Index: COFF/PDB.cpp
===================================================================
--- COFF/PDB.cpp
+++ COFF/PDB.cpp
@@ -99,7 +99,7 @@
   /// caller-provided ObjectIndexMap.
   const CVIndexMap &mergeDebugT(ObjFile *File, CVIndexMap &ObjectIndexMap);
 
-  const CVIndexMap &maybeMergeTypeServerPDB(ObjFile *File,
+  Expected<const CVIndexMap&> maybeMergeTypeServerPDB(ObjFile *File,
                                             TypeServer2Record &TS);
 
   /// Add the section map and section contributions to the PDB.
@@ -141,6 +141,10 @@
 
   /// Type index mappings of type server PDBs that we've loaded so far.
   std::map<GUID, CVIndexMap> TypeServerIndexMappings;
+
+  /// List of TypeServer PDBs which cannot be loaded.
+  /// Cached to prevent repeated load attempts.
+  std::set<GUID> MissingTypeServerPDBs;
 };
 }
 
@@ -245,9 +249,16 @@
 
   // Look through type servers. If we've already seen this type server, don't
   // merge any type information.
-  if (Optional<TypeServer2Record> TS = maybeReadTypeServerRecord(Types))
-    return maybeMergeTypeServerPDB(File, *TS);
+  if (Optional<TypeServer2Record> TS = maybeReadTypeServerRecord(Types)) {
+    // If loading the PDB succeeds, the result can be returned immediately.
+    auto TypeServerIndexMap = maybeMergeTypeServerPDB(File, *TS);
+    if (TypeServerIndexMap)
+      return *TypeServerIndexMap;
 
+    // If the loading failed, a warning was already thrown.
+    consumeError(TypeServerIndexMap.takeError());
+  }
+
   // This is a /Z7 object. Fill in the temporary, caller-provided
   // ObjectIndexMap.
   if (Config->DebugGHashes) {
@@ -305,11 +316,19 @@
   return std::move(NS);
 }
 
-const CVIndexMap &PDBLinker::maybeMergeTypeServerPDB(ObjFile *File,
+Expected<const CVIndexMap&> PDBLinker::maybeMergeTypeServerPDB(ObjFile *File,
                                                      TypeServer2Record &TS) {
-  // First, check if we already loaded a PDB with this GUID. Return the type
+  const GUID& TSId = TS.getGuid();
+  StringRef TSPath = TS.getName();
+
+  // First, check if the PDB has previously failed to load.
+  if (MissingTypeServerPDBs.count(TSId))
+      return make_error<pdb::GenericError>(
+          pdb::generic_error_code::type_server_not_found, TSPath);
+
+  // Second, check if we already loaded a PDB with this GUID. Return the type
   // index mapping if we have it.
-  auto Insertion = TypeServerIndexMappings.insert({TS.getGuid(), CVIndexMap()});
+  auto Insertion = TypeServerIndexMappings.insert({TSId, CVIndexMap()});
   CVIndexMap &IndexMap = Insertion.first->second;
   if (!Insertion.second)
     return IndexMap;
@@ -320,7 +339,7 @@
   // Check for a PDB at:
   // 1. The given file path
   // 2. Next to the object file or archive file
-  auto ExpectedSession = tryToLoadPDB(TS.getGuid(), TS.getName());
+  auto ExpectedSession = tryToLoadPDB(TSId, TSPath);
   if (!ExpectedSession) {
     consumeError(ExpectedSession.takeError());
     StringRef LocalPath =
@@ -327,12 +346,18 @@
         !File->ParentName.empty() ? File->ParentName : File->getName();
     SmallString<128> Path = sys::path::parent_path(LocalPath);
     sys::path::append(
-        Path, sys::path::filename(TS.getName(), sys::path::Style::windows));
-    ExpectedSession = tryToLoadPDB(TS.getGuid(), Path);
+        Path, sys::path::filename(TSPath, sys::path::Style::windows));
+    ExpectedSession = tryToLoadPDB(TSId, Path);
   }
-  if (auto E = ExpectedSession.takeError())
-    fatal("Type server PDB was not found: " + toString(std::move(E)));
+  if (auto E = ExpectedSession.takeError()) {
+    warn("Type server PDB \"" + TSPath + "\" was not found: " +
+         toString(std::move(E)));
 
+    TypeServerIndexMappings.erase(TSId);
+    MissingTypeServerPDBs.emplace(TSId);
+    return std::move(E);
+  }
+
   auto ExpectedTpi = (*ExpectedSession)->getPDBFile().getPDBTpiStream();
   if (auto E = ExpectedTpi.takeError())
     fatal("Type server does not have TPI stream: " + toString(std::move(E)));
Index: test/COFF/pdb-type-server-missing.yaml
===================================================================
--- test/COFF/pdb-type-server-missing.yaml
+++ test/COFF/pdb-type-server-missing.yaml
@@ -1,13 +1,10 @@
 # This is an object compiled with /Zi (see the LF_TYPESERVER2 record) without an
 # adjacent type server PDB. Test that LLD fails gracefully on it.
 
-# FIXME: Ideally we'd do what MSVC does, which is to warn and drop all debug
-# info in the object with the missing PDB.
-
 # RUN: yaml2obj %s -o %t.obj
-# RUN: not lld-link %t.obj -out:%t.exe -debug -pdb:%t.pdb -nodefaultlib -entry:main 2>&1 | FileCheck %s
+# RUN: lld-link %t.obj -out:%t.exe -debug -pdb:%t.pdb -nodefaultlib -entry:main 2>&1 | FileCheck %s
 
-# CHECK: error: Type server PDB was not found
+# CHECK: warning: Type server PDB "C:\src\llvm-project\build\definitely_not_found_for_sure.pdb" was not found
 
 --- !COFF
 header: