diff --git a/lib/commanded/aggregates/aggregate_state_builder.ex b/lib/commanded/aggregates/aggregate_state_builder.ex
index 90bf39c7..a6f135a3 100644
--- a/lib/commanded/aggregates/aggregate_state_builder.ex
+++ b/lib/commanded/aggregates/aggregate_state_builder.ex
@@ -1,9 +1,35 @@
 defmodule Commanded.Aggregates.AggregateStateBuilder do
+  use TelemetryRegistry
   alias Commanded.Aggregates.Aggregate
   alias Commanded.EventStore
   alias Commanded.EventStore.RecordedEvent
   alias Commanded.EventStore.SnapshotData
   alias Commanded.Snapshotting
+  alias Commanded.Telemetry
+
+  telemetry_event(%{
+    event: [:commanded, :aggregate, :populate, :start],
+    description: "Emitted when an aggregate begins loading from the event store",
+    measurements: "%{system_time: integer()}",
+    metadata: """
+    %{application: Commanded.Application.t(),
+      aggregate_uuid: String.t(),
+      aggregate_state: struct(),
+      aggregate_version: non_neg_integer()}
+    """
+  })
+
+  telemetry_event(%{
+    event: [:commanded, :aggregate, :populate, :stop],
+    description: "Emitted when an aggregate completes loading from the event store",
+    measurements: "%{duration: non_neg_integer(), count: non_neg_integer()}",
+    metadata: """
+    %{application: Commanded.Application.t(),
+      aggregate_uuid: String.t(),
+      aggregate_state: struct(),
+      aggregate_version: non_neg_integer()}
+    """
+  })
 
   @read_event_batch_size 1_000
 
@@ -62,15 +88,41 @@ defmodule Commanded.Aggregates.AggregateStateBuilder do
 
   # Rebuild aggregate state from a `Stream` of its events.
   defp rebuild_from_event_stream(event_stream, %Aggregate{} = state) do
-    Enum.reduce(event_stream, state, fn event, state ->
-      %RecordedEvent{data: data, stream_version: stream_version} = event
-      %Aggregate{aggregate_module: aggregate_module, aggregate_state: aggregate_state} = state
+    telemetry_prefix = [:commanded, :aggregate, :populate]
+    start_time = Telemetry.start(telemetry_prefix, telemetry_metadata(state))
 
-      %Aggregate{
-        state
-        | aggregate_version: stream_version,
-          aggregate_state: aggregate_module.apply(aggregate_state, data)
-      }
-    end)
+    {state, count} =
+      Enum.reduce(event_stream, {state, 0}, fn event, {state, count} ->
+        %RecordedEvent{data: data, stream_version: stream_version} = event
+        %Aggregate{aggregate_module: aggregate_module, aggregate_state: aggregate_state} = state
+
+        state = %Aggregate{
+          state
+          | aggregate_version: stream_version,
+            aggregate_state: aggregate_module.apply(aggregate_state, data)
+        }
+
+        {state, count + 1}
+      end)
+
+    Telemetry.stop(telemetry_prefix, start_time, telemetry_metadata(state), %{count: count})
+
+    state
+  end
+
+  defp telemetry_metadata(%Aggregate{} = state) do
+    %Aggregate{
+      application: application,
+      aggregate_uuid: aggregate_uuid,
+      aggregate_state: aggregate_state,
+      aggregate_version: aggregate_version
+    } = state
+
+    %{
+      application: application,
+      aggregate_uuid: aggregate_uuid,
+      aggregate_state: aggregate_state,
+      aggregate_version: aggregate_version
+    }
   end
 end
diff --git a/lib/commanded/commands/dispatcher.ex b/lib/commanded/commands/dispatcher.ex
index 6021c7b0..c0a0876c 100644
--- a/lib/commanded/commands/dispatcher.ex
+++ b/lib/commanded/commands/dispatcher.ex
@@ -132,6 +132,11 @@ defmodule Commanded.Commands.Dispatcher do
         # Maybe retry command when aggregate process not found on a remote node
         maybe_retry(pipeline, payload, context)
 
+      {:error, :aggregate_execution_timeout} ->
+        # The main reason for a timeout is that aggregate loading is slow, so retrying
+        # is expected to help.
+        maybe_retry(pipeline, payload, context)
+
       {:error, error} ->
         pipeline
         |> Pipeline.respond({:error, error})
@@ -241,8 +246,10 @@ defmodule Commanded.Commands.Dispatcher do
       {:ok, context} ->
         execute(pipeline, payload, context)
 
-      reply ->
-        reply
+      {:error, :too_many_attempts} = error ->
+        pipeline
+        |> Pipeline.respond(error)
+        |> after_failure(payload)
     end
   end
 end
diff --git a/test/aggregates/aggregate_telemetry_test.exs b/test/aggregates/aggregate_telemetry_test.exs
index adc2e048..b884cdab 100644
--- a/test/aggregates/aggregate_telemetry_test.exs
+++ b/test/aggregates/aggregate_telemetry_test.exs
@@ -192,6 +192,42 @@ defmodule Commanded.Aggregates.AggregateTelemetryTest do
 
       refute_received {[:commanded, :aggregate, :execute, :stop], _measurements, _metadata}
     end
+
+    test "emit `[:commanded, :aggregate, :populate]` events",
+         %{aggregate_uuid: aggregate_uuid, pid: pid} do
+      context = %ExecutionContext{
+        command: %Ok{message: "ok"},
+        function: :execute,
+        handler: ExampleAggregate
+      }
+
+      # Send some commands, then kill the process to force a reload.
+      count = 3
+
+      for _i <- 1..count do
+        {:ok, _version, _events} = GenServer.call(pid, {:execute_command, context})
+      end
+
+      Process.exit(pid, :normal)
+
+      # Do the reload, we should now have telemetry
+      start_aggregate(aggregate_uuid)
+
+      assert_receive {[:commanded, :aggregate, :populate, :start], _measurements, _metadata}
+      assert_receive {[:commanded, :aggregate, :populate, :stop], measurements, metadata}
+
+      assert match?(%{count: ^count}, measurements)
+
+      assert match?(
+               %{
+                 aggregate_state: %ExampleAggregate{},
+                 aggregate_uuid: ^aggregate_uuid,
+                 aggregate_version: ^count,
+                 application: DefaultApp
+               },
+               metadata
+             )
+    end
   end
 
   def start_aggregate(aggregate_uuid) do
@@ -207,7 +243,9 @@ defmodule Commanded.Aggregates.AggregateTelemetryTest do
       [
         [:commanded, :aggregate, :execute, :start],
         [:commanded, :aggregate, :execute, :stop],
-        [:commanded, :aggregate, :execute, :exception]
+        [:commanded, :aggregate, :execute, :exception],
+        [:commanded, :aggregate, :populate, :start],
+        [:commanded, :aggregate, :populate, :stop]
       ],
       fn event_name, measurements, metadata, reply_to ->
         send(reply_to, {event_name, measurements, metadata})
diff --git a/test/commands/command_timeout_test.exs b/test/commands/command_timeout_test.exs
index fe16f86d..67673c3d 100644
--- a/test/commands/command_timeout_test.exs
+++ b/test/commands/command_timeout_test.exs
@@ -16,7 +16,7 @@ defmodule Commanded.Commands.CommandTimeoutTest do
     # Handler is set to take longer than the configured timeout
     case TimeoutRouter.dispatch(command, application: DefaultApp) do
       {:error, :aggregate_execution_failed} -> :ok
-      {:error, :aggregate_execution_timeout} -> :ok
+      {:error, :too_many_attempts} -> :ok
       reply -> flunk("received an unexpected response: #{inspect(reply)}")
     end
   end
diff --git a/test/middleware/middleware_test.exs b/test/middleware/middleware_test.exs
index d2858c09..37019c1b 100644
--- a/test/middleware/middleware_test.exs
+++ b/test/middleware/middleware_test.exs
@@ -136,7 +136,7 @@ defmodule Commanded.Middleware.MiddlewareTest do
     # Force command handling to timeout so the aggregate process is terminated
     :ok =
       case Router.dispatch(command, application: DefaultApp, timeout: 50) do
-        {:error, :aggregate_execution_timeout} -> :ok
+        {:error, :too_many_attempts} -> :ok
         {:error, :aggregate_execution_failed} -> :ok
       end