diff --git a/db/commitlog/commitlog.cc b/db/commitlog/commitlog.cc
index b059a8d72c..6b59aa0536 100644
--- a/db/commitlog/commitlog.cc
+++ b/db/commitlog/commitlog.cc
@@ -1614,6 +1614,8 @@ future<db::commitlog::segment_manager::sseg_ptr> db::commitlog::segment_manager:
 }
 
 future<db::commitlog::segment_manager::sseg_ptr> db::commitlog::segment_manager::new_segment() {
+    gate::holder g(_gate);
+
     if (_shutdown) {
         co_return coroutine::make_exception(std::runtime_error("Commitlog has been shut down. Cannot add data"));
     }
@@ -1648,20 +1650,23 @@ future<db::commitlog::segment_manager::sseg_ptr> db::commitlog::segment_manager:
             co_return _segments.back();
         }
 
-        if (_segment_allocating) {
-            co_await _segment_allocating->get_future(timeout);
-            continue;
+        // #9896 - we don't want to issue a new_segment call until
+        // the old one has terminated with either result or exception.
+        // Do all waiting through the shared_future
+        if (!_segment_allocating) {
+            _segment_allocating.emplace(new_segment().discard_result());
         }
-
-        promise<> p;
-        _segment_allocating.emplace(p.get_future());
-        auto finally = defer([&] () noexcept { _segment_allocating = std::nullopt; });
         try {
-            gate::holder g(_gate);
-            auto s = co_await with_timeout(timeout, new_segment());
-            p.set_value();
-        } catch (...) {
-            p.set_exception(std::current_exception());
+            co_await _segment_allocating->get_future(timeout);
+            // once we've managed to get a result, any of us, the
+            // shared_future should be released.
+            _segment_allocating = std::nullopt;
+        } catch (timed_out_error&) {
+            throw; // not thrown by new_segment. Just no result yet.
+        } catch (...) {            
+            // once we've managed to get a result, any of us, the
+            // shared_future should be released.
+            _segment_allocating = std::nullopt;
             throw;
         }
     }