diff --git a/drivers/xen/balloon.c b/drivers/xen/balloon.c
index 5dfd8f8..4f59fb3 100644
--- a/drivers/xen/balloon.c
+++ b/drivers/xen/balloon.c
@@ -565,7 +565,9 @@
 
 	pr_info("xen/balloon: Initialising balloon driver.\n");
 
-	balloon_stats.current_pages = xen_pv_domain() ? min(xen_start_info->nr_pages, max_pfn) : max_pfn;
+	balloon_stats.current_pages = xen_pv_domain()
+		? min(xen_start_info->nr_pages - xen_released_pages, max_pfn)
+		: max_pfn;
 	balloon_stats.target_pages  = balloon_stats.current_pages;
 	balloon_stats.balloon_low   = 0;
 	balloon_stats.balloon_high  = 0;