diff --git a/llvm/include/llvm/CodeGen/GlobalISel/Localizer.h b/llvm/include/llvm/CodeGen/GlobalISel/Localizer.h
--- a/llvm/include/llvm/CodeGen/GlobalISel/Localizer.h
+++ b/llvm/include/llvm/CodeGen/GlobalISel/Localizer.h
@@ -45,7 +45,7 @@
   MachineRegisterInfo *MRI;
 
   /// Check whether or not \p MI needs to be moved close to its uses.
-  static bool shouldLocalize(const MachineInstr &MI);
+  bool shouldLocalize(const MachineInstr &MI);
 
   /// Check if \p MOUse is used in the same basic block as \p Def.
   /// If the use is in the same block, we say it is local.
@@ -57,6 +57,13 @@
   /// Initialize the field members using \p MF.
   void init(MachineFunction &MF);
 
+  /// Do inter-block localization from the entry block.
+  bool localizeInterBlock(MachineFunction &MF,
+                          SmallPtrSetImpl<MachineInstr *> &LocalizedInstrs);
+
+  /// Do intra-block localization of already localized instructions.
+  bool localizeIntraBlock(SmallPtrSetImpl<MachineInstr *> &LocalizedInstrs);
+
 public:
   Localizer();
 
diff --git a/llvm/lib/CodeGen/GlobalISel/Localizer.cpp b/llvm/lib/CodeGen/GlobalISel/Localizer.cpp
--- a/llvm/lib/CodeGen/GlobalISel/Localizer.cpp
+++ b/llvm/lib/CodeGen/GlobalISel/Localizer.cpp
@@ -40,6 +40,16 @@
   case TargetOpcode::G_FCONSTANT:
   case TargetOpcode::G_FRAME_INDEX:
     return true;
+  case TargetOpcode::G_GLOBAL_VALUE: {
+    // G_GLOBAL_VALUES will usually result in a two instruction materialization
+    // sequence, at least on AArch64, which can increase code size if we remat
+    // in multiple places vs just taking a single hit with a spill + reload.
+    // FIXME: Make this configurable by the target with a hook.
+    unsigned Reg = MI.getOperand(0).getReg();
+    int NumUses = std::distance(MRI->use_instr_nodbg_begin(Reg),
+                                MRI->use_instr_nodbg_end());
+    return NumUses < 3;
+  }
   }
 }
 
@@ -57,6 +67,106 @@
   return InsertMBB == Def.getParent();
 }
 
+bool Localizer::localizeInterBlock(
+    MachineFunction &MF, SmallPtrSetImpl<MachineInstr *> &LocalizedInstrs) {
+  bool Changed = false;
+  DenseMap<std::pair<MachineBasicBlock *, unsigned>, unsigned> MBBWithLocalDef;
+
+  // Since the IRTranslator only emits constants into the entry block, and the
+  // rest of the GISel pipeline generally emits constants close to their users,
+  // we only localize instructions in the entry block here. This might change if
+  // we start doing CSE across blocks.
+  auto &MBB = MF.front();
+  for (MachineInstr &MI : MBB) {
+    if (LocalizedInstrs.count(&MI) || !shouldLocalize(MI))
+      continue;
+    LLVM_DEBUG(dbgs() << "Should localize: " << MI);
+    assert(MI.getDesc().getNumDefs() == 1 &&
+           "More than one definition not supported yet");
+    unsigned Reg = MI.getOperand(0).getReg();
+    // Check if all the users of MI are local.
+    // We are going to invalidation the list of use operands, so we
+    // can't use range iterator.
+    for (auto MOIt = MRI->use_begin(Reg), MOItEnd = MRI->use_end();
+         MOIt != MOItEnd;) {
+      MachineOperand &MOUse = *MOIt++;
+      // Check if the use is already local.
+      MachineBasicBlock *InsertMBB;
+      LLVM_DEBUG(MachineInstr &MIUse = *MOUse.getParent();
+                 dbgs() << "Checking use: " << MIUse
+                        << " #Opd: " << MIUse.getOperandNo(&MOUse) << '\n');
+      if (isLocalUse(MOUse, MI, InsertMBB))
+        continue;
+      LLVM_DEBUG(dbgs() << "Fixing non-local use\n");
+      Changed = true;
+      auto MBBAndReg = std::make_pair(InsertMBB, Reg);
+      auto NewVRegIt = MBBWithLocalDef.find(MBBAndReg);
+      if (NewVRegIt == MBBWithLocalDef.end()) {
+        // Create the localized instruction.
+        MachineInstr *LocalizedMI = MF.CloneMachineInstr(&MI);
+        LocalizedInstrs.insert(LocalizedMI);
+        MachineInstr &UseMI = *MOUse.getParent();
+        if (MRI->hasOneUse(Reg) && !UseMI.isPHI())
+          InsertMBB->insert(InsertMBB->SkipPHIsAndLabels(UseMI), LocalizedMI);
+        else
+          InsertMBB->insert(InsertMBB->SkipPHIsAndLabels(InsertMBB->begin()),
+                            LocalizedMI);
+
+        // Set a new register for the definition.
+        unsigned NewReg = MRI->createGenericVirtualRegister(MRI->getType(Reg));
+        MRI->setRegClassOrRegBank(NewReg, MRI->getRegClassOrRegBank(Reg));
+        LocalizedMI->getOperand(0).setReg(NewReg);
+        NewVRegIt =
+            MBBWithLocalDef.insert(std::make_pair(MBBAndReg, NewReg)).first;
+        LLVM_DEBUG(dbgs() << "Inserted: " << *LocalizedMI);
+      }
+      LLVM_DEBUG(dbgs() << "Update use with: " << printReg(NewVRegIt->second)
+                        << '\n');
+      // Update the user reg.
+      MOUse.setReg(NewVRegIt->second);
+    }
+  }
+  return Changed;
+}
+
+bool Localizer::localizeIntraBlock(
+    SmallPtrSetImpl<MachineInstr *> &LocalizedInstrs) {
+  bool Changed = false;
+
+  // For each already-localized instruction which has multiple users, then we
+  // scan the block top down from the current position until we hit one of them.
+
+  // FIXME: Consider doing inst duplication if live ranges are very long due to
+  // many users, but this case may be better served by regalloc improvements.
+
+  for (MachineInstr *MI : LocalizedInstrs) {
+    unsigned Reg = MI->getOperand(0).getReg();
+    MachineBasicBlock &MBB = *MI->getParent();
+    // If the instruction has a single use, we would have already moved it right
+    // before its user in localizeInterBlock().
+    if (MRI->hasOneUse(Reg))
+      continue;
+
+    // All of the user MIs of this reg.
+    SmallPtrSet<MachineInstr *, 32> Users;
+    for (MachineInstr &UseMI : MRI->use_nodbg_instructions(Reg))
+      Users.insert(&UseMI);
+
+    MachineBasicBlock::iterator II(MI);
+    ++II;
+    while (II != MBB.end() && !Users.count(&*II))
+      ++II;
+
+    LLVM_DEBUG(dbgs() << "Intra-block: moving " << *MI << " before " << *&*II
+                      << "\n");
+    assert(II != MBB.end() && "Didn't find the user in the MBB");
+    MI->removeFromParent();
+    MBB.insert(II, MI);
+    Changed = true;
+  }
+  return Changed;
+}
+
 bool Localizer::runOnMachineFunction(MachineFunction &MF) {
   // If the ISel pipeline failed, do not bother running that pass.
   if (MF.getProperties().hasProperty(
@@ -67,62 +177,10 @@
 
   init(MF);
 
-  bool Changed = false;
-  // Keep track of the instructions we localized.
-  // We won't need to process them if we see them later in the CFG.
-  SmallPtrSet<MachineInstr *, 16> LocalizedInstrs;
-  DenseMap<std::pair<MachineBasicBlock *, unsigned>, unsigned> MBBWithLocalDef;
-  // TODO: Do bottom up traversal.
-  for (MachineBasicBlock &MBB : MF) {
-    for (MachineInstr &MI : MBB) {
-      if (LocalizedInstrs.count(&MI) || !shouldLocalize(MI))
-        continue;
-      LLVM_DEBUG(dbgs() << "Should localize: " << MI);
-      assert(MI.getDesc().getNumDefs() == 1 &&
-             "More than one definition not supported yet");
-      unsigned Reg = MI.getOperand(0).getReg();
-      // Check if all the users of MI are local.
-      // We are going to invalidation the list of use operands, so we
-      // can't use range iterator.
-      for (auto MOIt = MRI->use_begin(Reg), MOItEnd = MRI->use_end();
-           MOIt != MOItEnd;) {
-        MachineOperand &MOUse = *MOIt++;
-        // Check if the use is already local.
-        MachineBasicBlock *InsertMBB;
-        LLVM_DEBUG(MachineInstr &MIUse = *MOUse.getParent();
-                   dbgs() << "Checking use: " << MIUse
-                          << " #Opd: " << MIUse.getOperandNo(&MOUse) << '\n');
-        if (isLocalUse(MOUse, MI, InsertMBB))
-          continue;
-        LLVM_DEBUG(dbgs() << "Fixing non-local use\n");
-        Changed = true;
-        auto MBBAndReg = std::make_pair(InsertMBB, Reg);
-        auto NewVRegIt = MBBWithLocalDef.find(MBBAndReg);
-        if (NewVRegIt == MBBWithLocalDef.end()) {
-          // Create the localized instruction.
-          MachineInstr *LocalizedMI = MF.CloneMachineInstr(&MI);
-          LocalizedInstrs.insert(LocalizedMI);
-          // Don't try to be smart for the insertion point.
-          // There is no guarantee that the first seen use is the first
-          // use in the block.
-          InsertMBB->insert(InsertMBB->SkipPHIsAndLabels(InsertMBB->begin()),
-                            LocalizedMI);
+  // Keep track of the instructions we localized. We'll do a second pass of
+  // intra-block localization to further reduce live ranges.
+  SmallPtrSet<MachineInstr *, 32> LocalizedInstrs;
 
-          // Set a new register for the definition.
-          unsigned NewReg =
-              MRI->createGenericVirtualRegister(MRI->getType(Reg));
-          MRI->setRegClassOrRegBank(NewReg, MRI->getRegClassOrRegBank(Reg));
-          LocalizedMI->getOperand(0).setReg(NewReg);
-          NewVRegIt =
-              MBBWithLocalDef.insert(std::make_pair(MBBAndReg, NewReg)).first;
-          LLVM_DEBUG(dbgs() << "Inserted: " << *LocalizedMI);
-        }
-        LLVM_DEBUG(dbgs() << "Update use with: " << printReg(NewVRegIt->second)
-                          << '\n');
-        // Update the user reg.
-        MOUse.setReg(NewVRegIt->second);
-      }
-    }
-  }
-  return Changed;
+  bool Changed = localizeInterBlock(MF, LocalizedInstrs);
+  return Changed |= localizeIntraBlock(LocalizedInstrs);
 }
diff --git a/llvm/test/CodeGen/AArch64/GlobalISel/localizer.mir b/llvm/test/CodeGen/AArch64/GlobalISel/localizer.mir
--- a/llvm/test/CodeGen/AArch64/GlobalISel/localizer.mir
+++ b/llvm/test/CodeGen/AArch64/GlobalISel/localizer.mir
@@ -15,6 +15,29 @@
   define void @float_non_local_phi_use_followed_by_use_fi() { ret void }
   define void @non_local_phi() { ret void }
   define void @non_local_label() { ret void }
+
+  @var1 = common global i32 0, align 4
+  @var2 = common global i32 0, align 4
+  @var3 = common global i32 0, align 4
+  @var4 = common global i32 0, align 4
+
+  define i32 @intrablock_with_globalvalue() {
+  entry:
+    %0 = load i32, i32* @var1, align 4
+    %cmp = icmp eq i32 %0, 1
+    br i1 %cmp, label %if.then, label %if.end
+
+  if.then:
+    store i32 2, i32* @var2, align 4
+    store i32 3, i32* @var1, align 4
+    store i32 2, i32* @var3, align 4
+    store i32 3, i32* @var1, align 4
+    br label %if.end
+
+  if.end:
+    ret i32 0
+  }
+
 ...
 
 ---
@@ -301,3 +324,68 @@
     %2:fpr(s32) = G_FADD %0, %1
     G_BR %bb.1
 ...
+---
+name:            intrablock_with_globalvalue
+legalized:       true
+regBankSelected: true
+tracksRegLiveness: true
+body:             |
+  ; CHECK-LABEL: name: intrablock_with_globalvalue
+  ; CHECK: bb.0.entry:
+
+  ; Some of these instructions are dead. We're checking:
+  ; 1. That var1 isn't localized because it has 3 users.
+  ; 2. That the other instructions are sunk immediately before their first user
+  ;    in the if.then block or as close as possible.
+  ; CHECK:   successors: %bb.1(0x40000000), %bb.2(0x40000000)
+  ; CHECK:   [[GV:%[0-9]+]]:gpr(p0) = G_GLOBAL_VALUE @var1
+  ; CHECK:   [[C:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 1
+  ; CHECK:   [[C1:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 2
+  ; CHECK:   [[GV1:%[0-9]+]]:gpr(p0) = G_GLOBAL_VALUE @var2
+  ; CHECK:   [[C2:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 3
+  ; CHECK:   [[GV2:%[0-9]+]]:gpr(p0) = G_GLOBAL_VALUE @var3
+  ; CHECK:   [[C3:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 0
+  ; CHECK:   [[LOAD:%[0-9]+]]:gpr(s32) = G_LOAD [[GV]](p0) :: (load 4 from @var1)
+  ; CHECK:   [[ICMP:%[0-9]+]]:gpr(s32) = G_ICMP intpred(eq), [[LOAD]](s32), [[C]]
+  ; CHECK:   [[TRUNC:%[0-9]+]]:gpr(s1) = G_TRUNC [[ICMP]](s32)
+  ; CHECK:   G_BRCOND [[TRUNC]](s1), %bb.1
+  ; CHECK:   G_BR %bb.2
+  ; CHECK: bb.1.if.then:
+  ; CHECK:   successors: %bb.2(0x80000000)
+  ; CHECK:   [[GV3:%[0-9]+]]:gpr(p0) = G_GLOBAL_VALUE @var2
+  ; CHECK:   [[C4:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 2
+  ; CHECK:   G_STORE [[C4]](s32), [[GV3]](p0) :: (store 4 into @var2)
+  ; CHECK:   [[C5:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 3
+  ; CHECK:   G_STORE [[C5]](s32), [[GV]](p0) :: (store 4 into @var1)
+  ; CHECK:   [[GV4:%[0-9]+]]:gpr(p0) = G_GLOBAL_VALUE @var3
+  ; CHECK:   G_STORE [[C4]](s32), [[GV4]](p0) :: (store 4 into @var3)
+  ; CHECK:   G_STORE [[C5]](s32), [[GV]](p0) :: (store 4 into @var1)
+  ; CHECK: bb.2.if.end:
+  ; CHECK:   [[C6:%[0-9]+]]:gpr(s32) = G_CONSTANT i32 0
+  ; CHECK:   $w0 = COPY [[C6]](s32)
+  ; CHECK:   RET_ReallyLR implicit $w0
+  bb.1.entry:
+    %1:gpr(p0) = G_GLOBAL_VALUE @var1
+    %2:gpr(s32) = G_CONSTANT i32 1
+    %4:gpr(s32) = G_CONSTANT i32 2
+    %5:gpr(p0) = G_GLOBAL_VALUE @var2
+    %6:gpr(s32) = G_CONSTANT i32 3
+    %7:gpr(p0) = G_GLOBAL_VALUE @var3
+    %8:gpr(s32) = G_CONSTANT i32 0
+    %0:gpr(s32) = G_LOAD %1(p0) :: (load 4 from @var1)
+    %9:gpr(s32) = G_ICMP intpred(eq), %0(s32), %2
+    %3:gpr(s1) = G_TRUNC %9(s32)
+    G_BRCOND %3(s1), %bb.2
+    G_BR %bb.3
+
+  bb.2.if.then:
+    G_STORE %4(s32), %5(p0) :: (store 4 into @var2)
+    G_STORE %6(s32), %1(p0) :: (store 4 into @var1)
+    G_STORE %4(s32), %7(p0) :: (store 4 into @var3)
+    G_STORE %6(s32), %1(p0) :: (store 4 into @var1)
+
+  bb.3.if.end:
+    $w0 = COPY %8(s32)
+    RET_ReallyLR implicit $w0
+
+...