diff --git a/hw/acpi/Makefile.objs b/hw/acpi/Makefile.objs
index 834c63b980..dfc8229d2c 100644
--- a/hw/acpi/Makefile.objs
+++ b/hw/acpi/Makefile.objs
@@ -4,7 +4,11 @@ common-obj-$(CONFIG_ACPI_CPU_HOTPLUG) += cpu_hotplug.o
 common-obj-$(CONFIG_ACPI_MEMORY_HOTPLUG) += memory_hotplug.o
 common-obj-$(CONFIG_ACPI_CPU_HOTPLUG) += cpu.o
 common-obj-$(CONFIG_ACPI_NVDIMM) += nvdimm.o
-common-obj-$(CONFIG_ACPI) += acpi_interface.o
-common-obj-$(CONFIG_ACPI) += bios-linker-loader.o
-common-obj-$(CONFIG_ACPI) += aml-build.o
-common-obj-$(call land,$(CONFIG_ACPI),$(CONFIG_IPMI)) += ipmi.o
+
+common-obj-y += acpi_interface.o
+common-obj-y += bios-linker-loader.o
+common-obj-y += aml-build.o
+
+common-obj-$(CONFIG_IPMI) += ipmi.o
+common-obj-$(call lnot,$(CONFIG_IPMI)) += ipmi-stub.o
+common-obj-$(CONFIG_ALL) += ipmi-stub.o
diff --git a/stubs/ipmi.c b/hw/acpi/ipmi-stub.c
similarity index 100%
rename from stubs/ipmi.c
rename to hw/acpi/ipmi-stub.c
diff --git a/stubs/Makefile.objs b/stubs/Makefile.objs
index 13c5d45ce3..c4df9152f6 100644
--- a/stubs/Makefile.objs
+++ b/stubs/Makefile.objs
@@ -44,6 +44,5 @@ stub-obj-y += target-monitor-defs.o
 stub-obj-y += target-get-monitor-def.o
 stub-obj-y += vhost.o
 stub-obj-y += iohandler.o
-stub-obj-y += ipmi.o
 stub-obj-y += pc_madt_cpu_entry.o
 stub-obj-y += migration-colo.o