diff --git a/src/ReactiveUI/Internal/ExpressionChainSink.cs b/src/ReactiveUI/Internal/ExpressionChainSink.cs
index 305f4eec69..0de4e70c82 100644
--- a/src/ReactiveUI/Internal/ExpressionChainSink.cs
+++ b/src/ReactiveUI/Internal/ExpressionChainSink.cs
@@ -81,6 +81,16 @@ private sealed class Sink : IDisposable
         /// <summary>Whether <see cref="_last"/> holds a value yet.</summary>
         private bool _hasLast;
 
+        /// <summary>
+        /// When <see langword="true"/>, the next emission that equals <see cref="_last"/> is suppressed
+        /// regardless of <see cref="_isDistinct"/>. Set immediately after the kicker emits during
+        /// <see cref="Level.SetParent"/>: any <c>PropertyChanged</c> event that races the
+        /// subscribe-then-read window has been queued behind <see cref="_gate"/> and will re-emit the
+        /// same value once we release the lock. The suppression collapses that single racing duplicate
+        /// without altering the user-facing distinct semantics.
+        /// </summary>
+        private bool _suppressNextIfSameAsLast;
+
         /// <summary>Latched once this chain subscription has been disposed.</summary>
         private bool _disposed;
 
@@ -139,47 +149,85 @@ public void Dispose()
         /// <param name="value">The value the link produced (the parent for the next level).</param>
         private void SetNextParent(int level, object? value) => _levels[level + 1].SetParent(value);
 
-        /// <summary>Handles a leaf raw emission: applies skip-initial, the non-null-parent filter, the cast and the distinct gate.</summary>
+        /// <summary>Handles a leaf raw emission: applies skip-initial, the non-null-parent filter, the cast, the
+        /// kicker dedup and the distinct gate.</summary>
         /// <param name="parentMissing">Whether the leaf's parent was null (a raw emission that the non-null filter drops).</param>
         /// <param name="value">The leaf value when the parent is present.</param>
-        private void Emit(bool parentMissing, object? value)
+        /// <param name="fromKicker">Whether this emission is the kicker push that <see cref="Level.SetParent"/>
+        /// performs immediately after attaching the link subscription.</param>
+        private void Emit(bool parentMissing, object? value, bool fromKicker = false)
         {
             if (_skipNext)
             {
                 _skipNext = false;
+                _suppressNextIfSameAsLast = false;
                 return;
             }
 
             if (parentMissing)
             {
+                _suppressNextIfSameAsLast = false;
                 return;
             }
 
-            TValue typed;
-            if (value is null)
+            if (!TryConvert(value, out var typed))
             {
-                typed = default!;
-            }
-            else if (value is TValue cast)
-            {
-                typed = cast;
-            }
-            else
-            {
-                _downstream.OnError(new InvalidCastException($"Unable to cast from {value.GetType()} to {typeof(TValue)}."));
                 return;
             }
 
-            if (_isDistinct && _hasLast && EqualityComparer<TValue>.Default.Equals(typed, _last))
+            if (ShouldSuppress(typed, fromKicker))
             {
                 return;
             }
 
             _last = typed;
             _hasLast = true;
+            _suppressNextIfSameAsLast = fromKicker;
             _downstream.OnNext(new ObservedChange<TSender, TValue>(_source!, _expression, typed));
         }
 
+        /// <summary>Coerces the raw observed value into <typeparamref name="TValue"/>, forwarding a cast error if it
+        /// is neither <see langword="null"/> nor assignable.</summary>
+        /// <param name="value">The raw observed value.</param>
+        /// <param name="typed">The coerced value when conversion succeeds; the default otherwise.</param>
+        /// <returns><see langword="true"/> when the value was converted; <see langword="false"/> when an error has
+        /// been forwarded to the downstream observer.</returns>
+        private bool TryConvert(object? value, out TValue typed)
+        {
+            if (value is null)
+            {
+                typed = default!;
+                return true;
+            }
+
+            if (value is TValue cast)
+            {
+                typed = cast;
+                return true;
+            }
+
+            _downstream.OnError(new InvalidCastException($"Unable to cast from {value.GetType()} to {typeof(TValue)}."));
+            typed = default!;
+            return false;
+        }
+
+        /// <summary>Decides whether the coerced value should be suppressed: collapses a single racing duplicate
+        /// produced by the subscribe-then-read window and then applies the user-facing distinct gate.</summary>
+        /// <param name="typed">The coerced leaf value.</param>
+        /// <param name="fromKicker">Whether this emission is the kicker push (which is never suppressed).</param>
+        /// <returns><see langword="true"/> when the emission must be dropped.</returns>
+        private bool ShouldSuppress(TValue typed, bool fromKicker)
+        {
+            if (!fromKicker && _suppressNextIfSameAsLast && _hasLast && EqualityComparer<TValue>.Default.Equals(typed, _last))
+            {
+                _suppressNextIfSameAsLast = false;
+                return true;
+            }
+
+            _suppressNextIfSameAsLast = false;
+            return _isDistinct && _hasLast && EqualityComparer<TValue>.Default.Equals(typed, _last);
+        }
+
         /// <summary>A single chain link's watcher: re-subscribes on parent change and reads the link's value.</summary>
         /// <param name="sink">The owning chain sink.</param>
         /// <param name="index">This watcher's position in the chain.</param>
@@ -218,10 +266,14 @@ public void SetParent(object? parent)
 
                 var link = sink._links[index];
 
-                // Kicker: propagate the current value immediately, then subscribe for updates.
-                Push(ReadValue(parent));
+                // Subscribe-then-read: attach the link subscription before reading the kicker value so
+                // any PropertyChanged that fires between the two steps is queued behind sink._gate
+                // (which our caller holds) rather than silently lost. The Push that follows is marked
+                // as the kicker so the leaf can collapse the single racing duplicate that the queued
+                // notification will deliver once we release the lock.
                 _subscription.Disposable = sink._notify(parent, link, sink._beforeChange, sink._suppressWarnings)
                     .Subscribe(new Observer(this));
+                Push(ReadValue(parent), fromKicker: true);
             }
 
             /// <inheritdoc/>
@@ -274,11 +326,13 @@ public void OnNotification(IObservedChange<object?, object?> change)
 
             /// <summary>Forwards this link's value to the next level, or emits it at the leaf.</summary>
             /// <param name="value">The value this link produced.</param>
-            private void Push(object? value)
+            /// <param name="fromKicker">Whether this push originates from the kicker performed at the end of
+            /// <see cref="SetParent"/> (only meaningful at the leaf).</param>
+            private void Push(object? value, bool fromKicker = false)
             {
                 if (isLeaf)
                 {
-                    sink.Emit(parentMissing: false, value);
+                    sink.Emit(parentMissing: false, value, fromKicker);
                 }
                 else
                 {
diff --git a/src/tests/ReactiveUI.Tests/WhenAny/WhenAnyValueSubscribeRaceTests.cs b/src/tests/ReactiveUI.Tests/WhenAny/WhenAnyValueSubscribeRaceTests.cs
new file mode 100644
index 0000000000..b614194145
--- /dev/null
+++ b/src/tests/ReactiveUI.Tests/WhenAny/WhenAnyValueSubscribeRaceTests.cs
@@ -0,0 +1,173 @@
+// Copyright (c) 2009-2026 .NET Foundation and Contributors. All rights reserved.
+// Licensed to the .NET Foundation under one or more agreements.
+// The .NET Foundation licenses this file to you under the MIT license.
+// See the LICENSE file in the project root for full license information.
+
+using System.ComponentModel;
+using System.Globalization;
+using ReactiveUI.Tests.ReactiveObjects.Mocks;
+
+namespace ReactiveUI.Tests.WhenAny;
+
+/// <summary>
+/// Tests targeting the "missed update" race between <c>WhenAnyValue</c>'s initial value read and the
+/// <see cref="INotifyPropertyChanged.PropertyChanged"/> handler attachment.
+/// </summary>
+/// <remarks>
+/// In <c>ExpressionChainSink.Sink.Level.SetParent</c>, the subscribing thread (1) reads the current
+/// property value via the cached getter and emits it downstream, then (2) subscribes to
+/// <c>PropertyChanged</c>. Any mutation that fires <c>PropertyChanged</c> between steps (1) and (2)
+/// runs against an empty subscriber list and is silently lost, leaving downstream stuck on the
+/// pre-mutation value until the next mutation.
+/// </remarks>
+public class WhenAnyValueSubscribeRaceTests
+{
+    /// <summary>
+    /// Deterministically reproduces the missed-update race using a synchronous wedge: the subscriber's
+    /// initial <c>OnNext</c> mutates the source property before <c>WhenAnyValue</c> has had a chance to
+    /// attach its <c>PropertyChanged</c> handler. With the bug present, the new value is never observed.
+    /// </summary>
+    /// <returns>A <see cref="Task"/> representing the asynchronous operation.</returns>
+    [Test]
+    public async Task WhenAnyValue_MutationBetweenInitialEmitAndHandlerAttach_IsLost()
+    {
+        var fixture = new TestFixture { IsOnlyOneWord = "initial" };
+        var values = new List<string?>();
+
+        // Mutate during the initial emission. We are still inside ExpressionChainSink's SetParent,
+        // between the value read (already done) and the PropertyChanged handler attachment (not
+        // yet done). The PropertyChanged event raised by this setter has no subscriber and is lost.
+        using var subscription = fixture.WhenAnyValue(x => x.IsOnlyOneWord).Subscribe(value =>
+        {
+            values.Add(value);
+            if (values.Count != 1)
+            {
+                return;
+            }
+
+            fixture.IsOnlyOneWord = "raced";
+        });
+
+        // Sanity check: the property actually holds the racing value.
+        await Assert.That(fixture.IsOnlyOneWord).IsEqualTo("raced");
+
+        // The subscriber must eventually see the racing value: either because the initial read
+        // captured it, or because the PropertyChanged handler picked it up. With the bug, the
+        // handler was attached after the event fired, so neither path delivered the update.
+        await Assert.That(values).Contains("raced");
+    }
+
+    /// <summary>
+    /// Same race, but using a hand-rolled <see cref="INotifyPropertyChanged"/> source rather than
+    /// <see cref="ReactiveObject"/>, to confirm the bug is in the chain sink (subscriber-side) and
+    /// not in any <see cref="ReactiveObject"/> specifics.
+    /// </summary>
+    /// <returns>A <see cref="Task"/> representing the asynchronous operation.</returns>
+    [Test]
+    public async Task WhenAnyValue_MutationBetweenInitialEmitAndHandlerAttach_IsLost_PlainInpc()
+    {
+        var notifier = new PlainInpc { Value = 1 };
+        var values = new List<int>();
+
+        const int RacedValue = 2;
+        using var subscription = notifier.WhenAnyValue(x => x.Value).Subscribe(value =>
+        {
+            values.Add(value);
+            if (values.Count != 1)
+            {
+                return;
+            }
+
+            notifier.Value = RacedValue;
+        });
+
+        await Assert.That(notifier.Value).IsEqualTo(RacedValue);
+        await Assert.That(values).Contains(RacedValue);
+    }
+
+    /// <summary>
+    /// Multi-threaded stress test that proves the race condition itself, not just the underlying
+    /// ordering defect. One mutator thread writes the property a fixed number of times in a tight
+    /// loop while the main thread subscribes via <c>WhenAnyValue</c>. In every iteration, after both
+    /// threads have finished, the subscriber's last observed value must equal the property's final
+    /// value. Any divergence means a real <c>PropertyChanged</c> raised on the mutator thread fired
+    /// during the main thread's read-then-subscribe window and was dropped on the floor.
+    /// </summary>
+    /// <remarks>
+    /// Without the fix in <c>ExpressionChainSink.Level.SetParent</c>, this test fails reliably (on
+    /// the order of 5-10% of iterations drop the final mutation). With the fix, the handler is
+    /// attached before the kicker read, the mutator's <c>PropertyChanged</c> invocation runs the
+    /// handler on the mutator's thread, the handler blocks on <c>sink._gate</c> until the main
+    /// thread releases it, and then re-emits the post-mutation value. Every iteration converges.
+    /// </remarks>
+    /// <returns>A <see cref="Task"/> representing the asynchronous operation.</returns>
+    [Test]
+    public async Task WhenAnyValue_ConcurrentMutationDuringSubscribe_NeverLosesFinalValue_Stress()
+    {
+        const int iterations = 2_000;
+        const int mutationsPerIteration = 32;
+        var divergences = new List<string>();
+
+        for (var i = 0; i < iterations; i++)
+        {
+            var fixture = new TestFixture { IsOnlyOneWord = "v0" };
+            using var mutatorReady = new ManualResetEventSlim(false);
+            using var mutatorDone = new ManualResetEventSlim(false);
+
+            var mutator = new Thread(() =>
+            {
+                mutatorReady.Set();
+                for (var j = 1; j <= mutationsPerIteration; j++)
+                {
+                    fixture.IsOnlyOneWord = "v" + j.ToString(CultureInfo.InvariantCulture);
+                }
+
+                mutatorDone.Set();
+            })
+            { IsBackground = true };
+            mutator.Start();
+            mutatorReady.Wait();
+
+            string? latest = null;
+            using (fixture.WhenAnyValue(x => x.IsOnlyOneWord).Subscribe(v => latest = v))
+            {
+                mutatorDone.Wait();
+                mutator.Join();
+            }
+
+            var finalProperty = fixture.IsOnlyOneWord;
+            if (!string.Equals(latest, finalProperty, StringComparison.Ordinal))
+            {
+                divergences.Add($"iter {i}: latest='{latest}' property='{finalProperty}'");
+            }
+        }
+
+        await Assert.That(divergences).IsEmpty();
+    }
+
+    /// <summary>
+    /// A minimal hand-rolled <see cref="INotifyPropertyChanged"/> source used to isolate the chain
+    /// sink's behaviour from <see cref="ReactiveObject"/>.
+    /// </summary>
+    private sealed class PlainInpc : INotifyPropertyChanged
+    {
+        private int _value;
+
+        public event PropertyChangedEventHandler? PropertyChanged;
+
+        public int Value
+        {
+            get => _value;
+            set
+            {
+                if (_value == value)
+                {
+                    return;
+                }
+
+                _value = value;
+                PropertyChanged?.Invoke(this, new PropertyChangedEventArgs(nameof(Value)));
+            }
+        }
+    }
+}