diff --git a/llvm/lib/LTO/LTOBackend.cpp b/llvm/lib/LTO/LTOBackend.cpp
--- a/llvm/lib/LTO/LTOBackend.cpp
+++ b/llvm/lib/LTO/LTOBackend.cpp
@@ -50,6 +50,19 @@
 using namespace llvm;
 using namespace lto;
 
+enum class LTOBitcodeEmbedding {
+  DoNotEmbed = 0,
+  EmbedOptimized = 1,
+};
+
+static cl::opt<LTOBitcodeEmbedding> EmbedBitcode(
+    "lto-embed-bitcode", cl::init(LTOBitcodeEmbedding::DoNotEmbed),
+    cl::values(clEnumValN(LTOBitcodeEmbedding::DoNotEmbed, "none",
+                          "Do not embed"),
+               clEnumValN(LTOBitcodeEmbedding::EmbedOptimized, "optimized",
+                          "Embed after all optimization passes")),
+    cl::desc("Embed LLVM bitcode in object files produced by LTO"));
+
 LLVM_ATTRIBUTE_NORETURN static void reportOpenError(StringRef Path, Twine Msg) {
   errs() << "failed to open " << Path << ": " << Msg << '\n';
   errs().flush();
@@ -346,24 +359,16 @@
   return !Conf.PostOptModuleHook || Conf.PostOptModuleHook(Task, Mod);
 }
 
-static cl::opt<bool> EmbedBitcode(
-    "lto-embed-bitcode", cl::init(false),
-    cl::desc("Embed LLVM bitcode in object files produced by LTO"));
-
-static void EmitBitcodeSection(Module &M) {
-  if (!EmbedBitcode)
-    return;
-  llvm::EmbedBitcodeInModule(M, llvm::MemoryBufferRef(), /*EmbedBitcode*/ true,
-                             /*EmbedMarker*/ false, /*CmdArgs*/ nullptr);
-}
-
 void codegen(const Config &Conf, TargetMachine *TM, AddStreamFn AddStream,
              unsigned Task, Module &Mod,
              const ModuleSummaryIndex &CombinedIndex) {
   if (Conf.PreCodeGenModuleHook && !Conf.PreCodeGenModuleHook(Task, Mod))
     return;
 
-  EmitBitcodeSection(Mod);
+  if (EmbedBitcode == LTOBitcodeEmbedding::EmbedOptimized)
+    llvm::EmbedBitcodeInModule(Mod, llvm::MemoryBufferRef(),
+                               /*EmbedBitcode*/ true,
+                               /*EmbedMarker*/ false, /*CmdArgs*/ nullptr);
 
   std::unique_ptr<ToolOutputFile> DwoOut;
   SmallString<1024> DwoFile(Conf.SplitDwarfOutput);
diff --git a/llvm/test/LTO/X86/embed-bitcode.ll b/llvm/test/LTO/X86/embed-bitcode.ll
--- a/llvm/test/LTO/X86/embed-bitcode.ll
+++ b/llvm/test/LTO/X86/embed-bitcode.ll
@@ -5,10 +5,10 @@
 ; RUN: llvm-lto2 run -r %t1.o,_start,px -r %t2.o,foo,px -r %t3.o,bar,px -r %t2.o,bar,lx -o %t3 %t1.o %t2.o %t3.o
 ; RUN: llvm-readelf -S %t3.0 | FileCheck %s --implicit-check-not=.llvmbc
 
-; RUN: llvm-lto2 run -r %t1.o,_start,px -r %t2.o,foo,px -r %t3.o,bar,px -r %t2.o,bar,lx -lto-embed-bitcode=false -o %t3 %t1.o %t2.o %t3.o
+; RUN: llvm-lto2 run -r %t1.o,_start,px -r %t2.o,foo,px -r %t3.o,bar,px -r %t2.o,bar,lx -lto-embed-bitcode=none -o %t3 %t1.o %t2.o %t3.o
 ; RUN: llvm-readelf -S %t3.0 | FileCheck %s --implicit-check-not=.llvmbc
 
-; RUN: llvm-lto2 run -r %t1.o,_start,px -r %t2.o,foo,px -r %t3.o,bar,px -r %t2.o,bar,lx -lto-embed-bitcode -o %t3 %t1.o %t2.o %t3.o
+; RUN: llvm-lto2 run -r %t1.o,_start,px -r %t2.o,foo,px -r %t3.o,bar,px -r %t2.o,bar,lx -lto-embed-bitcode=optimized -o %t3 %t1.o %t2.o %t3.o
 ; RUN: llvm-readelf -S %t3.0 | FileCheck %s --check-prefix=CHECK-ELF
 ; RUN: llvm-objcopy --dump-section=.llvmbc=%t-embedded.bc %t3.0 /dev/null
 ; RUN: llvm-dis %t-embedded.bc -o - | FileCheck %s --check-prefix=CHECK-LL