One of the main points of contention in Spain’s current debates about historical memory is the Valley of the Fallen, a giant mausoleum, monastery, and underground basilica commissioned by the Franco regime in honor of the “fallen” soldiers of the country’s civil war. A shrine to the Nationalist “heroes” constructed in part by political prisoners of the losing side, this icon of the regime’s own politics of memory could now face a number of different fates. Rather than engage this debate on its own terms, this paper takes the Valley of the Fallen as a point of departure for a reassessment of the Francoist system of rule itself. After an overview of the Valley of the Fallen’s architectural features, symbolism, and construction process, my focus turns toward a theoretical reflection on what I call “colossal commemoration” as it relates to the analytics of government and specifically to biopolitics. This analysis of the Valley of the Fallen pushes us to reframe current debates not only about historical memory but also about the broader role of the memorialization and political victimhood in the country’s current democratic government.