diff --git a/.changeset/forty-groups-bake.md b/.changeset/forty-groups-bake.md
new file mode 100644
index 00000000000..7302d484775
--- /dev/null
+++ b/.changeset/forty-groups-bake.md
@@ -0,0 +1,5 @@
+---
+"hardhat": patch
+---
+
+Improved performance of network handler initialization ([#8102](https://github.com/NomicFoundation/hardhat/pull/8102))
diff --git a/packages/hardhat/src/internal/builtin-plugins/network-manager/hook-handlers/network.ts b/packages/hardhat/src/internal/builtin-plugins/network-manager/hook-handlers/network.ts
index 365f7dcfad2..9bbd494909a 100644
--- a/packages/hardhat/src/internal/builtin-plugins/network-manager/hook-handlers/network.ts
+++ b/packages/hardhat/src/internal/builtin-plugins/network-manager/hook-handlers/network.ts
@@ -38,24 +38,26 @@ export default async (): Promise<Partial<NetworkHooks>> => {
         nextJsonRpcRequest: JsonRpcRequest,
       ) => Promise<JsonRpcResponse>,
     ) {
-      const requestHandlers = await initializationMutex.exclusiveRun(
-        async () => {
-          let handlersPerConnection =
-            requestHandlersPerConnection.get(networkConnection);
+      let requestHandlers = requestHandlersPerConnection.get(networkConnection);
 
-          if (handlersPerConnection === undefined) {
-            handlersPerConnection =
-              await createHandlersArray(networkConnection);
+      if (requestHandlers === undefined) {
+        requestHandlers = await initializationMutex.exclusiveRun(async () => {
+          // We check again in case another execution of this function
+          // initialized the handlers while we were waiting for the mutex.
+          const handlersPerConnectionAfterWaiting =
+            requestHandlersPerConnection.get(networkConnection);
 
-            requestHandlersPerConnection.set(
-              networkConnection,
-              handlersPerConnection,
-            );
+          if (handlersPerConnectionAfterWaiting !== undefined) {
+            return handlersPerConnectionAfterWaiting;
           }
 
-          return handlersPerConnection;
-        },
-      );
+          const result = await createHandlersArray(networkConnection);
+
+          requestHandlersPerConnection.set(networkConnection, result);
+
+          return result;
+        });
+      }
 
       // We previously cloned here, but the performance impact is significant.
       // TODO: ensure the passed in request is not mutated by adapting the
diff --git a/packages/hardhat/test/internal/builtin-plugins/network-manager/hook-handlers/network.ts b/packages/hardhat/test/internal/builtin-plugins/network-manager/hook-handlers/network.ts
new file mode 100644
index 00000000000..b337afffcd4
--- /dev/null
+++ b/packages/hardhat/test/internal/builtin-plugins/network-manager/hook-handlers/network.ts
@@ -0,0 +1,230 @@
+import type { HttpNetworkConfig } from "../../../../../src/types/config.js";
+import type {
+  HookContext,
+  NetworkHooks,
+} from "../../../../../src/types/hooks.js";
+import type {
+  ChainType,
+  NetworkConnection,
+} from "../../../../../src/types/network.js";
+import type {
+  JsonRpcRequest,
+  JsonRpcResponse,
+  SuccessfulJsonRpcResponse,
+} from "../../../../../src/types/providers.js";
+
+import assert from "node:assert/strict";
+import { describe, it } from "node:test";
+
+import { numberToHexString } from "@nomicfoundation/hardhat-utils/hex";
+
+import factory from "../../../../../src/internal/builtin-plugins/network-manager/hook-handlers/network.js";
+import { EthereumMockedProvider } from "../request-handlers/ethereum-mocked-provider.js";
+
+describe("network hook handler", () => {
+  it("should initialize request handlers on first onRequest call", async () => {
+    const handlers = await createHandlersFromFactory();
+    const { connection, context, next } = setupRequestMocks();
+
+    const request = createRequestWithId(99);
+
+    const response = await handlers.onRequest(
+      context,
+      connection,
+      request,
+      next,
+    );
+
+    assert.deepEqual(response.id, 99);
+  });
+
+  it("should reuse cached handlers on subsequent calls with the same connection", async () => {
+    const handlers = await createHandlersFromFactory();
+    const { connection, provider, context, next } = setupRequestMocks();
+
+    await handlers.onRequest(context, connection, createRequestWithId(1), next);
+    await handlers.onRequest(context, connection, createRequestWithId(2), next);
+
+    // ChainIdValidatorHandler validates once then caches via #alreadyValidated.
+    // If handlers were recreated on the second call, a fresh validator would
+    // call eth_chainId again. Only 1 call proves the same handler instances
+    // were reused from the cache.
+    assert.equal(provider.getNumberOfCalls("eth_chainId"), 1);
+  });
+
+  it("should only create handlers once when multiple concurrent onRequest calls race", async () => {
+    const handlers = await createHandlersFromFactory();
+    const { connection, provider, context, next } = setupRequestMocks();
+
+    const concurrentCalls = 10;
+
+    const results = await Promise.all(
+      Array.from({ length: concurrentCalls }, (_, i) =>
+        handlers.onRequest(context, connection, createRequestWithId(i), next),
+      ),
+    );
+
+    // All concurrent calls should succeed without errors
+    assert.equal(results.length, concurrentCalls);
+    for (const result of results) {
+      assert.equal(result.jsonrpc, "2.0");
+    }
+
+    // ChainIdValidatorHandler validates once then caches. If the mutex allowed
+    // duplicate handler creation, each fresh validator would call eth_chainId.
+    // Only 1 call proves handlers were created exactly once.
+    assert.equal(provider.getNumberOfCalls("eth_chainId"), 1);
+  });
+
+  it("should create separate handlers for different connections", async () => {
+    const handlers = await createHandlersFromFactory();
+    const { context, next } = setupRequestMocks();
+
+    const { connection: conn1 } = createMockNetworkConnection(
+      {
+        gas: 100n,
+        gasPrice: 200n,
+      },
+      1,
+    );
+    const res1 = await handlers.onRequest(
+      context,
+      conn1,
+      createRequestWithId(1),
+      next,
+    );
+
+    const { connection: conn2 } = createMockNetworkConnection(
+      {
+        gas: 999n,
+        gasPrice: 888n,
+      },
+      2,
+    );
+    const res2 = await handlers.onRequest(
+      context,
+      conn2,
+      createRequestWithId(2),
+      next,
+    );
+
+    // Assert the fixed gas/gasPrice handlers should produce different values
+    assert(
+      isSuccessfulResponse(res1),
+      "expected res1 to be a successful response",
+    );
+    /* eslint-disable-next-line @typescript-eslint/consistent-type-assertions -- result is typed as unknown, narrowing to the expected shape */
+    const params1 = res1.result as Array<Record<string, string>>;
+    assert.equal(params1[0].gas, numberToHexString(100n));
+    assert.equal(params1[0].gasPrice, numberToHexString(200n));
+
+    assert(
+      isSuccessfulResponse(res2),
+      "expected res2 to be a successful response",
+    );
+    /* eslint-disable-next-line @typescript-eslint/consistent-type-assertions -- result is typed as unknown, narrowing to the expected shape */
+    const params2 = res2.result as Array<Record<string, string>>;
+    assert.equal(params2[0].gas, numberToHexString(999n));
+    assert.equal(params2[0].gasPrice, numberToHexString(888n));
+  });
+});
+
+async function createHandlersFromFactory(): Promise<
+  Required<Pick<NetworkHooks, "onRequest" | "closeConnection">>
+> {
+  const { onRequest, closeConnection } = await factory();
+
+  if (onRequest === undefined || closeConnection === undefined) {
+    throw new Error(
+      "Factory did not return the expected handlers. Check the factory implementation.",
+    );
+  }
+
+  return { onRequest, closeConnection };
+}
+
+function setupRequestMocks(overrides: Partial<HttpNetworkConfig> = {}) {
+  const { connection, provider } = createMockNetworkConnection(overrides);
+  /* eslint-disable @typescript-eslint/consistent-type-assertions -- the context is only needed for type compatibility in the tests */
+  const context = {} as HookContext;
+  const next = createMockNext();
+
+  return {
+    connection,
+    provider,
+    context,
+    next,
+  };
+}
+
+function createMockNetworkConnection(
+  overrides: Partial<HttpNetworkConfig> = {},
+  connectionId: number = 0,
+): {
+  connection: NetworkConnection<ChainType>;
+  provider: EthereumMockedProvider;
+} {
+  const provider = new EthereumMockedProvider();
+
+  // Set return values needed by ChainIdValidatorHandler
+  provider.setReturnValue("eth_chainId", "0x1");
+
+  const networkConfig: HttpNetworkConfig = {
+    type: "http",
+    chainId: 1,
+    gas: 21000n,
+    gasPrice: 1000n,
+    gasMultiplier: 1,
+    from: "0x2a97a65d5673a2c61e95ce33cecadf24f654f96d",
+    accounts: "remote",
+    url: {
+      _type: "ResolvedConfigurationVariable",
+      format: "string",
+      get: async () => "http://localhost:8545",
+      getUrl: async () => "http://localhost:8545",
+      getBigInt: async () => 0n,
+      getHexString: async () => "0x",
+    },
+    httpHeaders: {},
+    timeout: 20_000,
+    ...overrides,
+  };
+
+  const connection: NetworkConnection<ChainType> = {
+    id: connectionId,
+    networkName: "localhost",
+    networkConfig,
+    chainType: "generic",
+    provider,
+    close: async () => {},
+  };
+
+  return { connection, provider };
+}
+
+function createMockNext() {
+  return async <ChainTypeT extends ChainType | string>(
+    _context: HookContext,
+    _networkConnection: NetworkConnection<ChainTypeT>,
+    jsonRpcRequest: JsonRpcRequest,
+  ): Promise<JsonRpcResponse> => ({
+    jsonrpc: "2.0",
+    id: jsonRpcRequest.id,
+    result: jsonRpcRequest.params,
+  });
+}
+
+function createRequestWithId(id: number): JsonRpcRequest {
+  return {
+    jsonrpc: "2.0",
+    id,
+    method: "eth_sendTransaction",
+    params: [{ to: "0x0000000000000000000000000000000000000012" }],
+  };
+}
+
+function isSuccessfulResponse(
+  response: JsonRpcResponse,
+): response is SuccessfulJsonRpcResponse {
+  return "result" in response;
+}