diff --git a/reaktive/src/commonMain/kotlin/com/badoo/reaktive/observable/RefCount.kt b/reaktive/src/commonMain/kotlin/com/badoo/reaktive/observable/RefCount.kt
index b865fca2b..5f91bbbaf 100644
--- a/reaktive/src/commonMain/kotlin/com/badoo/reaktive/observable/RefCount.kt
+++ b/reaktive/src/commonMain/kotlin/com/badoo/reaktive/observable/RefCount.kt
@@ -2,10 +2,9 @@ package com.badoo.reaktive.observable
 
 import com.badoo.reaktive.disposable.CompositeDisposable
 import com.badoo.reaktive.disposable.Disposable
+import com.badoo.reaktive.disposable.SerialDisposable
 import com.badoo.reaktive.disposable.plusAssign
-import com.badoo.reaktive.utils.atomic.AtomicInt
-import com.badoo.reaktive.utils.atomic.AtomicReference
-import com.badoo.reaktive.utils.atomic.getAndChange
+import com.badoo.reaktive.utils.lock.Lock
 
 /**
  * Returns an [Observable] that connects to this [ConnectableObservable] when the number
@@ -16,23 +15,15 @@ import com.badoo.reaktive.utils.atomic.getAndChange
 fun <T> ConnectableObservable<T>.refCount(subscriberCount: Int = 1): Observable<T> {
     require(subscriberCount > 0)
 
-    val subscribeCount = AtomicInt()
-    val disposable = AtomicReference<Disposable?>(null)
+    var subscribeCount = 0
+    val lock = Lock()
+    val connectionDisposable = SerialDisposable()
 
     return observable { emitter ->
         val disposables = CompositeDisposable()
         emitter.setDisposable(disposables)
 
-        disposables +=
-            Disposable {
-                if (subscribeCount.addAndGet(-1) == 0) {
-                    disposable
-                        .getAndChange { null }
-                        ?.dispose()
-                }
-            }
-
-        val shouldConnect = subscribeCount.addAndGet(1) == subscriberCount
+        val shouldConnect = lock.synchronized { ++subscribeCount == subscriberCount }
 
         this@refCount.subscribe(
             object : ObservableObserver<T>, ObservableCallbacks<T> by emitter {
@@ -43,9 +34,16 @@ fun <T> ConnectableObservable<T>.refCount(subscriberCount: Int = 1): Observable<
         )
 
         if (shouldConnect) {
-            this@refCount.connect {
-                disposable.value = it
-            }
+            this@refCount.connect(connectionDisposable::set)
         }
+
+        disposables +=
+            Disposable {
+                lock.synchronized {
+                    if (--subscribeCount == 0) {
+                        connectionDisposable.set(null)
+                    }
+                }
+            }
     }
 }
diff --git a/reaktive/src/commonTest/kotlin/com/badoo/reaktive/observable/RefCountTest.kt b/reaktive/src/commonTest/kotlin/com/badoo/reaktive/observable/RefCountTest.kt
index f05751d69..edb31621e 100644
--- a/reaktive/src/commonTest/kotlin/com/badoo/reaktive/observable/RefCountTest.kt
+++ b/reaktive/src/commonTest/kotlin/com/badoo/reaktive/observable/RefCountTest.kt
@@ -82,6 +82,40 @@ class RefCountTest {
         assertTrue(disposable.isDisposed)
     }
 
+    @Test
+    fun connects_to_upstream_WHEN_subscriberCount_is_1_and_subscribed_and_disposed_in_onSubscribe() {
+        var isConnected = false
+        val upstream = testUpstream(connect = { isConnected = true })
+        val refCount = upstream.refCount(subscriberCount = 1)
+
+        refCount.subscribe(
+            object : DefaultObservableObserver<Int?> {
+                override fun onSubscribe(disposable: Disposable) {
+                    disposable.dispose()
+                }
+            }
+        )
+
+        assertTrue(isConnected)
+    }
+
+    @Test
+    fun disconnects_from_upstream_WHEN_subscriberCount_is_1_and_subscribed_and_disposed_in_onSubscribe() {
+        val disposable = Disposable()
+        val upstream = testUpstream(connect = { onConnect -> onConnect?.invoke(disposable) })
+        val refCount = upstream.refCount(subscriberCount = 1)
+
+        refCount.subscribe(
+            object : DefaultObservableObserver<Int?> {
+                override fun onSubscribe(disposable: Disposable) {
+                    disposable.dispose()
+                }
+            }
+        )
+
+        assertTrue(disposable.isDisposed)
+    }
+
     @Test
     fun disconnects_from_upstream_WHEN_subscriberCount_is_2_and_all_subscribers_unsubscribed() {
         val disposable = Disposable()
diff --git a/reaktive/src/jvmNativeCommonTest/kotlin/com/badoo/reaktive/observable/RefCountThreadingTest.kt b/reaktive/src/jvmNativeCommonTest/kotlin/com/badoo/reaktive/observable/RefCountThreadingTest.kt
new file mode 100644
index 000000000..c15e61e49
--- /dev/null
+++ b/reaktive/src/jvmNativeCommonTest/kotlin/com/badoo/reaktive/observable/RefCountThreadingTest.kt
@@ -0,0 +1,72 @@
+package com.badoo.reaktive.observable
+
+import com.badoo.reaktive.disposable.Disposable
+import com.badoo.reaktive.test.doInBackground
+import com.badoo.reaktive.test.observable.test
+import com.badoo.reaktive.utils.lock.ConditionLock
+import com.badoo.reaktive.utils.lock.synchronized
+import com.badoo.reaktive.utils.lock.waitFor
+import com.badoo.reaktive.utils.lock.waitForOrFail
+import kotlin.test.Test
+import kotlin.test.assertFalse
+import kotlin.time.Duration.Companion.seconds
+
+class RefCountThreadingTest {
+
+    @Test
+    fun does_not_connect_second_time_concurrently_while_disconnecting() {
+        val lock = ConditionLock()
+        var isDisconnecting = false
+        var isSecondTime = false
+        var isConnectedSecondTimeConcurrently = false
+
+        val disposable =
+            Disposable {
+                lock.synchronized {
+                    isDisconnecting = true
+                    isSecondTime = true
+                    lock.signal()
+                    lock.waitFor(timeout = 1.seconds) { false }
+                    isDisconnecting = false
+                }
+            }
+
+        val upstream =
+            testUpstream(
+                connect = { onConnect ->
+                    lock.synchronized {
+                        if (!isSecondTime) {
+                            onConnect?.invoke(disposable)
+                        } else {
+                            isConnectedSecondTimeConcurrently = isDisconnecting
+                        }
+                    }
+                }
+            )
+
+        val refCount = upstream.refCount(subscriberCount = 1)
+        val observer = refCount.test()
+        doInBackground { observer.dispose() }
+
+        lock.synchronized {
+            lock.waitForOrFail { !isSecondTime }
+        }
+
+        refCount.test()
+
+        assertFalse(isConnectedSecondTimeConcurrently)
+    }
+
+    private fun testUpstream(
+        connect: (onConnect: ((Disposable) -> Unit)?) -> Unit = {},
+    ): ConnectableObservable<Int?> =
+        object : ConnectableObservable<Int?> {
+            override fun connect(onConnect: ((Disposable) -> Unit)?) {
+                connect.invoke(onConnect)
+            }
+
+            override fun subscribe(observer: ObservableObserver<Int?>) {
+                observer.onSubscribe(Disposable())
+            }
+        }
+}