diff --git a/cranelift/codegen/src/egraph.rs b/cranelift/codegen/src/egraph.rs
index 73f98a9b94..1f3f2a8829 100644
--- a/cranelift/codegen/src/egraph.rs
+++ b/cranelift/codegen/src/egraph.rs
@@ -566,6 +566,10 @@ impl<'a> EgraphPass<'a> {
     /// only refer to its subset that exists at this stage, to
     /// maintain acyclicity.)
     fn remove_pure_and_optimize(&mut self) {
+        // This pass relies on every value having a unique name, so first
+        // eliminate any value aliases.
+        self.func.dfg.resolve_all_aliases();
+
         let mut cursor = FuncCursor::new(self.func);
         let mut value_to_opt_value: SecondaryMap<Value, Value> =
             SecondaryMap::with_default(Value::reserved_value());
@@ -661,7 +665,6 @@ impl<'a> EgraphPass<'a> {
 
                         // Rewrite args of *all* instructions using the
                         // value-to-opt-value map.
-                        cursor.func.dfg.resolve_aliases_in_arguments(inst);
                         cursor.func.dfg.map_inst_values(inst, |arg| {
                             let new_value = value_to_opt_value[arg];
                             trace!("rewriting arg {} of inst {} to {}", arg, inst, new_value);
diff --git a/cranelift/codegen/src/egraph/elaborate.rs b/cranelift/codegen/src/egraph/elaborate.rs
index f7aa002b1c..2aca8bf645 100644
--- a/cranelift/codegen/src/egraph/elaborate.rs
+++ b/cranelift/codegen/src/egraph/elaborate.rs
@@ -416,8 +416,7 @@ impl<'a> Elaborator<'a> {
         while let Some(entry) = self.elab_stack.pop() {
             match entry {
                 ElabStackEntry::Start { value, before } => {
-                    debug_assert_ne!(value, Value::reserved_value());
-                    let value = self.func.dfg.resolve_aliases(value);
+                    debug_assert!(self.func.dfg.value_is_real(value));
 
                     self.stats.elaborate_visit_node += 1;
 
diff --git a/cranelift/codegen/src/ir/dfg.rs b/cranelift/codegen/src/ir/dfg.rs
index 2ac1152cee..d65f15ed73 100644
--- a/cranelift/codegen/src/ir/dfg.rs
+++ b/cranelift/codegen/src/ir/dfg.rs
@@ -333,6 +333,13 @@ impl DataFlowGraph {
         self.values.is_valid(v)
     }
 
+    /// Check whether a value is valid and not an alias.
+    pub fn value_is_real(&self, value: Value) -> bool {
+        // Deleted or unused values are also stored as aliases so this excludes
+        // those as well.
+        self.value_is_valid(value) && !matches!(self.values[value].into(), ValueData::Alias { .. })
+    }
+
     /// Get the type of a value.
     pub fn value_type(&self, v: Value) -> Type {
         self.values[v].ty()
@@ -419,6 +426,8 @@ impl DataFlowGraph {
 
         // Now aliases don't point to other aliases, so we can replace any use
         // of an alias with the final value in constant time.
+
+        // Rewrite InstructionData in `self.insts`.
         for inst in self.insts.0.values_mut() {
             inst.map_values(&mut self.value_lists, &mut self.jump_tables, |arg| {
                 if let ValueData::Alias { original, .. } = self.values[arg].into() {
@@ -429,6 +438,50 @@ impl DataFlowGraph {
             });
         }
 
+        // - `results` and block-params in `blocks` are not aliases, by
+        //   definition.
+        // - `dynamic_types` has no values.
+        // - `value_lists` can only be accessed via references from elsewhere.
+        // - `values` only has value references in aliases (which we've
+        //   removed), and unions (but the egraph pass ensures there are no
+        //   aliases before creating unions).
+
+        // Merge `facts` from any alias onto the aliased value. Note that if
+        // there was a chain of aliases, at this point every alias that was in
+        // the chain points to the same final value, so their facts will all be
+        // merged together.
+        for value in self.facts.keys() {
+            if let ValueData::Alias { original, .. } = self.values[value].into() {
+                if let Some(new_fact) = self.facts[value].take() {
+                    match &mut self.facts[original] {
+                        Some(old_fact) => *old_fact = Fact::intersect(old_fact, &new_fact),
+                        old_fact => *old_fact = Some(new_fact),
+                    }
+                }
+            }
+        }
+
+        // - `signatures`, `old_signatures`, and `ext_funcs` have no values.
+
+        if let Some(values_labels) = &mut self.values_labels {
+            // Debug info is best-effort. If any is attached to value aliases,
+            // just discard it.
+            values_labels.retain(|&k, _| !matches!(self.values[k].into(), ValueData::Alias { .. }));
+
+            // If debug-info says a value should have the same labels as another
+            // value, then make sure that target is not a value alias.
+            for value_label in values_labels.values_mut() {
+                if let ValueLabelAssignments::Alias { value, .. } = value_label {
+                    if let ValueData::Alias { original, .. } = self.values[*value].into() {
+                        *value = original;
+                    }
+                }
+            }
+        }
+
+        // - `constants` and `immediates` have no values.
+        // - `jump_tables` is updated together with instruction-data above.
+
         // Delete all aliases now that there are no uses left.
         for value in self.values.values_mut() {
             if let ValueData::Alias { .. } = ValueData::from(*value) {
@@ -437,16 +490,6 @@ impl DataFlowGraph {
         }
     }
 
-    /// Resolve all aliases among inst's arguments.
-    ///
-    /// For each argument of inst which is defined by an alias, replace the
-    /// alias with the aliased value.
-    pub fn resolve_aliases_in_arguments(&mut self, inst: Inst) {
-        self.insts[inst].map_values(&mut self.value_lists, &mut self.jump_tables, |arg| {
-            resolve_aliases(&self.values, arg)
-        });
-    }
-
     /// Turn a value into an alias of another.
     ///
     /// Change the `dest` value to behave as an alias of `src`. This means that all uses of `dest`
diff --git a/cranelift/codegen/src/opts.rs b/cranelift/codegen/src/opts.rs
index 2d0819a43a..f6bdcfb381 100644
--- a/cranelift/codegen/src/opts.rs
+++ b/cranelift/codegen/src/opts.rs
@@ -83,8 +83,7 @@ where
 
     fn next(&mut self, ctx: &mut IsleContext<'a, 'b, 'c>) -> Option<Self::Output> {
         while let Some(value) = self.stack.pop() {
-            debug_assert_ne!(value, Value::reserved_value());
-            let value = ctx.ctx.func.dfg.resolve_aliases(value);
+            debug_assert!(ctx.ctx.func.dfg.value_is_real(value));
             trace!("iter: value {:?}", value);
             match ctx.ctx.func.dfg.value_def(value) {
                 ValueDef::Union(x, y) => {
diff --git a/cranelift/filetests/filetests/egraph/licm.clif b/cranelift/filetests/filetests/egraph/licm.clif
index 51fdf38a5f..8409f3dc0a 100644
--- a/cranelift/filetests/filetests/egraph/licm.clif
+++ b/cranelift/filetests/filetests/egraph/licm.clif
@@ -58,7 +58,6 @@ block2(v8: i64x2):
 ; check:      v9 = iconst.i32 1
 ; check:      v10 = isub v3, v9
 ; check:      v5 = iadd v2, v4
-; check:      v8 -> v5
 ; check:      brif v10, block1(v5, v10), block2
 ; check:  block2:
 ; check:      return v5