diff --git a/lld/MachO/ConcatOutputSection.cpp b/lld/MachO/ConcatOutputSection.cpp
--- a/lld/MachO/ConcatOutputSection.cpp
+++ b/lld/MachO/ConcatOutputSection.cpp
@@ -222,6 +222,11 @@
   size_t thunkCallCount = 0;
   size_t thunkCount = 0;
 
+  // Walk all sections in order. Finalize all sections that are less than
+  // forwardBranchRange in front of it.
+  // isecVA is the address of the current section.
+  // isecAddr is the start address of the first non-finalized section.
+
   // inputs[finalIdx] is for finalization (address-assignment)
   size_t finalIdx = 0;
   // Kick-off by ensuring that the first input section has an address
@@ -232,12 +237,22 @@
     ConcatInputSection *isec = inputs[callIdx];
     assert(isec->isFinal);
     uint64_t isecVA = isec->getVA();
-    // Assign addresses up-to the forward branch-range limit
+
+    // Assign addresses up-to the forward branch-range limit.
+    // Every call instruction needs a small number of bytes (on Arm64: 4),
+    // and each inserted thunk needs a slighly larger number of bytes
+    // (on Arm64: 12). If a section starts with a branch instruction and
+    // contains several branch instructions in succession, then the distance
+    // from the current position to the position where the thunks are inserted
+    // grows. So leave room for a bunch of thunks.
+    unsigned slop = 100 * thunkSize;
     while (finalIdx < endIdx && isecAddr + inputs[finalIdx]->getSize() <
-                                    isecVA + forwardBranchRange - thunkSize)
+                                    isecVA + forwardBranchRange - slop)
       finalizeOne(inputs[finalIdx++]);
+
     if (isec->callSiteCount == 0)
       continue;
+
     if (finalIdx == endIdx && stubsInRangeVA == TargetInfo::outOfRangeVA) {
       // When we have finalized all input sections, __stubs (destined
       // to follow __text) comes within range of forward branches and
@@ -293,13 +308,10 @@
       }
       // ... otherwise, create a new thunk.
       if (isecAddr > highVA) {
-        // When there is small-to-no margin between highVA and
-        // isecAddr and the distance between subsequent call sites is
-        // smaller than thunkSize, then a new thunk can go out of
-        // range.  Fix by unfinalizing inputs[finalIdx] to reduce the
-        // distance between callVA and highVA, then shift some thunks
-        // to occupy address-space formerly occupied by the
-        // unfinalized inputs[finalIdx].
+        // There were too many consecutive branch instructions for `slop`
+        // above. If you hit this: For the current algorithm, just bumping up
+        // slop above and trying again is probably simplest. (See also PR51578
+        // comment 5).
         fatal(Twine(__FUNCTION__) + ": FIXME: thunk range overrun");
       }
       thunkInfo.isec =
diff --git a/lld/test/MachO/arm64-thunk-starvation.s b/lld/test/MachO/arm64-thunk-starvation.s
new file mode 100644
--- /dev/null
+++ b/lld/test/MachO/arm64-thunk-starvation.s
@@ -0,0 +1,57 @@
+# REQUIRES: aarch64
+# RUN: llvm-mc -filetype=obj -triple=arm64-apple-darwin %s -o %t.o
+# RUN: %lld -arch arm64 -lSystem -o %t.out %t.o
+
+## Regression test for PR51578.
+
+.subsections_via_symbols
+
+.globl _f1, _f2, _f3, _f4, _f5, _f6
+.p2align 2
+_f1: b _fn1
+_f2: b _fn2
+_f3: b _fn3
+_f4: b _fn4
+_f5: b _fn5
+_f6: b _fn6
+## 6 * 4 = 24 bytes for branches
+## Currently leaves 12 bytes for one thunk, so 36 bytes.
+## Uses < instead of <=, so 40 bytes.
+
+.global _spacer1, _spacer1
+## 0x8000000 is 128 MiB, one more than the forward branch limit,
+## distributed over two functions since our thunk insertion algorithm
+## can't deal with a single function that's 128 MiB.
+## We leave just enough room so that the old thunking algorithm finalized
+## both spacers when processing _f1 (24 bytes for the 4 bytes code for each
+## of the 6 _f functions, 12 bytes for one thunk, 4 bytes because the forward
+## branch range is 128 Mib - 4 bytes, and another 4 bytes because the algorithm
+## uses `<` instead of `<=`, for a total of 44 bytes slop.) Of the slop, 20
+## bytes are actually room for thunks.
+## _fn1-_fn6 aren't finalized because then there wouldn't be room for a thunk.
+## But when a thunk is inserted to jump from _f1 to _fn1, that needs 12 bytes
+## but _f2 is only 4 bytes later, so after _f1 there are only
+## 20-(12-4) = 12 bytes left, after _f2 only 12-(12-4) 4 bytes, and after
+## _f3 there's no more room for thunks and we can't make progress.
+## The fix is to leave room for many more thunks.
+## The same construction as this test case can defeat that too with enough
+## consecutive jumps, but in practice there aren't hundreds of consecutive
+## jump instructions.
+
+_spacer1:
+.space 0x4000000
+_spacer2:
+.space 0x4000000 - 44
+
+.globl _fn1, _fn2, _fn3, _fn4, _fn5, _fn6
+.p2align 2
+_fn1: ret
+_fn2: ret
+_fn3: ret
+_fn4: ret
+_fn5: ret
+_fn6: ret
+
+.globl _main
+_main:
+  ret