diff --git a/Makefile b/Makefile
index 698bbdf..19f167b 100644
--- a/Makefile
+++ b/Makefile
@@ -121,8 +121,6 @@
 # lor is defined in rules.mak
 CONFIG_BLOCK := $(call lor,$(CONFIG_SOFTMMU),$(CONFIG_TOOLS))
 
-generated-files-y = config-host.h
-
 generated-files-y += module_block.h
 generated-files-y += target/s390x/gen-features.h
 target/s390x/gen-features.h: Makefile.ninja
@@ -178,65 +176,6 @@
 endif
 
 SUBDIR_MAKEFLAGS=$(if $(V),,--no-print-directory --quiet) BUILD_DIR=$(BUILD_DIR)
-SUBDIR_DEVICES_MAK=$(patsubst %, %/config-devices.mak, $(filter %-softmmu, $(TARGET_DIRS)))
-SUBDIR_DEVICES_MAK_DEP=$(patsubst %, %.d, $(SUBDIR_DEVICES_MAK))
-
-ifeq ($(SUBDIR_DEVICES_MAK),)
-config-all-devices.mak: config-host.mak
-	$(call quiet-command,echo '# no devices' > $@,"GEN","$@")
-else
-config-all-devices.mak: $(SUBDIR_DEVICES_MAK) config-host.mak
-	$(call quiet-command, sed -n \
-             's|^\([^=]*\)=\(.*\)$$|\1:=$$(findstring y,$$(\1)\2)|p' \
-             $(SUBDIR_DEVICES_MAK) | sort -u > $@, \
-             "GEN","$@")
-endif
-
--include $(SUBDIR_DEVICES_MAK_DEP)
-
-# This has to be kept in sync with Kconfig.host.
-MINIKCONF_ARGS = \
-    $(CONFIG_MINIKCONF_MODE) \
-    $@ $*/config-devices.mak.d $< $(SRC_PATH)/Kconfig \
-    CONFIG_TCG=$(CONFIG_TCG) \
-    CONFIG_KVM=$(CONFIG_KVM) \
-    CONFIG_SPICE=$(CONFIG_SPICE) \
-    CONFIG_IVSHMEM=$(CONFIG_IVSHMEM) \
-    CONFIG_TPM=$(CONFIG_TPM) \
-    CONFIG_XEN=$(CONFIG_XEN) \
-    CONFIG_OPENGL=$(CONFIG_OPENGL) \
-    CONFIG_X11=$(CONFIG_X11) \
-    CONFIG_VHOST_USER=$(CONFIG_VHOST_USER) \
-    CONFIG_VHOST_KERNEL=$(CONFIG_VHOST_KERNEL) \
-    CONFIG_VIRTFS=$(CONFIG_VIRTFS) \
-    CONFIG_LINUX=$(CONFIG_LINUX) \
-    CONFIG_PVRDMA=$(CONFIG_PVRDMA)
-
-MINIKCONF = $(PYTHON) $(SRC_PATH)/scripts/minikconf.py
-
-$(SUBDIR_DEVICES_MAK): %/config-devices.mak: default-configs/%.mak $(SRC_PATH)/Kconfig $(BUILD_DIR)/config-host.mak
-	$(call quiet-command, $(MINIKCONF) $(MINIKCONF_ARGS) \
-		> $@.tmp, "GEN", "$@.tmp")
-	$(call quiet-command, if test -f $@; then \
-	  if cmp -s $@.old $@; then \
-	    mv $@.tmp $@; \
-	    cp -p $@ $@.old; \
-	  else \
-	    if test -f $@.old; then \
-	      echo "WARNING: $@ (user modified) out of date.";\
-	    else \
-	      echo "WARNING: $@ out of date.";\
-	    fi; \
-	    echo "Run \"$(MAKE) defconfig\" to regenerate."; \
-	    rm $@.tmp; \
-	  fi; \
-	 else \
-	  mv $@.tmp $@; \
-	  cp -p $@ $@.old; \
-	 fi,"GEN","$@");
-
-defconfig:
-	rm -f config-all-devices.mak $(SUBDIR_DEVICES_MAK)
 
 ifneq ($(wildcard config-host.mak),)
 include $(SRC_PATH)/Makefile.objs
@@ -279,10 +218,15 @@
 $(SOFTMMU_FUZZ_RULES): config-all-devices.mak
 $(SOFTMMU_FUZZ_RULES): $(edk2-decompressed)
 
+# meson: this is sub-optimal but going away after conversion
+TARGET_DEPS = $(patsubst %,%-config-target.h, $(TARGET_DIRS))
+TARGET_DEPS += $(patsubst %,%-config-devices.h, $(filter %-softmmu,$(TARGET_DIRS)))
+TARGET_DEPS += $(patsubst %,libqemu-%.fa, $(TARGET_DIRS))
+
 .PHONY: $(TARGET_DIRS_RULES)
 # The $(TARGET_DIRS_RULES) are of the form SUBDIR/GOAL, so that
 # $(dir $@) yields the sub-directory, and $(notdir $@) yields the sub-goal
-$(TARGET_DIRS_RULES):
+$(TARGET_DIRS_RULES): $(TARGET_DEPS)
 	$(call quiet-command,$(MAKE) $(SUBDIR_MAKEFLAGS) -C $(dir $@) V="$(V)" TARGET_DIR="$(dir $@)" $(notdir $@),)
 
 # LIBFDT_lib="": avoid breaking existing trees with objects requiring -fPIC
@@ -370,7 +314,6 @@
 	-test -f ninjatool && ./ninjatool $(if $(V),-v,) -t clean
 # avoid old build problems by removing potentially incorrect old files
 	rm -f config.mak op-i386.h opc-i386.h gen-op-i386.h op-arm.h opc-arm.h gen-op-arm.h
-	rm -f qemu-options.def
 	find . \( -name '*.so' -o -name '*.dll' -o -name '*.mo' -o -name '*.[oda]' \) -type f \
 		! -path ./roms/edk2/ArmPkg/Library/GccLto/liblto-aarch64.a \
 		! -path ./roms/edk2/ArmPkg/Library/GccLto/liblto-arm.a \
@@ -379,8 +322,6 @@
 	rm -f $(filter-out %.tlb,$(TOOLS)) $(HELPERS-y) TAGS cscope.* *.pod *~ */*~
 	rm -f fsdev/*.pod scsi/*.pod
 	rm -f $(foreach f,$(generated-files-y),$(f) $(f)-timestamp)
-	rm -f config-all-devices.mak
-	rm -f $(SUBDIR_DEVICES_MAK)
 
 VERSION ?= $(shell cat VERSION)
 
@@ -398,8 +339,7 @@
 	-test -f ninjatool && ./ninjatool $(if $(V),-v,) -t clean -g
 	rm -f config-host.mak config-host.h* $(DOCS)
 	rm -f tests/tcg/config-*.mak
-	rm -f config-all-devices.mak config-all-disas.mak config.status
-	rm -f $(SUBDIR_DEVICES_MAK)
+	rm -f config-all-disas.mak config.status
 	rm -f po/*.mo tests/qemu-iotests/common.env
 	rm -f roms/seabios/config.mak roms/vgabios/config.mak
 	rm -f qemu-plugins-ld.symbols qemu-plugins-ld64.symbols
diff --git a/Makefile.target b/Makefile.target
index f6b7a86..43d2f97 100644
--- a/Makefile.target
+++ b/Makefile.target
@@ -6,8 +6,10 @@
 include config-target.mak
 include $(SRC_PATH)/rules.mak
 
+FULL_TARGET_NAME=$(TARGET_NAME)-$(if $(CONFIG_SOFTMMU),softmmu,linux-user)
+
 ifdef CONFIG_SOFTMMU
-include config-devices.mak
+include ../$(FULL_TARGET_NAME)-config-devices.mak
 endif
 
 $(call set-vpath, $(SRC_PATH):$(BUILD_DIR))
@@ -18,6 +20,9 @@
 
 QEMU_CFLAGS+=-iquote $(SRC_PATH)/include
 
+QEMU_CFLAGS += -DCONFIG_TARGET=\"../$(FULL_TARGET_NAME)-config-target.h\"
+QEMU_CFLAGS += -DCONFIG_DEVICES=\"../$(FULL_TARGET_NAME)-config-devices.h\"
+
 ifdef CONFIG_USER_ONLY
 # user emulator name
 QEMU_PROG=qemu-$(TARGET_NAME)
@@ -36,15 +41,10 @@
 endif
 endif
 
+LIBQEMU = ../libqemu-$(FULL_TARGET_NAME).fa
 PROGS=$(QEMU_PROG) $(QEMU_PROGW)
 STPFILES=
 
-config-target.h: config-target.h-timestamp
-config-target.h-timestamp: config-target.mak
-
-config-devices.h: config-devices.h-timestamp
-config-devices.h-timestamp: config-devices.mak
-
 ifdef CONFIG_TRACE_SYSTEMTAP
 stap: $(QEMU_PROG).stp-installed $(QEMU_PROG).stp $(QEMU_PROG)-simpletrace.stp $(QEMU_PROG)-log.stp
 
@@ -103,6 +103,7 @@
 # Dummy command so that make thinks it has done something
 	@true
 
+obj-y += $(LIBQEMU)
 obj-y += trace/
 
 #########################################################
@@ -169,7 +170,6 @@
 endif
 
 generated-files-y += hmp-commands.h hmp-commands-info.h
-generated-files-y += config-devices.h
 
 endif # CONFIG_SOFTMMU
 
@@ -210,7 +210,7 @@
 all-obj-$(CONFIG_SOFTMMU) += $(io-obj-y)
 
 ifdef CONFIG_SOFTMMU
-$(QEMU_PROG_BUILD): config-devices.mak
+$(QEMU_PROG_BUILD): ../$(FULL_TARGET_NAME)-config-devices.mak
 endif
 
 COMMON_LDADDS = ../libqemuutil.a
@@ -262,5 +262,4 @@
 	$(INSTALL_DATA) $(QEMU_PROG)-log.stp "$(DESTDIR)$(qemu_datadir)/../systemtap/tapset/$(QEMU_PROG)-log.stp"
 endif
 
-generated-files-y += config-target.h
 Makefile: $(generated-files-y)
diff --git a/configure b/configure
index c20436f..fe79cb1 100755
--- a/configure
+++ b/configure
@@ -8169,18 +8169,12 @@
 
 if supported_xen_target $target; then
     echo "CONFIG_XEN=y" >> $config_target_mak
-    echo "$target/config-devices.mak: CONFIG_XEN=y" >> $config_host_mak
     if test "$xen_pci_passthrough" = yes; then
         echo "CONFIG_XEN_PCI_PASSTHROUGH=y" >> "$config_target_mak"
     fi
-else
-    echo "$target/config-devices.mak: CONFIG_XEN=n" >> $config_host_mak
 fi
 if supported_kvm_target $target; then
     echo "CONFIG_KVM=y" >> $config_target_mak
-    echo "$target/config-devices.mak: CONFIG_KVM=y" >> $config_host_mak
-else
-    echo "$target/config-devices.mak: CONFIG_KVM=n" >> $config_host_mak
 fi
 if supported_hax_target $target; then
     echo "CONFIG_HAX=y" >> $config_target_mak
diff --git a/hw/i386/fw_cfg.c b/hw/i386/fw_cfg.c
index c55abfb..33441ad 100644
--- a/hw/i386/fw_cfg.c
+++ b/hw/i386/fw_cfg.c
@@ -22,7 +22,7 @@
 #include "hw/nvram/fw_cfg.h"
 #include "e820_memory_layout.h"
 #include "kvm_i386.h"
-#include "config-devices.h"
+#include CONFIG_DEVICES
 
 struct hpet_fw_config hpet_cfg = {.count = UINT8_MAX};
 
diff --git a/hw/i386/pc.c b/hw/i386/pc.c
index 47c5ca3..cc616e4 100644
--- a/hw/i386/pc.c
+++ b/hw/i386/pc.c
@@ -92,10 +92,10 @@
 #include "hw/mem/memory-device.h"
 #include "sysemu/replay.h"
 #include "qapi/qmp/qerror.h"
-#include "config-devices.h"
 #include "e820_memory_layout.h"
 #include "fw_cfg.h"
 #include "trace.h"
+#include CONFIG_DEVICES
 
 GlobalProperty pc_compat_5_0[] = {
 };
diff --git a/hw/i386/pc_piix.c b/hw/i386/pc_piix.c
index b789e83..456e336 100644
--- a/hw/i386/pc_piix.c
+++ b/hw/i386/pc_piix.c
@@ -23,7 +23,7 @@
  */
 
 #include "qemu/osdep.h"
-#include "config-devices.h"
+#include CONFIG_DEVICES
 
 #include "qemu/units.h"
 #include "hw/loader.h"
diff --git a/hw/i386/x86.c b/hw/i386/x86.c
index 67bee1b..cf384b9 100644
--- a/hw/i386/x86.c
+++ b/hw/i386/x86.c
@@ -49,7 +49,7 @@
 #include "multiboot.h"
 #include "elf.h"
 #include "standard-headers/asm-x86/bootparam.h"
-#include "config-devices.h"
+#include CONFIG_DEVICES
 #include "kvm_i386.h"
 
 #define BIOS_FILENAME "bios.bin"
diff --git a/hw/vfio/pci-quirks.c b/hw/vfio/pci-quirks.c
index 3a14b7c..5715091 100644
--- a/hw/vfio/pci-quirks.c
+++ b/hw/vfio/pci-quirks.c
@@ -11,7 +11,7 @@
  */
 
 #include "qemu/osdep.h"
-#include "config-devices.h"
+#include CONFIG_DEVICES
 #include "exec/memop.h"
 #include "qemu/units.h"
 #include "qemu/error-report.h"
diff --git a/hw/virtio/virtio-mem.c b/hw/virtio/virtio-mem.c
index 7740fc6..8fbec77 100644
--- a/hw/virtio/virtio-mem.c
+++ b/hw/virtio/virtio-mem.c
@@ -29,7 +29,7 @@
 #include "migration/misc.h"
 #include "hw/boards.h"
 #include "hw/qdev-properties.h"
-#include "config-devices.h"
+#include CONFIG_DEVICES
 #include "trace.h"
 
 /*
diff --git a/include/qemu/osdep.h b/include/qemu/osdep.h
index 20872e7..412962d 100644
--- a/include/qemu/osdep.h
+++ b/include/qemu/osdep.h
@@ -29,7 +29,7 @@
 
 #include "config-host.h"
 #ifdef NEED_CPU_H
-#include "config-target.h"
+#include CONFIG_TARGET
 #else
 #include "exec/poison.h"
 #endif
diff --git a/meson.build b/meson.build
index c892672..6f8024c 100644
--- a/meson.build
+++ b/meson.build
@@ -9,6 +9,7 @@
 sh = find_program('sh')
 cc = meson.get_compiler('c')
 config_host = keyval.load(meson.current_build_dir() / 'config-host.mak')
+config_all_disas = keyval.load(meson.current_build_dir() / 'config-all-disas.mak')
 
 add_project_arguments(config_host['QEMU_CFLAGS'].split(),
                       native: false, language: ['c', 'objc'])
@@ -151,16 +152,96 @@
   libudev = declare_dependency(link_args: config_host['LIBUDEV_LIBS'].split())
 endif
 
+create_config = find_program('scripts/create_config')
+minikconf = find_program('scripts/minikconf.py')
 target_dirs = config_host['TARGET_DIRS'].split()
 have_user = false
 have_system = false
+config_devices_mak_list = []
+config_devices_h = {}
+config_target_mak = {}
+kconfig_external_symbols = [
+  'CONFIG_KVM',
+  'CONFIG_XEN',
+  'CONFIG_TPM',
+  'CONFIG_SPICE',
+  'CONFIG_IVSHMEM',
+  'CONFIG_OPENGL',
+  'CONFIG_X11',
+  'CONFIG_VHOST_USER',
+  'CONFIG_VHOST_KERNEL',
+  'CONFIG_VIRTFS',
+  'CONFIG_LINUX',
+  'CONFIG_PVRDMA',
+]
 foreach target : target_dirs
   have_user = have_user or target.endswith('-user')
-  have_system = have_system or target.endswith('-softmmu')
+  config_target = keyval.load(meson.current_build_dir() / target / 'config-target.mak') + config_host
+
+  if target.endswith('-softmmu')
+    have_system = true
+
+    base_kconfig = []
+    foreach sym : kconfig_external_symbols
+      if sym in config_target
+        base_kconfig += '@0@=y'.format(sym)
+      endif
+    endforeach
+
+    config_devices_mak = target + '-config-devices.mak'
+    config_devices_mak = configure_file(
+      input: ['default-configs' / target + '.mak', 'Kconfig'],
+      output: config_devices_mak,
+      depfile: config_devices_mak + '.d',
+      capture: true,
+      command: [minikconf, config_host['CONFIG_MINIKCONF_MODE'],
+                config_devices_mak, '@DEPFILE@', '@INPUT@',
+                base_kconfig])
+    config_devices_h += {target: custom_target(
+      target + '-config-devices.h',
+      input: config_devices_mak,
+      output: target + '-config-devices.h',
+      capture: true,
+      command: [create_config, '@INPUT@'])}
+    config_devices_mak_list += config_devices_mak
+    config_target += keyval.load(config_devices_mak)
+  endif
+  config_target_mak += {target: config_target}
 endforeach
 have_tools = 'CONFIG_TOOLS' in config_host
 have_block = have_system or have_tools
 
+grepy = find_program('scripts/grepy.sh')
+# This configuration is used to build files that are shared by
+# multiple binaries, and then extracted out of the "common"
+# static_library target.
+#
+# We do not use all_sources()/all_dependencies(), because it would
+# build literally all source files, including devices only used by
+# targets that are not built for this compilation.  The CONFIG_ALL
+# pseudo symbol replaces it.
+
+if have_system
+  config_all_devices_mak = configure_file(
+    output: 'config-all-devices.mak',
+    input: config_devices_mak_list,
+    capture: true,
+    command: [grepy, '@INPUT@'],
+  )
+  config_all_devices = keyval.load(config_all_devices_mak)
+else
+  config_all_devices = {}
+endif
+config_all = config_all_devices
+config_all += config_host
+config_all += config_all_disas
+config_all += {
+  'CONFIG_XEN': config_host.has_key('CONFIG_XEN_BACKEND'),
+  'CONFIG_SOFTMMU': have_system,
+  'CONFIG_USER_ONLY': have_user,
+  'CONFIG_ALL': true,
+}
+
 # Generators
 
 genh = []
@@ -202,6 +283,13 @@
                              build_always_stale: true)
 genh += qemu_version
 
+config_host_h = custom_target('config-host.h',
+                              input: meson.current_build_dir() / 'config-host.mak',
+                              output: 'config-host.h',
+                              capture: true,
+                              command: [create_config, '@INPUT@'])
+genh += config_host_h
+
 hxdep = []
 hx_headers = [
   ['qemu-options.hx', 'qemu-options.def'],
@@ -228,6 +316,16 @@
 util_ss = ss.source_set()
 stub_ss = ss.source_set()
 trace_ss = ss.source_set()
+common_ss = ss.source_set()
+softmmu_ss = ss.source_set()
+user_ss = ss.source_set()
+bsd_user_ss = ss.source_set()
+linux_user_ss = ss.source_set()
+specific_ss = ss.source_set()
+
+hw_arch = {}
+target_arch = {}
+target_softmmu_arch = {}
 
 ###############
 # Trace files #
@@ -336,10 +434,10 @@
 
 # Build targets from sourcesets
 
-stub_ss = stub_ss.apply(config_host, strict: false)
+stub_ss = stub_ss.apply(config_all, strict: false)
 
 util_ss.add_all(trace_ss)
-util_ss = util_ss.apply(config_host, strict: false)
+util_ss = util_ss.apply(config_all, strict: false)
 libqemuutil = static_library('qemuutil',
                              sources: util_ss.sources() + stub_ss.sources() + genh,
                              dependencies: [util_ss.dependencies(), m, glib, socket])
@@ -350,6 +448,68 @@
 subdir('fsdev')
 subdir('target')
 
+common_ss.add_all(when: 'CONFIG_SOFTMMU', if_true: softmmu_ss)
+common_ss.add_all(when: 'CONFIG_USER_ONLY', if_true: user_ss)
+
+common_all = common_ss.apply(config_all, strict: false)
+common_all = static_library('common',
+                            build_by_default: false,
+                            sources: common_all.sources() + genh,
+                            dependencies: common_all.dependencies(),
+                            name_suffix: 'fa')
+
+foreach target : target_dirs
+  config_target = config_target_mak[target]
+  target_name = config_target['TARGET_NAME']
+  arch = config_target['TARGET_BASE_ARCH']
+  arch_srcs = []
+
+  target_inc = [include_directories('target' / config_target['TARGET_BASE_ARCH'])]
+  if targetos == 'linux'
+    target_inc += include_directories('linux-headers', is_system: true)
+  endif
+  if target.endswith('-softmmu')
+    qemu_target_name = 'qemu-system-' + target_name
+    target_type='system'
+    arch_srcs += config_devices_h[target]
+  else
+    target_type='user'
+    qemu_target_name = 'qemu-' + target_name
+    if 'CONFIG_LINUX_USER' in config_target
+      base_dir = 'linux-user'
+      target_inc += include_directories('linux-user/host/' / config_host['ARCH'])
+    else
+      base_dir = 'bsd-user'
+    endif
+    target_inc += include_directories(
+      base_dir,
+      base_dir / config_target['TARGET_ABI_DIR'],
+    )
+  endif
+
+  target_common = common_ss.apply(config_target, strict: false)
+  objects = common_all.extract_objects(target_common.sources())
+
+  # TODO: Change to generator once obj-y goes away
+  config_target_h = custom_target(target + '-config-target.h',
+                              input: meson.current_build_dir() / target / 'config-target.mak',
+                              output: target + '-config-target.h',
+                              capture: true,
+                              command: [create_config, '@INPUT@'])
+
+  target_specific = specific_ss.apply(config_target, strict: false)
+  arch_srcs += target_specific.sources()
+
+  static_library('qemu-' + target,
+                 sources: arch_srcs + [config_target_h] + genh,
+                 objects: objects,
+                 include_directories: target_inc,
+                 c_args: ['-DNEED_CPU_H',
+                          '-DCONFIG_TARGET="@0@-config-target.h"'.format(target),
+                          '-DCONFIG_DEVICES="@0@-config-devices.h"'.format(target)],
+                 name_suffix: 'fa')
+endforeach
+
 # Other build targets
 if 'CONFIG_GUEST_AGENT' in config_host
   subdir('qga')
diff --git a/rules.mak b/rules.mak
index 1aa6394..d8d35f7 100644
--- a/rules.mak
+++ b/rules.mak
@@ -203,14 +203,6 @@
 # Generate files with tracetool
 TRACETOOL=$(PYTHON) $(SRC_PATH)/scripts/tracetool.py
 
-# Generate timestamp files for .h include files
-
-config-%.h: config-%.h-timestamp
-	@cmp $< $@ >/dev/null 2>&1 || cp $< $@
-
-config-%.h-timestamp: config-%.mak $(SRC_PATH)/scripts/create_config
-	$(call quiet-command, sh $(SRC_PATH)/scripts/create_config < $< > $@,"GEN","$(TARGET_DIR)config-$*.h")
-
 .PHONY: clean-timestamp
 clean-timestamp:
 	rm -f *.timestamp
diff --git a/scripts/create_config b/scripts/create_config
index 6d8f08b..bc82661 100755
--- a/scripts/create_config
+++ b/scripts/create_config
@@ -1,5 +1,7 @@
 #!/bin/sh
 
+test $# -gt 0 && exec < $1
+
 echo "/* Automatically generated by create_config - do not modify */"
 
 while read line; do
diff --git a/scripts/grepy.sh b/scripts/grepy.sh
new file mode 100755
index 0000000..aee46dd
--- /dev/null
+++ b/scripts/grepy.sh
@@ -0,0 +1,3 @@
+#!/bin/sh
+
+grep -h '=y$' "$@" | sort -u
diff --git a/scripts/minikconf.py b/scripts/minikconf.py
old mode 100755
new mode 100644
diff --git a/softmmu/qtest.c b/softmmu/qtest.c
index 5672b75..4e439ca 100644
--- a/softmmu/qtest.c
+++ b/softmmu/qtest.c
@@ -27,7 +27,7 @@
 #include "qemu/error-report.h"
 #include "qemu/module.h"
 #include "qemu/cutils.h"
-#include "config-devices.h"
+#include CONFIG_DEVICES
 #ifdef CONFIG_PSERIES
 #include "hw/ppc/spapr_rtas.h"
 #endif