diff --git a/src/bootstrap/src/core/build_steps/dist.rs b/src/bootstrap/src/core/build_steps/dist.rs
index c485481b9a1eb..9fc12468f3fca 100644
--- a/src/bootstrap/src/core/build_steps/dist.rs
+++ b/src/bootstrap/src/core/build_steps/dist.rs
@@ -28,7 +28,7 @@ use crate::core::config::TargetSelection;
 use crate::utils::cache::{Interned, INTERNER};
 use crate::utils::channel;
 use crate::utils::helpers::{exe, is_dylib, output, t, target_supports_cranelift_backend, timeit};
-use crate::utils::tarball::{GeneratedTarball, OverlayKind, Tarball};
+use crate::utils::tarball::{OverlayKind, Tarball, TarballResult};
 use crate::{Compiler, DependencyType, Mode, LLVM_TOOLS};
 
 pub fn pkgname(builder: &Builder<'_>, component: &str) -> String {
@@ -56,7 +56,7 @@ pub struct Docs {
 }
 
 impl Step for Docs {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
 
     fn should_run(run: ShouldRun<'_>) -> ShouldRun<'_> {
@@ -69,7 +69,7 @@ impl Step for Docs {
     }
 
     /// Builds the `rust-docs` installer component.
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let host = self.host;
         builder.default_doc(&[]);
 
@@ -89,7 +89,7 @@ pub struct JsonDocs {
 }
 
 impl Step for JsonDocs {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
 
     fn should_run(run: ShouldRun<'_>) -> ShouldRun<'_> {
@@ -102,7 +102,7 @@ impl Step for JsonDocs {
     }
 
     /// Builds the `rust-docs-json` installer component.
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let host = self.host;
         builder.ensure(crate::core::build_steps::doc::Std::new(
             builder.top_stage,
@@ -127,7 +127,7 @@ pub struct RustcDocs {
 }
 
 impl Step for RustcDocs {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
 
     fn should_run(run: ShouldRun<'_>) -> ShouldRun<'_> {
@@ -140,7 +140,7 @@ impl Step for RustcDocs {
     }
 
     /// Builds the `rustc-docs` installer component.
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let host = self.host;
         builder.default_doc(&[]);
 
@@ -314,7 +314,7 @@ pub struct Mingw {
 }
 
 impl Step for Mingw {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
 
     fn should_run(run: ShouldRun<'_>) -> ShouldRun<'_> {
@@ -329,7 +329,7 @@ impl Step for Mingw {
     ///
     /// This contains all the bits and pieces to run the MinGW Windows targets
     /// without any extra installed software (e.g., we bundle gcc, libraries, etc).
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let host = self.host;
         if !host.ends_with("pc-windows-gnu") || !builder.config.dist_include_mingw_linker {
             return None;
@@ -354,7 +354,7 @@ pub struct Rustc {
 }
 
 impl Step for Rustc {
-    type Output = GeneratedTarball;
+    type Output = TarballResult;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -368,7 +368,7 @@ impl Step for Rustc {
     }
 
     /// Creates the `rustc` installer component.
-    fn run(self, builder: &Builder<'_>) -> GeneratedTarball {
+    fn run(self, builder: &Builder<'_>) -> TarballResult {
         let compiler = self.compiler;
         let host = self.compiler.host;
 
@@ -623,7 +623,7 @@ pub struct Std {
 }
 
 impl Step for Std {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
 
     fn should_run(run: ShouldRun<'_>) -> ShouldRun<'_> {
@@ -641,7 +641,7 @@ impl Step for Std {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -670,7 +670,7 @@ pub struct RustcDev {
 }
 
 impl Step for RustcDev {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -689,7 +689,7 @@ impl Step for RustcDev {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
         if skip_host_target_lib(builder, compiler) {
@@ -729,7 +729,7 @@ pub struct Analysis {
 }
 
 impl Step for Analysis {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
 
     fn should_run(run: ShouldRun<'_>) -> ShouldRun<'_> {
@@ -752,7 +752,7 @@ impl Step for Analysis {
     }
 
     /// Creates a tarball of (degenerate) save-analysis metadata, if available.
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
         if compiler.host != builder.config.build {
@@ -874,7 +874,7 @@ pub struct Src;
 
 impl Step for Src {
     /// The output path of the src installer tarball
-    type Output = GeneratedTarball;
+    type Output = TarballResult;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -887,7 +887,7 @@ impl Step for Src {
     }
 
     /// Creates the `rust-src` installer component
-    fn run(self, builder: &Builder<'_>) -> GeneratedTarball {
+    fn run(self, builder: &Builder<'_>) -> TarballResult {
         if !builder.config.dry_run() {
             builder.update_submodule(&Path::new("src/llvm-project"));
         }
@@ -935,7 +935,7 @@ pub struct PlainSourceTarball;
 
 impl Step for PlainSourceTarball {
     /// Produces the location of the tarball generated
-    type Output = GeneratedTarball;
+    type Output = TarballResult;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -949,7 +949,7 @@ impl Step for PlainSourceTarball {
     }
 
     /// Creates the plain source tarball
-    fn run(self, builder: &Builder<'_>) -> GeneratedTarball {
+    fn run(self, builder: &Builder<'_>) -> TarballResult {
         // NOTE: This is a strange component in a lot of ways. It uses `src` as the target, which
         // means neither rustup nor rustup-toolchain-install-master know how to download it.
         // It also contains symbolic links, unlike other any other dist tarball.
@@ -1037,7 +1037,7 @@ pub struct Cargo {
 }
 
 impl Step for Cargo {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1057,7 +1057,7 @@ impl Step for Cargo {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -1086,7 +1086,7 @@ pub struct Rls {
 }
 
 impl Step for Rls {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const ONLY_HOSTS: bool = true;
     const DEFAULT: bool = true;
 
@@ -1106,7 +1106,7 @@ impl Step for Rls {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -1130,7 +1130,7 @@ pub struct RustAnalyzer {
 }
 
 impl Step for RustAnalyzer {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1150,7 +1150,7 @@ impl Step for RustAnalyzer {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -1174,7 +1174,7 @@ pub struct Clippy {
 }
 
 impl Step for Clippy {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1194,7 +1194,7 @@ impl Step for Clippy {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -1225,7 +1225,7 @@ pub struct Miri {
 }
 
 impl Step for Miri {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1245,7 +1245,7 @@ impl Step for Miri {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         // This prevents miri from being built for "dist" or "install"
         // on the stable/beta channels. It is a nightly-only tool and should
         // not be included.
@@ -1276,7 +1276,7 @@ pub struct CodegenBackend {
 }
 
 impl Step for CodegenBackend {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1297,7 +1297,7 @@ impl Step for CodegenBackend {
         }
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         if builder.config.dry_run() {
             return None;
         }
@@ -1372,7 +1372,7 @@ pub struct Rustfmt {
 }
 
 impl Step for Rustfmt {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1392,7 +1392,7 @@ impl Step for Rustfmt {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -1419,7 +1419,7 @@ pub struct RustDemangler {
 }
 
 impl Step for RustDemangler {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -1444,7 +1444,7 @@ impl Step for RustDemangler {
         });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let compiler = self.compiler;
         let target = self.target;
 
@@ -2126,7 +2126,7 @@ pub struct LlvmTools {
 }
 
 impl Step for LlvmTools {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const ONLY_HOSTS: bool = true;
     const DEFAULT: bool = true;
 
@@ -2140,7 +2140,7 @@ impl Step for LlvmTools {
         run.builder.ensure(LlvmTools { target: run.target });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let target = self.target;
 
         /* run only if llvm-config isn't used */
@@ -2184,7 +2184,7 @@ pub struct RustDev {
 }
 
 impl Step for RustDev {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
@@ -2196,7 +2196,7 @@ impl Step for RustDev {
         run.builder.ensure(RustDev { target: run.target });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let target = self.target;
 
         /* run only if llvm-config isn't used */
@@ -2266,7 +2266,7 @@ pub struct Bootstrap {
 }
 
 impl Step for Bootstrap {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = false;
     const ONLY_HOSTS: bool = true;
 
@@ -2278,7 +2278,7 @@ impl Step for Bootstrap {
         run.builder.ensure(Bootstrap { target: run.target });
     }
 
-    fn run(self, builder: &Builder<'_>) -> Option<GeneratedTarball> {
+    fn run(self, builder: &Builder<'_>) -> Option<TarballResult> {
         let target = self.target;
 
         let tarball = Tarball::new(builder, "bootstrap", &target.triple);
@@ -2302,7 +2302,7 @@ pub struct BuildManifest {
 }
 
 impl Step for BuildManifest {
-    type Output = GeneratedTarball;
+    type Output = TarballResult;
     const DEFAULT: bool = false;
     const ONLY_HOSTS: bool = true;
 
@@ -2314,7 +2314,7 @@ impl Step for BuildManifest {
         run.builder.ensure(BuildManifest { target: run.target });
     }
 
-    fn run(self, builder: &Builder<'_>) -> GeneratedTarball {
+    fn run(self, builder: &Builder<'_>) -> TarballResult {
         let build_manifest = builder.tool_exe(Tool::BuildManifest);
 
         let tarball = Tarball::new(builder, "build-manifest", &self.target.triple);
@@ -2334,7 +2334,7 @@ pub struct ReproducibleArtifacts {
 }
 
 impl Step for ReproducibleArtifacts {
-    type Output = Option<GeneratedTarball>;
+    type Output = Option<TarballResult>;
     const DEFAULT: bool = true;
     const ONLY_HOSTS: bool = true;
 
diff --git a/src/bootstrap/src/core/build_steps/install.rs b/src/bootstrap/src/core/build_steps/install.rs
index 6b4a8f597eab5..fbf2b8b5aefc5 100644
--- a/src/bootstrap/src/core/build_steps/install.rs
+++ b/src/bootstrap/src/core/build_steps/install.rs
@@ -12,7 +12,7 @@ use crate::core::build_steps::dist;
 use crate::core::builder::{Builder, RunConfig, ShouldRun, Step};
 use crate::core::config::{Config, TargetSelection};
 use crate::utils::helpers::t;
-use crate::utils::tarball::GeneratedTarball;
+use crate::utils::tarball::TarballResult;
 use crate::INTERNER;
 use crate::{Compiler, Kind};
 
@@ -66,7 +66,7 @@ fn install_sh(
     package: &str,
     stage: u32,
     host: Option<TargetSelection>,
-    tarball: &GeneratedTarball,
+    tarball: &TarballResult,
 ) {
     let _guard = builder.msg(Kind::Install, stage, package, host, host);
 
@@ -105,7 +105,7 @@ fn install_sh(
 
     let mut cmd = Command::new(SHELL);
     cmd.current_dir(&empty_dir)
-        .arg(sanitize_sh(&tarball.decompressed_output().join("install.sh")))
+        .arg(sanitize_sh(&tarball.prepared_output().join("install.sh")))
         .arg(format!("--prefix={}", prepare_dir(&destdir_env, prefix)))
         .arg(format!("--sysconfdir={}", prepare_dir(&destdir_env, sysconfdir)))
         .arg(format!("--datadir={}", prepare_dir(&destdir_env, datadir)))
diff --git a/src/bootstrap/src/core/build_steps/test.rs b/src/bootstrap/src/core/build_steps/test.rs
index 77a4f2c4cb201..2aae64a21d0e2 100644
--- a/src/bootstrap/src/core/build_steps/test.rs
+++ b/src/bootstrap/src/core/build_steps/test.rs
@@ -2788,7 +2788,7 @@ impl Step for Distcheck {
 
         let mut cmd = Command::new("tar");
         cmd.arg("-xf")
-            .arg(builder.ensure(dist::PlainSourceTarball).tarball())
+            .arg(builder.ensure(dist::PlainSourceTarball).tarball().unwrap())
             .arg("--strip-components=1")
             .current_dir(&dir);
         builder.run(&mut cmd);
@@ -2812,7 +2812,7 @@ impl Step for Distcheck {
 
         let mut cmd = Command::new("tar");
         cmd.arg("-xf")
-            .arg(builder.ensure(dist::Src).tarball())
+            .arg(builder.ensure(dist::Src).tarball().unwrap())
             .arg("--strip-components=1")
             .current_dir(&dir);
         builder.run(&mut cmd);
diff --git a/src/bootstrap/src/utils/tarball.rs b/src/bootstrap/src/utils/tarball.rs
index 2508a95247531..657aae77c4684 100644
--- a/src/bootstrap/src/utils/tarball.rs
+++ b/src/bootstrap/src/utils/tarball.rs
@@ -218,7 +218,7 @@ impl<'a> Tarball<'a> {
         self.add_dir(src, dest);
     }
 
-    pub(crate) fn generate(self) -> GeneratedTarball {
+    pub(crate) fn generate(self) -> TarballResult {
         let mut component_name = self.component.clone();
         if self.is_preview {
             component_name.push_str("-preview");
@@ -257,11 +257,11 @@ impl<'a> Tarball<'a> {
         })
     }
 
-    pub(crate) fn combine(self, tarballs: &[GeneratedTarball]) -> GeneratedTarball {
-        let mut input_tarballs = tarballs[0].path.as_os_str().to_os_string();
+    pub(crate) fn combine(self, tarballs: &[TarballResult]) -> TarballResult {
+        let mut input_tarballs = tarballs[0].path.as_ref().unwrap().as_os_str().to_os_string();
         for tarball in &tarballs[1..] {
             input_tarballs.push(",");
-            input_tarballs.push(&tarball.path);
+            input_tarballs.push(&tarball.path.as_ref().unwrap());
         }
 
         self.run(|this, cmd| {
@@ -270,7 +270,7 @@ impl<'a> Tarball<'a> {
         })
     }
 
-    pub(crate) fn bare(self) -> GeneratedTarball {
+    pub(crate) fn bare(self) -> TarballResult {
         // Bare tarballs should have the top level directory match the package
         // name, not "image". We rename the image directory just before passing
         // into rust-installer.
@@ -308,7 +308,7 @@ impl<'a> Tarball<'a> {
             .arg(distdir(self.builder));
     }
 
-    fn run(self, build_cli: impl FnOnce(&Tarball<'a>, &mut Command)) -> GeneratedTarball {
+    fn run(self, build_cli: impl FnOnce(&Tarball<'a>, &mut Command)) -> TarballResult {
         t!(std::fs::create_dir_all(&self.overlay_dir));
         self.builder.create(&self.overlay_dir.join("version"), &self.overlay.version(self.builder));
         if let Some(info) = self.builder.rust_info().info() {
@@ -336,9 +336,9 @@ impl<'a> Tarball<'a> {
 
         // Ensure there are no symbolic links in the tarball. In particular,
         // rustup-toolchain-install-master and most versions of Windows can't handle symbolic links.
-        let decompressed_output = self.temp_dir.join(&package_name);
+        let prepared_output = self.temp_dir.join(&package_name);
         if !self.builder.config.dry_run() && !self.permit_symlinks {
-            for entry in walkdir::WalkDir::new(&decompressed_output) {
+            for entry in walkdir::WalkDir::new(&prepared_output) {
                 let entry = t!(entry);
                 if entry.path_is_symlink() {
                     panic!("generated a symlink in a tarball: {}", entry.path().display());
@@ -356,28 +356,33 @@ impl<'a> Tarball<'a> {
             .map(|s| s.as_str())
             .unwrap_or("gz");
 
-        GeneratedTarball {
-            path: distdir(self.builder).join(format!("{package_name}.tar.{ext}")),
-            decompressed_output,
+        TarballResult {
+            path: if self.builder.kind == Kind::Install {
+                None
+            } else {
+                Some(distdir(self.builder).join(format!("{package_name}.tar.{ext}")))
+            },
+            prepared_output,
             work: self.temp_dir,
         }
     }
 }
 
 #[derive(Debug, Clone)]
-pub struct GeneratedTarball {
-    path: PathBuf,
-    decompressed_output: PathBuf,
+pub struct TarballResult {
+    /// None if `--prepare-only` was used.
+    path: Option<PathBuf>,
+    prepared_output: PathBuf,
     work: PathBuf,
 }
 
-impl GeneratedTarball {
-    pub(crate) fn tarball(&self) -> &Path {
-        &self.path
+impl TarballResult {
+    pub(crate) fn tarball(&self) -> Option<&Path> {
+        self.path.as_deref()
     }
 
-    pub(crate) fn decompressed_output(&self) -> &Path {
-        &self.decompressed_output
+    pub(crate) fn prepared_output(&self) -> &Path {
+        &self.prepared_output
     }
 
     pub(crate) fn work_dir(&self) -> &Path {