diff --git a/toolchain/lex/tokenized_buffer.cpp b/toolchain/lex/tokenized_buffer.cpp
index 7ae454e90307..c3509d0c7d6c 100644
--- a/toolchain/lex/tokenized_buffer.cpp
+++ b/toolchain/lex/tokenized_buffer.cpp
@@ -192,7 +192,7 @@ auto TokenizedBuffer::IsRawIdentifier(TokenIndex token) const -> bool {
   // starting with `#`. It suffices to check that character is the first
   // character of the identifier.
   auto token_text = source_->text().substr(token_info.byte_offset());
-  return token_text.starts_with("r#") &&
+  return token_text.size() > 2 && token_text.starts_with("r#") &&
          token_text[2] ==
              value_stores_->identifiers().Get(token_info.ident_id()).front();
 }
diff --git a/toolchain/lex/tokenized_buffer_test.cpp b/toolchain/lex/tokenized_buffer_test.cpp
index 105c5fb581e6..e7c824de6603 100644
--- a/toolchain/lex/tokenized_buffer_test.cpp
+++ b/toolchain/lex/tokenized_buffer_test.cpp
@@ -807,6 +807,19 @@ TEST_F(LexerTest, Identifiers) {
               }));
 }
 
+TEST_F(LexerTest, RawIdentifierIntroducerAtEndOfFile) {
+  // `r#` at the very end of the source is not a raw identifier -- there is no
+  // identifier after the `#` -- but the leading `r` is still an identifier
+  // whose text begins with `r#`. Computing that text checks for the raw form
+  // and must not read past the end of the buffer.
+  auto& buffer = compile_helper_.GetTokenizedBuffer("r#");
+  for (TokenIndex token : buffer.tokens()) {
+    if (buffer.GetKind(token) == TokenKind::Identifier) {
+      EXPECT_EQ(buffer.GetTokenText(token), "r");
+    }
+  }
+}
+
 TEST_F(LexerTest, StringLiterals) {
   llvm::StringLiteral testcase = R"(
     "hello world\n"