diff --git a/clang/lib/Serialization/ASTReaderDecl.cpp b/clang/lib/Serialization/ASTReaderDecl.cpp
index 5ce7007d8acef..7ce2640c279f4 100644
--- a/clang/lib/Serialization/ASTReaderDecl.cpp
+++ b/clang/lib/Serialization/ASTReaderDecl.cpp
@@ -1659,6 +1659,10 @@ void ASTDeclReader::ReadVarDeclInit(VarDecl *VD) {
     EvaluatedStmt *Eval = VD->ensureEvaluatedStmt();
     Eval->HasConstantInitialization = (Val & 2) != 0;
     Eval->HasConstantDestruction = (Val & 4) != 0;
+    Eval->WasEvaluated = (Val & 8) != 0;
+    if (Eval->WasEvaluated)
+      Eval->Evaluated = Record.readAPValue();
+
     // Store the offset of the initializer. Don't deserialize it yet: it might
     // not be needed, and might refer back to the variable, for example if it
     // contains a lambda.
diff --git a/clang/lib/Serialization/ASTWriter.cpp b/clang/lib/Serialization/ASTWriter.cpp
index 749aaa4cd6e19..4efc27b3d2434 100644
--- a/clang/lib/Serialization/ASTWriter.cpp
+++ b/clang/lib/Serialization/ASTWriter.cpp
@@ -5987,13 +5987,20 @@ void ASTRecordWriter::AddVarDeclInit(const VarDecl *VD) {
     return;
   }
 
-  unsigned Val = 1;
+  uint64_t Val = 1;
   if (EvaluatedStmt *ES = VD->getEvaluatedStmt()) {
     Val |= (ES->HasConstantInitialization ? 2 : 0);
     Val |= (ES->HasConstantDestruction ? 4 : 0);
-    // FIXME: Also emit the constant initializer value.
+    APValue *Evaluated = VD->getEvaluatedValue();
+    // If the evaluted result is constant, emit it.
+    if (Evaluated && (Evaluated->isInt() || Evaluated->isFloat()))
+      Val |= 8;
   }
   push_back(Val);
+  if (Val & 8) {
+    AddAPValue(*VD->getEvaluatedValue());
+  }
+
   writeStmtRef(Init);
 }
 
diff --git a/clang/unittests/Serialization/CMakeLists.txt b/clang/unittests/Serialization/CMakeLists.txt
index cfb4089167aad..88aca2e135200 100644
--- a/clang/unittests/Serialization/CMakeLists.txt
+++ b/clang/unittests/Serialization/CMakeLists.txt
@@ -8,6 +8,7 @@ add_clang_unittest(SerializationTests
   InMemoryModuleCacheTest.cpp
   ModuleCacheTest.cpp
   SourceLocationEncodingTest.cpp
+  VarDeclConstantInitTest.cpp
   )
 
 clang_target_link_libraries(SerializationTests
@@ -18,4 +19,5 @@ clang_target_link_libraries(SerializationTests
   clangLex
   clangSema
   clangSerialization
+  clangTooling
   )
diff --git a/clang/unittests/Serialization/VarDeclConstantInitTest.cpp b/clang/unittests/Serialization/VarDeclConstantInitTest.cpp
new file mode 100644
index 0000000000000..4445030122d57
--- /dev/null
+++ b/clang/unittests/Serialization/VarDeclConstantInitTest.cpp
@@ -0,0 +1,139 @@
+//===- unittests/Serialization/VarDeclConstantInitTest.cpp - CI tests -----===//
+//
+// Part of the LLVM Project, under the Apache License v2.0 with LLVM Exceptions.
+// See https://llvm.org/LICENSE.txt for license information.
+// SPDX-License-Identifier: Apache-2.0 WITH LLVM-exception
+//
+//===----------------------------------------------------------------------===//
+
+#include "clang/ASTMatchers/ASTMatchFinder.h"
+#include "clang/ASTMatchers/ASTMatchers.h"
+#include "clang/Basic/FileManager.h"
+#include "clang/Frontend/CompilerInstance.h"
+#include "clang/Frontend/CompilerInvocation.h"
+#include "clang/Frontend/FrontendActions.h"
+#include "clang/Frontend/Utils.h"
+#include "clang/Lex/HeaderSearch.h"
+#include "clang/Tooling/Tooling.h"
+#include "llvm/ADT/SmallString.h"
+#include "llvm/Support/FileSystem.h"
+#include "llvm/Support/raw_ostream.h"
+
+#include "gtest/gtest.h"
+
+using namespace llvm;
+using namespace clang;
+
+namespace {
+
+class VarDeclConstantInitTest : public ::testing::Test {
+  void SetUp() override {
+    ASSERT_FALSE(sys::fs::createUniqueDirectory("modules-test", TestDir));
+  }
+
+  void TearDown() override { sys::fs::remove_directories(TestDir); }
+
+public:
+  SmallString<256> TestDir;
+
+  void addFile(StringRef Path, StringRef Contents) {
+    ASSERT_FALSE(sys::path::is_absolute(Path));
+
+    SmallString<256> AbsPath(TestDir);
+    sys::path::append(AbsPath, Path);
+
+    ASSERT_FALSE(
+        sys::fs::create_directories(llvm::sys::path::parent_path(AbsPath)));
+
+    std::error_code EC;
+    llvm::raw_fd_ostream OS(AbsPath, EC);
+    ASSERT_FALSE(EC);
+    OS << Contents;
+  }
+};
+
+TEST_F(VarDeclConstantInitTest, CachedConstantInit) {
+  addFile("Cached.cppm", R"cpp(
+export module Fibonacci.Cache;
+
+export namespace Fibonacci
+{
+	constexpr unsigned long Recursive(unsigned long n)
+	{
+		if (n == 0)
+			return 0;
+		if (n == 1)
+			return 1;
+		return Recursive(n - 2) + Recursive(n - 1);
+	}
+
+	template<unsigned long N>
+	struct Number{};
+
+	struct DefaultStrategy
+	{
+		constexpr unsigned long operator()(unsigned long n, auto... other) const
+		{
+			return (n + ... + other);
+		}
+	};
+
+  constexpr unsigned long Compute(Number<10ul>, auto strategy)
+	{
+		return strategy(Recursive(10ul));
+	}
+
+	template<unsigned long N, typename Strategy = DefaultStrategy>
+	constexpr unsigned long Cache = Compute(Number<N>{}, Strategy{});
+
+  template constexpr unsigned long Cache<10ul>;
+}
+  )cpp");
+
+  IntrusiveRefCntPtr<DiagnosticsEngine> Diags =
+      CompilerInstance::createDiagnostics(new DiagnosticOptions());
+  CreateInvocationOptions CIOpts;
+  CIOpts.Diags = Diags;
+
+  llvm::Twine CacheBMIPath = TestDir + "/Cached.pcm";
+  const char *Args[] = {"clang++",
+                        "-std=c++20",
+                        "--precompile",
+                        "-working-directory",
+                        TestDir.c_str(),
+                        "Cached.cppm",
+                        "-o",
+                        CacheBMIPath.str().c_str()};
+  std::shared_ptr<CompilerInvocation> Invocation =
+      createInvocation(Args, CIOpts);
+  ASSERT_TRUE(Invocation);
+
+  CompilerInstance Instance;
+  Instance.setDiagnostics(Diags.get());
+  Instance.setInvocation(Invocation);
+  GenerateModuleInterfaceAction Action;
+  ASSERT_TRUE(Instance.ExecuteAction(Action));
+  ASSERT_FALSE(Diags->hasErrorOccurred());
+
+  llvm::Twine DepArg = "-fmodule-file=Fibonacci.Cache=" + CacheBMIPath;
+  std::unique_ptr<ASTUnit> AST = tooling::buildASTFromCodeWithArgs(
+      R"cpp(
+import Fibonacci.Cache;
+        )cpp",
+      /*Args=*/{"-std=c++20", DepArg.str().c_str()});
+
+  using namespace clang::ast_matchers;
+  ASTContext &Ctx = AST->getASTContext();
+  const auto *cached = selectFirst<VarDecl>(
+      "Cache",
+      match(varDecl(isTemplateInstantiation(), hasName("Cache")).bind("Cache"),
+            Ctx));
+  EXPECT_TRUE(cached);
+  EXPECT_TRUE(cached->getEvaluatedStmt());
+  EXPECT_TRUE(cached->getEvaluatedStmt()->WasEvaluated);
+  EXPECT_TRUE(cached->getEvaluatedValue());
+  EXPECT_TRUE(cached->getEvaluatedValue()->isInt());
+  EXPECT_EQ(cached->getEvaluatedValue()->getInt(), 55);
+}
+
+} // anonymous namespace