diff --git a/llvm/include/llvm/Transforms/IPO/FunctionSpecialization.h b/llvm/include/llvm/Transforms/IPO/FunctionSpecialization.h
--- a/llvm/include/llvm/Transforms/IPO/FunctionSpecialization.h
+++ b/llvm/include/llvm/Transforms/IPO/FunctionSpecialization.h
@@ -171,6 +171,7 @@
   SmallPtrSet<Function *, 32> Specializations;
   SmallPtrSet<Function *, 32> FullySpecialized;
   DenseMap<Function *, CodeMetrics> FunctionMetrics;
+  DenseMap<Argument *, unsigned> NumSpecs;
 
 public:
   FunctionSpecializer(
diff --git a/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp b/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp
--- a/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp
+++ b/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp
@@ -74,6 +74,11 @@
     "Force function specialization for every call site with a constant "
     "argument"));
 
+static cl::opt<unsigned> MaxTotalClones(
+    "funcspec-max-total-clones", cl::init(8), cl::Hidden, cl::desc(
+    "The maximum number of clones allowed for a single function "
+    "specialization across multiple iterations"));
+
 static cl::opt<unsigned> MaxClones(
     "funcspec-max-clones", cl::init(3), cl::Hidden, cl::desc(
     "The maximum number of clones allowed for a single function "
@@ -695,13 +700,13 @@
       AllSpecs[Index].CallSites.push_back(&CS);
     } else {
       // Calculate the specialisation gain.
-      Cost Score = 0 - SpecCost;
+      Cost Score = 0;
       InstCostVisitor Visitor = getInstCostVisitorFor(F);
       for (ArgInfo &A : S.Args)
         Score += getSpecializationBonus(A.Formal, A.Actual, Visitor);
 
       // Discard unprofitable specialisations.
-      if (!ForceSpecialization && Score <= 0)
+      if (!ForceSpecialization && Score <= SpecCost)
         continue;
 
       // Create a new specialisation entry.
@@ -766,6 +771,11 @@
 
   // Mark all the specialized functions
   Specializations.insert(Clone);
+
+  // Update the cost model.
+  for (const ArgInfo &A : S.Args)
+    ++NumSpecs[A.Formal];
+
   ++NumSpecsCreated;
 
   return Clone;
@@ -774,6 +784,10 @@
 /// Compute a bonus for replacing argument \p A with constant \p C.
 Cost FunctionSpecializer::getSpecializationBonus(Argument *A, Constant *C,
                                                  InstCostVisitor &Visitor) {
+  // Maximum number of clones reached.
+  if (NumSpecs[A] == MaxTotalClones)
+    return 0;
+
   LLVM_DEBUG(dbgs() << "FnSpecialization: Analysing bonus for constant: "
                     << C->getNameOrAsOperand() << "\n");
 
diff --git a/llvm/lib/Transforms/IPO/SCCP.cpp b/llvm/lib/Transforms/IPO/SCCP.cpp
--- a/llvm/lib/Transforms/IPO/SCCP.cpp
+++ b/llvm/lib/Transforms/IPO/SCCP.cpp
@@ -42,7 +42,7 @@
           "Number of instructions replaced with (simpler) instruction");
 
 static cl::opt<unsigned> FuncSpecMaxIters(
-    "funcspec-max-iters", cl::init(1), cl::Hidden, cl::desc(
+    "funcspec-max-iters", cl::init(10), cl::Hidden, cl::desc(
     "The maximum number of iterations function specialization is run"));
 
 static void findReturnsToZap(Function &F,
diff --git a/llvm/test/Transforms/FunctionSpecialization/recursive-penalty.ll b/llvm/test/Transforms/FunctionSpecialization/recursive-penalty.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/FunctionSpecialization/recursive-penalty.ll
@@ -0,0 +1,64 @@
+; REQUIRES: asserts
+; RUN: opt -passes="ipsccp<func-spec>,inline,instcombine,simplifycfg" -S \
+; RUN:     -funcspec-min-function-size=23 -funcspec-max-iters=100 \
+; RUN:     -debug-only=function-specialization < %s 2>&1 | FileCheck %s
+
+; Make sure the number of specializations created are not
+; linear to the number of iterations (funcspec-max-iters).
+
+; CHECK: FnSpecialization: Created 8 specializations in module
+
+@Global = internal constant i32 1, align 4
+
+define internal void @recursiveFunc(ptr readonly %arg) {
+  %temp = alloca i32, align 4
+  %arg.load = load i32, ptr %arg, align 4
+  %arg.cmp = icmp slt i32 %arg.load, 10000
+  br i1 %arg.cmp, label %loop1, label %ret.block
+
+loop1:
+  br label %loop2
+
+loop2:
+  br label %loop3
+
+loop3:
+  br label %loop4
+
+loop4:
+  br label %block6
+
+block6:
+  call void @print_val(i32 %arg.load)
+  %arg.add = add nsw i32 %arg.load, 1
+  store i32 %arg.add, ptr %temp, align 4
+  call void @recursiveFunc(ptr %temp)
+  br label %loop4.end
+
+loop4.end:
+  %exit_cond1 = call i1 @exit_cond()
+  br i1 %exit_cond1, label %loop4, label %loop3.end
+
+loop3.end:
+  %exit_cond2 = call i1 @exit_cond()
+  br i1 %exit_cond2, label %loop3, label %loop2.end
+
+loop2.end:
+  %exit_cond3 = call i1 @exit_cond()
+  br i1 %exit_cond3, label %loop2, label %loop1.end
+
+loop1.end:
+  %exit_cond4 = call i1 @exit_cond()
+  br i1 %exit_cond4, label %loop1, label %ret.block
+
+ret.block:
+  ret void
+}
+
+define i32 @main() {
+  call void @recursiveFunc(ptr @Global)
+  ret i32 0
+}
+
+declare dso_local void @print_val(i32)
+declare dso_local i1 @exit_cond()