diff --git a/llvm/lib/CodeGen/PHIEliminationUtils.cpp b/llvm/lib/CodeGen/PHIEliminationUtils.cpp
--- a/llvm/lib/CodeGen/PHIEliminationUtils.cpp
+++ b/llvm/lib/CodeGen/PHIEliminationUtils.cpp
@@ -27,31 +27,35 @@
   // Usually, we just want to insert the copy before the first terminator
   // instruction. However, for the edge going to a landing pad, we must insert
   // the copy before the call/invoke instruction. Similarly for an INLINEASM_BR
-  // going to an indirect target.
-  if (!SuccMBB->isEHPad() && !SuccMBB->isInlineAsmBrIndirectTarget())
+  // going to an indirect target. This is similar to SplitKit.cpp's
+  // computeLastInsertPoint, and similarly assumes that there cannot be multiple
+  // instructions that are Calls with EHPad successors or INLINEASM_BR in a
+  // block.
+  bool EHPadSuccessor = SuccMBB->isEHPad();
+  if (!EHPadSuccessor && !SuccMBB->isInlineAsmBrIndirectTarget())
     return MBB->getFirstTerminator();
 
-  // Discover any defs/uses in this basic block.
-  SmallPtrSet<MachineInstr*, 8> DefUsesInMBB;
+  // Discover any defs in this basic block.
+  SmallPtrSet<MachineInstr *, 8> DefsInMBB;
   MachineRegisterInfo& MRI = MBB->getParent()->getRegInfo();
-  for (MachineInstr &RI : MRI.reg_instructions(SrcReg)) {
+  for (MachineInstr &RI : MRI.def_instructions(SrcReg))
     if (RI.getParent() == MBB)
-      DefUsesInMBB.insert(&RI);
-  }
+      DefsInMBB.insert(&RI);
 
-  MachineBasicBlock::iterator InsertPoint;
-  if (DefUsesInMBB.empty()) {
-    // No defs.  Insert the copy at the start of the basic block.
-    InsertPoint = MBB->begin();
-  } else if (DefUsesInMBB.size() == 1) {
-    // Insert the copy immediately after the def/use.
-    InsertPoint = *DefUsesInMBB.begin();
-    ++InsertPoint;
-  } else {
-    // Insert the copy immediately after the last def/use.
-    InsertPoint = MBB->end();
-    while (!DefUsesInMBB.count(&*--InsertPoint)) {}
-    ++InsertPoint;
+  MachineBasicBlock::iterator InsertPoint = MBB->begin();
+  // Insert the copy at the _latest_ point of:
+  // 1. Immediately AFTER the last def
+  // 2. Immediately BEFORE a call/inlineasm_br.
+  for (auto I = MBB->rbegin(), E = MBB->rend(); I != E; ++I) {
+    if (DefsInMBB.contains(&*I)) {
+      InsertPoint = std::next(I.getReverse());
+      break;
+    }
+    if ((EHPadSuccessor && I->isCall()) ||
+        I->getOpcode() == TargetOpcode::INLINEASM_BR) {
+      InsertPoint = I.getReverse();
+      break;
+    }
   }
 
   // Make sure the copy goes after any phi nodes but before
diff --git a/llvm/test/CodeGen/X86/callbr-asm-phi-placement.ll b/llvm/test/CodeGen/X86/callbr-asm-phi-placement.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/CodeGen/X86/callbr-asm-phi-placement.ll
@@ -0,0 +1,44 @@
+; NOTE: Assertions have been autogenerated by utils/update_llc_test_checks.py
+; RUN: llc -mtriple=x86_64-unknown-linux-gnu -verify-machineinstrs -O2 < %s | FileCheck %s
+
+;; https://bugs.llvm.org/PR47468
+
+;; PHI elimination should place copies BEFORE the inline asm, not
+;; after, even if the inline-asm uses as an input the same value as
+;; the PHI.
+
+declare void @foo(i8*)
+
+define void @test1(i8* %arg, i8** %mem) nounwind {
+; CHECK-LABEL: test1:
+; CHECK:       # %bb.0: # %entry
+; CHECK-NEXT:    pushq %r14
+; CHECK-NEXT:    pushq %rbx
+; CHECK-NEXT:    pushq %rax
+; CHECK-NEXT:    movq %rsi, %r14
+; CHECK-NEXT:  .Ltmp0: # Block address taken
+; CHECK-NEXT:  .LBB0_1: # %loop
+; CHECK-NEXT:    # =>This Inner Loop Header: Depth=1
+; CHECK-NEXT:    movq (%r14), %rbx
+; CHECK-NEXT:    callq foo
+; CHECK-NEXT:    movq %rbx, %rdi
+; CHECK-NEXT:    #APP
+; CHECK-NEXT:    #NO_APP
+; CHECK-NEXT:  # %bb.2: # %end
+; CHECK-NEXT:    addq $8, %rsp
+; CHECK-NEXT:    popq %rbx
+; CHECK-NEXT:    popq %r14
+; CHECK-NEXT:    retq
+entry:
+  br label %loop
+
+loop:
+  %a = phi i8* [ %arg, %entry ], [ %b, %loop ]
+  %b = load i8*, i8** %mem, align 8
+  call void @foo(i8* %a)
+  callbr void asm sideeffect "", "*m,X"(i8* %b, i8* blockaddress(@test1, %loop))
+          to label %end [label %loop]
+
+end:
+  ret void
+}