diff --git a/src/librustc/ich/hcx.rs b/src/librustc/ich/hcx.rs
index 33e0d0e694497..04b725957b627 100644
--- a/src/librustc/ich/hcx.rs
+++ b/src/librustc/ich/hcx.rs
@@ -15,6 +15,7 @@ use hir::map::definitions::Definitions;
 use ich::{self, CachingCodemapView, Fingerprint};
 use middle::cstore::CrateStore;
 use ty::{TyCtxt, fast_reject};
+use mir::interpret::AllocId;
 use session::Session;
 
 use std::cmp::Ord;
@@ -59,6 +60,8 @@ pub struct StableHashingContext<'a> {
     // CachingCodemapView, so we initialize it lazily.
     raw_codemap: &'a CodeMap,
     caching_codemap: Option<CachingCodemapView<'a>>,
+
+    pub(super) alloc_id_recursion_tracker: FxHashSet<AllocId>,
 }
 
 #[derive(PartialEq, Eq, Clone, Copy)]
@@ -102,6 +105,7 @@ impl<'a> StableHashingContext<'a> {
             hash_spans: hash_spans_initial,
             hash_bodies: true,
             node_id_hashing_mode: NodeIdHashingMode::HashDefPath,
+            alloc_id_recursion_tracker: Default::default(),
         }
     }
 
diff --git a/src/librustc/ich/impls_ty.rs b/src/librustc/ich/impls_ty.rs
index 9a442e0529938..832f49d5b2368 100644
--- a/src/librustc/ich/impls_ty.rs
+++ b/src/librustc/ich/impls_ty.rs
@@ -379,13 +379,13 @@ impl_stable_hash_for!(struct mir::interpret::MemoryPointer {
 });
 
 enum AllocDiscriminant {
-    Static,
-    Constant,
+    Alloc,
+    ExternStatic,
     Function,
 }
 impl_stable_hash_for!(enum self::AllocDiscriminant {
-    Static,
-    Constant,
+    Alloc,
+    ExternStatic,
     Function
 });
 
@@ -397,17 +397,23 @@ impl<'a> HashStable<StableHashingContext<'a>> for mir::interpret::AllocId {
     ) {
         ty::tls::with_opt(|tcx| {
             let tcx = tcx.expect("can't hash AllocIds during hir lowering");
-            if let Some(def_id) = tcx.interpret_interner.get_corresponding_static_def_id(*self) {
-                AllocDiscriminant::Static.hash_stable(hcx, hasher);
-                // statics are unique via their DefId
-                def_id.hash_stable(hcx, hasher);
-            } else if let Some(alloc) = tcx.interpret_interner.get_alloc(*self) {
-                // not a static, can't be recursive, hash the allocation
-                AllocDiscriminant::Constant.hash_stable(hcx, hasher);
-                alloc.hash_stable(hcx, hasher);
+            if let Some(alloc) = tcx.interpret_interner.get_alloc(*self) {
+                AllocDiscriminant::Alloc.hash_stable(hcx, hasher);
+                if !hcx.alloc_id_recursion_tracker.insert(*self) {
+                    tcx
+                        .interpret_interner
+                        .get_corresponding_static_def_id(*self)
+                        .hash_stable(hcx, hasher);
+                    alloc.hash_stable(hcx, hasher);
+                    assert!(hcx.alloc_id_recursion_tracker.remove(self));
+                }
             } else if let Some(inst) = tcx.interpret_interner.get_fn(*self) {
                 AllocDiscriminant::Function.hash_stable(hcx, hasher);
                 inst.hash_stable(hcx, hasher);
+            } else if let Some(def_id) = tcx.interpret_interner
+                                            .get_corresponding_static_def_id(*self) {
+                AllocDiscriminant::ExternStatic.hash_stable(hcx, hasher);
+                def_id.hash_stable(hcx, hasher);
             } else {
                 bug!("no allocation for {}", self);
             }
diff --git a/src/test/incremental/static_stable_hash/issue-49301.rs b/src/test/incremental/static_stable_hash/issue-49301.rs
new file mode 100644
index 0000000000000..3e421b27c11bc
--- /dev/null
+++ b/src/test/incremental/static_stable_hash/issue-49301.rs
@@ -0,0 +1,28 @@
+// Copyright 2018 The Rust Project Developers. See the COPYRIGHT
+// file at the top-level directory of this distribution and at
+// http://rust-lang.org/COPYRIGHT.
+//
+// Licensed under the Apache License, Version 2.0 <LICENSE-APACHE or
+// http://www.apache.org/licenses/LICENSE-2.0> or the MIT license
+// <LICENSE-MIT or http://opensource.org/licenses/MIT>, at your
+// option. This file may not be copied, modified, or distributed
+// except according to those terms.
+
+// /~https://github.com/rust-lang/rust/issues/49081
+
+// revisions:rpass1 rpass2
+
+#[cfg(rpass1)]
+pub static A: &str = "hello";
+#[cfg(rpass2)]
+pub static A: &str = "xxxxx";
+
+#[cfg(rpass1)]
+fn main() {
+    assert_eq!(A, "hello");
+}
+
+#[cfg(rpass2)]
+fn main() {
+    assert_eq!(A, "xxxxx");
+}