diff --git a/ironic/drivers/modules/boot.ipxe b/ironic/drivers/modules/boot.ipxe
index c2d7f83ea8..aa8ee9e511 100644
--- a/ironic/drivers/modules/boot.ipxe
+++ b/ironic/drivers/modules/boot.ipxe
@@ -5,7 +5,7 @@
 # https://bugs.launchpad.net/ironic/+bug/1504482
 set netid:int32 -1
 :loop
-inc netid
+inc netid || chain pxelinux.cfg/${mac:hexhyp} || goto old_rom
 isset ${net${netid}/mac} || goto loop_done
 echo Attempting to boot from MAC ${net${netid}/mac:hexhyp}
 chain pxelinux.cfg/${net${netid}/mac:hexhyp} || goto loop
@@ -15,3 +15,10 @@ echo PXE boot failed! No configuration found for any of the present NICs.
 echo Press any key to reboot...
 prompt --timeout 180
 reboot
+
+:old_rom
+echo PXE boot failed! No configuration found for NIC ${mac:hexhyp}.
+echo Please update your iPXE ROM and retry.
+echo Press any key to reboot...
+prompt --timeout 180
+reboot
diff --git a/releasenotes/notes/boot-ipxe-inc-workaround-548e10d1d6616752.yaml b/releasenotes/notes/boot-ipxe-inc-workaround-548e10d1d6616752.yaml
new file mode 100644
index 0000000000..dba277a465
--- /dev/null
+++ b/releasenotes/notes/boot-ipxe-inc-workaround-548e10d1d6616752.yaml
@@ -0,0 +1,5 @@
+---
+fixes:
+  - Make boot.ipxe fallback to its previous behavior on *really* old iPXE
+    ROMs where 'inc' command is not available at all, see
+    https://launchpad.net/bugs/1507738.