diff --git a/bolt/include/bolt/Core/BinaryFunction.h b/bolt/include/bolt/Core/BinaryFunction.h
index 4637fe311927..80375b1167b0 100644
--- a/bolt/include/bolt/Core/BinaryFunction.h
+++ b/bolt/include/bolt/Core/BinaryFunction.h
@@ -400,7 +400,8 @@ private:
   FragmentsSetTy ParentFragments;
 
   /// Indicate if the function body was folded into another function.
-  /// Used by ICF optimization.
+  /// Used by ICF optimization. Always points to the root parent function
+  /// (i.e., a function that is not itself folded).
   BinaryFunction *FoldedIntoFunction{nullptr};
 
   /// All fragments for a parent function.
diff --git a/bolt/lib/Passes/IdenticalCodeFolding.cpp b/bolt/lib/Passes/IdenticalCodeFolding.cpp
index 1c99a60bfaad..e412bc153021 100644
--- a/bolt/lib/Passes/IdenticalCodeFolding.cpp
+++ b/bolt/lib/Passes/IdenticalCodeFolding.cpp
@@ -605,6 +605,19 @@ Error IdenticalCodeFolding::runOnFunctions(BinaryContext &BC) {
 
   } while (NumFoldedLastIteration > 0);
 
+  // Flatten folded function chains so FoldedIntoFunction always points
+  // to the root parent.
+  for (auto &BFI : BC.getBinaryFunctions()) {
+    BinaryFunction &BF = BFI.second;
+    if (!BF.isFolded())
+      continue;
+    BinaryFunction *Parent = BF.getFoldedIntoFunction();
+    while (Parent->isFolded())
+      Parent = Parent->getFoldedIntoFunction();
+    if (Parent != BF.getFoldedIntoFunction())
+      BF.setFolded(Parent);
+  }
+
   LLVM_DEBUG({
     // Print functions that are congruent but not identical.
     for (auto &CBI : CongruentBuckets) {
diff --git a/bolt/lib/Rewrite/RewriteInstance.cpp b/bolt/lib/Rewrite/RewriteInstance.cpp
index bde326aee261..4539b7221cb5 100644
--- a/bolt/lib/Rewrite/RewriteInstance.cpp
+++ b/bolt/lib/Rewrite/RewriteInstance.cpp
@@ -5162,9 +5162,7 @@ void RewriteInstance::updateELFSymbolTable(
   auto addExtraSymbols = [&](const BinaryFunction &Function,
                              const ELFSymTy &FunctionSymbol) {
     if (Function.isFolded()) {
-      BinaryFunction *ICFParent = Function.getFoldedIntoFunction();
-      while (ICFParent->isFolded())
-        ICFParent = ICFParent->getFoldedIntoFunction();
+      const BinaryFunction *ICFParent = Function.getFoldedIntoFunction();
       ELFSymTy ICFSymbol = FunctionSymbol;
       SmallVector<char, 256> Buf;
       ICFSymbol.st_name =
@@ -5280,8 +5278,7 @@ void RewriteInstance::updateELFSymbolTable(
     // instead so that the symbol gets updated to the parent's output address.
     // In non-relocation mode, folded functions are emitted at their original
     // location, so we keep the original function reference.
-    // Follow the chain of folded functions to get the final parent.
-    while (BC->HasRelocations && Function && Function->isFolded())
+    if (BC->HasRelocations && Function && Function->isFolded())
       Function = Function->getFoldedIntoFunction();
     // Ignore false function references, e.g. when the section address matches
     // the address of the function.
@@ -6084,8 +6081,8 @@ uint64_t RewriteInstance::getNewFunctionAddress(uint64_t OldAddress) {
     return 0;
 
   // If this function was folded, its output address is 0 since it wasn't
-  // emitted. Follow the chain to get the parent function's address.
-  while (Function->isFolded())
+  // emitted. Get the parent function's address.
+  if (Function->isFolded())
     Function = Function->getFoldedIntoFunction();
 
   return Function->getOutputAddress();