diff --git a/llvm/lib/Target/AArch64/AArch64ExpandPseudoInsts.cpp b/llvm/lib/Target/AArch64/AArch64ExpandPseudoInsts.cpp
index 57dcd68595ff1..79655e1c9529c 100644
--- a/llvm/lib/Target/AArch64/AArch64ExpandPseudoInsts.cpp
+++ b/llvm/lib/Target/AArch64/AArch64ExpandPseudoInsts.cpp
@@ -1688,6 +1688,7 @@ bool AArch64ExpandPseudo::expandMI(MachineBasicBlock &MBB,
    }
    case AArch64::InOutZAUsePseudo:
    case AArch64::RequiresZASavePseudo:
+   case AArch64::SMEStateAllocPseudo:
    case AArch64::COALESCER_BARRIER_FPR16:
    case AArch64::COALESCER_BARRIER_FPR32:
    case AArch64::COALESCER_BARRIER_FPR64:
diff --git a/llvm/lib/Target/AArch64/AArch64ISelLowering.cpp b/llvm/lib/Target/AArch64/AArch64ISelLowering.cpp
index b8335113e4687..ca71205205b53 100644
--- a/llvm/lib/Target/AArch64/AArch64ISelLowering.cpp
+++ b/llvm/lib/Target/AArch64/AArch64ISelLowering.cpp
@@ -8291,7 +8291,39 @@ SDValue AArch64TargetLowering::LowerFormalArguments(
   if (Subtarget->hasCustomCallingConv())
     Subtarget->getRegisterInfo()->UpdateCustomCalleeSavedRegs(MF);
 
-  if (!getTM().useNewSMEABILowering() || Attrs.hasAgnosticZAInterface()) {
+  if (getTM().useNewSMEABILowering() && !Attrs.hasAgnosticZAInterface()) {
+    if (Subtarget->isTargetWindows() || hasInlineStackProbe(MF)) {
+      SDValue Size;
+      if (Attrs.hasZAState()) {
+        SDValue SVL = DAG.getNode(AArch64ISD::RDSVL, DL, MVT::i64,
+                                  DAG.getConstant(1, DL, MVT::i32));
+        Size = DAG.getNode(ISD::MUL, DL, MVT::i64, SVL, SVL);
+      } else if (Attrs.hasAgnosticZAInterface()) {
+        RTLIB::Libcall LC = RTLIB::SMEABI_SME_STATE_SIZE;
+        SDValue Callee = DAG.getExternalSymbol(
+            getLibcallName(LC), getPointerTy(DAG.getDataLayout()));
+        auto *RetTy = EVT(MVT::i64).getTypeForEVT(*DAG.getContext());
+        TargetLowering::CallLoweringInfo CLI(DAG);
+        CLI.setDebugLoc(DL).setChain(Chain).setLibCallee(
+            getLibcallCallingConv(LC), RetTy, Callee, {});
+        std::tie(Size, Chain) = LowerCallTo(CLI);
+      }
+      if (Size) {
+        SDValue Buffer = DAG.getNode(
+            ISD::DYNAMIC_STACKALLOC, DL, DAG.getVTList(MVT::i64, MVT::Other),
+            {Chain, Size, DAG.getConstant(1, DL, MVT::i64)});
+        Chain = Buffer.getValue(1);
+
+        Register BufferPtr =
+            MF.getRegInfo().createVirtualRegister(&AArch64::GPR64RegClass);
+        Chain = DAG.getCopyToReg(Chain, DL, BufferPtr, Buffer);
+        Chain = DAG.getNode(AArch64ISD::SME_STATE_ALLOC, DL,
+                            DAG.getVTList(MVT::Other), Chain);
+        FuncInfo->setEarlyAllocSMESaveBuffer(BufferPtr);
+        MFI.CreateVariableSizedObject(Align(16), nullptr);
+      }
+    }
+  } else {
     // Old SME ABI lowering (deprecated):
     // Create a 16 Byte TPIDR2 object. The dynamic buffer
     // will be expanded and stored in the static object later using a
diff --git a/llvm/lib/Target/AArch64/AArch64MachineFunctionInfo.h b/llvm/lib/Target/AArch64/AArch64MachineFunctionInfo.h
index 1fde87e65a34b..31bd72bfa77a0 100644
--- a/llvm/lib/Target/AArch64/AArch64MachineFunctionInfo.h
+++ b/llvm/lib/Target/AArch64/AArch64MachineFunctionInfo.h
@@ -238,6 +238,10 @@ class AArch64FunctionInfo final : public MachineFunctionInfo {
   // Holds the SME function attributes (streaming mode, ZA/ZT0 state).
   SMEAttrs SMEFnAttrs;
 
+  // Holds the TPIDR2 block if allocated early (for Windows/stack probes
+  // support).
+  Register EarlyAllocSMESaveBuffer = AArch64::NoRegister;
+
   // Note: The following properties are only used for the old SME ABI lowering:
   /// The frame-index for the TPIDR2 object used for lazy saves.
   TPIDR2Object TPIDR2;
@@ -256,6 +260,12 @@ class AArch64FunctionInfo final : public MachineFunctionInfo {
         const DenseMap<MachineBasicBlock *, MachineBasicBlock *> &Src2DstMBB)
       const override;
 
+  void setEarlyAllocSMESaveBuffer(Register Ptr) {
+    EarlyAllocSMESaveBuffer = Ptr;
+  }
+
+  Register getEarlyAllocSMESaveBuffer() { return EarlyAllocSMESaveBuffer; }
+
   // Old SME ABI lowering state getters/setters:
   Register getSMESaveBufferAddr() const { return SMESaveBufferAddr; };
   void setSMESaveBufferAddr(Register Reg) { SMESaveBufferAddr = Reg; };
diff --git a/llvm/lib/Target/AArch64/AArch64SMEInstrInfo.td b/llvm/lib/Target/AArch64/AArch64SMEInstrInfo.td
index 0d8cb3a76d0be..601dc34d74b9c 100644
--- a/llvm/lib/Target/AArch64/AArch64SMEInstrInfo.td
+++ b/llvm/lib/Target/AArch64/AArch64SMEInstrInfo.td
@@ -93,6 +93,8 @@ let hasSideEffects = 1, isMeta = 1 in {
   def RequiresZASavePseudo : Pseudo<(outs), (ins), []>, Sched<[]>;
 }
 
+def SMEStateAllocPseudo : Pseudo<(outs), (ins), []>, Sched<[]>;
+
 def CommitZASavePseudo
   : Pseudo<(outs),
            (ins GPR64:$tpidr2_el0, i1imm:$zero_za, i64imm:$commit_routine, variable_ops), []>,
@@ -108,6 +110,11 @@ def AArch64_requires_za_save
            [SDNPHasChain, SDNPInGlue]>;
 def : Pat<(AArch64_requires_za_save), (RequiresZASavePseudo)>;
 
+def AArch64_sme_state_alloc
+  : SDNode<"AArch64ISD::SME_STATE_ALLOC", SDTypeProfile<0, 0,[]>,
+           [SDNPHasChain]>;
+def : Pat<(AArch64_sme_state_alloc), (SMEStateAllocPseudo)>;
+
 //===----------------------------------------------------------------------===//
 // Instruction naming conventions.
 //===----------------------------------------------------------------------===//
diff --git a/llvm/lib/Target/AArch64/MachineSMEABIPass.cpp b/llvm/lib/Target/AArch64/MachineSMEABIPass.cpp
index b58dfdf32e4ab..e8cbeacb98192 100644
--- a/llvm/lib/Target/AArch64/MachineSMEABIPass.cpp
+++ b/llvm/lib/Target/AArch64/MachineSMEABIPass.cpp
@@ -249,6 +249,7 @@ struct MachineSMEABI : public MachineFunctionPass {
     SmallVector<BlockInfo> Blocks;
     SmallVector<ZAState> BundleStates;
     std::optional<TPIDR2State> TPIDR2Block;
+    std::optional<MachineBasicBlock::iterator> AfterSMEProloguePt;
   } State;
 
   MachineFunction *MF = nullptr;
@@ -298,6 +299,13 @@ void MachineSMEABI::collectNeededZAStates(SMEAttrs SMEFnAttrs) {
       MachineBasicBlock::iterator MBBI(MI);
       LiveUnits.stepBackward(MI);
       LiveRegs PhysLiveRegs = GetPhysLiveRegs();
+      // The SMEStateAllocPseudo marker is added to a function if the save
+      // buffer was allocated in SelectionDAG. It marks the end of the
+      // allocation -- which is a safe point for this pass to insert any TPIDR2
+      // block setup.
+      if (MI.getOpcode() == AArch64::SMEStateAllocPseudo) {
+        State.AfterSMEProloguePt = MBBI;
+      }
       auto [NeededState, InsertPt] = getZAStateBeforeInst(
           *TRI, MI, /*ZAOffAtReturn=*/SMEFnAttrs.hasPrivateZAInterface());
       assert((InsertPt == MBBI ||
@@ -529,23 +537,27 @@ void MachineSMEABI::emitZAOff(MachineBasicBlock &MBB,
 void MachineSMEABI::emitAllocateLazySaveBuffer(
     MachineBasicBlock &MBB, MachineBasicBlock::iterator MBBI) {
   MachineFrameInfo &MFI = MF->getFrameInfo();
+  auto *AFI = MF->getInfo<AArch64FunctionInfo>();
 
   DebugLoc DL = getDebugLoc(MBB, MBBI);
   Register SP = MRI->createVirtualRegister(&AArch64::GPR64RegClass);
   Register SVL = MRI->createVirtualRegister(&AArch64::GPR64RegClass);
-  Register Buffer = MRI->createVirtualRegister(&AArch64::GPR64RegClass);
+  Register Buffer = AFI->getEarlyAllocSMESaveBuffer();
 
   // Calculate SVL.
   BuildMI(MBB, MBBI, DL, TII->get(AArch64::RDSVLI_XI), SVL).addImm(1);
 
   // 1. Allocate the lazy save buffer.
-  {
-    // TODO This function grows the stack with a subtraction, which doesn't work
-    // on Windows. Some refactoring to share the functionality in
-    // LowerWindowsDYNAMIC_STACKALLOC will be required once the Windows ABI
-    // supports SME
+  if (Buffer == AArch64::NoRegister) {
+    // TODO: On Windows, we allocate the lazy save buffer in SelectionDAG (so
+    // Buffer != AArch64::NoRegister). This is done to reuse the existing
+    // expansions (which can insert stack checks). This works, but it means we
+    // will always allocate the lazy save buffer (even if the function contains
+    // no lazy saves). If we want to handle Windows here, we'll need to
+    // implement something similar to LowerWindowsDYNAMIC_STACKALLOC.
     assert(!Subtarget->isTargetWindows() &&
            "Lazy ZA save is not yet supported on Windows");
+    Buffer = MRI->createVirtualRegister(&AArch64::GPR64RegClass);
     // Get original stack pointer.
     BuildMI(MBB, MBBI, DL, TII->get(TargetOpcode::COPY), SP)
         .addReg(AArch64::SP);
@@ -686,8 +698,15 @@ bool MachineSMEABI::runOnMachineFunction(MachineFunction &MF) {
 
   // Allocate save buffer (if needed).
   if (State.TPIDR2Block) {
-    MachineBasicBlock &EntryBlock = MF.front();
-    emitAllocateLazySaveBuffer(EntryBlock, EntryBlock.getFirstNonPHI());
+    if (State.AfterSMEProloguePt) {
+      // Note: With inline stack probes the AfterSMEProloguePt may not be in the
+      // entry block (due to the probing loop).
+      emitAllocateLazySaveBuffer(*(*State.AfterSMEProloguePt)->getParent(),
+                                 *State.AfterSMEProloguePt);
+    } else {
+      MachineBasicBlock &EntryBlock = MF.front();
+      emitAllocateLazySaveBuffer(EntryBlock, EntryBlock.getFirstNonPHI());
+    }
   }
 
   return true;
diff --git a/llvm/test/CodeGen/AArch64/sme-lazy-save-windows.ll b/llvm/test/CodeGen/AArch64/sme-lazy-save-windows.ll
new file mode 100644
index 0000000000000..1c341e8daf491
--- /dev/null
+++ b/llvm/test/CodeGen/AArch64/sme-lazy-save-windows.ll
@@ -0,0 +1,39 @@
+; NOTE: Assertions have been autogenerated by utils/update_llc_test_checks.py UTC_ARGS: --version 5
+; RUN: llc -mtriple=aarch64-windows-msvc -aarch64-streaming-hazard-size=0 -mattr=+sve,+sme < %s | FileCheck %s
+; RUN: llc -mtriple=aarch64-windows-msvc -aarch64-streaming-hazard-size=0 -mattr=+sve,+sme -aarch64-new-sme-abi < %s | FileCheck %s
+
+declare void @private_za_callee()
+declare void @shared_za_callee() "aarch64_inout_za"
+
+define void @test_lazy_save() nounwind "aarch64_inout_za" {
+; CHECK-LABEL: test_lazy_save:
+; CHECK:       // %bb.0:
+; CHECK-NEXT:    stp x30, x29, [sp, #-32]! // 16-byte Folded Spill
+; CHECK-NEXT:    str x19, [sp, #16] // 8-byte Folded Spill
+; CHECK-NEXT:    mov x29, sp
+; CHECK-NEXT:    sub sp, sp, #16
+; CHECK-NEXT:    rdsvl x8, #1
+; CHECK-NEXT:    mul x9, x8, x8
+; CHECK-NEXT:    lsr x15, x9, #4
+; CHECK-NEXT:    bl __chkstk
+; CHECK-NEXT:    sub x9, sp, x15, lsl #4
+; CHECK-NEXT:    mov sp, x9
+; CHECK-NEXT:    sub x10, x29, #16
+; CHECK-NEXT:    stp x9, x8, [x29, #-16]
+; CHECK-NEXT:    msr TPIDR2_EL0, x10
+; CHECK-NEXT:    bl private_za_callee
+; CHECK-NEXT:    smstart za
+; CHECK-NEXT:    mrs x8, TPIDR2_EL0
+; CHECK-NEXT:    sub x0, x29, #16
+; CHECK-NEXT:    cbnz x8, .LBB0_2
+; CHECK-NEXT:  // %bb.1:
+; CHECK-NEXT:    bl __arm_tpidr2_restore
+; CHECK-NEXT:  .LBB0_2:
+; CHECK-NEXT:    msr TPIDR2_EL0, xzr
+; CHECK-NEXT:    mov sp, x29
+; CHECK-NEXT:    ldr x19, [sp, #16] // 8-byte Folded Reload
+; CHECK-NEXT:    ldp x30, x29, [sp], #32 // 16-byte Folded Reload
+; CHECK-NEXT:    ret
+  call void @private_za_callee()
+  ret void
+}
diff --git a/llvm/test/CodeGen/AArch64/sme-za-lazy-save-buffer.ll b/llvm/test/CodeGen/AArch64/sme-za-lazy-save-buffer.ll
index 4ab553d79405d..066ee3b040469 100644
--- a/llvm/test/CodeGen/AArch64/sme-za-lazy-save-buffer.ll
+++ b/llvm/test/CodeGen/AArch64/sme-za-lazy-save-buffer.ll
@@ -99,7 +99,6 @@ exit:
   ret float %ret
 }
 
-; FIXME: This is missing stack probes with -aarch64-new-sme-abi.
 define float @multi_bb_stpidr2_save_required_stackprobe(i32 %a, float %b, float %c) "aarch64_inout_za" "probe-stack"="inline-asm" "stack-probe-size"="65536" {
 ; CHECK-LABEL: multi_bb_stpidr2_save_required_stackprobe:
 ; CHECK:       // %bb.0:
@@ -157,26 +156,35 @@ define float @multi_bb_stpidr2_save_required_stackprobe(i32 %a, float %b, float
 ; CHECK-NEWLOWERING-NEXT:    rdsvl x8, #1
 ; CHECK-NEWLOWERING-NEXT:    mov x9, sp
 ; CHECK-NEWLOWERING-NEXT:    msub x9, x8, x8, x9
+; CHECK-NEWLOWERING-NEXT:  .LBB2_1: // =>This Inner Loop Header: Depth=1
+; CHECK-NEWLOWERING-NEXT:    sub sp, sp, #16, lsl #12 // =65536
+; CHECK-NEWLOWERING-NEXT:    cmp sp, x9
+; CHECK-NEWLOWERING-NEXT:    b.le .LBB2_3
+; CHECK-NEWLOWERING-NEXT:  // %bb.2: // in Loop: Header=BB2_1 Depth=1
+; CHECK-NEWLOWERING-NEXT:    str xzr, [sp]
+; CHECK-NEWLOWERING-NEXT:    b .LBB2_1
+; CHECK-NEWLOWERING-NEXT:  .LBB2_3:
 ; CHECK-NEWLOWERING-NEXT:    mov sp, x9
+; CHECK-NEWLOWERING-NEXT:    ldr xzr, [sp]
 ; CHECK-NEWLOWERING-NEXT:    sub x10, x29, #16
 ; CHECK-NEWLOWERING-NEXT:    stp x9, x8, [x29, #-16]
 ; CHECK-NEWLOWERING-NEXT:    msr TPIDR2_EL0, x10
-; CHECK-NEWLOWERING-NEXT:    cbz w0, .LBB2_2
-; CHECK-NEWLOWERING-NEXT:  // %bb.1: // %use_b
+; CHECK-NEWLOWERING-NEXT:    cbz w0, .LBB2_5
+; CHECK-NEWLOWERING-NEXT:  // %bb.4: // %use_b
 ; CHECK-NEWLOWERING-NEXT:    fmov s1, #4.00000000
 ; CHECK-NEWLOWERING-NEXT:    fadd s0, s0, s1
-; CHECK-NEWLOWERING-NEXT:    b .LBB2_3
-; CHECK-NEWLOWERING-NEXT:  .LBB2_2: // %use_c
+; CHECK-NEWLOWERING-NEXT:    b .LBB2_6
+; CHECK-NEWLOWERING-NEXT:  .LBB2_5: // %use_c
 ; CHECK-NEWLOWERING-NEXT:    fmov s0, s1
 ; CHECK-NEWLOWERING-NEXT:    bl cosf
-; CHECK-NEWLOWERING-NEXT:  .LBB2_3: // %exit
+; CHECK-NEWLOWERING-NEXT:  .LBB2_6: // %exit
 ; CHECK-NEWLOWERING-NEXT:    smstart za
 ; CHECK-NEWLOWERING-NEXT:    mrs x8, TPIDR2_EL0
 ; CHECK-NEWLOWERING-NEXT:    sub x0, x29, #16
-; CHECK-NEWLOWERING-NEXT:    cbnz x8, .LBB2_5
-; CHECK-NEWLOWERING-NEXT:  // %bb.4: // %exit
+; CHECK-NEWLOWERING-NEXT:    cbnz x8, .LBB2_8
+; CHECK-NEWLOWERING-NEXT:  // %bb.7: // %exit
 ; CHECK-NEWLOWERING-NEXT:    bl __arm_tpidr2_restore
-; CHECK-NEWLOWERING-NEXT:  .LBB2_5: // %exit
+; CHECK-NEWLOWERING-NEXT:  .LBB2_8: // %exit
 ; CHECK-NEWLOWERING-NEXT:    msr TPIDR2_EL0, xzr
 ; CHECK-NEWLOWERING-NEXT:    mov sp, x29
 ; CHECK-NEWLOWERING-NEXT:    ldp x29, x30, [sp], #16 // 16-byte Folded Reload