diff --git a/src/ion/data_structures.rs b/src/ion/data_structures.rs
index 5e8fac4..de12a93 100644
--- a/src/ion/data_structures.rs
+++ b/src/ion/data_structures.rs
@@ -20,6 +20,7 @@ use crate::{
     define_index, Allocation, Block, Edit, Function, Inst, MachineEnv, Operand, PReg, ProgPoint,
     RegClass, VReg,
 };
+use fxhash::FxHashSet;
 use smallvec::SmallVec;
 use std::cmp::Ordering;
 use std::collections::{BTreeMap, HashMap, HashSet};
@@ -430,6 +431,10 @@ pub struct Env<'a, F: Function> {
     // ProgPoint to insert into the final allocated program listing.
     pub debug_annotations: std::collections::HashMap<ProgPoint, Vec<String>>,
     pub annotations_enabled: bool,
+
+    // Cached allocation for `try_to_allocate_bundle_to_reg` to avoid allocating
+    // a new HashSet on every call.
+    pub conflict_set: FxHashSet<LiveBundleIndex>,
 }
 
 impl<'a, F: Function> Env<'a, F> {
diff --git a/src/ion/mod.rs b/src/ion/mod.rs
index 4d1ab99..020c418 100644
--- a/src/ion/mod.rs
+++ b/src/ion/mod.rs
@@ -87,6 +87,8 @@ impl<'a, F: Function> Env<'a, F> {
 
             debug_annotations: std::collections::HashMap::new(),
             annotations_enabled,
+
+            conflict_set: Default::default(),
         }
     }
 
diff --git a/src/ion/process.rs b/src/ion/process.rs
index 87f62cb..4a99567 100644
--- a/src/ion/process.rs
+++ b/src/ion/process.rs
@@ -61,7 +61,7 @@ impl<'a, F: Function> Env<'a, F> {
     ) -> AllocRegResult {
         trace!("try_to_allocate_bundle_to_reg: {:?} -> {:?}", bundle, reg);
         let mut conflicts = smallvec![];
-        let mut conflict_set = FxHashSet::default();
+        self.conflict_set.clear();
         let mut max_conflict_weight = 0;
         // Traverse the BTreeMap in order by requesting the whole
         // range spanned by the bundle and iterating over that
@@ -157,9 +157,9 @@ impl<'a, F: Function> Env<'a, F> {
                     // conflicts list.
                     let conflict_bundle = self.ranges[preg_range.index()].bundle;
                     trace!("   -> conflict bundle {:?}", conflict_bundle);
-                    if !conflict_set.contains(&conflict_bundle) {
+                    if !self.conflict_set.contains(&conflict_bundle) {
                         conflicts.push(conflict_bundle);
-                        conflict_set.insert(conflict_bundle);
+                        self.conflict_set.insert(conflict_bundle);
                         max_conflict_weight = std::cmp::max(
                             max_conflict_weight,
                             self.bundles[conflict_bundle.index()].cached_spill_weight(),