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Physical interaction platforms (PIPs) such as living labs, innovation hubs and fab labs can play a key role for complex innovation tasks in the context of grand challenges. Although research focuses predominantly on aspects like collaboration within and organization of these spaces, little research has shed light on the development process of the PIP itself. This paper aims to contribute to innovation literature by identifying essential dimensions for the design and sustainable operation of PIPs. We use and transfer conceptual knowledge and empirical evidence in an iterative taxonomy development process. Five iterations were performed: (1) initial screening of PIPs, (2) an expert workshop, systematic literature reviews on (3) platform classifications and (4) on platform‐mediated value creation, and (5) a taxonomy evaluation by practitioners. The resulting PIP taxonomy consists of 18 design dimensions summarized in five groups: physical architecture, platform actors, key‐value propositions, value creation and revenue logic. It contributes with (1) a tangible framework for PIP concept development building on established design dimensions from platform‐, business model‐ and value creation literature. (2) It emphasizes criteria that require thorough reflection in the design phase (e.g., IP rights), enabling practitioners to identify and overcome critical issues early.