The neutral N‐heterocyclic carbene stabilized bora‐alkene 1, conveniently prepared by a BH borenium/hydroboration route, forms stable copper, gold or palladium π‐complexes. The polar bora‐alkene B=C system undergoes regioselective hydroboration reactions with the (C6F5)2BH or C6F5BH2 ⋅ SMe2 boranes. The latter reaction involves a subsequent rearrangement that leads to internal hydride vs. isothiocyanate substituent exchange at the borane pair.