diff --git a/llvm/lib/Target/AMDGPU/SIFoldOperands.cpp b/llvm/lib/Target/AMDGPU/SIFoldOperands.cpp
--- a/llvm/lib/Target/AMDGPU/SIFoldOperands.cpp
+++ b/llvm/lib/Target/AMDGPU/SIFoldOperands.cpp
@@ -1642,6 +1642,46 @@
   return true;
 }
 
+/// Checks whether \p Copy is a AGPR -> VGPR copy. Returns `true` on success and
+/// stores the AGPR register in \p OutReg and the subreg in \p OutSubReg
+static bool isAGPRCopy(const SIRegisterInfo &TRI,
+                       const MachineRegisterInfo &MRI, const MachineInstr &Copy,
+                       Register &OutReg, unsigned &OutSubReg) {
+  assert(Copy.isCopy());
+
+  const MachineOperand &CopySrc = Copy.getOperand(1);
+  Register CopySrcReg = CopySrc.getReg();
+  if (!CopySrcReg.isVirtual())
+    return false;
+
+  // Common case: copy from AGPR directly, e.g.
+  //  %1:vgpr_32 = COPY %0:agpr_32
+  if (TRI.isAGPR(MRI, CopySrcReg)) {
+    OutReg = CopySrcReg;
+    OutSubReg = CopySrc.getSubReg();
+    return true;
+  }
+
+  // Sometimes it can also involve two copies, e.g.
+  //  %1:vgpr_256 = COPY %0:agpr_256
+  //  %2:vgpr_32 = COPY %1:vgpr_256.sub0
+  const MachineInstr *CopySrcDef = MRI.getVRegDef(CopySrcReg);
+  if (!CopySrcDef || !CopySrcDef->isCopy())
+    return false;
+
+  const MachineOperand &OtherCopySrc = CopySrcDef->getOperand(1);
+  Register OtherCopySrcReg = OtherCopySrc.getReg();
+  if (!OtherCopySrcReg.isVirtual() ||
+      CopySrcDef->getOperand(0).getSubReg() != AMDGPU::NoSubRegister ||
+      OtherCopySrc.getSubReg() != AMDGPU::NoSubRegister ||
+      !TRI.isAGPR(MRI, OtherCopySrcReg))
+    return false;
+
+  OutReg = OtherCopySrcReg;
+  OutSubReg = CopySrc.getSubReg();
+  return true;
+}
+
 // Try to hoist an AGPR to VGPR copy across a PHI.
 // This should allow folding of an AGPR into a consumer which may support it.
 //
@@ -1683,23 +1723,22 @@
   const TargetRegisterClass *ARC = nullptr;
   for (unsigned K = 1; K < PHI.getNumExplicitOperands(); K += 2) {
     MachineOperand &MO = PHI.getOperand(K);
-
-    Register PhiIn = MO.getReg();
-    if (MO.getSubReg() || !TRI->isVGPR(*MRI, PhiIn))
-      return false;
-
-    MachineInstr *Copy = MRI->getVRegDef(PhiIn);
+    MachineInstr *Copy = MRI->getVRegDef(MO.getReg());
     if (!Copy || !Copy->isCopy())
       continue;
 
-    Register CopyIn = Copy->getOperand(1).getReg();
-    if (CopyIn.isVirtual() && TRI->isAGPR(*MRI, CopyIn)) {
-      const TargetRegisterClass *CopyInRC =
-          getRegOpRC(*MRI, *TRI, Copy->getOperand(1));
-      if (ARC && !ARC->hasSubClassEq(CopyInRC))
-        return false;
-      ARC = CopyInRC;
-    }
+    Register AGPRSrc;
+    unsigned AGPRRegMask = AMDGPU::NoSubRegister;
+    if (!isAGPRCopy(*TRI, *MRI, *Copy, AGPRSrc, AGPRRegMask))
+      continue;
+
+    const TargetRegisterClass *CopyInRC = MRI->getRegClass(AGPRSrc);
+    if (const auto *SubRC = TRI->getSubRegisterClass(CopyInRC, AGPRRegMask))
+      CopyInRC = SubRC;
+
+    if (ARC && !ARC->hasSubClassEq(CopyInRC))
+      return false;
+    ARC = CopyInRC;
   }
 
   if (!ARC)
@@ -1721,11 +1760,11 @@
       // Look at pre-existing COPY instructions from ARC: Steal the operand. If
       // the copy was single-use, it will be removed by DCE later.
       if (Def->isCopy()) {
-        MachineOperand &CopyIn = Def->getOperand(1);
-        if (CopyIn.getReg().isVirtual() &&
-            getRegOpRC(*MRI, *TRI, CopyIn)->hasSubClassEq(ARC)) {
-          MO.setReg(CopyIn.getReg());
-          MO.setSubReg(CopyIn.getSubReg());
+        Register AGPRSrc;
+        unsigned AGPRSubReg = AMDGPU::NoSubRegister;
+        if (isAGPRCopy(*TRI, *MRI, *Def, AGPRSrc, AGPRSubReg)) {
+          MO.setReg(AGPRSrc);
+          MO.setSubReg(AGPRSubReg);
           continue;
         }
 
@@ -1733,6 +1772,7 @@
         // GFX908 directly instead of a COPY. Otherwise, SIFoldOperand may try
         // to fold the sgpr -> vgpr -> agpr copy into a sgpr -> agpr copy which
         // is unlikely to be profitable.
+        MachineOperand &CopyIn = Def->getOperand(1);
         if (!ST->hasGFX90AInsts() && !MRI->hasOneNonDBGUse(Reg) &&
             TRI->isSGPRReg(*MRI, CopyIn.getReg()))
           UseAccVGPRWrite = true;
diff --git a/llvm/test/CodeGen/AMDGPU/fold-agpr-phis.mir b/llvm/test/CodeGen/AMDGPU/fold-agpr-phis.mir
--- a/llvm/test/CodeGen/AMDGPU/fold-agpr-phis.mir
+++ b/llvm/test/CodeGen/AMDGPU/fold-agpr-phis.mir
@@ -408,3 +408,99 @@
   bb.2:
     S_ENDPGM 0
 ...
+
+---
+name: test_vgpr_init_two_copies
+tracksRegLiveness: true
+
+body: |
+  ; GFX908-LABEL: name: test_vgpr_init_two_copies
+  ; GFX908: bb.0:
+  ; GFX908-NEXT:   successors: %bb.1(0x80000000)
+  ; GFX908-NEXT:   liveins: $vgpr0, $scc
+  ; GFX908-NEXT: {{  $}}
+  ; GFX908-NEXT:   [[COPY:%[0-9]+]]:vgpr_32 = COPY $vgpr0
+  ; GFX908-NEXT:   [[COPY1:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX908-NEXT:   [[COPY2:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX908-NEXT:   [[COPY3:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX908-NEXT:   [[COPY4:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX908-NEXT: {{  $}}
+  ; GFX908-NEXT: bb.1:
+  ; GFX908-NEXT:   successors: %bb.1(0x40000000), %bb.2(0x40000000)
+  ; GFX908-NEXT:   liveins: $scc
+  ; GFX908-NEXT: {{  $}}
+  ; GFX908-NEXT:   [[PHI:%[0-9]+]]:agpr_32 = PHI [[COPY4]], %bb.0, %12.sub0, %bb.1
+  ; GFX908-NEXT:   [[PHI1:%[0-9]+]]:agpr_32 = PHI [[COPY3]], %bb.0, %12.sub1, %bb.1
+  ; GFX908-NEXT:   [[PHI2:%[0-9]+]]:agpr_32 = PHI [[COPY2]], %bb.0, %12.sub2, %bb.1
+  ; GFX908-NEXT:   [[PHI3:%[0-9]+]]:agpr_32 = PHI [[COPY1]], %bb.0, %12.sub3, %bb.1
+  ; GFX908-NEXT:   [[COPY5:%[0-9]+]]:vgpr_32 = COPY [[PHI3]]
+  ; GFX908-NEXT:   [[COPY6:%[0-9]+]]:vgpr_32 = COPY [[PHI2]]
+  ; GFX908-NEXT:   [[COPY7:%[0-9]+]]:vgpr_32 = COPY [[PHI1]]
+  ; GFX908-NEXT:   [[COPY8:%[0-9]+]]:vgpr_32 = COPY [[PHI]]
+  ; GFX908-NEXT:   [[REG_SEQUENCE:%[0-9]+]]:areg_128_align2 = REG_SEQUENCE [[COPY8]], %subreg.sub0, [[COPY7]], %subreg.sub1, [[COPY6]], %subreg.sub2, [[COPY5]], %subreg.sub3
+  ; GFX908-NEXT:   [[V_MOV_B32_e32_:%[0-9]+]]:vgpr_32 = V_MOV_B32_e32 1073741824, implicit $exec
+  ; GFX908-NEXT:   [[V_MOV_B32_e32_1:%[0-9]+]]:vgpr_32 = V_MOV_B32_e32 1065353216, implicit $exec
+  ; GFX908-NEXT:   [[V_MFMA_F32_4X4X1F32_e64_:%[0-9]+]]:areg_128_align2 = V_MFMA_F32_4X4X1F32_e64 [[V_MOV_B32_e32_1]], [[V_MOV_B32_e32_]], [[REG_SEQUENCE]], 0, 0, 0, implicit $mode, implicit $exec
+  ; GFX908-NEXT:   S_CBRANCH_SCC1 %bb.1, implicit $scc
+  ; GFX908-NEXT: {{  $}}
+  ; GFX908-NEXT: bb.2:
+  ; GFX908-NEXT:   S_ENDPGM 0
+  ; GFX90A-LABEL: name: test_vgpr_init_two_copies
+  ; GFX90A: bb.0:
+  ; GFX90A-NEXT:   successors: %bb.1(0x80000000)
+  ; GFX90A-NEXT:   liveins: $vgpr0, $scc
+  ; GFX90A-NEXT: {{  $}}
+  ; GFX90A-NEXT:   [[COPY:%[0-9]+]]:vgpr_32 = COPY $vgpr0
+  ; GFX90A-NEXT:   [[COPY1:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX90A-NEXT:   [[COPY2:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX90A-NEXT:   [[COPY3:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX90A-NEXT:   [[COPY4:%[0-9]+]]:agpr_32 = COPY [[COPY]]
+  ; GFX90A-NEXT: {{  $}}
+  ; GFX90A-NEXT: bb.1:
+  ; GFX90A-NEXT:   successors: %bb.1(0x40000000), %bb.2(0x40000000)
+  ; GFX90A-NEXT:   liveins: $scc
+  ; GFX90A-NEXT: {{  $}}
+  ; GFX90A-NEXT:   [[PHI:%[0-9]+]]:agpr_32 = PHI [[COPY4]], %bb.0, %12.sub0, %bb.1
+  ; GFX90A-NEXT:   [[PHI1:%[0-9]+]]:agpr_32 = PHI [[COPY3]], %bb.0, %12.sub1, %bb.1
+  ; GFX90A-NEXT:   [[PHI2:%[0-9]+]]:agpr_32 = PHI [[COPY2]], %bb.0, %12.sub2, %bb.1
+  ; GFX90A-NEXT:   [[PHI3:%[0-9]+]]:agpr_32 = PHI [[COPY1]], %bb.0, %12.sub3, %bb.1
+  ; GFX90A-NEXT:   [[COPY5:%[0-9]+]]:vgpr_32 = COPY [[PHI3]]
+  ; GFX90A-NEXT:   [[COPY6:%[0-9]+]]:vgpr_32 = COPY [[PHI2]]
+  ; GFX90A-NEXT:   [[COPY7:%[0-9]+]]:vgpr_32 = COPY [[PHI1]]
+  ; GFX90A-NEXT:   [[COPY8:%[0-9]+]]:vgpr_32 = COPY [[PHI]]
+  ; GFX90A-NEXT:   [[REG_SEQUENCE:%[0-9]+]]:areg_128_align2 = REG_SEQUENCE [[COPY8]], %subreg.sub0, [[COPY7]], %subreg.sub1, [[COPY6]], %subreg.sub2, [[COPY5]], %subreg.sub3
+  ; GFX90A-NEXT:   [[V_MOV_B32_e32_:%[0-9]+]]:vgpr_32 = V_MOV_B32_e32 1073741824, implicit $exec
+  ; GFX90A-NEXT:   [[V_MOV_B32_e32_1:%[0-9]+]]:vgpr_32 = V_MOV_B32_e32 1065353216, implicit $exec
+  ; GFX90A-NEXT:   [[V_MFMA_F32_4X4X1F32_e64_:%[0-9]+]]:areg_128_align2 = V_MFMA_F32_4X4X1F32_e64 [[V_MOV_B32_e32_1]], [[V_MOV_B32_e32_]], [[REG_SEQUENCE]], 0, 0, 0, implicit $mode, implicit $exec
+  ; GFX90A-NEXT:   S_CBRANCH_SCC1 %bb.1, implicit $scc
+  ; GFX90A-NEXT: {{  $}}
+  ; GFX90A-NEXT: bb.2:
+  ; GFX90A-NEXT:   S_ENDPGM 0
+  bb.0:
+    liveins: $vgpr0, $scc
+    successors: %bb.1
+
+    %0:vgpr_32 = COPY $vgpr0
+
+  bb.1:
+    liveins: $scc
+    successors: %bb.1, %bb.2
+
+    %8:vgpr_32 = PHI %0, %bb.0, %17, %bb.1
+    %9:vgpr_32 = PHI %0, %bb.0, %18, %bb.1
+    %10:vgpr_32 = PHI %0, %bb.0, %19, %bb.1
+    %11:vgpr_32 = PHI %0, %bb.0, %20, %bb.1
+    %12:areg_128_align2 = REG_SEQUENCE %8, %subreg.sub0, %9, %subreg.sub1, %10, %subreg.sub2, %11, %subreg.sub3
+    %13:vgpr_32 = V_MOV_B32_e32 1073741824, implicit $exec
+    %14:vgpr_32 = V_MOV_B32_e32 1065353216, implicit $exec
+    %15:areg_128_align2 = V_MFMA_F32_4X4X1F32_e64 %14:vgpr_32, %13:vgpr_32, %12:areg_128_align2, 0, 0, 0, implicit $mode, implicit $exec
+    %16:vreg_128_align2 = COPY %15:areg_128_align2
+    %17:vgpr_32 = COPY %16.sub0:vreg_128_align2
+    %18:vgpr_32 = COPY %16.sub1:vreg_128_align2
+    %19:vgpr_32 = COPY %16.sub2:vreg_128_align2
+    %20:vgpr_32 = COPY %16.sub3:vreg_128_align2
+    S_CBRANCH_SCC1 %bb.1, implicit $scc
+
+  bb.2:
+    S_ENDPGM 0
+...