diff --git a/llvm/lib/Analysis/LoopAccessAnalysis.cpp b/llvm/lib/Analysis/LoopAccessAnalysis.cpp
index 697b40403902c..dcd8a910d0f49 100644
--- a/llvm/lib/Analysis/LoopAccessAnalysis.cpp
+++ b/llvm/lib/Analysis/LoopAccessAnalysis.cpp
@@ -1283,8 +1283,10 @@ void AccessAnalysis::processMemAccesses() {
 
     bool SetHasWrite = false;
 
-    // Map of pointers to last access encountered.
-    typedef DenseMap<const Value*, MemAccessInfo> UnderlyingObjToAccessMap;
+    // Map of (pointer to underlying objects, accessed address space) to last
+    // access encountered.
+    typedef DenseMap<std::pair<const Value *, unsigned>, MemAccessInfo>
+        UnderlyingObjToAccessMap;
     UnderlyingObjToAccessMap ObjToLastAccess;
 
     // Set of access to check after all writes have been processed.
@@ -1364,12 +1366,14 @@ void AccessAnalysis::processMemAccesses() {
                     UnderlyingObj->getType()->getPointerAddressSpace()))
               continue;
 
+            unsigned AccessAS = cast<PointerType>(Ptr->getType())->getAddressSpace();
             UnderlyingObjToAccessMap::iterator Prev =
-                ObjToLastAccess.find(UnderlyingObj);
+                ObjToLastAccess.find({UnderlyingObj,AccessAS 
+                 });
             if (Prev != ObjToLastAccess.end())
               DepCands.unionSets(Access, Prev->second);
 
-            ObjToLastAccess[UnderlyingObj] = Access;
+            ObjToLastAccess[{UnderlyingObj, AccessAS}] = Access;
             LLVM_DEBUG(dbgs() << "  " << *UnderlyingObj << "\n");
           }
         }
diff --git a/llvm/test/Analysis/LoopAccessAnalysis/underlying-object-different-address-spaces.ll b/llvm/test/Analysis/LoopAccessAnalysis/underlying-object-different-address-spaces.ll
new file mode 100644
index 0000000000000..adf73c091be00
--- /dev/null
+++ b/llvm/test/Analysis/LoopAccessAnalysis/underlying-object-different-address-spaces.ll
@@ -0,0 +1,39 @@
+; NOTE: Assertions have been autogenerated by utils/update_analyze_test_checks.py UTC_ARGS: --version 5
+; RUN: opt -passes='print<access-info>' -disable-output %s 2>&1 | FileCheck %s
+
+target datalayout = "e-m:e-p270:32:32-p271:32:32-p272:64:64-i64:64-i128:128-f80:128-n8:16:32:64-S128"
+
+; Test case for https://github.com/llvm/llvm-project/issues/124759. The same
+; underlying object is access through pointers with different address spaces.
+define void @same_underlying_object_different_address_spaces(ptr %dst1.as1, ptr %dst2.as1) {
+; CHECK-LABEL: 'same_underlying_object_different_address_spaces'
+; CHECK-NEXT:    loop:
+; CHECK-NEXT:      Report: cannot identify array bounds
+; CHECK-NEXT:      Dependences:
+; CHECK-NEXT:      Run-time memory checks:
+; CHECK-NEXT:      Grouped accesses:
+; CHECK-EMPTY:
+; CHECK-NEXT:      Non vectorizable stores to invariant address were not found in loop.
+; CHECK-NEXT:      SCEV assumptions:
+; CHECK-EMPTY:
+; CHECK-NEXT:      Expressions re-written:
+;
+entry:
+  %alloc = alloca i8, i64 0, align 128
+  %as3 = addrspacecast ptr %alloc to ptr addrspace(3)
+  %as4 = addrspacecast ptr %alloc to ptr addrspace(4)
+  br label %loop
+
+loop:
+  %iv = phi i64 [ 0, %entry ], [ %iv.next, %loop ]
+  store i32 0, ptr addrspace(4) %as4, align 4
+  store i32 0, ptr %dst1.as1, align 4
+  %l = load i64, ptr addrspace(3) %as3, align 4
+  store i64 %l, ptr %dst2.as1, align 4
+  %iv.next = add i64 %iv, 1
+  %c = icmp eq i64 %iv.next, 100
+  br i1 %c, label %loop, label %exit
+
+exit:
+  ret void
+}