diff --git a/llvm/lib/Analysis/ValueTracking.cpp b/llvm/lib/Analysis/ValueTracking.cpp
--- a/llvm/lib/Analysis/ValueTracking.cpp
+++ b/llvm/lib/Analysis/ValueTracking.cpp
@@ -2602,7 +2602,9 @@
 
     // A Load tagged with nonnull metadata is never null.
     if (const LoadInst *LI = dyn_cast<LoadInst>(V))
-      if (Q.IIQ.getMetadata(LI, LLVMContext::MD_nonnull))
+      if (Q.IIQ.getMetadata(LI, LLVMContext::MD_nonnull) ||
+          (Q.IIQ.getMetadata(LI, LLVMContext::MD_dereferenceable) &&
+           !NullPointerIsDefined(LI->getFunction(), PtrTy->getAddressSpace())))
         return true;
 
     if (const auto *Call = dyn_cast<CallBase>(V)) {
diff --git a/llvm/test/Transforms/InstSimplify/icmp.ll b/llvm/test/Transforms/InstSimplify/icmp.ll
--- a/llvm/test/Transforms/InstSimplify/icmp.ll
+++ b/llvm/test/Transforms/InstSimplify/icmp.ll
@@ -258,3 +258,23 @@
   %cmp = icmp ne i8 %sub, %x
   ret i1 %cmp
 }
+
+define i1 @load_ptr(ptr %p) {
+; CHECK-LABEL: @load_ptr(
+; CHECK-NEXT:    ret i1 true
+;
+  %load_p = load ptr, ptr %p, !dereferenceable !{i64 8}
+  %r = icmp ne ptr %load_p, null
+  ret i1 %r
+}
+
+define i1 @load_ptr_null_valid(ptr %p) null_pointer_is_valid {
+; CHECK-LABEL: @load_ptr_null_valid(
+; CHECK-NEXT:    [[LOAD_P:%.*]] = load ptr, ptr [[P:%.*]], align 8, !dereferenceable !0
+; CHECK-NEXT:    [[R:%.*]] = icmp ne ptr [[LOAD_P]], null
+; CHECK-NEXT:    ret i1 [[R]]
+;
+  %load_p = load ptr, ptr %p, !dereferenceable !{i64 8}
+  %r = icmp ne ptr %load_p, null
+  ret i1 %r
+}