diff --git a/cranelift/codegen/src/isa/aarch64/inst/emit.rs b/cranelift/codegen/src/isa/aarch64/inst/emit.rs
index a7f7ea7aaa9f..1a5d9a887963 100644
--- a/cranelift/codegen/src/isa/aarch64/inst/emit.rs
+++ b/cranelift/codegen/src/isa/aarch64/inst/emit.rs
@@ -65,7 +65,13 @@ pub fn mem_finalize(
                 };
                 (smallvec![], mem)
             } else {
-                let tmp = writable_spilltmp_reg();
+                // The stack-limit chain may use x16 as its base. Do not
+                // overwrite that base while materializing a large offset.
+                let tmp = if basereg == spilltmp_reg() {
+                    writable_tmp2_reg()
+                } else {
+                    writable_spilltmp_reg()
+                };
                 (
                     Inst::load_constant(tmp, off as u64),
                     AMode::RegExtended {
diff --git a/cranelift/filetests/filetests/runtests/stack-limit-chain-large-offset.clif b/cranelift/filetests/filetests/runtests/stack-limit-chain-large-offset.clif
new file mode 100644
index 000000000000..0169afb2f93c
--- /dev/null
+++ b/cranelift/filetests/filetests/runtests/stack-limit-chain-large-offset.clif
@@ -0,0 +1,34 @@
+;; Regression test for https://github.com/bytecodealliance/wasmtime/issues/14946
+;; The second stack-limit load uses x16 as its base. A large negative
+;; offset must be materialized in x17 instead of overwriting x16.
+test run
+target x86_64
+target aarch64
+
+function %callee(i64 vmctx) -> i8 system_v {
+    gv0 = vmctx
+    gv1 = load.i64 notrap aligned gv0-512
+    gv2 = load.i64 notrap aligned gv1-520
+    stack_limit = gv2
+    ss0 = explicit_slot 64
+block0(v0: i64):
+    v1 = iconst.i8 1
+    return v1
+}
+
+function %main() -> i8 system_v {
+    ss0 = explicit_slot 2048
+    sig0 = (i64 vmctx) -> i8 system_v
+    fn0 = %callee sig0
+block0:
+    v0 = stack_addr.i64 ss0+1024
+    v1 = stack_addr.i64 ss0+512
+    store.i64 notrap aligned v0, v1
+    v2 = stack_addr.i64 ss0+504
+    v3 = iconst.i64 0
+    store.i64 notrap aligned v3, v2
+    v4 = call fn0(v0)
+    return v4
+}
+
+; run: %main() == 1