diff --git a/init/main.c b/init/main.c
index 4425d1783d5c21e8f1da703e503a5edc37a3d93f..7e9c0ca25643435d0589d44ed5a31e0dee1f406d 100644
--- a/init/main.c
+++ b/init/main.c
@@ -1088,14 +1088,6 @@ asmlinkage __visible void __init __no_sanitize_address start_kernel(void)
 	 */
 	locking_selftest();
 
-	/*
-	 * This needs to be called before any devices perform DMA
-	 * operations that might use the SWIOTLB bounce buffers. It will
-	 * mark the bounce buffers as decrypted so that their usage will
-	 * not cause "plain-text" data to be decrypted when accessed.
-	 */
-	mem_encrypt_init();
-
 #ifdef CONFIG_BLK_DEV_INITRD
 	if (initrd_start && !initrd_below_start_ok &&
 	    page_to_pfn(virt_to_page((void *)initrd_start)) < min_low_pfn) {
@@ -1112,6 +1104,17 @@ asmlinkage __visible void __init __no_sanitize_address start_kernel(void)
 		late_time_init();
 	sched_clock_init();
 	calibrate_delay();
+
+	/*
+	 * This needs to be called before any devices perform DMA
+	 * operations that might use the SWIOTLB bounce buffers. It will
+	 * mark the bounce buffers as decrypted so that their usage will
+	 * not cause "plain-text" data to be decrypted when accessed. It
+	 * must be called after late_time_init() so that Hyper-V x86/x64
+	 * hypercalls work when the SWIOTLB bounce buffers are decrypted.
+	 */
+	mem_encrypt_init();
+
 	pid_idr_init();
 	anon_vma_init();
 #ifdef CONFIG_X86