diff --git a/llvm/lib/Transforms/IPO/GlobalOpt.cpp b/llvm/lib/Transforms/IPO/GlobalOpt.cpp
index bdda4980c1005..d7edd1288309b 100644
--- a/llvm/lib/Transforms/IPO/GlobalOpt.cpp
+++ b/llvm/lib/Transforms/IPO/GlobalOpt.cpp
@@ -1133,9 +1133,6 @@ static bool
 optimizeOnceStoredGlobal(GlobalVariable *GV, Value *StoredOnceVal,
                          const DataLayout &DL,
                          function_ref<TargetLibraryInfo &(Function &)> GetTLI) {
-  // Ignore no-op GEPs and bitcasts.
-  StoredOnceVal = StoredOnceVal->stripPointerCasts();
-
   // If we are dealing with a pointer global that is initialized to null and
   // only has one (non-null) value stored into it, then we can optimize any
   // users of the loaded value (often calls and loads) that would trap if the
diff --git a/llvm/test/Transforms/GlobalOpt/stored-once-addrspacecast.ll b/llvm/test/Transforms/GlobalOpt/stored-once-addrspacecast.ll
new file mode 100644
index 0000000000000..35678598032dc
--- /dev/null
+++ b/llvm/test/Transforms/GlobalOpt/stored-once-addrspacecast.ll
@@ -0,0 +1,42 @@
+; NOTE: Assertions have been autogenerated by utils/update_test_checks.py UTC_ARGS: --check-globals
+; RUN: opt -passes=globalopt < %s -S | FileCheck %s
+
+; Test that we do not fold away addresscasts when optimizing once-stored
+; globals, as these may be runtime operations.
+
+@g1 = internal global ptr null
+@g2 = addrspace(1) global i32 0
+
+;.
+; CHECK: @g1 = internal unnamed_addr global ptr null
+; CHECK: @g2 = addrspace(1) global i32 0
+; CHECK: @g4 = local_unnamed_addr addrspace(1) global i32 0
+;.
+define i64 @test1() {
+; CHECK-LABEL: @test1(
+; CHECK-NEXT:    [[TMP1:%.*]] = addrspacecast ptr addrspace(1) @g2 to ptr
+; CHECK-NEXT:    store ptr [[TMP1]], ptr @g1, align 8
+; CHECK-NEXT:    [[TMP2:%.*]] = load ptr, ptr @g1, align 8
+; CHECK-NEXT:    [[TMP3:%.*]] = load i64, ptr [[TMP2]], align 8
+; CHECK-NEXT:    ret i64 [[TMP3]]
+;
+  %l1 = addrspacecast ptr addrspace(1) @g2 to ptr
+  store ptr %l1, ptr @g1, align 8
+  %l2 = load ptr, ptr @g1, align 8
+  %l3 = load i64, ptr %l2, align 8
+  ret i64 %l3
+}
+
+@g3 = internal global ptr null
+@g4 = addrspace(1) global i32 0
+
+define i64 @test2() {
+; CHECK-LABEL: @test2(
+; CHECK-NEXT:    [[TMP1:%.*]] = load i64, ptr addrspacecast (ptr addrspace(1) @g4 to ptr), align 8
+; CHECK-NEXT:    ret i64 [[TMP1]]
+;
+  store ptr addrspacecast (ptr addrspace(1) @g4 to ptr), ptr @g3, align 8
+  %l1 = load ptr, ptr @g3, align 8
+  %l2 = load i64, ptr %l1, align 8
+  ret i64 %l2
+}