImpl is bound multiple times");
+            });
+  }
+
+  @Test public void testSetBindingsToMissingBinding() {
+    Source module =
+        CompilerTests.javaSource(
+            "test.TestModule",
+            "package test;",
+            "",
+            "import dagger.Binds;",
+            "import dagger.Module;",
+            "import dagger.multibindings.IntoSet;",
+            "",
+            "@Module",
+            "interface TestModule {",
+            "  @Binds @IntoSet Foo bindFoo(MissingFooImpl impl);",
+            "",
+            "  static class MissingFooImpl implements Foo {}",
+            "}");
+    Source component =
+        CompilerTests.javaSource(
+            "test.TestComponent",
+            "package test;",
+            "",
+            "import dagger.Component;",
+            "import java.util.Set;",
+            "",
+            "@Component(modules = TestModule.class)",
+            "interface TestComponent {",
+            "  Set<Foo> setOfFoo();",
+            "}");
+    CompilerTests.daggerCompiler(FOO, module, component)
+        .withProcessingOptions(compilerMode.processorOptions())
+        .compile(
+            subject -> {
+              subject.hasErrorCount(1);
+              subject.hasErrorContaining("MissingFooImpl cannot be provided");
+            });
+  }
+
   @Test public void testMultipleSetBindingsToSameFooThroughMultipleBinds() {
     Source module =
         CompilerTests.javaSource(