diff --git a/arch/x86/kernel/cpu/microcode/core.c b/arch/x86/kernel/cpu/microcode/core.c
index e53d3c909840..9cb98ee103db 100644
--- a/arch/x86/kernel/cpu/microcode/core.c
+++ b/arch/x86/kernel/cpu/microcode/core.c
@@ -290,6 +290,17 @@ struct cpio_data find_microcode_in_initrd(const char *path, bool use_pa)
 			return (struct cpio_data){ NULL, 0, "" };
 		if (initrd_start)
 			start = initrd_start;
+	} else {
+		/*
+		 * The picture with physical addresses is a bit different: we
+		 * need to get the *physical* address to which the ramdisk was
+		 * relocated, i.e., relocated_ramdisk (not initrd_start) and
+		 * since we're running from physical addresses, we need to access
+		 * relocated_ramdisk through its *physical* address too.
+		 */
+		u64 *rr = (u64 *)__pa_nodebug(&relocated_ramdisk);
+		if (*rr)
+			start = *rr;
 	}
 
 	return find_cpio_data(path, (void *)start, size, NULL);