diff --git a/src/gallium/drivers/nouveau/codegen/nv50_ir_peephole.cpp b/src/gallium/drivers/nouveau/codegen/nv50_ir_peephole.cpp
index ca0192a9cc0..997df16075a 100644
--- a/src/gallium/drivers/nouveau/codegen/nv50_ir_peephole.cpp
+++ b/src/gallium/drivers/nouveau/codegen/nv50_ir_peephole.cpp
@@ -1044,7 +1044,7 @@ ConstantFolding::opnd(Instruction *i, ImmediateValue &imm0, int s)
       break;
    }
    case OP_MUL:
-      if (i->dType == TYPE_F32)
+      if (i->dType == TYPE_F32 && !i->precise)
          tryCollapseChainedMULs(i, s, imm0);
 
       if (i->subOp == NV50_IR_SUBOP_MUL_HIGH) {