diff --git a/llvm/include/llvm/IR/GlobalValue.h b/llvm/include/llvm/IR/GlobalValue.h
--- a/llvm/include/llvm/IR/GlobalValue.h
+++ b/llvm/include/llvm/IR/GlobalValue.h
@@ -145,12 +145,20 @@
     case AppendingLinkage:
     case InternalLinkage:
     case PrivateLinkage:
-      return isInterposable();
+      // Optimizations may assume builtin semantics for functions defined as
+      // nobuiltin due to attributes at call-sites. To avoid applying IPO based
+      // on nobuiltin semantics, treat such function definitions as maybe
+      // derefined.
+      return isInterposable() || isNobuiltinFnDef();
     }
 
     llvm_unreachable("Fully covered switch above!");
   }
 
+  /// Returns true if the global is a function definition with the nobuiltin
+  /// attribute.
+  bool isNobuiltinFnDef() const;
+
 protected:
   /// The intrinsic ID for this subclass (which must be a Function).
   ///
diff --git a/llvm/lib/IR/Globals.cpp b/llvm/lib/IR/Globals.cpp
--- a/llvm/lib/IR/Globals.cpp
+++ b/llvm/lib/IR/Globals.cpp
@@ -261,6 +261,13 @@
   setGlobalObjectFlag(HasSectionHashEntryBit, !S.empty());
 }
 
+bool GlobalValue::isNobuiltinFnDef() const {
+  const Function *F = dyn_cast<Function>(this);
+  if (!F || F->empty())
+    return false;
+  return F->hasFnAttribute(Attribute::NoBuiltin);
+}
+
 bool GlobalValue::isDeclaration() const {
   // Globals are definitions if they have an initializer.
   if (const GlobalVariable *GV = dyn_cast<GlobalVariable>(this))
diff --git a/llvm/test/Transforms/DeadArgElim/pr49022-builtin-nobuiltin.ll b/llvm/test/Transforms/DeadArgElim/pr49022-builtin-nobuiltin.ll
--- a/llvm/test/Transforms/DeadArgElim/pr49022-builtin-nobuiltin.ll
+++ b/llvm/test/Transforms/DeadArgElim/pr49022-builtin-nobuiltin.ll
@@ -13,7 +13,7 @@
 define dso_local i32 @test_fn(ptr %ptr) {
 ; CHECK-LABEL: @test_fn(
 ; CHECK-NEXT:  entry:
-; CHECK-NEXT:    call void @_ZdlPv(ptr poison) #[[ATTR1:[0-9]+]]
+; CHECK-NEXT:    call void @_ZdlPv(ptr [[PTR:%.*]]) #[[ATTR1:[0-9]+]]
 ; CHECK-NEXT:    ret i32 1
 ;
 entry: