diff --git a/packages/react/src/executors/module-federation-dev-server/module-federation-dev-server.impl.ts b/packages/react/src/executors/module-federation-dev-server/module-federation-dev-server.impl.ts
index d70b46b75f375..663c5ddbdd7ac 100644
--- a/packages/react/src/executors/module-federation-dev-server/module-federation-dev-server.impl.ts
+++ b/packages/react/src/executors/module-federation-dev-server/module-federation-dev-server.impl.ts
@@ -1,8 +1,12 @@
-import { ExecutorContext, runExecutor } from '@nrwl/devkit';
+import { ExecutorContext, logger, runExecutor } from '@nrwl/devkit';
 import devServerExecutor, {
   WebDevServerOptions,
 } from '@nrwl/web/src/executors/dev-server/dev-server.impl';
 import { join } from 'path';
+import {
+  combineAsyncIterators,
+  tapAsyncIterator,
+} from '../../utils/async-iterator';
 
 type ModuleFederationDevServerOptions = WebDevServerOptions & {
   devRemotes?: string | string[];
@@ -57,61 +61,13 @@ export default async function* moduleFederationDevServer(
     );
   }
 
-  return yield* iter;
-}
-
-// TODO(jack): Extract this helper
-function getNextAsyncIteratorFactory(options) {
-  return async (asyncIterator, index) => {
-    try {
-      const iterator = await asyncIterator.next();
-
-      return { index, iterator };
-    } catch (err) {
-      if (options.errorCallback) {
-        options.errorCallback(err, index);
-      }
-      if (options.throwError !== false) {
-        return Promise.reject(err);
-      }
-
-      return { index, iterator: { done: true } };
-    }
-  };
-}
-
-async function* combineAsyncIterators(
-  ...iterators: { 0: AsyncIterator<any> } & AsyncIterator<any>[]
-) {
-  let [options] = iterators;
-  if (typeof options.next === 'function') {
-    options = Object.create(null);
-  } else {
-    iterators.shift();
-  }
-
-  const getNextAsyncIteratorValue = getNextAsyncIteratorFactory(options);
-
-  try {
-    const asyncIteratorsValues = new Map(
-      iterators.map((it, idx) => [idx, getNextAsyncIteratorValue(it, idx)])
-    );
-
-    do {
-      const { iterator, index } = await Promise.race(
-        asyncIteratorsValues.values()
+  let numAwaiting = knownRemotes.length + 1; // remotes + host
+  return yield* tapAsyncIterator(iter, (x) => {
+    numAwaiting--;
+    if (numAwaiting === 0) {
+      logger.info(
+        `Host is ready: ${options.host ?? 'localhost'}:${options.port ?? 4200}`
       );
-      if (iterator.done) {
-        asyncIteratorsValues.delete(index);
-      } else {
-        yield iterator.value;
-        asyncIteratorsValues.set(
-          index,
-          getNextAsyncIteratorValue(iterators[index], index)
-        );
-      }
-    } while (asyncIteratorsValues.size > 0);
-  } finally {
-    await Promise.allSettled(iterators.map((it) => it.return()));
-  }
+    }
+  });
 }
diff --git a/packages/react/src/utils/async-iterator.spec.ts b/packages/react/src/utils/async-iterator.spec.ts
new file mode 100644
index 0000000000000..7ba53d2d7ffd4
--- /dev/null
+++ b/packages/react/src/utils/async-iterator.spec.ts
@@ -0,0 +1,100 @@
+import {
+  mapAsyncIterator,
+  combineAsyncIterators,
+  tapAsyncIterator,
+} from './async-iterator';
+
+function delay(ms: number) {
+  return new Promise((resolve) => setTimeout(resolve, ms));
+}
+
+describe('combineAsyncIterators', () => {
+  it('should merge iterators', async () => {
+    async function* a() {
+      await delay(20);
+      yield 'a';
+    }
+
+    async function* b() {
+      await delay(0);
+      yield 'b';
+    }
+
+    const c = combineAsyncIterators(a(), b());
+    const results = [];
+
+    for await (const x of c) {
+      results.push(x);
+    }
+
+    expect(results).toEqual(['b', 'a']);
+  });
+
+  it('should throw when one iterator throws', async () => {
+    async function* a() {
+      await delay(20);
+      yield 'a';
+    }
+
+    async function* b() {
+      throw new Error('threw in b');
+    }
+
+    const c = combineAsyncIterators(a(), b());
+
+    async function* d() {
+      yield* c;
+    }
+
+    try {
+      for await (const x of d()) {
+      }
+      throw new Error('should not reach here');
+    } catch (e) {
+      expect(e.message).toMatch(/threw in b/);
+    }
+  });
+});
+
+describe('mapAsyncIterator', () => {
+  it('should map over values', async () => {
+    async function* f() {
+      yield 1;
+      yield 2;
+      yield 3;
+    }
+
+    const c = mapAsyncIterator(f(), (x) => x * 2);
+    const results = [];
+
+    for await (const x of c) {
+      results.push(x);
+    }
+
+    expect(results).toEqual([2, 4, 6]);
+  });
+});
+
+describe('tapAsyncIterator', () => {
+  it('should tap values', async () => {
+    async function* f() {
+      yield 1;
+      yield 2;
+      yield 3;
+    }
+
+    const tapped = [];
+    const results = [];
+
+    const c = tapAsyncIterator(f(), (x) => {
+      tapped.push(`tap: ${x}`);
+    });
+
+    for await (const x of c) {
+      results.push(x);
+    }
+
+    expect(tapped).toEqual(['tap: 1', 'tap: 2', 'tap: 3']);
+    expect(results).toEqual([1, 2, 3]);
+  });
+});
diff --git a/packages/react/src/utils/async-iterator.ts b/packages/react/src/utils/async-iterator.ts
new file mode 100644
index 0000000000000..366ebbb21617b
--- /dev/null
+++ b/packages/react/src/utils/async-iterator.ts
@@ -0,0 +1,78 @@
+export async function* combineAsyncIterators(
+  ...iterators: { 0: AsyncIterableIterator<any> } & AsyncIterableIterator<any>[]
+) {
+  let [options] = iterators;
+  if (typeof options.next === 'function') {
+    options = Object.create(null);
+  } else {
+    iterators.shift();
+  }
+
+  const getNextAsyncIteratorValue = getNextAsyncIteratorFactory(options);
+
+  try {
+    const asyncIteratorsValues = new Map(
+      iterators.map((it, idx) => [idx, getNextAsyncIteratorValue(it, idx)])
+    );
+
+    do {
+      const { iterator, index } = await Promise.race(
+        asyncIteratorsValues.values()
+      );
+      if (iterator.done) {
+        asyncIteratorsValues.delete(index);
+      } else {
+        yield iterator.value;
+        asyncIteratorsValues.set(
+          index,
+          getNextAsyncIteratorValue(iterators[index], index)
+        );
+      }
+    } while (asyncIteratorsValues.size > 0);
+  } finally {
+    await Promise.allSettled(iterators.map((it) => it.return()));
+  }
+}
+
+function getNextAsyncIteratorFactory(options) {
+  return async (asyncIterator, index) => {
+    try {
+      const iterator = await asyncIterator.next();
+
+      return { index, iterator };
+    } catch (err) {
+      if (options.errorCallback) {
+        options.errorCallback(err, index);
+      }
+      return Promise.reject(err);
+    }
+  };
+}
+
+export async function* mapAsyncIterator<T = any, I = any, O = any>(
+  data: AsyncIterableIterator<T>,
+  transform: (input: I, index?: number, data?: AsyncIterableIterator<T>) => O
+) {
+  async function* f() {
+    const generator = data[Symbol.asyncIterator] || data[Symbol.iterator];
+    const iterator = generator.call(data);
+    let index = 0;
+    let item = await iterator.next();
+    while (!item.done) {
+      yield await transform(await item.value, index, data);
+      index++;
+      item = await iterator.next();
+    }
+  }
+  return yield* f();
+}
+
+export async function* tapAsyncIterator<T = any, I = any, O = any>(
+  data: AsyncIterableIterator<T>,
+  fn: (input: I) => void
+) {
+  return yield* mapAsyncIterator(data, (x) => {
+    fn(x);
+    return x;
+  });
+}
diff --git a/packages/web/src/executors/file-server/file-server.impl.ts b/packages/web/src/executors/file-server/file-server.impl.ts
index 2d452d8f7e491..8c1dc10a39550 100644
--- a/packages/web/src/executors/file-server/file-server.impl.ts
+++ b/packages/web/src/executors/file-server/file-server.impl.ts
@@ -1,4 +1,5 @@
 import { execFileSync, fork } from 'child_process';
+import * as chalk from 'chalk';
 import {
   ExecutorContext,
   joinPathFragments,
@@ -131,8 +132,13 @@ export default async function* fileServerExecutor(
         execFileSync(pmCmd, args, {
           stdio: [0, 1, 2],
         });
-      } catch {}
-      running = false;
+      } catch {
+        throw new Error(
+          `Build target failed: ${chalk.bold(options.buildTarget)}`
+        );
+      } finally {
+        running = false;
+      }
     }
   };