diff --git a/llvm/CMakeLists.txt b/llvm/CMakeLists.txt
--- a/llvm/CMakeLists.txt
+++ b/llvm/CMakeLists.txt
@@ -931,6 +931,8 @@
 include(AddLLVM)
 include(TableGen)
 
+include(LLVMDistributionSupport)
+
 if( MINGW AND NOT "${CMAKE_CXX_COMPILER_ID}" MATCHES "Clang" )
   # People report that -O3 is unreliable on MinGW. The traditional
   # build also uses -O2 for that reason:
@@ -1119,7 +1121,6 @@
 
 # This must be at the end of the LLVM root CMakeLists file because it must run
 # after all targets are created.
-include(LLVMDistributionSupport)
 llvm_distribution_add_targets()
 process_llvm_pass_plugins(GEN_CONFIG)
 
diff --git a/llvm/cmake/modules/AddLLVM.cmake b/llvm/cmake/modules/AddLLVM.cmake
--- a/llvm/cmake/modules/AddLLVM.cmake
+++ b/llvm/cmake/modules/AddLLVM.cmake
@@ -218,6 +218,25 @@
 endif()
 
 function(add_link_opts target_name)
+  if(LLVM_DISTRIBUTION_COMPONENTS OR LLVM_DISTRIBUTIONS)
+    get_property(distribution GLOBAL PROPERTY LLVM_DISTRIBUTION_FOR_${target_name})
+    if(NOT distribution)
+      # Don't LTO optimize targets that aren't part of any distribution.
+      if(LLVM_ENABLE_LTO)
+        # We may consider avoiding LTO altogether by using -fembed-bitcode
+        # and teaching the linker to select machine code from .o files, see
+        # https://lists.llvm.org/pipermail/llvm-dev/2021-April/149843.html
+        if((UNIX OR MINGW) AND LLVM_USE_LINKER STREQUAL "lld")
+          set_property(TARGET ${target_name} APPEND_STRING PROPERTY
+                        LINK_FLAGS " -Wl,--lto-O0")
+        elseif(LINKER_IS_LLD_LINK)
+          set_property(TARGET ${target_name} APPEND_STRING PROPERTY
+                        LINK_FLAGS " /opt:lldlto=0")
+        endif()
+      endif()
+    endif()
+  endif()
+
   # Don't use linker optimizations in debug builds since it slows down the
   # linker in a context where the optimizations are not important.
   if (NOT uppercase_CMAKE_BUILD_TYPE STREQUAL "DEBUG")