diff --git a/sqlx-core/src/pool/inner.rs b/sqlx-core/src/pool/inner.rs
index b698dc9df0..1e42721b27 100644
--- a/sqlx-core/src/pool/inner.rs
+++ b/sqlx-core/src/pool/inner.rs
@@ -289,7 +289,37 @@ impl<DB: Database> PoolInner<DB> {
                     };
 
                     // Attempt to connect...
-                    return self.connect(deadline, guard).await;
+                    //
+                    // If `connect_timeout` is set, spawn the connection as a separate task
+                    // so that cancellation of `acquire()` doesn't abort the connection attempt.
+                    // If the connection succeeds but no one picks it up, it's returned to the pool.
+                    if let Some(connect_timeout) = self.options.connect_timeout {
+                        let connect_deadline = acquire_started_at + self.options.acquire_timeout + connect_timeout;
+                        let pool = (*self).clone();
+
+                        let (tx, rx) = futures_intrusive::channel::shared::oneshot_channel();
+
+                        crate::rt::spawn(async move {
+                            let result = pool.connect(connect_deadline, guard).await;
+
+                            // If `acquire()` is still waiting, send the result.
+                            // If `acquire()` was cancelled (rx dropped), send() will fail
+                            // and we return the connection to the pool.
+                            match tx.send(result) {
+                                Ok(()) => {}
+                                Err(futures_intrusive::channel::ChannelSendError(result)) => {
+                                    // acquire() was cancelled, return connection to idle queue
+                                    if let Ok(live) = result {
+                                        pool.release(live);
+                                    }
+                                }
+                            }
+                        });
+
+                        return rx.receive().await.ok_or(Error::PoolTimedOut)?;
+                    } else {
+                        return self.connect(deadline, guard).await;
+                    }
                 }
             }
         )
diff --git a/sqlx-core/src/pool/options.rs b/sqlx-core/src/pool/options.rs
index 3d048f1795..40beb4ff93 100644
--- a/sqlx-core/src/pool/options.rs
+++ b/sqlx-core/src/pool/options.rs
@@ -83,6 +83,7 @@ pub struct PoolOptions<DB: Database> {
     pub(crate) max_lifetime: Option<Duration>,
     pub(crate) idle_timeout: Option<Duration>,
     pub(crate) fair: bool,
+    pub(crate) connect_timeout: Option<Duration>,
 
     pub(crate) parent_pool: Option<Pool<DB>>,
 }
@@ -106,6 +107,7 @@ impl<DB: Database> Clone for PoolOptions<DB> {
             max_lifetime: self.max_lifetime,
             idle_timeout: self.idle_timeout,
             fair: self.fair,
+            connect_timeout: self.connect_timeout,
             parent_pool: self.parent_pool.clone(),
         }
     }
@@ -161,6 +163,7 @@ impl<DB: Database> PoolOptions<DB> {
             idle_timeout: Some(Duration::from_secs(10 * 60)),
             max_lifetime: Some(Duration::from_secs(30 * 60)),
             fair: true,
+            connect_timeout: None,
             parent_pool: None,
         }
     }
@@ -307,6 +310,30 @@ impl<DB: Database> PoolOptions<DB> {
         self.idle_timeout
     }
 
+    /// Set a separate timeout for establishing new connections.
+    ///
+    /// When set, this timeout is used specifically for the connection establishment phase
+    /// of [`Pool::acquire()`], separate from [`acquire_timeout`][Self::acquire_timeout].
+    /// This allows the connection to have its own timeout that doesn't share the budget
+    /// with semaphore acquisition and idle connection checks.
+    ///
+    /// If not set, the connection establishment uses the remaining time from `acquire_timeout`.
+    ///
+    /// This is useful when:
+    /// * You want a longer timeout for establishing connections than for acquiring from the pool.
+    /// * You want connection attempts to survive cancellation of the `acquire()` future.
+    ///   When `acquire()` is cancelled, the spawned connection task continues in the background.
+    ///   If it succeeds, the connection is returned to the pool's idle queue.
+    pub fn connect_timeout(mut self, timeout: Duration) -> Self {
+        self.connect_timeout = Some(timeout);
+        self
+    }
+
+    /// Get the connect timeout, if set.
+    pub fn get_connect_timeout(&self) -> Option<Duration> {
+        self.connect_timeout
+    }
+
     /// If true, the health of a connection will be verified by a call to [`Connection::ping`]
     /// before returning the connection.
     ///
@@ -587,9 +614,10 @@ impl<DB: Database> Debug for PoolOptions<DB> {
         f.debug_struct("PoolOptions")
             .field("max_connections", &self.max_connections)
             .field("min_connections", &self.min_connections)
-            .field("connect_timeout", &self.acquire_timeout)
+            .field("acquire_timeout", &self.acquire_timeout)
             .field("max_lifetime", &self.max_lifetime)
             .field("idle_timeout", &self.idle_timeout)
+            .field("connect_timeout", &self.connect_timeout)
             .field("test_before_acquire", &self.test_before_acquire)
             .finish()
     }