diff --git a/CMakeLists.txt b/CMakeLists.txt
index e493b63f5..64ce36ed1 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -634,6 +634,7 @@ if(LIBUV_BUILD_TESTS)
        test/test-socket-buffer-size.c
        test/test-spawn.c
        test/test-stdio-over-pipes.c
+       test/test-pipe-read-cancel-race.c
        test/test-strscpy.c
        test/test-strtok.c
        test/test-tcp-alloc-cb-fail.c
diff --git a/Makefile.am b/Makefile.am
index 87a0b0532..dcb9361d7 100644
--- a/Makefile.am
+++ b/Makefile.am
@@ -259,6 +259,7 @@ test_run_tests_SOURCES = test/blackhole-server.c \
                          test/test-socket-buffer-size.c \
                          test/test-spawn.c \
                          test/test-stdio-over-pipes.c \
+                         test/test-pipe-read-cancel-race.c \
                          test/test-strscpy.c \
                          test/test-strtok.c \
                          test/test-tcp-alloc-cb-fail.c \
diff --git a/src/win/pipe.c b/src/win/pipe.c
index 8f86a1fee..cbb1572f8 100644
--- a/src/win/pipe.c
+++ b/src/win/pipe.c
@@ -2013,7 +2013,34 @@ static int uv__pipe_read_data(uv_loop_t* loop,
         }
       }
     }
-    more = *bytes_read == max_bytes;
+    /* Only indicate that more data may be available if we actually verify it.
+     * When bytes_read == max_bytes, the caller will loop back and call
+     * ReadFile again. If the pipe is empty at that point, ReadFile returns
+     * ERROR_IO_PENDING and we CancelIoEx the request. There is a Windows
+     * kernel race where data arriving on the pipe concurrently with the
+     * CancelIoEx can be drained from the pipe to satisfy the pending read,
+     * then silently discarded when the cancellation is applied. The read
+     * reports ERROR_OPERATION_ABORTED with 0 bytes transferred, but the
+     * data is no longer in the pipe either.
+     * Use PeekNamedPipe to confirm data is available before looping; if
+     * so, the next ReadFile will complete synchronously and we never enter
+     * the CancelIoEx path. */
+    if (*bytes_read == max_bytes) {
+      bytes_available = 0;
+      if (PeekNamedPipe(handle->handle,
+                        NULL,
+                        0,
+                        NULL,
+                        &bytes_available,
+                        NULL) &&
+          bytes_available > 0) {
+        more = 1;
+      } else {
+        more = 0;
+      }
+    } else {
+      more = 0;
+    }
   }
 
   /* Call the read callback. */
diff --git a/test/run-tests.c b/test/run-tests.c
index 9c2574ebf..543476a07 100644
--- a/test/run-tests.c
+++ b/test/run-tests.c
@@ -54,6 +54,7 @@ int ipc_send_recv_helper(void);
 int ipc_helper_bind_twice(void);
 int ipc_helper_send_zero(void);
 int stdio_over_pipes_helper(void);
+void pipe_read_cancel_race_helper(void);
 void spawn_stdin_stdout(void);
 void process_title_big_argv(void);
 int spawn_tcp_server_helper(void);
@@ -127,6 +128,12 @@ static int maybe_run_test(int argc, char **argv) {
     return stdio_over_pipes_helper();
   }
 
+  if (strcmp(argv[1], "pipe_read_cancel_race_helper") == 0) {
+    notify_parent_process();
+    pipe_read_cancel_race_helper();
+    return 0;
+  }
+
   if (strcmp(argv[1], "spawn_helper1") == 0) {
     notify_parent_process();
     return 1;
diff --git a/test/test-list.h b/test/test-list.h
index 4e8ce1aba..7b346efcd 100644
--- a/test/test-list.h
+++ b/test/test-list.h
@@ -80,6 +80,7 @@ TEST_DECLARE   (tty_pty)
 TEST_DECLARE   (tty_pty_partial)
 TEST_DECLARE   (stdio_over_pipes)
 TEST_DECLARE   (stdio_emulate_iocp)
+TEST_DECLARE   (pipe_read_cancel_race)
 TEST_DECLARE   (ip6_pton)
 TEST_DECLARE   (ip6_sin6_len)
 TEST_DECLARE   (connect_unspecified)
@@ -674,6 +675,7 @@ TASK_LIST_START
   TEST_ENTRY  (tty_pty_partial)
   TEST_ENTRY  (stdio_over_pipes)
   TEST_ENTRY  (stdio_emulate_iocp)
+  TEST_ENTRY  (pipe_read_cancel_race)
   TEST_ENTRY  (ip6_pton)
   TEST_ENTRY  (ip6_sin6_len)
   TEST_ENTRY  (connect_unspecified)
diff --git a/test/test-pipe-read-cancel-race.c b/test/test-pipe-read-cancel-race.c
new file mode 100644
index 000000000..3d9ddce7d
--- /dev/null
+++ b/test/test-pipe-read-cancel-race.c
@@ -0,0 +1,242 @@
+/* Copyright libuv contributors. All rights reserved.
+ *
+ * Permission is hereby granted, free of charge, to any person obtaining a copy
+ * of this software and associated documentation files (the "Software"), to
+ * deal in the Software without restriction, including without limitation the
+ * rights to use, copy, modify, merge, publish, distribute, sublicense, and/or
+ * sell copies of the Software, and to permit persons to whom the Software is
+ * furnished to do so, subject to the following conditions:
+ *
+ * The above copyright notice and this permission notice shall be included in
+ * all copies or substantial portions of the Software.
+ *
+ * THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
+ * IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY,
+ * FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE
+ * AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER
+ * LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING
+ * FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS
+ * IN THE SOFTWARE.
+ */
+
+/* This test reproduces a Windows-specific race in the CancelIoEx path of
+ * uv__pipe_read_data. When a child process writes chunks whose size exactly
+ * matches the parent's read buffer size, every successful ReadFile fills the
+ * entire buffer and libuv's read loop continues for another iteration. If the
+ * pipe is momentarily empty, the next ReadFile returns ERROR_IO_PENDING and is
+ * cancelled via CancelIoEx. There is a Windows kernel race where data arriving
+ * concurrently with CancelIoEx can be drained from the pipe's internal buffer
+ * to satisfy the pending read, then silently discarded when the cancellation
+ * is applied. The read reports 0 bytes transferred, but the data is gone from
+ * the pipe -- resulting in data loss.
+ *
+ * The repeated spawn + bulk transfer below is designed to hit this race window
+ * many times. Without the fix it typically fails within a handful of attempts
+ * on Windows; with the fix it should pass every attempt.
+ */
+
+#include "uv.h"
+#include "task.h"
+
+#include <stdio.h>
+#include <stdlib.h>
+#include <string.h>
+
+/* Chunk size for both the child's writes and the parent's read buffer. Any
+ * size works as long as both sides agree -- the bug triggers when a ReadFile
+ * returns exactly the requested byte count, regardless of the specific value.
+ * Keep it larger than the 64 KiB default pipe buffer to make the race window
+ * wider: each child write blocks partway through until the parent drains
+ * the pipe, naturally interleaving writer and reader activity. */
+#define CHUNK_SIZE   (70 * 1024)
+#define NUM_CHUNKS   300
+#define TOTAL_BYTES  ((size_t) CHUNK_SIZE * NUM_CHUNKS)
+#define NUM_ATTEMPTS 3
+
+
+static uv_process_t process;
+static uv_pipe_t out_pipe;
+static char* read_buf;
+static size_t bytes_received;
+static int attempt_failed;
+static int process_exited;
+
+
+static void close_cb(uv_handle_t* handle) {
+}
+
+
+static void exit_cb(uv_process_t* proc,
+                    int64_t exit_status,
+                    int term_signal) {
+  ASSERT_OK(exit_status);
+  ASSERT_OK(term_signal);
+  process_exited = 1;
+  uv_close((uv_handle_t*) proc, close_cb);
+}
+
+
+static void alloc_cb(uv_handle_t* handle,
+                     size_t suggested_size,
+                     uv_buf_t* buf) {
+  /* Return a buffer of exactly CHUNK_SIZE bytes. When the child writes
+   * CHUNK_SIZE-byte chunks, ReadFile returns exactly buf->len, the read
+   * loop continues, and the next iteration is likely to hit an empty pipe. */
+  buf->base = read_buf;
+  buf->len = CHUNK_SIZE;
+}
+
+
+static void read_cb(uv_stream_t* stream,
+                    ssize_t nread,
+                    const uv_buf_t* buf) {
+  if (nread > 0) {
+    bytes_received += (size_t) nread;
+  } else if (nread == UV_EOF) {
+    uv_close((uv_handle_t*) stream, close_cb);
+  } else if (nread < 0) {
+    fprintf(stderr, "read_cb error: %s\n", uv_strerror((int) nread));
+    attempt_failed = 1;
+    uv_close((uv_handle_t*) stream, close_cb);
+  }
+  /* nread == 0 means EAGAIN / cancelled -- ignore, libuv will retry. */
+}
+
+
+static int run_one_attempt(uv_loop_t* loop) {
+  uv_process_options_t options;
+  uv_stdio_container_t stdio[3];
+  char exepath[1024];
+  size_t exepath_size;
+  char* args[3];
+  int r;
+
+  bytes_received = 0;
+  attempt_failed = 0;
+  process_exited = 0;
+
+  exepath_size = sizeof(exepath);
+  r = uv_exepath(exepath, &exepath_size);
+  ASSERT_OK(r);
+  exepath[exepath_size] = '\0';
+
+  args[0] = exepath;
+  args[1] = "pipe_read_cancel_race_helper";
+  args[2] = NULL;
+
+  r = uv_pipe_init(loop, &out_pipe, 0);
+  ASSERT_OK(r);
+
+  memset(&options, 0, sizeof(options));
+  options.file = exepath;
+  options.args = args;
+  options.exit_cb = exit_cb;
+  options.stdio = stdio;
+  options.stdio_count = 3;
+  stdio[0].flags = UV_IGNORE;
+  stdio[1].flags = UV_CREATE_PIPE | UV_WRITABLE_PIPE;
+  stdio[1].data.stream = (uv_stream_t*) &out_pipe;
+  stdio[2].flags = UV_INHERIT_FD;
+  stdio[2].data.fd = 2;
+
+  r = uv_spawn(loop, &process, &options);
+  ASSERT_OK(r);
+
+  r = uv_read_start((uv_stream_t*) &out_pipe, alloc_cb, read_cb);
+  ASSERT_OK(r);
+
+  r = uv_run(loop, UV_RUN_DEFAULT);
+  ASSERT_OK(r);
+
+  ASSERT_EQ(1, process_exited);
+
+  if (attempt_failed)
+    return -1;
+
+  if (bytes_received != TOTAL_BYTES) {
+    fprintf(stderr,
+            "pipe data loss: expected %zu bytes, received %zu (missing %zu)\n",
+            TOTAL_BYTES,
+            bytes_received,
+            TOTAL_BYTES - bytes_received);
+    return -1;
+  }
+
+  return 0;
+}
+
+
+TEST_IMPL(pipe_read_cancel_race) {
+  uv_loop_t* loop;
+  int attempt;
+  int r;
+
+  read_buf = malloc(CHUNK_SIZE);
+  ASSERT_NOT_NULL(read_buf);
+
+  loop = uv_default_loop();
+
+  for (attempt = 0; attempt < NUM_ATTEMPTS; attempt++) {
+    r = run_one_attempt(loop);
+    if (r != 0) {
+      fprintf(stderr, "attempt %d of %d FAILED\n", attempt + 1, NUM_ATTEMPTS);
+      free(read_buf);
+      ASSERT_OK(r);
+    }
+  }
+
+  free(read_buf);
+  MAKE_VALGRIND_HAPPY(loop);
+  return 0;
+}
+
+
+/* Child process helper. Writes NUM_CHUNKS chunks of CHUNK_SIZE bytes to
+ * stdout using synchronous blocking writes, then exits. The synchronous
+ * writes are essential: they ensure each write lands as a single contiguous
+ * chunk from the pipe's perspective, so the parent's ReadFile consistently
+ * returns exactly CHUNK_SIZE bytes (triggering the more=1 code path). */
+void pipe_read_cancel_race_helper(void) {
+  uv_loop_t* loop;
+  uv_pipe_t stdout_pipe;
+  uv_write_t req;
+  uv_buf_t buf;
+  char* chunk;
+  int i;
+  int r;
+
+  chunk = malloc(CHUNK_SIZE);
+  ASSERT_NOT_NULL(chunk);
+  memset(chunk, 'x', CHUNK_SIZE);
+
+  loop = uv_default_loop();
+
+  r = uv_pipe_init(loop, &stdout_pipe, 0);
+  ASSERT_OK(r);
+  r = uv_pipe_open(&stdout_pipe, 1);
+  ASSERT_OK(r);
+
+  /* Put the pipe in blocking-write mode so that each uv_write() call
+   * completes fully before returning control. This is the same approach
+   * Node.js / Bun use for stdout when it is a Windows pipe, and it
+   * guarantees the chunk boundary is preserved on the wire. */
+  r = uv_stream_set_blocking((uv_stream_t*) &stdout_pipe, 1);
+  ASSERT_OK(r);
+
+  buf = uv_buf_init(chunk, CHUNK_SIZE);
+
+  for (i = 0; i < NUM_CHUNKS; i++) {
+    r = uv_write(&req, (uv_stream_t*) &stdout_pipe, &buf, 1, NULL);
+    ASSERT_OK(r);
+    /* With blocking mode on Windows, uv_write() performs a synchronous
+     * WriteFile and does not queue a request to be processed on the loop.
+     * Run the loop once to be safe on other platforms. */
+    uv_run(loop, UV_RUN_NOWAIT);
+  }
+
+  uv_close((uv_handle_t*) &stdout_pipe, NULL);
+  uv_run(loop, UV_RUN_DEFAULT);
+  uv_loop_close(loop);
+
+  free(chunk);
+}