diff --git a/lld/MachO/Driver.cpp b/lld/MachO/Driver.cpp
--- a/lld/MachO/Driver.cpp
+++ b/lld/MachO/Driver.cpp
@@ -1135,6 +1135,52 @@
   symtab->addUndefined("dyld_stub_binder", /*file=*/nullptr, /*isWeak=*/false);
 }
 
+static void createAliases() {
+  for (const auto &pair : config->aliasedSymbols) {
+    if (const auto &sym = symtab->find(pair.first)) {
+      if (const auto &defined = dyn_cast<Defined>(sym)) {
+        symtab->aliasDefined(defined, pair.second);
+        continue;
+      }
+    }
+
+    warn("undefined base symbol '" + pair.first + "' for alias '" +
+         pair.second + "'\n");
+  }
+}
+
+static void handleExplicitExports() {
+  if (config->hasExplicitExports) {
+    parallelForEach(symtab->getSymbols(), [](Symbol *sym) {
+      if (auto *defined = dyn_cast<Defined>(sym)) {
+        StringRef symbolName = defined->getName();
+        if (config->exportedSymbols.match(symbolName)) {
+          if (defined->privateExtern) {
+            if (defined->weakDefCanBeHidden) {
+              // weak_def_can_be_hidden symbols behave similarly to
+              // private_extern symbols in most cases, except for when
+              // it is explicitly exported.
+              // The former can be exported but the latter cannot.
+              defined->privateExtern = false;
+            } else {
+              warn("cannot export hidden symbol " + toString(*defined) +
+                   "\n>>> defined in " + toString(defined->getFile()));
+            }
+          }
+        } else {
+          defined->privateExtern = true;
+        }
+      }
+    });
+  } else if (!config->unexportedSymbols.empty()) {
+    parallelForEach(symtab->getSymbols(), [](Symbol *sym) {
+      if (auto *defined = dyn_cast<Defined>(sym))
+        if (config->unexportedSymbols.match(defined->getName()))
+          defined->privateExtern = true;
+    });
+  }
+}
+
 bool macho::link(ArrayRef<const char *> argsArr, llvm::raw_ostream &stdoutOS,
                  llvm::raw_ostream &stderrOS, bool exitEarly,
                  bool disableOutput) {
@@ -1583,6 +1629,12 @@
     for (const Arg *arg : args.filtered(OPT_mllvm))
       parseClangOption(arg->getValue(), arg->getSpelling());
 
+    createSyntheticSections();
+    createSyntheticSymbols();
+
+    createAliases();
+    handleExplicitExports();
+
     compileBitcodeFiles();
     replaceCommonSymbols();
 
@@ -1595,51 +1647,6 @@
     // FIXME: should terminate the link early based on errors encountered so
     // far?
 
-    createSyntheticSections();
-    createSyntheticSymbols();
-
-    for (const auto &pair : config->aliasedSymbols) {
-      if (const auto &sym = symtab->find(pair.first)) {
-        if (const auto &defined = dyn_cast<Defined>(sym)) {
-          symtab->aliasDefined(defined, pair.second);
-          continue;
-        }
-      }
-
-      warn("undefined base symbol '" + pair.first + "' for alias '" +
-           pair.second + "'\n");
-    }
-
-    if (config->hasExplicitExports) {
-      parallelForEach(symtab->getSymbols(), [](Symbol *sym) {
-        if (auto *defined = dyn_cast<Defined>(sym)) {
-          StringRef symbolName = defined->getName();
-          if (config->exportedSymbols.match(symbolName)) {
-            if (defined->privateExtern) {
-              if (defined->weakDefCanBeHidden) {
-                // weak_def_can_be_hidden symbols behave similarly to
-                // private_extern symbols in most cases, except for when
-                // it is explicitly exported.
-                // The former can be exported but the latter cannot.
-                defined->privateExtern = false;
-              } else {
-                warn("cannot export hidden symbol " + toString(*defined) +
-                     "\n>>> defined in " + toString(defined->getFile()));
-              }
-            }
-          } else {
-            defined->privateExtern = true;
-          }
-        }
-      });
-    } else if (!config->unexportedSymbols.empty()) {
-      parallelForEach(symtab->getSymbols(), [](Symbol *sym) {
-        if (auto *defined = dyn_cast<Defined>(sym))
-          if (config->unexportedSymbols.match(defined->getName()))
-            defined->privateExtern = true;
-      });
-    }
-
     for (const Arg *arg : args.filtered(OPT_sectcreate)) {
       StringRef segName = arg->getValue(0);
       StringRef sectName = arg->getValue(1);
diff --git a/lld/test/MachO/lto-exported-symbol.ll b/lld/test/MachO/lto-exported-symbol.ll
new file mode 100644
--- /dev/null
+++ b/lld/test/MachO/lto-exported-symbol.ll
@@ -0,0 +1,25 @@
+; REQUIRES: x86
+; RUN: rm -rf %t; split-file %s %t
+; RUN: llvm-as %t/test.ll -o %t/test.o 
+; RUN: %lld -lSystem -dylib %t/test.o -o %t/test -exported_symbol _foo -save-temps
+; RUN: llvm-dis %t/test.0.2.internalize.bc -o - | FileCheck %s
+
+;; Check that `-exported_symbol` causes all non-exported symbols to be marked
+;; as hidden before LTO. We don't want to downgrade them to private extern only
+;; after LTO runs as that likely results in LTO has missing optimization
+;; opportunities.
+; CHECK: define dso_local void @foo()
+; CHECK: define internal void @bar()
+
+;--- test.ll
+
+target triple = "x86_64-apple-macosx10.15.0"
+target datalayout = "e-m:o-p270:32:32-p271:32:32-p272:64:64-i64:64-f80:128-n8:16:32:64-S128"
+
+define void @foo() {
+  ret void
+}
+
+define void @bar() {
+  ret void
+}