diff --git a/src/staticdata.c b/src/staticdata.c
index cd9ed8b0db0888..c7034ef5cd769d 100644
--- a/src/staticdata.c
+++ b/src/staticdata.c
@@ -528,6 +528,9 @@ static int jl_needs_serialization(jl_serializer_state *s, jl_value_t *v) JL_NOTS
     else if (jl_typeis(v, jl_task_type)) {
         return 0;
     }
+    else if (s->incremental && jl_is_code_instance(v) && !((jl_code_instance_t*)v)->relocatability) {
+        return 0;
+    }
 
     return 1;
 }
diff --git a/src/staticdata_utils.c b/src/staticdata_utils.c
index 32c735ab4f6266..7c53183deae172 100644
--- a/src/staticdata_utils.c
+++ b/src/staticdata_utils.c
@@ -230,6 +230,8 @@ static jl_array_t *queue_external_cis(jl_array_t *list)
     for (i = n0; i-- > 0; ) {
         jl_code_instance_t *ci = (jl_code_instance_t*)jl_array_ptr_ref(list, i);
         assert(jl_is_code_instance(ci));
+        if (!ci->relocatability)
+            continue;
         jl_method_instance_t *mi = ci->def;
         jl_method_t *m = mi->def.method;
         if (ci->inferred && jl_is_method(m) && jl_object_in_image((jl_value_t*)m->module)) {