diff --git a/sycl/CMakeLists.txt b/sycl/CMakeLists.txt
index f123c457cdb79..a3b9ffbead17b 100644
--- a/sycl/CMakeLists.txt
+++ b/sycl/CMakeLists.txt
@@ -11,6 +11,7 @@ option(SYCL_ADD_DEV_VERSION_POSTFIX "Adds -V postfix to version string" ON)
 option(SYCL_ENABLE_COVERAGE "Enables code coverage for runtime and unit tests" OFF)
 option(SYCL_ENABLE_STACK_PRINTING "Enables stack printing on crashes of SYCL applications" OFF)
 option(SYCL_LIB_WITH_DEBUG_SYMBOLS "Builds SYCL runtime libraries with debug symbols" OFF)
+option(SYCL_ENABLE_IPO "Builds SYCL runtime libraries with interprocedural optimization" OFF)
 
 if (NOT SYCL_COVERAGE_PATH)
   set(SYCL_COVERAGE_PATH "${CMAKE_CURRENT_BINARY_DIR}/profiles")
diff --git a/sycl/source/CMakeLists.txt b/sycl/source/CMakeLists.txt
index 4159303f87d19..be262a28d8093 100644
--- a/sycl/source/CMakeLists.txt
+++ b/sycl/source/CMakeLists.txt
@@ -4,6 +4,7 @@
 #cmake_policy(SET CMP0057 NEW)
 #include(AddLLVM)
 include(CheckLinkerFlag)
+include(CheckIPOSupported)
 configure_file(
   ${CMAKE_CURRENT_SOURCE_DIR}/version.rc.in
   ${CMAKE_CURRENT_BINARY_DIR}/version.rc
@@ -16,6 +17,13 @@ if (SYCL_ENABLE_XPTI_TRACING)
   include_directories(${LLVM_EXTERNAL_XPTI_SOURCE_DIR}/include)
 endif()
 
+if(SYCL_ENABLE_IPO)
+  check_ipo_supported(RESULT SYCL_USE_IPO)
+  if (NOT SYCL_USE_IPO)
+    message(WARNING "Interprocedural optimization is not supported by the compiler, disabling")
+  endif()
+endif()
+
 function(add_sycl_rt_library LIB_NAME LIB_OBJ_NAME)
   # Add an optional argument so we can get the library name to
   # link with for Windows Debug version
@@ -23,6 +31,10 @@ function(add_sycl_rt_library LIB_NAME LIB_OBJ_NAME)
 
   add_library(${LIB_OBJ_NAME} OBJECT ${ARG_SOURCES})
 
+  if(SYCL_USE_IPO)
+    set_property(TARGET ${LIB_OBJ_NAME} PROPERTY INTERPROCEDURAL_OPTIMIZATION TRUE)
+  endif()
+
   # Common compilation step setup
 
   check_cxx_compiler_flag(-Winstantiation-after-specialization
@@ -79,6 +91,10 @@ function(add_sycl_rt_library LIB_NAME LIB_OBJ_NAME)
               $<TARGET_OBJECTS:${LIB_OBJ_NAME}>
               ${CMAKE_CURRENT_BINARY_DIR}/version.rc)
 
+  if(SYCL_USE_IPO)
+    set_property(TARGET ${LIB_NAME} PROPERTY INTERPROCEDURAL_OPTIMIZATION TRUE)
+  endif()
+
   find_package(Threads REQUIRED)
 
   target_link_libraries(${LIB_NAME}