The complex [Rh(acetone)2(C8H14)2]PF6 (2), which is prepared from [RhCl(C8H14)2]2 and AgPF6 in acetone, reacts with PiPr3 to afford the PF6 salt 3 of the cation [Rh(acetone)2(PiPr3)2]+ containing the ketone and phosphane ligands in cis dispositions. Treatment of 3 with MeC≡CPh leads to the displacement of one acetone ligand and the formation of the corresponding π‐alkyne complex 4. In contrast, from 3 and terminal alkynes such as HC≡CC6H4–4‐Me or HC≡CCPh2OH the cationic vinylidenerhodium(I) compounds 5 and 6 are obtained. The latter, with C=CHCPh2OH as the ligand, is rather labile and even at room temperature eliminates water to give the cationic four‐coordinate rhodium allenylidene 7. The molecular structure of this compound has been determined by X‐ray crystallography. In the presence of pyridine or ammonia, the acetone ligand of 5 and 7 is readily displaced and the substitution products 8–10 are formed almost quantitatively. Anions such as acetate or hydroxide also displace the ketone unit of 7 and yield the neutral allenylidenerhodium(I) complexes trans‐[RhX(=C=C=CPh2)(PiPr3)2] with × = OAc (11) and OH (12).