diff --git a/docs/contrib/nir.rst b/docs/contrib/nir.rst
index 510c3ee0fe..acc15214bb 100644
--- a/docs/contrib/nir.rst
+++ b/docs/contrib/nir.rst
@@ -532,13 +532,14 @@ Boolean
 
 Corresponds to LLVM's ``true`` and ``false``.
 
-Zero
-````
+Zero and null
+`````````````
 .. code-block:: text
 
+    null
     zero $type
 
-Corresponds to LLVM's ``zeroinitializer``.
+Corresponds to LLVM's ``null`` and ``zeroinitializer``.
 
 Integer
 ```````
diff --git a/nir/src/main/scala/scala/scalanative/nir/Show.scala b/nir/src/main/scala/scala/scalanative/nir/Show.scala
index bf01feb4b1..6494da8bde 100644
--- a/nir/src/main/scala/scala/scalanative/nir/Show.scala
+++ b/nir/src/main/scala/scala/scalanative/nir/Show.scala
@@ -368,6 +368,8 @@ object Show {
         str("true")
       case Val.False =>
         str("false")
+      case Val.Null =>
+        str("null")
       case Val.Zero(ty) =>
         str("zero[")
         type_(ty)
diff --git a/nir/src/main/scala/scala/scalanative/nir/Vals.scala b/nir/src/main/scala/scala/scalanative/nir/Vals.scala
index 51982aef25..d679ecb5ac 100644
--- a/nir/src/main/scala/scala/scalanative/nir/Vals.scala
+++ b/nir/src/main/scala/scala/scalanative/nir/Vals.scala
@@ -7,6 +7,7 @@ import java.lang.Double.doubleToRawLongBits
 sealed abstract class Val {
   final def ty: Type = this match {
     case Val.None               => Type.None
+    case Val.Null               => Type.Ptr
     case Val.Zero(ty)           => ty
     case Val.Undef(ty)          => ty
     case Val.True | Val.False   => Type.Bool
@@ -34,6 +35,7 @@ object Val {
   final case object None                     extends Val
   final case object True                     extends Val
   final case object False                    extends Val
+  final case object Null                     extends Val
   final case class Zero(of: nir.Type)        extends Val
   final case class Undef(of: nir.Type)       extends Val
   final case class Byte(value: scala.Byte)   extends Val
@@ -63,7 +65,6 @@ object Val {
   final case class Chars(value: java.lang.String)             extends Val
   final case class Local(name: nir.Local, valty: nir.Type)    extends Val
   final case class Global(name: nir.Global, valty: nir.Type)  extends Val
-  val Null                = Zero(Type.Ptr)
   def Bool(bool: Boolean) = if (bool) True else False
 
   // high-level
diff --git a/nir/src/main/scala/scala/scalanative/nir/serialization/BinaryDeserializer.scala b/nir/src/main/scala/scala/scalanative/nir/serialization/BinaryDeserializer.scala
index 31be8bf86b..bbe0588bbb 100644
--- a/nir/src/main/scala/scala/scalanative/nir/serialization/BinaryDeserializer.scala
+++ b/nir/src/main/scala/scala/scalanative/nir/serialization/BinaryDeserializer.scala
@@ -293,7 +293,7 @@ final class BinaryDeserializer(_buffer: => ByteBuffer) {
     case T.NoneVal   => Val.None
     case T.TrueVal   => Val.True
     case T.FalseVal  => Val.False
-    case T.ZeroVal   => Val.Zero(getType)
+    case T.ZeroVal   => getZero()
     case T.UndefVal  => Val.Undef(getType)
     case T.ByteVal   => Val.Byte(get)
     case T.ShortVal  => Val.Short(getShort)
@@ -311,4 +311,11 @@ final class BinaryDeserializer(_buffer: => ByteBuffer) {
     case T.ConstVal  => Val.Const(getVal)
     case T.StringVal => Val.String(getString)
   }
+  private def getZero(): Val = {
+    val ty = getType
+    ty match {
+      case Type.Ptr | _: Type.RefKind => Val.Null
+      case _                          => Val.Zero(ty)
+    }
+  }
 }
diff --git a/nir/src/main/scala/scala/scalanative/nir/serialization/BinarySerializer.scala b/nir/src/main/scala/scala/scalanative/nir/serialization/BinarySerializer.scala
index fee636c327..1f3ff1c8c0 100644
--- a/nir/src/main/scala/scala/scalanative/nir/serialization/BinarySerializer.scala
+++ b/nir/src/main/scala/scala/scalanative/nir/serialization/BinarySerializer.scala
@@ -424,6 +424,7 @@ final class BinarySerializer(buffer: ByteBuffer) {
     case Val.None          => putInt(T.NoneVal)
     case Val.True          => putInt(T.TrueVal)
     case Val.False         => putInt(T.FalseVal)
+    case Val.Null          => putInt(T.ZeroVal); putType(Type.Ptr)
     case Val.Zero(ty)      => putInt(T.ZeroVal); putType(ty)
     case Val.Undef(ty)     => putInt(T.UndefVal); putType(ty)
     case Val.Byte(v)       => putInt(T.ByteVal); put(v)
diff --git a/nscplugin/src/main/scala/scala/scalanative/nscplugin/NirCodeGen.scala b/nscplugin/src/main/scala/scala/scalanative/nscplugin/NirCodeGen.scala
index 5622529705..aa32761b8c 100644
--- a/nscplugin/src/main/scala/scala/scalanative/nscplugin/NirCodeGen.scala
+++ b/nscplugin/src/main/scala/scala/scalanative/nscplugin/NirCodeGen.scala
@@ -250,9 +250,8 @@ abstract class NirCodeGen
       for (f <- sym.info.decls if f.isField) {
         val ty   = genType(f.tpe, box = false)
         val name = genFieldName(f)
-        val rhs  = if (sym.isExternModule) Val.None else Val.Zero(ty)
 
-        curClassDefns += Defn.Var(attrs, name, ty, rhs)
+        curClassDefns += Defn.Var(attrs, name, ty, Val.None)
       }
     }
 
@@ -643,7 +642,7 @@ abstract class NirCodeGen
         case UnitTag =>
           Val.Unit
         case NullTag =>
-          Val.Zero(Rt.Object)
+          Val.Null
         case BooleanTag =>
           if (value.booleanValue) Val.True else Val.False
         case ByteTag =>
@@ -1323,11 +1322,11 @@ abstract class NirCodeGen
         val comp  = if (negated) Comp.Ine else Comp.Ieq
         right withOp Op.Comp(comp, Rt.Object, left.value, right.value)
       } else {
-        val isnull = left withOp Op.Comp(Comp.Ieq, Rt.Object, left.value, Val.Zero(Rt.Object))
+        val isnull = left withOp Op.Comp(Comp.Ieq, Rt.Object, left.value, Val.Null)
         val cond = ValTree(isnull.value)
         val thenp = ContTree { focus =>
           val right = genExpr(rightp, focus)
-          right withOp Op.Comp(Comp.Ieq, Rt.Object, right.value, Val.Zero(Rt.Object))
+          right withOp Op.Comp(Comp.Ieq, Rt.Object, right.value, Val.Null)
         }
         val elsep = ContTree { focus =>
           genMethodCall(NObjectEqualsMethod, statically = false,
diff --git a/tools/src/main/scala/scala/scalanative/codegen/CodeGen.scala b/tools/src/main/scala/scala/scalanative/codegen/CodeGen.scala
index 235fea4e5c..35c66f7c4f 100644
--- a/tools/src/main/scala/scala/scalanative/codegen/CodeGen.scala
+++ b/tools/src/main/scala/scala/scalanative/codegen/CodeGen.scala
@@ -353,6 +353,7 @@ object CodeGen {
     def genJustVal(v: Val): Unit = v match {
       case Val.True      => str("true")
       case Val.False     => str("false")
+      case Val.Null      => str("null")
       case Val.Zero(ty)  => str("zeroinitializer")
       case Val.Undef(ty) => str("undef")
       case Val.Byte(v)   => str(v)
diff --git a/tools/src/main/scala/scala/scalanative/nir/parser/Val.scala b/tools/src/main/scala/scala/scalanative/nir/parser/Val.scala
index 3894e49d68..ade11de334 100644
--- a/tools/src/main/scala/scala/scalanative/nir/parser/Val.scala
+++ b/tools/src/main/scala/scala/scalanative/nir/parser/Val.scala
@@ -12,6 +12,7 @@ object Val extends Base[nir.Val] {
   val None   = P("none".! map (_ => nir.Val.None))
   val True   = P("true".! map (_ => nir.Val.True))
   val False  = P("false".! map (_ => nir.Val.False))
+  val Null   = P("null".! map (_ => nir.Val.Null))
   val Zero   = P("zero[" ~ Type.parser ~ "]" map (nir.Val.Zero(_)))
   val Undef  = P("undef[" ~ Type.parser ~ "]" map (nir.Val.Undef(_)))
   val Byte   = P("byte" ~ Base.Byte map (nir.Val.Byte(_)))
@@ -48,6 +49,6 @@ object Val extends Base[nir.Val] {
   val String = P(stringLit map (nir.Val.String(_)))
 
   override val parser: P[nir.Val] =
-    None | True | False | Zero | Undef | Long | Int | Short | Byte | Double | Float | NoneStruct | Struct | Array | Chars | Local | Global | Unit | Const | String
+    None | True | False | Null | Zero | Undef | Long | Int | Short | Byte | Double | Float | NoneStruct | Struct | Array | Chars | Local | Global | Unit | Const | String
 
 }
diff --git a/tools/src/main/scala/scala/scalanative/optimizer/pass/IsLowering.scala b/tools/src/main/scala/scala/scalanative/optimizer/pass/IsLowering.scala
index 4ad221335d..c3e8e5d499 100644
--- a/tools/src/main/scala/scala/scalanative/optimizer/pass/IsLowering.scala
+++ b/tools/src/main/scala/scala/scalanative/optimizer/pass/IsLowering.scala
@@ -15,7 +15,7 @@ class IsLowering(implicit fresh: Fresh, top: Top) extends Pass {
     import buf._
 
     insts.foreach {
-      case Let(n, Op.Is(_, Val.Zero(_))) =>
+      case Let(n, Op.Is(_, Val.Null | Val.Zero(_))) =>
         let(n, Op.Copy(Val.False))
 
       case Let(n, Op.Is(ty, obj)) =>
@@ -24,7 +24,7 @@ class IsLowering(implicit fresh: Fresh, top: Top) extends Pass {
         val thenL, elseL, contL = fresh()
 
         // check if obj is null
-        val isnull = let(Op.Comp(Comp.Ieq, Type.Ptr, obj, Val.Zero(Type.Ptr)))
+        val isnull = let(Op.Comp(Comp.Ieq, Type.Ptr, obj, Val.Null))
         branch(isnull, Next(thenL), Next(elseL))
         // in case it's null, result is always false
         label(thenL)
diff --git a/tools/src/main/scala/scala/scalanative/optimizer/pass/ModuleLowering.scala b/tools/src/main/scala/scala/scalanative/optimizer/pass/ModuleLowering.scala
index dd4522e2f1..721d1df3a3 100644
--- a/tools/src/main/scala/scala/scalanative/optimizer/pass/ModuleLowering.scala
+++ b/tools/src/main/scala/scala/scalanative/optimizer/pass/ModuleLowering.scala
@@ -47,10 +47,9 @@ class ModuleLowering(implicit top: Top, fresh: Fresh) extends Pass {
       case Defn.Module(attrs, clsName @ ClassRef(cls), parent, ifaces) =>
         val clsDefn = Defn.Class(attrs, clsName, parent, ifaces)
         val clsTy   = Type.Class(clsName)
-        val clsNull = Val.Zero(clsTy)
 
         val valueName = clsName member "value"
-        val valueDefn = Defn.Var(Attrs.None, valueName, clsTy, clsNull)
+        val valueDefn = Defn.Var(Attrs.None, valueName, clsTy, Val.Null)
         val value     = Val.Global(valueName, Type.Ptr)
 
         val entry      = fresh()
@@ -79,7 +78,7 @@ class ModuleLowering(implicit top: Top, fresh: Fresh) extends Pass {
           Seq(
             Inst.Label(entry, Seq()),
             Inst.Let(self.name, Op.Load(clsTy, value)),
-            Inst.Let(cond.name, Op.Comp(Comp.Ine, Rt.Object, self, clsNull)),
+            Inst.Let(cond.name, Op.Comp(Comp.Ine, Rt.Object, self, Val.Null)),
             Inst.If(cond, Next(existing), Next(initialize)),
             Inst.Label(existing, Seq()),
             Inst.Ret(self),
diff --git a/tools/src/test/scala/scala/scalanative/nir/ValParserTest.scala b/tools/src/test/scala/scala/scalanative/nir/ValParserTest.scala
index 04d9f32b85..bc5f9fa1d3 100644
--- a/tools/src/test/scala/scala/scalanative/nir/ValParserTest.scala
+++ b/tools/src/test/scala/scala/scalanative/nir/ValParserTest.scala
@@ -27,6 +27,11 @@ class ValParserTest extends FlatSpec with Matchers {
     result should be(`false`)
   }
 
+  it should "parse `Val.Null`" in {
+    val Parsed.Success(result, _) = parser.Val.Null.parse(Val.Null.show)
+    result should be(Val.Null)
+  }
+
   it should "parse `Val.Zero`" in {
     val zero: Val                 = Val.Zero(noTpe)
     val Parsed.Success(result, _) = parser.Val.Zero.parse(zero.show)