diff --git a/Include/cpython/pyatomic.h b/Include/cpython/pyatomic.h
index e85b360c986668c..d0daef54723c0ef 100644
--- a/Include/cpython/pyatomic.h
+++ b/Include/cpython/pyatomic.h
@@ -129,6 +129,9 @@ _Py_atomic_add_uintptr(uintptr_t *obj, uintptr_t value);
 static inline Py_ssize_t
 _Py_atomic_add_ssize(Py_ssize_t *obj, Py_ssize_t value);
 
+static inline Py_ssize_t
+_Py_atomic_add_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t value);
+
 
 // --- _Py_atomic_compare_exchange -------------------------------------------
 // Performs an atomic compare-and-exchange.
@@ -179,6 +182,14 @@ _Py_atomic_compare_exchange_uintptr(uintptr_t *obj, uintptr_t *expected, uintptr
 static inline int
 _Py_atomic_compare_exchange_ssize(Py_ssize_t *obj, Py_ssize_t *expected, Py_ssize_t desired);
 
+static inline int
+_Py_atomic_compare_exchange_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired);
+
+static inline int
+_Py_atomic_compare_exchange_ssize_acq_rel(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired);
+
 // NOTE: `obj` and `expected` are logically `void**` types, but we use `void*`
 // so that we can pass types like `PyObject**` without a cast.
 static inline int
diff --git a/Include/cpython/pyatomic_gcc.h b/Include/cpython/pyatomic_gcc.h
index 253b35082aafcd2..3919463dcf0d8e3 100644
--- a/Include/cpython/pyatomic_gcc.h
+++ b/Include/cpython/pyatomic_gcc.h
@@ -62,6 +62,10 @@ static inline Py_ssize_t
 _Py_atomic_add_ssize(Py_ssize_t *obj, Py_ssize_t value)
 { return __atomic_fetch_add(obj, value, __ATOMIC_SEQ_CST); }
 
+static inline Py_ssize_t
+_Py_atomic_add_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t value)
+{ return __atomic_fetch_add(obj, value, __ATOMIC_RELAXED); }
+
 
 // --- _Py_atomic_compare_exchange -------------------------------------------
 
@@ -130,6 +134,18 @@ _Py_atomic_compare_exchange_ssize(Py_ssize_t *obj, Py_ssize_t *expected, Py_ssiz
 { return __atomic_compare_exchange_n(obj, expected, desired, 0,
                                      __ATOMIC_SEQ_CST, __ATOMIC_SEQ_CST); }
 
+static inline int
+_Py_atomic_compare_exchange_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired)
+{ return __atomic_compare_exchange_n(obj, expected, desired, 0,
+                                     __ATOMIC_RELAXED, __ATOMIC_RELAXED); }
+
+static inline int
+_Py_atomic_compare_exchange_ssize_acq_rel(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired)
+{ return __atomic_compare_exchange_n(obj, expected, desired, 0,
+                                     __ATOMIC_ACQ_REL, __ATOMIC_RELAXED); }
+
 static inline int
 _Py_atomic_compare_exchange_ptr(void *obj, void *expected, void *desired)
 { return __atomic_compare_exchange_n((void **)obj, (void **)expected, desired, 0,
diff --git a/Include/cpython/pyatomic_msc.h b/Include/cpython/pyatomic_msc.h
index 3b3c5f7017e9575..0f55a27d9b0e592 100644
--- a/Include/cpython/pyatomic_msc.h
+++ b/Include/cpython/pyatomic_msc.h
@@ -124,6 +124,19 @@ _Py_atomic_add_ssize(Py_ssize_t *obj, Py_ssize_t value)
     return (Py_ssize_t)_Py_atomic_add_intptr((intptr_t *)obj, (intptr_t)value);
 }
 
+static inline Py_ssize_t
+_Py_atomic_add_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t value)
+{
+#if defined(_M_ARM64)
+    _Py_atomic_ASSERT_ARG_TYPE(__int64);
+    return (Py_ssize_t)_InterlockedExchangeAdd64_nf(
+        (volatile __int64 *)obj, (__int64)value);
+#else
+    // Interlocked RMW operations are inherently ordered on x86 and x64.
+    return _Py_atomic_add_ssize(obj, value);
+#endif
+}
+
 
 // --- _Py_atomic_compare_exchange -------------------------------------------
 
@@ -279,6 +292,43 @@ _Py_atomic_compare_exchange_ssize(Py_ssize_t *obj, Py_ssize_t *expected, Py_ssiz
                                            (void*)value);
 }
 
+static inline int
+_Py_atomic_compare_exchange_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired)
+{
+#if defined(_M_ARM64)
+    _Py_atomic_ASSERT_ARG_TYPE(__int64);
+    Py_ssize_t initial = (Py_ssize_t)_InterlockedCompareExchange64_nf(
+        (volatile __int64 *)obj, (__int64)desired, (__int64)*expected);
+    if (initial == *expected) {
+        return 1;
+    }
+    *expected = initial;
+    return 0;
+#else
+    return _Py_atomic_compare_exchange_ssize(obj, expected, desired);
+#endif
+}
+
+static inline int
+_Py_atomic_compare_exchange_ssize_acq_rel(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired)
+{
+#if defined(_M_ARM64)
+    _Py_atomic_ASSERT_ARG_TYPE(__int64);
+    Py_ssize_t initial = (Py_ssize_t)_InterlockedCompareExchange64_rel(
+        (volatile __int64 *)obj, (__int64)desired, (__int64)*expected);
+    if (initial == *expected) {
+        // The release CAS and acquire fence provide acq-rel ordering on success.
+        __dmb(_ARM64_BARRIER_ISHLD);
+        return 1;
+    }
+    *expected = initial;
+    return 0;
+#else
+    return _Py_atomic_compare_exchange_ssize(obj, expected, desired);
+#endif
+}
 
 // --- _Py_atomic_exchange ---------------------------------------------------
 
diff --git a/Include/cpython/pyatomic_std.h b/Include/cpython/pyatomic_std.h
index faef303da70314c..cb24d6703a8606a 100644
--- a/Include/cpython/pyatomic_std.h
+++ b/Include/cpython/pyatomic_std.h
@@ -111,6 +111,14 @@ _Py_atomic_add_ssize(Py_ssize_t *obj, Py_ssize_t value)
     return atomic_fetch_add((_Atomic(Py_ssize_t)*)obj, value);
 }
 
+static inline Py_ssize_t
+_Py_atomic_add_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t value)
+{
+    _Py_USING_STD;
+    return atomic_fetch_add_explicit((_Atomic(Py_ssize_t)*)obj, value,
+                                     memory_order_relaxed);
+}
+
 
 // --- _Py_atomic_compare_exchange -------------------------------------------
 
@@ -218,6 +226,26 @@ _Py_atomic_compare_exchange_ssize(Py_ssize_t *obj, Py_ssize_t *expected, Py_ssiz
                                           expected, desired);
 }
 
+static inline int
+_Py_atomic_compare_exchange_ssize_relaxed(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired)
+{
+    _Py_USING_STD;
+    return atomic_compare_exchange_strong_explicit(
+        (_Atomic(Py_ssize_t)*)obj, expected, desired,
+        memory_order_relaxed, memory_order_relaxed);
+}
+
+static inline int
+_Py_atomic_compare_exchange_ssize_acq_rel(Py_ssize_t *obj, Py_ssize_t *expected,
+                                          Py_ssize_t desired)
+{
+    _Py_USING_STD;
+    return atomic_compare_exchange_strong_explicit(
+        (_Atomic(Py_ssize_t)*)obj, expected, desired,
+        memory_order_acq_rel, memory_order_relaxed);
+}
+
 static inline int
 _Py_atomic_compare_exchange_ptr(void *obj, void *expected, void *desired)
 {
diff --git a/Include/internal/pycore_object.h b/Include/internal/pycore_object.h
index 41786cb267c2e96..87dbe3900a8054b 100644
--- a/Include/internal/pycore_object.h
+++ b/Include/internal/pycore_object.h
@@ -165,7 +165,8 @@ static inline void _Py_RefcntAdd(PyObject* op, Py_ssize_t n)
         _Py_atomic_store_uint32_relaxed(&op->ob_ref_local, (uint32_t)refcnt);
     }
     else {
-        _Py_atomic_add_ssize(&op->ob_ref_shared, (n << _Py_REF_SHARED_SHIFT));
+        _Py_atomic_add_ssize_relaxed(&op->ob_ref_shared,
+                                     (n << _Py_REF_SHARED_SHIFT));
     }
 #  ifdef Py_REF_DEBUG
     _Py_AddRefTotal(_PyThreadState_GET(), n);
@@ -547,7 +548,7 @@ _Py_TryIncRefShared(PyObject *op)
             return 0;
         }
 
-        if (_Py_atomic_compare_exchange_ssize(
+        if (_Py_atomic_compare_exchange_ssize_relaxed(
                 &op->ob_ref_shared,
                 &shared,
                 shared + (1 << _Py_REF_SHARED_SHIFT))) {
@@ -627,7 +628,7 @@ _Py_NewRefWithLock(PyObject *op)
         if ((shared & _Py_REF_SHARED_FLAG_MASK) == 0) {
             new_shared |= _Py_REF_MAYBE_WEAKREF;
         }
-        if (_Py_atomic_compare_exchange_ssize(
+        if (_Py_atomic_compare_exchange_ssize_relaxed(
                 &op->ob_ref_shared,
                 &shared,
                 new_shared)) {
diff --git a/Include/refcount.h b/Include/refcount.h
index 80fe7ff70a11e87..7fa9744aab28dec 100644
--- a/Include/refcount.h
+++ b/Include/refcount.h
@@ -280,7 +280,10 @@ static inline Py_ALWAYS_INLINE void Py_INCREF(PyObject *op)
         _Py_atomic_store_uint32_relaxed(&op->ob_ref_local, new_local);
     }
     else {
-        _Py_atomic_add_ssize(&op->ob_ref_shared, (1 << _Py_REF_SHARED_SHIFT));
+        // The existing reference keeps the object alive; the increment only
+        // needs to extend its lifetime.
+        _Py_atomic_add_ssize_relaxed(&op->ob_ref_shared,
+                                     (1 << _Py_REF_SHARED_SHIFT));
     }
 #elif SIZEOF_VOID_P > 4
     uint32_t cur_refcnt = op->ob_refcnt;
diff --git a/Objects/object.c b/Objects/object.c
index fadd9273a36607c..6c8533776a49633 100644
--- a/Objects/object.c
+++ b/Objects/object.c
@@ -403,8 +403,10 @@ _Py_DecRefSharedIsDead(PyObject *o, const char *filename, int lineno)
             _Py_NegativeRefcount(filename, lineno, o);
         }
 #endif
-    } while (!_Py_atomic_compare_exchange_ssize(&o->ob_ref_shared,
-                                                &shared, new_shared));
+        // Publish accesses through this reference and acquire prior releases
+        // if this is the last reference and the object will be deallocated.
+    } while (!_Py_atomic_compare_exchange_ssize_acq_rel(
+        &o->ob_ref_shared, &shared, new_shared));
 
     if (should_queue) {
 #ifdef Py_REF_DEBUG