diff --git a/compiler/bindings/python/CMakeLists.txt b/compiler/bindings/python/CMakeLists.txt
index 5a148eddcdcf..5956c2d24cb8 100644
--- a/compiler/bindings/python/CMakeLists.txt
+++ b/compiler/bindings/python/CMakeLists.txt
@@ -416,6 +416,29 @@ add_custom_target(IREECompilerPythonDylibFiles
 
 add_dependencies(IREECompilerPythonModules IREECompilerPythonDylibFiles)
 
+################################################################################
+# Windows DLL colocation fix
+# On Windows, the nanobind-mlir.dll ends up in iree/build/_mlir_libs/ but we
+# need to copy it to iree/compiler/_mlir_libs/ for the Python extensions to find
+# it at runtime.
+################################################################################
+if(WIN32)
+  set(_nanobind_src "${_PYTHON_BUILD_PREFIX}/iree/build/_mlir_libs/nanobind-mlir.dll")
+  set(_nanobind_dst "${_PYTHON_BUILD_PREFIX}/iree/compiler/_mlir_libs/nanobind-mlir.dll")
+  add_custom_command(
+    OUTPUT "${_nanobind_dst}"
+    DEPENDS "${_nanobind_src}"
+    COMMAND ${CMAKE_COMMAND} -E copy_if_different
+      "${_nanobind_src}" "${_nanobind_dst}"
+    COMMENT "Copying nanobind-mlir.dll to iree/compiler/_mlir_libs/ for Windows DLL loading"
+  )
+  add_custom_target(IREECompilerPythonNanobindCopy
+    DEPENDS "${_nanobind_dst}"
+  )
+  add_dependencies(IREECompilerPythonNanobindCopy IREECompilerBuildPythonModules)
+  add_dependencies(IREECompilerPythonModules IREECompilerPythonNanobindCopy)
+endif()
+
 ################################################################################
 # Subdirectories
 ################################################################################
diff --git a/third_party/llvm-project b/third_party/llvm-project
index 12d80f913c5a..2eaa29c3c567 160000
--- a/third_party/llvm-project
+++ b/third_party/llvm-project
@@ -1 +1 @@
-Subproject commit 12d80f913c5a0f13f54610e9b0524137301665e3
+Subproject commit 2eaa29c3c5675ebb63dfeb40ffda9abe6a525482