diff --git a/internal/pool/conn.go b/internal/pool/conn.go
index 735e6369f4..ce5647aedf 100644
--- a/internal/pool/conn.go
+++ b/internal/pool/conn.go
@@ -78,18 +78,21 @@ type Conn struct {
 	// background operations that may execute commands, like re-authentication.
 	used atomic.Bool
 
-	// Inited flag to mark connection as initialized, this is almost the same as usable
+	// inited flag to mark connection as initialized, this is almost the same as usable
 	// but it is used to make sure we don't initialize a network connection twice
 	// On handoff, the network connection is replaced, but the Conn struct is reused
 	// this flag will be set to false when the network connection is replaced and
 	// set to true after the new network connection is initialized
-	Inited atomic.Bool
+	inited atomic.Bool
 
-	pooled    bool
-	pubsub    bool
-	closed    atomic.Bool
-	createdAt time.Time
-	expiresAt time.Time
+	// Initializing flag to mark connection as initializing
+	// This is used to prevent concurrent initialization of the network connection
+	initializing atomic.Bool
+	pooled       bool
+	pubsub       bool
+	closed       atomic.Bool
+	createdAt    time.Time
+	expiresAt    time.Time
 
 	// maintenanceNotifications upgrade support: relaxed timeouts during migrations/failovers
 	// Using atomic operations for lock-free access to avoid mutex contention
@@ -306,7 +309,27 @@ func (cn *Conn) IsPubSub() bool {
 }
 
 func (cn *Conn) IsInited() bool {
-	return cn.Inited.Load()
+	return cn.inited.Load()
+}
+
+func (cn *Conn) SetInited(inited bool) {
+	cn.inited.Store(inited)
+}
+
+func (cn *Conn) CompareAndSwapInited(old, new bool) bool {
+	return cn.inited.CompareAndSwap(old, new)
+}
+
+func (cn *Conn) IsInitializing() bool {
+	return cn.initializing.Load()
+}
+
+func (cn *Conn) SetInitializing(initializing bool) {
+	cn.initializing.Store(initializing)
+}
+
+func (cn *Conn) CompareAndSwapInitializing(old, new bool) bool {
+	return cn.initializing.CompareAndSwap(old, new)
 }
 
 // SetRelaxedTimeout sets relaxed timeouts for this connection during maintenanceNotifications upgrades.
@@ -478,8 +501,17 @@ func (cn *Conn) GetNetConn() net.Conn {
 
 // SetNetConnAndInitConn replaces the underlying connection and executes the initialization.
 func (cn *Conn) SetNetConnAndInitConn(ctx context.Context, netConn net.Conn) error {
+	// max retries of 100ms * 20 = 2 second
+	maxRetries := 20
+	for cn.IsInitializing() || cn.IsUsed() {
+		time.Sleep(100 * time.Millisecond)
+		maxRetries--
+		if maxRetries <= 0 {
+			return fmt.Errorf("failed to set net conn after %d attempts due to high contention", maxRetries)
+		}
+	}
 	// New connection is not initialized yet
-	cn.Inited.Store(false)
+	cn.SetInited(false)
 	// Replace the underlying connection
 	cn.SetNetConn(netConn)
 	return cn.ExecuteInitConn(ctx)
diff --git a/redis.go b/redis.go
index dcd7b59a78..0505ffe376 100644
--- a/redis.go
+++ b/redis.go
@@ -366,9 +366,20 @@ func (c *baseClient) wrappedOnClose(newOnClose func() error) func() error {
 }
 
 func (c *baseClient) initConn(ctx context.Context, cn *pool.Conn) error {
-	if !cn.Inited.CompareAndSwap(false, true) {
+	if !cn.CompareAndSwapInited(false, true) {
 		return nil
 	}
+
+	defer func() {
+		// if the initialization did not complete successfully
+		// we need to mark the connection as not initialized
+		if cn.CompareAndSwapInitializing(true, false) {
+			internal.Logger.Printf(ctx, "redis: failed to initialize connection conn[%d]", cn.GetID())
+			cn.SetInited(false)
+		}
+	}()
+
+	cn.SetInitializing(true)
 	var err error
 	connPool := pool.NewSingleConnPool(c.connPool, cn)
 	conn := newConn(c.opt, connPool, &c.hooksMixin)
@@ -510,14 +521,14 @@ func (c *baseClient) initConn(ctx context.Context, cn *pool.Conn) error {
 		}
 	}
 
+	// Set the connection initialization function for potential reconnections
+	cn.SetInitConnFunc(c.createInitConnFunc())
+
 	// mark the connection as usable and inited
 	// once returned to the pool as idle, this connection can be used by other clients
 	cn.SetUsable(true)
 	cn.SetUsed(false)
-	cn.Inited.Store(true)
-
-	// Set the connection initialization function for potential reconnections
-	cn.SetInitConnFunc(c.createInitConnFunc())
+	cn.SetInitializing(false)
 
 	if c.opt.OnConnect != nil {
 		return c.opt.OnConnect(ctx, conn)