diff --git a/xen/arch/x86/cpu-policy.c b/xen/arch/x86/cpu-policy.c
index 5273fe0ae4..eddcd9778f 100644
--- a/xen/arch/x86/cpu-policy.c
+++ b/xen/arch/x86/cpu-policy.c
@@ -359,11 +359,18 @@ void calculate_raw_cpu_policy(void)
     /* Was already added by probe_cpuid_faulting() */
 }
 
-static void __init calculate_host_policy(void)
+void __init calculate_host_cpu_policy(void)
 {
     struct cpu_policy *p = &host_cpu_policy;
     unsigned int max_extd_leaf;
 
+    /*
+     * Bail if the raw policy wasn't set up yet. At least recalculate_xstate()
+     * can't be used yet in that case.
+     */
+    if ( !raw_cpu_policy.basic.max_leaf )
+        return;
+
     *p = raw_cpu_policy;
 
     p->basic.max_leaf =
@@ -904,8 +911,6 @@ static void __init calculate_hvm_def_policy(void)
 
 void __init init_guest_cpu_policies(void)
 {
-    calculate_host_policy();
-
     if ( IS_ENABLED(CONFIG_PV) )
     {
         calculate_pv_max_policy();
diff --git a/xen/arch/x86/cpu/common.c b/xen/arch/x86/cpu/common.c
index fe8a818c1b..771ec2cf86 100644
--- a/xen/arch/x86/cpu/common.c
+++ b/xen/arch/x86/cpu/common.c
@@ -66,8 +66,10 @@ void __init setup_clear_cpu_cap(unsigned int cap)
 	__clear_bit(cap, boot_cpu_data.x86_capability);
 	dfs = x86_cpu_policy_lookup_deep_deps(cap);
 
-	if (!dfs)
+	if (!dfs) {
+		calculate_host_cpu_policy();
 		return;
+	}
 
 	for (i = 0; i < FSCAPINTS; ++i) {
 		cleared_caps[i] |= dfs[i];
@@ -78,6 +80,8 @@ void __init setup_clear_cpu_cap(unsigned int cap)
 		       __builtin_return_address(0),
 		       i, forced_caps[i] & dfs[i]);
 	}
+
+	calculate_host_cpu_policy();
 }
 
 void __init setup_force_cpu_cap(unsigned int cap)
@@ -92,6 +96,10 @@ void __init setup_force_cpu_cap(unsigned int cap)
 	}
 
 	__set_bit(cap, boot_cpu_data.x86_capability);
+
+	/* Don't recalculate when the bit isn't represented in the policy. */
+	if (cap < FSCAPINTS * 32)
+		calculate_host_cpu_policy();
 }
 
 bool __init is_forced_cpu_cap(unsigned int cap)
@@ -586,6 +594,8 @@ void identify_cpu(struct cpuinfo_x86 *c)
 	}
 
 	/* Now the feature flags better reflect actual CPU features! */
+	if (c == &boot_cpu_data)
+		calculate_host_cpu_policy();
 
 	xstate_init(c);
 
diff --git a/xen/arch/x86/include/asm/cpu-policy.h b/xen/arch/x86/include/asm/cpu-policy.h
index 99d5a8e67e..943407963a 100644
--- a/xen/arch/x86/include/asm/cpu-policy.h
+++ b/xen/arch/x86/include/asm/cpu-policy.h
@@ -30,4 +30,10 @@ void recalculate_cpuid_policy(struct domain *d);
  */
 void calculate_raw_cpu_policy(void);
 
+/*
+ * Collect the host CPU policy.  Called after collecting enough CPUID output,
+ * and again after all feature overrides have been put in place.
+ */
+void calculate_host_cpu_policy(void);
+
 #endif /* X86_CPU_POLICY_H */