In this paper we introduce the first efficient external-memory algorithm to compute the bisimilarity equivalence classes of a directed acyclic graph (DAG). DAGs are commonly used to model data in a wide variety of practical applications, ranging from XML documents and data provenance models, to web taxonomies and scientific workflows. In the study of efficient reasoning over massive graphs, the notion of node bisimilarity plays a central role. For example, grouping together bisimilar nodes in an XML data set is the first step in many sophisticated approaches to building indexing data structures for efficient XPath query evaluation. To date, however, only internal-memory bisimulation algorithms have been investigated. As the size of real-wor...