diff --git a/jupyter_client/manager.py b/jupyter_client/manager.py
index 564966ed..64de2530 100644
--- a/jupyter_client/manager.py
+++ b/jupyter_client/manager.py
@@ -78,19 +78,32 @@ def in_pending_state(method: F) -> F:
     @functools.wraps(method)
     async def wrapper(self, *args, **kwargs):
         """Create a future for the decorated method."""
-        if self._attempted_start or not self._ready:
-            self._ready = _get_future()
+        # Initialize the ready_count to 0 if it doesn't exist
+        if self.owns_kernel:
+            if not hasattr(self, "_ready_count"):
+                self._ready_count = 0
+
+            if self._ready_count == 0:
+                self._ready = _get_future()
+
+            self._ready_count += 1
+
         try:
             # call wrapped method, await, and set the result or exception.
             out = await method(self, *args, **kwargs)
             # Add a small sleep to ensure tests can capture the state before done
             await asyncio.sleep(0.01)
             if self.owns_kernel:
-                self._ready.set_result(None)
+                self._ready_count -= 1
+                if self._ready_count == 0:
+                    self._ready.set_result(None)
             return out
         except Exception as e:
-            self._ready.set_exception(e)
-            self.log.exception(self._ready.exception())
+            if self.owns_kernel:
+                self._ready_count -= 1
+                if self._ready_count == 0:
+                    self._ready.set_exception(e)
+            self.log.exception(e)
             raise e
 
     return t.cast(F, wrapper)
@@ -109,7 +122,6 @@ def __init__(self, *args, **kwargs):
         self._owns_kernel = kwargs.pop("owns_kernel", True)
         super().__init__(**kwargs)
         self._shutdown_status = _ShutdownStatus.Unset
-        self._attempted_start = False
         self._ready = None
 
     _created_context: Bool = Bool(False)
@@ -397,7 +409,6 @@ async def _async_start_kernel(self, **kw: t.Any) -> None:
              keyword arguments that are passed down to build the kernel_cmd
              and launching the kernel (e.g. Popen kwargs).
         """
-        self._attempted_start = True
         kernel_cmd, kw = await self._async_pre_start_kernel(**kw)
 
         # launch the kernel subprocess
diff --git a/tests/test_manager.py b/tests/test_manager.py
index e3d6ea22..1e3d2a32 100644
--- a/tests/test_manager.py
+++ b/tests/test_manager.py
@@ -1,6 +1,7 @@
 """Tests for KernelManager"""
 # Copyright (c) Jupyter Development Team.
 # Distributed under the terms of the Modified BSD License.
+import asyncio
 import os
 import tempfile
 from unittest import mock
@@ -32,3 +33,14 @@ def test_connection_file_real_path():
         km._launch_args = {}
         cmds = km.format_kernel_cmd()
         assert cmds[4] == "foobar"
+
+
+async def test_in_pending_state():
+    """Verify in_pending_state race condition"""
+    tm = KernelManager()
+    start_kernel = asyncio.ensure_future(tm._async_start_kernel())
+    shutdown_kernel = asyncio.ensure_future(tm._async_shutdown_kernel())
+
+    await start_kernel
+    await shutdown_kernel
+    assert tm.is_alive() is False