diff --git a/.changeset/lovely-bags-sin.md b/.changeset/lovely-bags-sin.md
new file mode 100644
index 000000000..715f18b67
--- /dev/null
+++ b/.changeset/lovely-bags-sin.md
@@ -0,0 +1,5 @@
+---
+"@solid-primitives/memo": minor
+---
+
+Added createRcMemo primitive for memos that are only awake while there are listeners.
diff --git a/packages/memo/README.md b/packages/memo/README.md
index d3e5bdb6a..f4dcbb8a4 100644
--- a/packages/memo/README.md
+++ b/packages/memo/README.md
@@ -14,6 +14,7 @@ Collection of custom `createMemo` primitives. They extend it's functionality whi
 - [`createLatestMany`](#createlatestmany) - A combined memo of a list of sources, returns the value of all last updated ones.
 - [`createWritableMemo`](#createwritablememo) - Solid's `createMemo` which value can be overwritten by a setter.
 - [`createLazyMemo`](#createlazymemo) - Lazily evaluated memo. Will run the calculation only if is being listened to.
+- [`createRcMemo`](#creatercmemo) - Reference counted memo. Calculation runs only when there is at least one listener.
 - [`createPureReaction`](#createpurereaction) - A `createReaction` that runs before render _(non-batching)_.
 - [`createMemoCache`](#creatememocache) - Custom, lazily-evaluated, memo, with caching based on keys.
 - [`createReducer`](#createreducer) - Primitive for updating signal in a predictable way.
@@ -183,6 +184,34 @@ const double = createMemo(() => getDouble(count()));
 
 https://codesandbox.io/s/solid-primitives-memo-demo-3w0oz?file=/index.tsx
 
+## `createRcMemo`
+
+Reference counted `createMemo`. The memo calculation will only run when there is at least one listener.
+
+Once the number of listeners drops to zero, the internal memo will be disposed after a microtask. If a new listener is added later, the internal memo will be re-constructed.
+
+Unlike `createLazyMemo`, the internal memo's lifetime is managed by the number of listeners, and it will stop updating when there are no listeners.
+
+### How to use it
+
+It's usage is almost the same as Solid's `createMemo`. However, it doesn't need to be placed inside a reactive root, as it manages its own internal owner. If it is created inside a reactive root, it will carry the context of that root.
+
+```ts
+import { createRcMemo } from "@solid-primitives/memo";
+
+// use like a createMemo
+const double = createRcMemo(() => count() * 2);
+double(); // T: number
+```
+
+### Note on `prev` value
+
+Because the internal memo is disposed when there are no listeners, the `prev` value in the calculation function will become stale if the internal memo is reconstructed.
+
+### Server-side behavior
+
+On the server, `createRcMemo` will calculate the value lazily when first accessed and then cache it for subsequent calls.
+
 ## `createDebouncedMemo`
 
 `createDebouncedMemo` is deprecated. Please use `createSchedule` from [`@solid-primitives/schedule`](https://github.com/solidjs-community/solid-primitives/tree/main/packages/scheduled#readme) instead.
diff --git a/packages/memo/package.json b/packages/memo/package.json
index 69f8afd59..0b70acd3a 100644
--- a/packages/memo/package.json
+++ b/packages/memo/package.json
@@ -21,6 +21,7 @@
       "createLatestMany",
       "createWritableMemo",
       "createLazyMemo",
+      "createRcMemo",
       "createPureReaction",
       "createMemoCache",
       "createReducer"
diff --git a/packages/memo/src/index.ts b/packages/memo/src/index.ts
index 1219bb3d5..267da847b 100644
--- a/packages/memo/src/index.ts
+++ b/packages/memo/src/index.ts
@@ -17,6 +17,7 @@ import {
   type Owner,
   type SignalOptions,
   DEV,
+  getListener,
 } from "solid-js";
 import { isServer } from "solid-js/web";
 import { debounce, throttle } from "@solid-primitives/scheduled";
@@ -423,6 +424,116 @@ export function createLazyMemo<T>(
   };
 }
 
+/**
+ * Reference counted `createMemo`. The memo calculation will only run when there is at least one listener.
+ *
+ * Once the number of listeners drops to zero, the internal memo will be disposed after a microtask.
+ * If a new listener is added later, the internal memo will be re-constructed.
+ *
+ * Unlike `createLazyMemo`, the internal memo's lifetime is managed by the number of listeners,
+ * and it will stop updating when there are no listeners.
+ *
+ * It can be created outside of a reactive root, as it manages its own internal owner.
+ * If it is created inside a reactive root, it will carry the context of that root.
+ *
+ * On the server, it will calculate the value lazily when first accessed and then cache it.
+ *
+ * **Note:** Because the internal memo is disposed when there are no listeners, the `prev` value in the calculation function will become stale if the internal memo is reconstructed.
+ *
+ * @param calc pure reactive calculation returning some value
+ * @param value initial value for the calculation
+ * @param options computation options
+ * @returns accessor of the calculated value
+ *
+ * @see https://github.com/solidjs-community/solid-primitives/tree/main/packages/memo#createRcMemo
+ *
+ * @example
+ * ```ts
+ * const double = createRcMemo(() => count() * 2)
+ * ```
+ */
+export function createRcMemo<T>(
+  calc: (prev: T) => T,
+  value: T,
+  options?: EffectOptions,
+): Accessor<T>;
+
+export function createRcMemo<T>(
+  calc: (prev: T | undefined) => T,
+  value?: undefined,
+  options?: EffectOptions,
+): Accessor<T>;
+
+export function createRcMemo<T>(
+  calc: (prev: T | undefined) => T,
+  value?: T,
+  options?: EffectOptions,
+): Accessor<T> {
+  if (isServer) {
+    let calculated = false;
+    return () => {
+      if (!calculated) {
+        calculated = true;
+        value = calc(value);
+      }
+      return value as T;
+    };
+  }
+  let existing: {
+    memo: Accessor<T>,
+    dispose: () => void,
+    refCount: number,
+  } | undefined = undefined;
+  let lastSeenValue: T | undefined = value;
+  // For capturing context
+  const owner = getOwner();
+  //
+  return () => {
+    if (getListener() === null) {
+      if (existing === undefined) {
+        return calc(undefined);
+      } else {
+        return existing.memo();
+      }
+    } else {
+      if (existing === undefined) {
+        runWithOwner(owner, () => {
+          existing = createRoot((dispose) => {
+            return {
+              memo: createMemo(
+                (prev) => {
+                  let result = calc(prev);
+                  lastSeenValue = result;
+                  return result;
+                },
+                lastSeenValue,
+                options,
+              ),
+              dispose,
+              refCount: 1,
+            };
+          });
+        });
+      } else {
+        existing.refCount++;
+      }
+      let existing2 = existing!;
+      onCleanup(() => {
+        existing2.refCount--;
+        if (existing2.refCount === 0) {
+          queueMicrotask(() => {
+            if (existing2.refCount === 0) {
+              existing2.dispose();
+              existing = undefined;
+            }
+          });
+        }
+      });
+      return existing2.memo();
+    }
+  };
+}
+
 export type CacheCalculation<Key, Value> = (key: Key, prev: Value | undefined) => Value;
 export type CacheKeyAccessor<Key, Value> = (key: Key) => Value;
 export type CacheOptions<Value> = MemoOptions<Value> & { size?: number };
diff --git a/packages/memo/test/rcMemo.test.ts b/packages/memo/test/rcMemo.test.ts
new file mode 100644
index 000000000..a4912551c
--- /dev/null
+++ b/packages/memo/test/rcMemo.test.ts
@@ -0,0 +1,203 @@
+import { describe, it, expect, vi } from "vitest";
+import { createRcMemo } from "../src/index.js";
+import { createComputed, createContext, createRoot, createSignal, getOwner, onCleanup, useContext } from "solid-js";
+
+const sleep = (ms: number) => new Promise<void>(resolve => setTimeout(resolve, ms));
+const nextTick = () => new Promise<void>(resolve => queueMicrotask(resolve));
+
+describe("createRcMemo", () => {
+  it("only creates a memo when there are listeners", async () => {
+    const [count, setCount] = createSignal(0);
+    let runs = 0;
+    const memo = createRcMemo(() => {
+      runs++;
+      return count();
+    });
+
+    expect(runs).toBe(0);
+
+    // Initial access without listener
+    expect(memo()).toBe(0);
+    expect(runs).toBe(1);
+
+    setCount(1);
+    // Still 1 because it's not tracking without listener
+    expect(runs).toBe(1);
+    expect(memo()).toBe(1);
+    expect(runs).toBe(2);
+
+    // Add listener
+    await createRoot(async dispose => {
+      createComputed(() => {
+        memo();
+      });
+      expect(runs).toBe(3);
+
+      setCount(2);
+      expect(runs).toBe(4);
+      expect(memo()).toBe(2);
+      expect(runs).toBe(4); // Should be memoized
+
+      dispose();
+      await nextTick();
+    });
+
+    // After disposal and microtask, memo should be gone
+    setCount(3);
+    expect(runs).toBe(4);
+    expect(memo()).toBe(3);
+    expect(runs).toBe(5);
+  });
+
+  it("disposes the memo after a microtask when there are no listeners", async () => {
+    const [count, setCount] = createSignal(0);
+    let runs = 0;
+    let disposed = false;
+    const memo = createRcMemo(() => {
+      runs++;
+      onCleanup(() => {
+        disposed = true;
+      });
+      return count();
+    });
+
+    await createRoot(async dispose => {
+      createComputed(() => {
+        memo();
+      });
+      expect(runs).toBe(1);
+      expect(disposed).toBe(false);
+
+      dispose();
+      expect(disposed).toBe(false); // Not yet disposed, waiting for microtask
+
+      await nextTick();
+      expect(disposed).toBe(true);
+    });
+  });
+
+  it("keeps the memo alive if a new listener is added within the same microtask", async () => {
+    const [count, setCount] = createSignal(0);
+    let runs = 0;
+    let disposed = false;
+    const memo = createRcMemo(() => {
+      runs++;
+      onCleanup(() => {
+        disposed = true;
+      });
+      return count();
+    });
+
+    const dispose1 = createRoot(dispose => {
+      createComputed(() => {
+        memo();
+      });
+      return dispose;
+    });
+
+    expect(runs).toBe(1);
+    dispose1();
+
+    // Before microtask, add another listener
+    createRoot(dispose => {
+      createComputed(() => {
+        memo();
+      });
+      // Should reuse existing memo
+      expect(runs).toBe(1);
+      expect(disposed).toBe(false);
+      dispose();
+    });
+
+    await nextTick();
+    expect(disposed).toBe(true);
+  });
+
+  it("supports multiple listeners", async () => {
+    const [count, setCount] = createSignal(0);
+    let runs = 0;
+    let disposed = false;
+    const memo = createRcMemo(() => {
+      runs++;
+      onCleanup(() => {
+        disposed = true;
+      });
+      return count();
+    });
+
+    const dispose1 = createRoot(dispose => {
+      createComputed(() => {
+        memo();
+      });
+      return dispose;
+    });
+
+    const dispose2 = createRoot(dispose => {
+      createComputed(() => {
+        memo();
+      });
+      return dispose;
+    });
+
+    expect(runs).toBe(1);
+
+    dispose1();
+    await nextTick();
+    expect(disposed).toBe(false);
+
+    dispose2();
+    await nextTick();
+    expect(disposed).toBe(true);
+  });
+
+  it("passes context to the inner memo", async () => {
+    const MyContext = createContext(123);
+    let capturedContext: any;
+    
+    const { memo, dispose } = createRoot(dispose => {
+      const memo = createRcMemo(() => {
+        capturedContext = useContext(MyContext);
+        return 0;
+      });
+      return { memo, dispose };
+    });
+
+    createRoot(dis => {
+      createComputed(() => {
+        memo();
+      });
+      dis();
+    });
+
+    expect(capturedContext).toBe(123);
+
+    dispose();
+  });
+
+  it("persists the last seen value as initial value for the next recreation", async () => {
+    const [count, setCount] = createSignal(0);
+    let capturedPrev: any;
+    const memo = createRcMemo(prev => {
+      capturedPrev = prev;
+      return count();
+    });
+
+    // 1st life
+    await createRoot(async dispose => {
+      createComputed(() => memo());
+      expect(capturedPrev).toBeUndefined();
+      setCount(1);
+      expect(capturedPrev).toBe(0);
+      dispose();
+      await nextTick();
+    });
+
+    // 2nd life
+    await createRoot(async dispose => {
+      createComputed(() => memo());
+      expect(capturedPrev).toBe(1); // Should have persisted the last value
+      dispose();
+      await nextTick();
+    });
+  });
+});