diff --git a/src/array.c b/src/array.c
index fcfe22ed454d45..728dbf40bd4e1c 100644
--- a/src/array.c
+++ b/src/array.c
@@ -507,7 +507,7 @@ JL_DLLEXPORT jl_value_t *jl_alloc_string(size_t len)
     else {
         if (allocsz < sz) // overflow in adding offs, size was "negative"
             jl_throw(jl_memory_exception);
-        s = jl_gc_big_alloc(ptls, allocsz);
+        s = jl_gc_big_alloc_noinline(ptls, allocsz);
     }
     jl_set_typeof(s, jl_string_type);
     maybe_record_alloc_to_profile(s, len, jl_string_type);
diff --git a/src/gc.c b/src/gc.c
index 745f5365510f96..b31dd61c385583 100644
--- a/src/gc.c
+++ b/src/gc.c
@@ -944,7 +944,7 @@ static void sweep_weak_refs(void)
 // big value list
 
 // Size includes the tag and the tag is not cleared!!
-JL_DLLEXPORT jl_value_t *jl_gc_big_alloc(jl_ptls_t ptls, size_t sz)
+static inline jl_value_t *jl_gc_big_alloc_inner(jl_ptls_t ptls, size_t sz)
 {
     maybe_collect(ptls);
     size_t offs = offsetof(bigval_t, header);
@@ -972,6 +972,22 @@ JL_DLLEXPORT jl_value_t *jl_gc_big_alloc(jl_ptls_t ptls, size_t sz)
     return jl_valueof(&v->header);
 }
 
+// Instrumented version of jl_gc_big_alloc_inner, called into by LLVM-generated code.
+JL_DLLEXPORT jl_value_t *jl_gc_big_alloc(jl_ptls_t ptls, size_t sz)
+{
+    jl_value_t *val = jl_gc_big_alloc_inner(ptls, sz);
+
+    maybe_record_alloc_to_profile(val, sz, jl_gc_unknown_type_tag);
+    return val;
+}
+
+// This wrapper exists only to prevent `jl_gc_big_alloc_inner` from being inlined into
+// its callers. We provide an external-facing interface for callers, and inline `jl_gc_big_alloc_inner`
+// into this. (See https://github.com/JuliaLang/julia/pull/43868 for more details.)
+jl_value_t *jl_gc_big_alloc_noinline(jl_ptls_t ptls, size_t sz) {
+    return jl_gc_big_alloc_inner(ptls, sz);
+}
+
 // Sweep list rooted at *pv, removing and freeing any unmarked objects.
 // Return pointer to last `next` field in the culled list.
 static bigval_t **sweep_big_list(int sweep_full, bigval_t **pv) JL_NOTSAFEPOINT
diff --git a/src/julia_internal.h b/src/julia_internal.h
index 67166cd6351653..ced9e063bbe724 100644
--- a/src/julia_internal.h
+++ b/src/julia_internal.h
@@ -231,7 +231,7 @@ JL_DLLEXPORT extern const char *jl_filename;
 
 jl_value_t *jl_gc_pool_alloc_noinline(jl_ptls_t ptls, int pool_offset,
                                    int osize);
-JL_DLLEXPORT jl_value_t *jl_gc_big_alloc(jl_ptls_t ptls, size_t allocsz);
+jl_value_t *jl_gc_big_alloc_noinline(jl_ptls_t ptls, size_t allocsz);
 JL_DLLEXPORT int jl_gc_classify_pools(size_t sz, int *osize);
 extern uv_mutex_t gc_perm_lock;
 void *jl_gc_perm_alloc_nolock(size_t sz, int zero,
@@ -365,7 +365,7 @@ STATIC_INLINE jl_value_t *jl_gc_alloc_(jl_ptls_t ptls, size_t sz, void *ty)
     else {
         if (allocsz < sz) // overflow in adding offs, size was "negative"
             jl_throw(jl_memory_exception);
-        v = jl_gc_big_alloc(ptls, allocsz);
+        v = jl_gc_big_alloc_noinline(ptls, allocsz);
     }
     jl_set_typeof(v, ty);
     maybe_record_alloc_to_profile(v, sz, (jl_datatype_t*)ty);