Spectrum‐splitting photovoltaics incorporate optical elements to separate sunlight into frequency bands, which can be targeted at solar cells with bandgaps optimized for each sub‐band. Here, we present the design of a holographic diffraction grating‐based spectrum‐splitting photovoltaic module integrating eight III‐V compound semiconductor cells as four dual‐junction tandems. Four stacks of simple sinusoidal volume phase holographic diffraction gratings each simultaneously split and concentrate sunlight onto cells with bandgaps spanning the solar spectrum. The high‐efficiency cells get an additional performance boost from concentration incorporated using a single or a compound trough concentrator, providing up to 380X total concentration. Cell bandgap optimization incorporated an experimentally derived bandgap‐dependent external radiative efficiency function. Simulations show 33.2% module conversion efficiency is achievable. One grating stack is experimentally fabricated and characterized.