diff --git a/lld/test/wasm/tls-non-shared-memory.s b/lld/test/wasm/tls-non-shared-memory.s
--- a/lld/test/wasm/tls-non-shared-memory.s
+++ b/lld/test/wasm/tls-non-shared-memory.s
@@ -51,6 +51,9 @@
 # RUN: wasm-ld --experimental-pic --no-gc-sections --no-entry -pie -o %t-pie.wasm %t.o
 # RUN: obj2yaml %t-pie.wasm | FileCheck %s --check-prefixes=PIE,PIC
 
+# RUN: wasm-ld --experimental-pic --features=atomics,bulk-memory,extended-const --no-gc-sections --no-entry -pie -o %t-extended-const.wasm %t.o
+# RUN: obj2yaml %t-extended-const.wasm | FileCheck %s --check-prefixes=EXT-CONST
+
 #      CHECK:   - Type:            GLOBAL
 # __stack_pointer
 # CHECK-NEXT:     Globals:
@@ -136,3 +139,24 @@
 # PIC-NEXT:          Index:           {{\d*}}
 # PIC-NEXT:        Content:         2B0000002A000000
 # PIC-NEXT:  - Type:            CUSTOM
+
+# Unless we have extended-const, in which case the merging is not needed
+# There the firts segment is placed directly at `__memory_base` and the second
+# one is offset from `__memory_base` using `i32.add` and a constant.
+
+#      EXT-CONST:  - Type:            DATA
+# EXT-CONST-NEXT:    Segments:
+# EXT-CONST-NEXT:      - SectionOffset:   6
+# EXT-CONST-NEXT:        InitFlags:       0
+# EXT-CONST-NEXT:        Offset:
+# EXT-CONST-NEXT:          Opcode:          GLOBAL_GET
+# EXT-CONST-NEXT:          Index:           1
+# EXT-CONST-NEXT:        Content:         2B000000
+# EXT-CONST-NEXT:      - SectionOffset:   18
+# EXT-CONST-NEXT:        InitFlags:       0
+# EXT-CONST-NEXT:        Offset:
+# EXT-CONST-NEXT:          Extended:        true
+# This instruction sequnce decodes to:
+# (global.get[0x23] 0x1 i32.const[0x41] 0x04 i32.add[0x6A] end[0x0b])
+# EXT-CONST-NEXT:          Body:            230141046A0B
+# EXT-CONST-NEXT:        Content:         2A000000
diff --git a/lld/wasm/Config.h b/lld/wasm/Config.h
--- a/lld/wasm/Config.h
+++ b/lld/wasm/Config.h
@@ -35,6 +35,7 @@
   bool exportAll;
   bool exportDynamic;
   bool exportTable;
+  bool extendedConst;
   bool growableTable;
   bool gcSections;
   bool importMemory;
diff --git a/lld/wasm/OutputSections.cpp b/lld/wasm/OutputSections.cpp
--- a/lld/wasm/OutputSections.cpp
+++ b/lld/wasm/OutputSections.cpp
@@ -143,12 +143,14 @@
       });
 #endif
 
-  assert((config->sharedMemory || !config->isPic || activeCount <= 1) &&
+  assert((config->sharedMemory || !config->isPic || config->extendedConst ||
+          activeCount <= 1) &&
          "output segments should have been combined by now");
 
   writeUleb128(os, segmentCount, "data segment count");
   os.flush();
   bodySize = dataSectionHeader.size();
+  bool is64 = config->is64.getValueOr(false);
 
   for (OutputSegment *segment : segments) {
     if (!segment->requiredInBinary())
@@ -158,15 +160,27 @@
     if (segment->initFlags & WASM_DATA_SEGMENT_HAS_MEMINDEX)
       writeUleb128(os, 0, "memory index");
     if ((segment->initFlags & WASM_DATA_SEGMENT_IS_PASSIVE) == 0) {
-      WasmInitExpr initExpr;
-      initExpr.Extended = false;
-      if (config->isPic) {
-        initExpr.Inst.Opcode = WASM_OPCODE_GLOBAL_GET;
-        initExpr.Inst.Value.Global = WasmSym::memoryBase->getGlobalIndex();
+      if (config->isPic && config->extendedConst) {
+        writeU8(os, WASM_OPCODE_GLOBAL_GET, "global get");
+        writeUleb128(os, WasmSym::memoryBase->getGlobalIndex(),
+                     "literal (global index)");
+        if (segment->startVA) {
+          writePtrConst(os, segment->startVA, is64, "offset");
+          writeU8(os, is64 ? WASM_OPCODE_I64_ADD : WASM_OPCODE_I32_ADD, "add");
+        }
+        writeU8(os, WASM_OPCODE_END, "opcode:end");
       } else {
-        initExpr = intConst(segment->startVA, config->is64.getValueOr(false));
+        WasmInitExpr initExpr;
+        initExpr.Extended = false;
+        if (config->isPic) {
+          assert(segment->startVA == 0);
+          initExpr.Inst.Opcode = WASM_OPCODE_GLOBAL_GET;
+          initExpr.Inst.Value.Global = WasmSym::memoryBase->getGlobalIndex();
+        } else {
+          initExpr = intConst(segment->startVA, is64);
+        }
+        writeInitExpr(os, initExpr);
       }
-      writeInitExpr(os, initExpr);
     }
     writeUleb128(os, segment->size, "segment size");
     os.flush();
diff --git a/lld/wasm/Writer.cpp b/lld/wasm/Writer.cpp
--- a/lld/wasm/Writer.cpp
+++ b/lld/wasm/Writer.cpp
@@ -450,7 +450,7 @@
     auto &explicitFeatures = config->features.getValue();
     allowed.insert(explicitFeatures.begin(), explicitFeatures.end());
     if (!config->checkFeatures)
-      return;
+      goto done;
   }
 
   // Find the sets of used, required, and disallowed features
@@ -486,7 +486,7 @@
       allowed.insert(std::string(key));
 
   if (!config->checkFeatures)
-    return;
+    goto done;
 
   if (config->sharedMemory) {
     if (disallowed.count("shared-mem"))
@@ -537,12 +537,19 @@
     }
   }
 
+done:
   // Normally we don't include bss segments in the binary.  In particular if
   // memory is not being imported then we can assume its zero initialized.
   // In the case the memory is imported, we and we can use the memory.fill
   // instrction than we can also avoid inluding the segments.
   if (config->importMemory && !allowed.count("bulk-memory"))
     config->emitBssSegments = true;
+
+  if (allowed.count("extended-const"))
+    config->extendedConst = true;
+
+  for (auto &feature : allowed)
+    log("Allowed feature: " + feature);
 }
 
 void Writer::checkImportExportTargetFeatures() {
@@ -920,9 +927,9 @@
   // With PIC code we currently only support a single active data segment since
   // we only have a single __memory_base to use as our base address.  This pass
   // combines all data segments into a single .data segment.
-  // This restructions can be relaxed once we have extended constant
-  // expressions available:
-  // https://github.com/WebAssembly/extended-const
+  // This restructions does now apply when the extended const extension is
+  // available: https://github.com/WebAssembly/extended-const
+  assert(!config->extendedConst);
   assert(config->isPic && !config->sharedMemory);
   if (segments.size() <= 1)
     return;
@@ -1553,7 +1560,14 @@
     }
   }
 
-  if (config->isPic && !config->sharedMemory) {
+  log("-- populateTargetFeatures");
+  populateTargetFeatures();
+
+  // When outputing PIC code each segment lives at at fixes offset from the
+  // `__memory_base` import.  Unless we support the extended const epression we
+  // can't do addition inside the constant expression, so we much combine the
+  // segment into a single one that can live at `__memory_base`.
+  if (config->isPic && !config->extendedConst && !config->sharedMemory) {
     // In shared memory mode all data segments are passive and initialized
     // via __wasm_init_memory.
     log("-- combineOutputSegments");
@@ -1570,8 +1584,6 @@
   scanRelocations();
   log("-- finalizeIndirectFunctionTable");
   finalizeIndirectFunctionTable();
-  log("-- populateTargetFeatures");
-  populateTargetFeatures();
   log("-- createSyntheticInitFunctions");
   createSyntheticInitFunctions();
   log("-- assignIndexes");