There's active discussion on #126108, so this issue is written with some haste to provide a clear reproducer an doesn't have in-depth analysis and hasn't further reduced the input.
The issue was initially spotted for RVA23 with EVL tail folding, but can be reproduced just with v:
wget https://raw.githubusercontent.com/llvm/llvm-test-suite/refs/heads/main/SingleSource/Regression/C/gcc-c-torture/execute/20050826-2.c
$HOME/llvm-project/build/stage1/bin/clang \
--target=riscv64-linux-gnu \
-fuse-ld=lld \
--sysroot=$HOME/rvsysroot \
-O3 \
-march=rva20u64_v \
20050826-2.c
export QEMU_LD_PREFIX="$HOME/rvsysroot"
./a.out # program aborts
(rvsysroot should work with any sysroot with the minimal files for linking and loading a working executable). The above assumes you have a working qemu-riscv64 that executes via binfmt_misc.