Photochemical reactions between stabilized furyl‐substituted phosphonium–iodonium ylides and terminal acetylenes led to the formation of new P‐containing heterocyclic compounds. For the heterocyclization of 2‐furyl‐substituted ylides, we observed an unprecedented electrophilic ipso attack onto the α position of the furan ring in a carbocationic intermediate, leading – via a spiro intermediate – to the rearranged product with a 2,3‐shift in the furan ring.