diff --git a/src/wormhole/test/test_wormhole.py b/src/wormhole/test/test_wormhole.py
index 7a701df..a8d59c9 100644
--- a/src/wormhole/test/test_wormhole.py
+++ b/src/wormhole/test/test_wormhole.py
@@ -522,11 +522,13 @@ class Basic(unittest.TestCase):
         self.assertEqual(len(pieces), 3) # nameplate plus two words
         self.assert_(re.search(r'^\d+-\w+-\w+$', code), code)
 
-    def _test_establish_key_hook(self, established):
-
+    def _test_establish_key_hook(self, established, before):
         timing = DebugTiming()
         w = wormhole._Wormhole(APPID, "relay_url", reactor, None, timing)
 
+        if before:
+            d = w.establish_key()
+
         if established is True:
             w._key = b"key"
         elif established is False:
@@ -535,7 +537,10 @@ class Basic(unittest.TestCase):
             w._key = b"key"
             w._error = WelcomeError()
 
-        d = w.establish_key()
+        if not before:
+            d = w.establish_key()
+        else:
+            w._maybe_notify_key()
 
         if w._key is not None and established is True:
             self.successResultOf(d)
@@ -546,7 +551,8 @@ class Basic(unittest.TestCase):
 
     def test_establish_key_hook(self):
         for established in (True, False, "error"):
-            self._test_establish_key_hook(established)
+            for before in (True, False):
+                self._test_establish_key_hook(established, before)
 
     # make sure verify() can be called both before and after the verifier is
     # computed
diff --git a/src/wormhole/wormhole.py b/src/wormhole/wormhole.py
index c3b0c6f..d783e14 100644
--- a/src/wormhole/wormhole.py
+++ b/src/wormhole/wormhole.py
@@ -237,6 +237,7 @@ class _Wormhole:
         self._flag_need_to_see_mailbox_used = True
         self._flag_need_to_build_msg1 = True
         self._flag_need_to_send_PAKE = True
+        self._key_waiter = None
         self._key = None
 
         self._version_message = None
@@ -283,6 +284,15 @@ class _Wormhole:
 
     # todo: restore-saved-state entry points
 
+    def establish_key(self):
+        """
+        returns a Deferred that fires when we've established the shared key.
+        When successful, the Deferred fires with a simple `True`, otherwise
+        it fails.
+        
+        """
+        return self._API_establish_key()
+
     def verify(self):
         """Returns a Deferred that fires when we've heard back from the other
         side, and have confirmed that they used the right wormhole code. When
@@ -559,6 +569,7 @@ class _Wormhole:
 
     def _event_established_key(self):
         self._timing.add("key established")
+        self._maybe_notify_key()
 
         # both sides send different (random) version messages
         self._send_version_message()
@@ -569,6 +580,23 @@ class _Wormhole:
         self._maybe_check_version()
         self._maybe_send_phase_messages()
 
+    def _API_establish_key(self):
+        if self._error: return defer.fail(self._error)
+        if not self._key is None:
+            return defer.succeed(True)
+        self._key_waiter = defer.Deferred()
+        return self._key_waiter
+
+    def _maybe_notify_key(self):
+        if self._key is None:
+            return
+        if self._error:
+            result = failure.Failure(self._error)
+        else:
+            result = True
+        if self._key_waiter and not self._key_waiter.called:
+            self._key_waiter.callback(result)
+
     def _send_version_message(self):
         # this is encrypted like a normal phase message, and includes a
         # dictionary of version flags to let the other Wormhole know what