diff --git a/src/panfrost/compiler/bi_ra.c b/src/panfrost/compiler/bi_ra.c
index e0f207d8b01..f2b6d1e283d 100644
--- a/src/panfrost/compiler/bi_ra.c
+++ b/src/panfrost/compiler/bi_ra.c
@@ -1119,6 +1119,67 @@ bi_out_of_ssa(bi_context *ctx)
    return first_reg;
 }
 
+static bool
+op_is_load_store(enum bi_opcode op)
+{
+   switch (op) {
+   case BI_OPCODE_STORE_I8:
+   case BI_OPCODE_STORE_I16:
+   case BI_OPCODE_STORE_I24:
+   case BI_OPCODE_STORE_I32:
+   case BI_OPCODE_STORE_I48:
+   case BI_OPCODE_STORE_I64:
+   case BI_OPCODE_STORE_I96:
+   case BI_OPCODE_STORE_I128:
+      return true;
+   case BI_OPCODE_LOAD_I8:
+   case BI_OPCODE_LOAD_I16:
+   case BI_OPCODE_LOAD_I24:
+   case BI_OPCODE_LOAD_I32:
+   case BI_OPCODE_LOAD_I48:
+   case BI_OPCODE_LOAD_I64:
+   case BI_OPCODE_LOAD_I96:
+   case BI_OPCODE_LOAD_I128:
+      return true;
+   default:
+      return false;
+   }
+}
+
+static uint64_t
+compute_spill_cost(bi_context *ctx)
+{
+   /* The cost of a spill/fill is just 10*block_depth for now. */
+
+   uint32_t *block_depth = calloc(ctx->num_blocks, sizeof(uint32_t));
+
+   bi_foreach_block(ctx, block) {
+      if (!block->loop_header)
+         continue;
+
+      bool *loop_block = bi_find_loop_blocks(ctx, block);
+
+      for (uint32_t b = 0; b < ctx->num_blocks; ++b) {
+         if (loop_block[b])
+            block_depth[b] += 1;
+      }
+
+      free(loop_block);
+   }
+
+   uint64_t cost = 0;
+   bi_foreach_block(ctx, block) {
+      bi_foreach_instr_in_block(block, I) {
+         if (op_is_load_store(I->op) && I->seg == BI_SEG_TL)
+            cost += 10 * (block_depth[block->index] + 1);
+      }
+   }
+
+   free(block_depth);
+
+   return cost;
+}
+
 void
 bi_register_allocate(bi_context *ctx)
 {
@@ -1214,6 +1275,8 @@ bi_register_allocate(bi_context *ctx)
       }
    }
 
+   ctx->spill_cost = compute_spill_cost(ctx);
+
    assert(success);
    assert(l != NULL);
 
diff --git a/src/panfrost/compiler/bifrost_compile.c b/src/panfrost/compiler/bifrost_compile.c
index ef55f2aca66..7ab8225be0e 100644
--- a/src/panfrost/compiler/bifrost_compile.c
+++ b/src/panfrost/compiler/bifrost_compile.c
@@ -5095,6 +5095,7 @@ bi_gather_stats(bi_context *ctx, unsigned size, struct bifrost_stats *out)
       .loops = ctx->loop_count,
       .spills = ctx->spills,
       .fills = ctx->fills,
+      .spill_cost = ctx->spill_cost,
    };
 
    out->cycles = MAX2(out->arith, MAX3(out->t, out->v, out->ldst));
@@ -5134,6 +5135,7 @@ va_gather_stats(bi_context *ctx, unsigned size, struct valhall_stats *out)
       .loops = ctx->loop_count,
       .spills = ctx->spills,
       .fills = ctx->fills,
+      .spill_cost = ctx->spill_cost,
    };
    struct valhall_stats stats = stats_abs;
    stats.fma /= model->rates.fma;
@@ -6615,3 +6617,45 @@ bifrost_compile_shader_nir(nir_shader *nir,
 
    info->ubo_mask &= (1 << nir->info.num_ubos) - 1;
 }
+
+bool *
+bi_find_loop_blocks(const bi_context *ctx, bi_block *header)
+{
+   /* A block is in the loop if it has the header both as the predecessor and
+    * the successor. */
+
+   bool *h_as_suc = (bool *)calloc(ctx->num_blocks, sizeof(bool));
+   bool *h_as_pred = (bool *)calloc(ctx->num_blocks, sizeof(bool));
+   h_as_suc[header->index] = true;
+   h_as_pred[header->index] = true;
+
+   /* If the CFG was one long chain, we would require |blocks|-1 iters to
+    * propagate the in_loop info all the way through.
+    */
+   for (uint32_t iter = 0; iter < ctx->num_blocks - 1; ++iter) {
+      bi_foreach_block(ctx, block) {
+
+         bi_foreach_successor(block, succ) {
+            if (h_as_suc[succ->index]) {
+               h_as_suc[block->index] = true;
+               break;
+            }
+         }
+
+         bi_foreach_predecessor(block, pred) {
+            if (h_as_pred[(*pred)->index]) {
+               h_as_pred[block->index] = true;
+               break;
+            }
+         }
+      }
+   }
+
+   for (uint32_t bidx = 0; bidx < ctx->num_blocks - 1; ++bidx) {
+      h_as_suc[bidx] &= h_as_pred[bidx];
+   }
+
+   free(h_as_pred);
+
+   return h_as_suc;
+}
diff --git a/src/panfrost/compiler/compiler.h b/src/panfrost/compiler/compiler.h
index b0ef12b0e6c..d746d9a7ca7 100644
--- a/src/panfrost/compiler/compiler.h
+++ b/src/panfrost/compiler/compiler.h
@@ -1102,6 +1102,9 @@ typedef struct {
 
    /* alignment needed for registers during register allocation */
    uint8_t *reg_alignment;
+
+   /* Computed after RA */
+   uint64_t spill_cost;
 } bi_context;
 
 static inline enum bi_round
@@ -1735,6 +1738,8 @@ bi_record_use(bi_instr **uses, BITSET_WORD *multiple, bi_instr *I, unsigned s)
 
 bool bi_lower_divergent_indirects(nir_shader *shader, unsigned lanes);
 
+bool *bi_find_loop_blocks(const bi_context *ctx, bi_block *header);
+
 #ifdef __cplusplus
 } /* extern C */
 #endif
diff --git a/src/util/shader_stats.xml b/src/util/shader_stats.xml
index 1122d48dd00..10c449f8de3 100644
--- a/src/util/shader_stats.xml
+++ b/src/util/shader_stats.xml
@@ -65,6 +65,7 @@
         <stat name="Loops">Number of hardware loops</stat>
         <stat name="Spills">Number of spill instructions</stat>
         <stat name="Fills">Number of fill instructions</stat>
+        <stat name="Spill cost">Cost of spill and fill instructions</stat>
      </isa>
 
      <isa name="Valhall">
@@ -81,6 +82,7 @@
         <stat name="Loops">Number of hardware loops</stat>
         <stat name="Spills">Number of spill instructions</stat>
         <stat name="Fills">Number of fill instructions</stat>
+        <stat name="Spill cost">Cost of spill and fill instructions</stat>
      </isa>
    </family>