diff --git a/src/art/trajectories/_capture/core.py b/src/art/trajectories/_capture/core.py
index cd3bee767..49cd33d1c 100644
--- a/src/art/trajectories/_capture/core.py
+++ b/src/art/trajectories/_capture/core.py
@@ -63,7 +63,7 @@ def _terminal_sse_event(endpoint: Endpoint, block: bytes) -> bool:
 
 @dataclass
 class CaptureState:
-    trajectory: Trajectory
+    trajectory: Trajectory | None
     endpoint: Endpoint
     request: dict[str, Any]
     start_time: datetime = field(default_factory=lambda: datetime.now(UTC))
@@ -98,26 +98,33 @@ def _reached_terminal_event(self) -> bool:
 
     def discard(self) -> None:
         self.body.clear()
+        self.request = {}
+        self.trajectory = None
         self.captured = True
 
     def finish(self) -> None:
         if self.captured:
             return
         self.captured = True
-        if self.status_code is None or not 200 <= self.status_code < 300:
-            return
         try:
-            exchange = build_exchange(
-                self.endpoint,
-                self.request,
-                bytes(self.body),
-                start_time=self.start_time,
-                end_time=datetime.now(UTC),
-            )
-        except Exception as exc:
-            logger.debug("Ignoring incomplete trajectory exchange: %s", exc)
-            return
-        _append_exchange(self.trajectory, exchange)
+            if self.status_code is None or not 200 <= self.status_code < 300:
+                return
+            try:
+                exchange = build_exchange(
+                    self.endpoint,
+                    self.request,
+                    bytes(self.body),
+                    start_time=self.start_time,
+                    end_time=datetime.now(UTC),
+                )
+            except Exception as exc:
+                logger.debug("Ignoring incomplete trajectory exchange: %s", exc)
+                return
+            assert self.trajectory is not None
+            _append_exchange(self.trajectory, exchange)
+        finally:
+            # Responses may outlive capture in transport cycles or user code.
+            self.discard()
 
 
 def _append_exchange(trajectory: Trajectory, exchange: Exchange) -> None:
diff --git a/tests/unit/trajectories/test_capture_lifetime.py b/tests/unit/trajectories/test_capture_lifetime.py
new file mode 100644
index 000000000..c5dfea1bb
--- /dev/null
+++ b/tests/unit/trajectories/test_capture_lifetime.py
@@ -0,0 +1,189 @@
+"""Terminal capture must not pin a trajectory through a retained HTTP response."""
+
+import asyncio
+import json
+import weakref
+
+import httpx
+from openai import AsyncOpenAI
+import pytest
+
+import art
+from art.trajectories._capture import core
+
+CHAT = {
+    "id": "lifetime-fixture",
+    "object": "chat.completion",
+    "created": 1,
+    "model": "policy",
+    "choices": [
+        {
+            "index": 0,
+            "message": {"role": "assistant", "content": "ok"},
+            "finish_reason": "stop",
+            "token_ids": [7],
+            "prompt_token_ids": [2, 3],
+            "logprobs": {
+                "content": [
+                    {
+                        "token": "ok",
+                        "logprob": -0.2,
+                        "bytes": [111, 107],
+                        "top_logprobs": [],
+                    }
+                ]
+            },
+        }
+    ],
+}
+
+
+def test_terminal_state_releases_only_its_owners():
+    trajectory = art.Trajectory()
+    request = {"model": "policy", "messages": [{"role": "user", "content": "fixture"}]}
+    state = core.CaptureState(trajectory, "chat_completions", request, status_code=200)
+    state.add(json.dumps(CHAT).encode())
+    ref = weakref.ref(trajectory)
+    state.finish()
+    (exchange,) = trajectory.exchanges.chat_completions
+    assert exchange.request == request
+    choice = exchange.response.choices[0]
+    assert choice.logprobs is not None and choice.logprobs.content is not None
+    assert choice.logprobs.content[0].logprob == -0.2
+    assert choice.model_extra is not None and choice.model_extra["token_ids"] == [7]
+    # Rebinding the private owner must not clear an aliased original request.
+    assert request["messages"] == [{"role": "user", "content": "fixture"}]
+    state.add(b"ignored after terminal capture")
+    state.finish()
+    assert len(trajectory.exchanges.chat_completions) == 1
+    assert state.captured and not state.body and not state.request
+    del trajectory
+    assert ref() is None
+    assert exchange.request == request
+
+
+@pytest.mark.parametrize("terminal", ["discard", "status", "malformed", "append_error"])
+def test_failed_capture_releases_state_and_preserves_error(terminal, monkeypatch):
+    trajectory = art.Trajectory()
+    state = core.CaptureState(
+        trajectory,
+        "chat_completions",
+        {"model": "policy", "messages": []},
+        status_code=200,
+    )
+    state.add(b"invalid" if terminal == "malformed" else json.dumps(CHAT).encode())
+    ref = weakref.ref(trajectory)
+    del trajectory
+    assert ref() is not None  # Live capture still owns its destination.
+    if terminal == "append_error":
+        sentinel = KeyboardInterrupt("append sentinel")
+
+        def fail(*args):
+            raise sentinel
+
+        monkeypatch.setattr(core, "_append_exchange", fail)
+        with pytest.raises(KeyboardInterrupt) as caught:
+            state.finish()
+        assert caught.value is sentinel
+        # An exception's traceback may legitimately own its frame and exchange.
+        sentinel.__traceback__ = None
+        del caught
+    elif terminal == "discard":
+        state.discard()
+    else:
+        if terminal == "status":
+            state.status_code = 500
+        state.finish()
+    assert state.captured and state.trajectory is None
+    assert not state.body and not state.request and ref() is None
+    state.finish()
+
+
+async def test_openai_httpx_response_cycle_does_not_retain_completed_trajectory():
+    responses = []
+
+    async def handler(request):
+        response = httpx.Response(200, json=CHAT)
+        responses.append(response)
+        return response
+
+    async with AsyncOpenAI(
+        api_key="test",
+        base_url="https://offline.invalid/v1",
+        http_client=httpx.AsyncClient(transport=httpx.MockTransport(handler)),
+    ) as client:
+        with art.Trajectory() as trajectory:
+            completion = await client.chat.completions.create(
+                model="policy", messages=[]
+            )
+        assert completion.choices[0].message.content == "ok"
+        assert len(trajectory.exchanges.chat_completions) == 1
+        (response,) = responses
+        assert response.stream._response is response
+        ref = weakref.ref(trajectory)
+        del trajectory
+        # Keep the actual HTTPX cycle strongly alive: no GC manipulation needed.
+        assert ref() is None
+        assert response.json() == CHAT
+
+
+@pytest.mark.parametrize("failure", [None, "cancel", "read_error"])
+async def test_stream_terminal_cleanup_preserves_delivery_and_failures(failure):
+    sentinel = (
+        asyncio.CancelledError("cancel sentinel")
+        if failure == "cancel"
+        else httpx.ReadError("read sentinel")
+    )
+    chunk = {
+        "id": "stream-fixture",
+        "object": "chat.completion.chunk",
+        "created": 1,
+        "model": "policy",
+        "choices": [
+            {
+                "index": 0,
+                "delta": {"role": "assistant", "content": "ok"},
+                "finish_reason": "stop",
+            }
+        ],
+    }
+    first = b"data: " + json.dumps(chunk).encode() + b"\n\n"
+    terminal = b"data: [DONE]\n\n"
+
+    class Stream(httpx.AsyncByteStream):
+        async def __aiter__(self):
+            yield first
+            if failure:
+                raise sentinel
+            yield terminal
+
+    async def handler(request):
+        return httpx.Response(
+            200, headers={"content-type": "text/event-stream"}, stream=Stream()
+        )
+
+    async with httpx.AsyncClient(transport=httpx.MockTransport(handler)) as client:
+        with art.Trajectory() as trajectory:
+            async with client.stream(
+                "POST",
+                "https://offline.invalid/v1/chat/completions",
+                json={"model": "policy", "messages": [], "stream": True},
+            ) as response:
+                ref = weakref.ref(trajectory)
+                received = []
+                try:
+                    async for value in response.aiter_bytes():
+                        received.append(value)
+                        if value == first:
+                            assert ref() is not None
+                except BaseException as error:
+                    assert failure and error is sentinel
+                else:
+                    assert failure is None
+            assert b"".join(received) == first + (b"" if failure else terminal)
+        assert len(trajectory.exchanges.chat_completions) == (not failure)
+        del trajectory
+        # Failure tracebacks are preserved, so clear only the test-owned sentinel.
+        sentinel.__traceback__ = None
+        assert getattr(response, "_art_trajectory_capture").trajectory is None
+        assert ref() is None