diff --git a/src/win/pipe.c b/src/win/pipe.c
index 1f8e2da2..db2aa508 100644
--- a/src/win/pipe.c
+++ b/src/win/pipe.c
@@ -317,8 +317,6 @@ static DWORD WINAPI pipe_connect_thread_proc(void* parameter) {
     uv_fatal_error(GetLastError(), "PostQueuedCompletionStatus");
   }
 
-  handle->reqs_pending++;
-
   return 0;
 }
 
@@ -363,6 +361,8 @@ int uv_pipe_connect(uv_connect_t* req, uv_pipe_t* handle,
         goto error;
       }
 
+      handle->reqs_pending++;
+
       return 0;
     }