diff --git a/llvm/lib/Transforms/InstCombine/InstCombineInternal.h b/llvm/lib/Transforms/InstCombine/InstCombineInternal.h
--- a/llvm/lib/Transforms/InstCombine/InstCombineInternal.h
+++ b/llvm/lib/Transforms/InstCombine/InstCombineInternal.h
@@ -617,6 +617,7 @@
   /// its operands.
   Instruction *foldPHIArgOpIntoPHI(PHINode &PN);
   Instruction *foldPHIArgBinOpIntoPHI(PHINode &PN);
+  Instruction *foldPHIArgInsertValueInstructionIntoPHI(PHINode &PN);
   Instruction *foldPHIArgGEPIntoPHI(PHINode &PN);
   Instruction *foldPHIArgLoadIntoPHI(PHINode &PN);
   Instruction *foldPHIArgZextsIntoPHI(PHINode &PN);
diff --git a/llvm/lib/Transforms/InstCombine/InstCombinePHI.cpp b/llvm/lib/Transforms/InstCombine/InstCombinePHI.cpp
--- a/llvm/lib/Transforms/InstCombine/InstCombinePHI.cpp
+++ b/llvm/lib/Transforms/InstCombine/InstCombinePHI.cpp
@@ -13,12 +13,14 @@
 #include "InstCombineInternal.h"
 #include "llvm/ADT/STLExtras.h"
 #include "llvm/ADT/SmallPtrSet.h"
+#include "llvm/ADT/Statistic.h"
 #include "llvm/Analysis/InstructionSimplify.h"
 #include "llvm/Analysis/ValueTracking.h"
 #include "llvm/IR/PatternMatch.h"
 #include "llvm/Support/CommandLine.h"
 #include "llvm/Transforms/InstCombine/InstCombiner.h"
 #include "llvm/Transforms/Utils/Local.h"
+
 using namespace llvm;
 using namespace llvm::PatternMatch;
 
@@ -28,6 +30,9 @@
 MaxNumPhis("instcombine-max-num-phis", cl::init(512),
            cl::desc("Maximum number phis to handle in intptr/ptrint folding"));
 
+STATISTIC(NumPHIsOfInsertValues,
+          "Number of phi-of-insertvalue turned into insertvalue-of-phis");
+
 /// The PHI arguments will be folded into a single operation with a PHI node
 /// as input. The debug location of the single operation will be the merged
 /// locations of the original PHI node arguments.
@@ -291,6 +296,46 @@
                                           IntToPtr->getOperand(0)->getType());
 }
 
+/// If we have something like phi [insertvalue(a,b,0), insertvalue(c,d,0)],
+/// turn this into a phi[a,c] and phi[b,d] and a single insertvalue.
+Instruction *
+InstCombinerImpl::foldPHIArgInsertValueInstructionIntoPHI(PHINode &PN) {
+  auto *FirstIVI = cast<InsertValueInst>(PN.getIncomingValue(0));
+
+  // Scan to see if all operands are `insertvalue`'s with the same indicies,
+  // and all have a single use.
+  for (unsigned i = 1; i != PN.getNumIncomingValues(); ++i) {
+    auto *I = dyn_cast<InsertValueInst>(PN.getIncomingValue(i));
+    if (!I || !I->hasOneUse() || I->getIndices() != FirstIVI->getIndices())
+      return nullptr;
+  }
+
+  // For each operand of an `insertvalue`
+  std::array<PHINode *, 2> NewOperands;
+  for (int OpIdx : {0, 1}) {
+    auto *&NewOperand = NewOperands[OpIdx];
+    // Create a new PHI node to receive the values the operand has in each
+    // incoming basic block.
+    NewOperand = PHINode::Create(
+        FirstIVI->getOperand(OpIdx)->getType(), PN.getNumIncomingValues(),
+        FirstIVI->getOperand(OpIdx)->getName() + ".pn");
+    // And populate each operand's PHI with said values.
+    for (auto Incoming : zip(PN.blocks(), PN.incoming_values()))
+      NewOperand->addIncoming(
+          cast<InsertValueInst>(std::get<1>(Incoming))->getOperand(OpIdx),
+          std::get<0>(Incoming));
+    InsertNewInstBefore(NewOperand, PN);
+  }
+
+  // And finally, create `insertvalue` over the newly-formed PHI nodes.
+  auto *NewIVI = InsertValueInst::Create(NewOperands[0], NewOperands[1],
+                                         FirstIVI->getIndices(), PN.getName());
+
+  PHIArgMergedDebugLoc(NewIVI, PN);
+  ++NumPHIsOfInsertValues;
+  return NewIVI;
+}
+
 /// If we have something like phi [add (a,b), add(a,c)] and if a/b/c and the
 /// adds all have a single use, turn this into a phi and a single binop.
 Instruction *InstCombinerImpl::foldPHIArgBinOpIntoPHI(PHINode &PN) {
@@ -741,6 +786,8 @@
     return foldPHIArgGEPIntoPHI(PN);
   if (isa<LoadInst>(FirstInst))
     return foldPHIArgLoadIntoPHI(PN);
+  if (isa<InsertValueInst>(FirstInst))
+    return foldPHIArgInsertValueInstructionIntoPHI(PN);
 
   // Scan the instruction, looking for input operations that can be folded away.
   // If all input operands to the phi are the same instruction (e.g. a cast from
diff --git a/llvm/test/Transforms/InstCombine/phi-aware-aggregate-reconstruction.ll b/llvm/test/Transforms/InstCombine/phi-aware-aggregate-reconstruction.ll
--- a/llvm/test/Transforms/InstCombine/phi-aware-aggregate-reconstruction.ll
+++ b/llvm/test/Transforms/InstCombine/phi-aware-aggregate-reconstruction.ll
@@ -484,23 +484,15 @@
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    br i1 [[C:%.*]], label [[LEFT:%.*]], label [[RIGHT:%.*]]
 ; CHECK:       left:
-; CHECK-NEXT:    [[I0:%.*]] = extractvalue { i32, i32 } [[AGG_LEFT:%.*]], 0
-; CHECK-NEXT:    [[I1:%.*]] = extractvalue { i32, i32 } [[AGG_LEFT]], 1
-; CHECK-NEXT:    [[I2:%.*]] = insertvalue { i32, i32 } undef, i32 [[I0]], 0
 ; CHECK-NEXT:    call void @foo()
 ; CHECK-NEXT:    br label [[END:%.*]]
 ; CHECK:       right:
-; CHECK-NEXT:    [[I3:%.*]] = extractvalue { i32, i32 } [[AGG_RIGHT:%.*]], 0
-; CHECK-NEXT:    [[I4:%.*]] = extractvalue { i32, i32 } [[AGG_RIGHT]], 1
-; CHECK-NEXT:    [[I5:%.*]] = insertvalue { i32, i32 } undef, i32 [[I3]], 0
 ; CHECK-NEXT:    call void @bar()
 ; CHECK-NEXT:    br label [[END]]
 ; CHECK:       end:
-; CHECK-NEXT:    [[I6:%.*]] = phi { i32, i32 } [ [[I2]], [[LEFT]] ], [ [[I5]], [[RIGHT]] ]
-; CHECK-NEXT:    [[I7:%.*]] = phi i32 [ [[I1]], [[LEFT]] ], [ [[I4]], [[RIGHT]] ]
+; CHECK-NEXT:    [[I8_MERGED:%.*]] = phi { i32, i32 } [ [[AGG_RIGHT:%.*]], [[RIGHT]] ], [ [[AGG_LEFT:%.*]], [[LEFT]] ]
 ; CHECK-NEXT:    call void @baz()
-; CHECK-NEXT:    [[I8:%.*]] = insertvalue { i32, i32 } [[I6]], i32 [[I7]], 1
-; CHECK-NEXT:    ret { i32, i32 } [[I8]]
+; CHECK-NEXT:    ret { i32, i32 } [[I8_MERGED]]
 ;
 entry:
   br i1 %c, label %left, label %right
diff --git a/llvm/test/Transforms/InstCombine/phi-of-insertvalues.ll b/llvm/test/Transforms/InstCombine/phi-of-insertvalues.ll
--- a/llvm/test/Transforms/InstCombine/phi-of-insertvalues.ll
+++ b/llvm/test/Transforms/InstCombine/phi-of-insertvalues.ll
@@ -10,13 +10,12 @@
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    br i1 [[C:%.*]], label [[LEFT:%.*]], label [[RIGHT:%.*]]
 ; CHECK:       left:
-; CHECK-NEXT:    [[I0:%.*]] = insertvalue { i32, i32 } [[AGG:%.*]], i32 [[VAL_LEFT:%.*]], 0
 ; CHECK-NEXT:    br label [[END:%.*]]
 ; CHECK:       right:
-; CHECK-NEXT:    [[I1:%.*]] = insertvalue { i32, i32 } [[AGG]], i32 [[VAL_RIGHT:%.*]], 0
 ; CHECK-NEXT:    br label [[END]]
 ; CHECK:       end:
-; CHECK-NEXT:    [[R:%.*]] = phi { i32, i32 } [ [[I0]], [[LEFT]] ], [ [[I1]], [[RIGHT]] ]
+; CHECK-NEXT:    [[VAL_LEFT_PN:%.*]] = phi i32 [ [[VAL_LEFT:%.*]], [[LEFT]] ], [ [[VAL_RIGHT:%.*]], [[RIGHT]] ]
+; CHECK-NEXT:    [[R:%.*]] = insertvalue { i32, i32 } [[AGG:%.*]], i32 [[VAL_LEFT_PN]], 0
 ; CHECK-NEXT:    ret { i32, i32 } [[R]]
 ;
 entry:
@@ -138,13 +137,12 @@
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    br i1 [[C:%.*]], label [[LEFT:%.*]], label [[RIGHT:%.*]]
 ; CHECK:       left:
-; CHECK-NEXT:    [[I0:%.*]] = insertvalue { i32, i32 } [[AGG_LEFT:%.*]], i32 [[VAL:%.*]], 0
 ; CHECK-NEXT:    br label [[END:%.*]]
 ; CHECK:       right:
-; CHECK-NEXT:    [[I1:%.*]] = insertvalue { i32, i32 } [[AGG_RIGHT:%.*]], i32 [[VAL]], 0
 ; CHECK-NEXT:    br label [[END]]
 ; CHECK:       end:
-; CHECK-NEXT:    [[R:%.*]] = phi { i32, i32 } [ [[I0]], [[LEFT]] ], [ [[I1]], [[RIGHT]] ]
+; CHECK-NEXT:    [[AGG_LEFT_PN:%.*]] = phi { i32, i32 } [ [[AGG_LEFT:%.*]], [[LEFT]] ], [ [[AGG_RIGHT:%.*]], [[RIGHT]] ]
+; CHECK-NEXT:    [[R:%.*]] = insertvalue { i32, i32 } [[AGG_LEFT_PN]], i32 [[VAL:%.*]], 0
 ; CHECK-NEXT:    ret { i32, i32 } [[R]]
 ;
 entry:
@@ -169,13 +167,13 @@
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    br i1 [[C:%.*]], label [[LEFT:%.*]], label [[RIGHT:%.*]]
 ; CHECK:       left:
-; CHECK-NEXT:    [[I0:%.*]] = insertvalue { i32, i32 } [[AGG_LEFT:%.*]], i32 [[VAL_LEFT:%.*]], 0
 ; CHECK-NEXT:    br label [[END:%.*]]
 ; CHECK:       right:
-; CHECK-NEXT:    [[I1:%.*]] = insertvalue { i32, i32 } [[AGG_RIGHT:%.*]], i32 [[VAL_RIGHT:%.*]], 0
 ; CHECK-NEXT:    br label [[END]]
 ; CHECK:       end:
-; CHECK-NEXT:    [[R:%.*]] = phi { i32, i32 } [ [[I0]], [[LEFT]] ], [ [[I1]], [[RIGHT]] ]
+; CHECK-NEXT:    [[AGG_LEFT_PN:%.*]] = phi { i32, i32 } [ [[AGG_LEFT:%.*]], [[LEFT]] ], [ [[AGG_RIGHT:%.*]], [[RIGHT]] ]
+; CHECK-NEXT:    [[VAL_LEFT_PN:%.*]] = phi i32 [ [[VAL_LEFT:%.*]], [[LEFT]] ], [ [[VAL_RIGHT:%.*]], [[RIGHT]] ]
+; CHECK-NEXT:    [[R:%.*]] = insertvalue { i32, i32 } [[AGG_LEFT_PN]], i32 [[VAL_LEFT_PN]], 0
 ; CHECK-NEXT:    ret { i32, i32 } [[R]]
 ;
 entry:
@@ -231,13 +229,12 @@
 ; CHECK-NEXT:  entry:
 ; CHECK-NEXT:    br i1 [[C:%.*]], label [[LEFT:%.*]], label [[RIGHT:%.*]]
 ; CHECK:       left:
-; CHECK-NEXT:    [[I0:%.*]] = insertvalue { { i32, i32 }, { i32, i32 } } [[AGG:%.*]], i32 [[VAL_LEFT:%.*]], 0, 0
 ; CHECK-NEXT:    br label [[END:%.*]]
 ; CHECK:       right:
-; CHECK-NEXT:    [[I1:%.*]] = insertvalue { { i32, i32 }, { i32, i32 } } [[AGG]], i32 [[VAL_RIGHT:%.*]], 0, 0
 ; CHECK-NEXT:    br label [[END]]
 ; CHECK:       end:
-; CHECK-NEXT:    [[R:%.*]] = phi { { i32, i32 }, { i32, i32 } } [ [[I0]], [[LEFT]] ], [ [[I1]], [[RIGHT]] ]
+; CHECK-NEXT:    [[VAL_LEFT_PN:%.*]] = phi i32 [ [[VAL_LEFT:%.*]], [[LEFT]] ], [ [[VAL_RIGHT:%.*]], [[RIGHT]] ]
+; CHECK-NEXT:    [[R:%.*]] = insertvalue { { i32, i32 }, { i32, i32 } } [[AGG:%.*]], i32 [[VAL_LEFT_PN]], 0, 0
 ; CHECK-NEXT:    ret { { i32, i32 }, { i32, i32 } } [[R]]
 ;
 entry: