The reactions of the cyclic alkyl amino carbene (CAAC) 1 with phosphaalkynes generate the kinetically unstable CAAC‐derived phosphirenes 4 and 5, which undergo rearrangement/dimerization reactions to give the vinyl‐substituted diphosphenes 2, 3, and 6. The P=P double bond scission of 2 or 3 is unprecedentedly effected by S8, [AuCl(tht)], or MeOTf at room temperature, which affords a dithiophosphorane 7, a phosphepine Au complex 8, or phosphepinium cations 9 and 10, respectively. The cationic species feature little homoaromaticity while representing the first examples of the phosphorus‐containing analogue of the tropylium ion.