Index: lld/CMakeLists.txt
===================================================================
--- lld/CMakeLists.txt
+++ lld/CMakeLists.txt
@@ -192,6 +192,14 @@
 option(LLD_BUILD_TOOLS
   "Build the lld tools. If OFF, just generate build targets." ON)
 
+set(LLD_LINK_LLD_DYLIB ${LLVM_LINK_LLVM_DYLIB} CACHE BOOL
+    "Link tools against libLLD.so")
+
+if (NOT LLVM_LINK_LLVM_DYLIB AND LLD_LINK_LLD_DYLIB)
+  message(FATAL_ERROR "Cannot set LLD_LINK_LLD_DYLIB=ON when "
+                      "LLVM_LINK_LLVM_DYLIB=OFF")
+endif()
+
 if (MSVC)
   add_definitions(-wd4530) # Suppress 'warning C4530: C++ exception handler used, but unwind semantics are not enabled.'
   add_definitions(-wd4062) # Suppress 'warning C4062: enumerator X in switch of enum Y is not handled' from system header.
@@ -213,7 +221,6 @@
 
 add_subdirectory(Common)
 add_subdirectory(lib)
-add_subdirectory(tools/lld)
 
 if (LLVM_INCLUDE_TESTS)
   add_subdirectory(test)
@@ -227,4 +234,7 @@
 add_subdirectory(MinGW)
 add_subdirectory(wasm)
 
+add_subdirectory(tools/lld)
+add_subdirectory(tools/lld-shlib)
+
 add_subdirectory(cmake/modules)
Index: lld/cmake/modules/AddLLD.cmake
===================================================================
--- lld/cmake/modules/AddLLD.cmake
+++ lld/cmake/modules/AddLLD.cmake
@@ -1,16 +1,19 @@
 macro(add_lld_library name)
   cmake_parse_arguments(ARG
-    "SHARED"
+    "SHARED;INSTALL_WITH_TOOLCHAIN"
     ""
     ""
     ${ARGN})
   if(ARG_SHARED)
-    set(ARG_ENABLE_SHARED SHARED)
+    set(LIBTYPE SHARED)
+  else()
+    set(LIBTYPE STATIC OBJECT)
+    set_property(GLOBAL APPEND PROPERTY LLD_STATIC_LIBS ${name})
   endif()
-  llvm_add_library(${name} ${ARG_ENABLE_SHARED} ${ARG_UNPARSED_ARGUMENTS})
+  llvm_add_library(${name} ${LIBTYPE} ${ARG_UNPARSED_ARGUMENTS})
   set_target_properties(${name} PROPERTIES FOLDER "lld libraries")
 
-  if (NOT LLVM_INSTALL_TOOLCHAIN_ONLY)
+  if (NOT LLVM_INSTALL_TOOLCHAIN_ONLY OR ARG_INSTALL_WITH_TOOLCHAIN)
     if(${name} IN_LIST LLVM_DISTRIBUTION_COMPONENTS OR
         NOT LLVM_DISTRIBUTION_COMPONENTS)
       set(export_to_lldtargets EXPORT LLDTargets)
Index: lld/tools/lld-shlib/CMakeLists.txt
===================================================================
--- /dev/null
+++ lld/tools/lld-shlib/CMakeLists.txt
@@ -0,0 +1,50 @@
+# Building libLLD.so fails if LLVM_ENABLE_PIC=Off
+if (NOT LLVM_ENABLE_PIC)
+  return()
+endif()
+
+get_property(lld_libs GLOBAL PROPERTY LLD_STATIC_LIBS)
+
+foreach (lib ${lld_libs})
+  if(XCODE)
+    # Xcode doesn't support object libraries, so we have to trick it into
+    # linking the static libraries instead.
+    list(APPEND _DEPS "-force_load" ${lib})
+  else()
+    list(APPEND _OBJECTS $<TARGET_OBJECTS:obj.${lib}>)
+  endif()
+  if (BUILD_SHARED_LIBS)
+    # If we are building static libraries, then we don't need to add the static
+    # libraries as a depedency, because we are already linking against the
+    # individual object files.
+    list(APPEND _DEPS $<TARGET_PROPERTY:${lib},INTERFACE_LINK_LIBRARIES>)
+  endif()
+
+  # lld libraries are redundant since we are linking all the individual
+  # object files into libclang-cpp.so, so filter them out from _DEPS.
+  # This avoids problems with LLVM global data when building with
+  # BUILD_SHARED_LIBS=ON
+  # FIXME: We could use list(FILTER) with cmake >= 3.6
+  # FIXME: With cmake >= 3.15 we could use the generator expression
+  # $<FILTER:list,INCLUDE|EXCLUDE,regex>
+  get_target_property(interface ${lib} LINK_LIBRARIES)
+  if (interface)
+    foreach(lib ${interface})
+      if (NOT ${lib} MATCHES "^LLD")
+        list(APPEND _DEPS ${lib})
+      endif()
+    endforeach()
+  endif()
+endforeach ()
+
+if (LLD_LINK_LLD_DYLIB)
+  set(INSTALL_WITH_TOOLCHAIN INSTALL_WITH_TOOLCHAIN)
+endif()
+
+add_lld_library(LLD
+                SHARED
+                ${INSTALL_WITH_TOOLCHAIN}
+                lld-shlib.cpp
+                ${_OBJECTS}
+                LINK_LIBS
+                ${_DEPS})
Index: lld/tools/lld-shlib/lld-shlib.cpp
===================================================================
--- /dev/null
+++ lld/tools/lld-shlib/lld-shlib.cpp
@@ -0,0 +1 @@
+// Intentionally empty source file to make CMake happy
Index: lld/tools/lld/CMakeLists.txt
===================================================================
--- lld/tools/lld/CMakeLists.txt
+++ lld/tools/lld/CMakeLists.txt
@@ -9,16 +9,22 @@
   )
 export_executable_symbols_for_plugins(lld)
 
-target_link_libraries(lld
-  PRIVATE
-  lldCommon
-  lldCOFF
-  lldDriver
-  lldELF
-  lldMachO2
-  lldMinGW
-  lldWasm
-  )
+if (LLD_LINK_LLD_DYLIB)
+  target_link_libraries(lld
+    PRIVATE
+    LLD)
+else()
+  target_link_libraries(lld
+    PRIVATE
+    lldCommon
+    lldCOFF
+    lldDriver
+    lldELF
+    lldMachO2
+    lldMinGW
+    lldWasm
+    )
+endif()
 
 install(TARGETS lld
   RUNTIME DESTINATION bin)