Photon upconversion (UC) from near‐infrared (NIR) to visible has been realized using singlet‐to‐triplet absorption of sensitizers, which are currently limited to osmium complexes and semiconductor nanocrystals. Motivated by the atomically precise tunability of electronic structure and photophysical properties of noble metal clusters, which often possess absorption bands that extend into the NIR region, we investigated MAg24(SR)18 (M=Ag, Pt; SR=2,4‐dimethylbenzenethiolate) clusters as a new NIR‐absorbing sensitizer for triplet–triplet annihilation UC. Combined with a blue light emitter, the NIR excitation (λex=785 nm) of Ag25(SR)18 results in no UC emission, while PtAg24(SR)18 exhibits strong UC emission. This enhancement is primarily due to a significant increase in the intersystem crossing quantum yield of the cluster associated with the spin–orbit coupling enhancement in the M@Ag12 core.