diff --git a/lld/test/wasm/lto/Inputs/foo.ll b/lld/test/wasm/lto/Inputs/foo.ll
new file mode 100644
--- /dev/null
+++ b/lld/test/wasm/lto/Inputs/foo.ll
@@ -0,0 +1,7 @@
+target datalayout = "e-m:e-p:32:32-p10:8:8-p20:8:8-i64:64-n32:64-S128"
+target triple = "wasm32-unknown-unknown"
+
+define void @foo() local_unnamed_addr {
+entry:
+  ret void
+}
diff --git a/lld/test/wasm/lto/Inputs/stub.so b/lld/test/wasm/lto/Inputs/stub.so
new file mode 100644
--- /dev/null
+++ b/lld/test/wasm/lto/Inputs/stub.so
@@ -0,0 +1,2 @@
+#STUB
+bar: foo
diff --git a/lld/test/wasm/lto/stub-library.s b/lld/test/wasm/lto/stub-library.s
new file mode 100644
--- /dev/null
+++ b/lld/test/wasm/lto/stub-library.s
@@ -0,0 +1,33 @@
+# RUN: llvm-mc -filetype=obj -triple=wasm32-unknown-unknown -o %t.o %s
+# RUN: llvm-as %S/Inputs/foo.ll -o %t1.o
+# RUN: wasm-ld %t.o %t1.o %p/Inputs/stub.so -o %t.wasm
+# RUN: obj2yaml %t.wasm | FileCheck %s
+
+# The function `foo` is defined in stub.so but depend on `foo` which happens
+# be in an lto object.
+# This verifies that stub library dependencies (exports) can be defined in LTO
+# objects.
+.functype bar () -> ()
+
+.globl _start
+_start:
+    .functype _start () -> ()
+    call bar
+    end_function
+
+# CHECK:         Imports:
+# CHECK-NEXT:      - Module:          env
+# CHECK-NEXT:        Field:           bar
+# CHECK-NEXT:        Kind:            FUNCTION
+# CHECK-NEXT:        SigIndex:        0
+
+# CHECK:         Exports:
+# CHECK-NEXT:       - Name:            memory
+# CHECK-NEXT:         Kind:            MEMORY
+# CHECK-NEXT:         Index:           0
+# CHECK-NEXT:       - Name:            _start
+# CHECK-NEXT:         Kind:            FUNCTION
+# CHECK-NEXT:         Index:           1
+# CHECK-NEXT:       - Name:            foo
+# CHECK-NEXT:         Kind:            FUNCTION
+# CHECK-NEXT:         Index:           2
diff --git a/lld/test/wasm/stub_library.s b/lld/test/wasm/stub-library.s
rename from lld/test/wasm/stub_library.s
rename to lld/test/wasm/stub-library.s
diff --git a/lld/wasm/Driver.cpp b/lld/wasm/Driver.cpp
--- a/lld/wasm/Driver.cpp
+++ b/lld/wasm/Driver.cpp
@@ -881,8 +881,7 @@
                << "processing stub file: " << stub_file->getName() << "\n");
     for (auto [name, deps]: stub_file->symbolDependencies) {
       auto* sym = symtab->find(name);
-      if (!sym || !sym->isUndefined() || !sym->isUsedInRegularObj ||
-          sym->forceImport) {
+      if (!sym || !sym->isUndefined() || sym->forceImport) {
         LLVM_DEBUG(llvm::dbgs() << "stub not in needed: " << name << "\n");
         continue;
       }
@@ -907,7 +906,6 @@
           LLVM_DEBUG(llvm::dbgs()
                      << "force export: " << toString(*needed) << "\n");
           needed->forceExport = true;
-          needed->isUsedInRegularObj = true;
           if (auto *lazy = dyn_cast<LazySymbol>(needed)) {
             lazy->fetch();
             if (!config->whyExtract.empty())
@@ -1211,7 +1209,9 @@
   if (errorCount())
     return;
 
-  writeWhyExtract();
+  // processStubLibraries must happen before LTO because it can trigger the
+  // export of arbirary symbols that might themselves be defined in LTO objects.
+  processStubLibraries();
 
   // Do link-time optimization if given files are LLVM bitcode files.
   // This compiles bitcode files into real object files.
@@ -1219,8 +1219,14 @@
   if (errorCount())
     return;
 
+  // The LTO process can generate new undefined symbols, specifically libcall
+  // functions.  Because those symbols might be declared in a stub library we
+  // need the process the stub libraries once again after LTO to handle any
+  // newly undefined symbols.
   processStubLibraries();
 
+  writeWhyExtract();
+
   createOptionalSymbols();
 
   // Resolve any variant symbols that were created due to signature