2,4,6‐Tri‐tert‐butyl‐1,3,5‐triphosphabenzene 4 reacts with phosphaalkynes P≡C–R [R = tBu (5a), tPen (5b)] at room temperature in a formal [4 + 2] cycloaddition to yield the corresponding 1,3,5,7‐tetraphosphabarrelene derivatives 8a and 8b, respectively. The analogous reaction of 4 with the aminophosphaethyne P≡C–N(iPr)2 (9) unexpectedly leads to the 1,3,4,7‐tetraphosphasemibullvalene derivative 10 as the only product. The single‐crystal X‐ray analysis of 10 exhibits a diphosphirane unit with a very long PP distance of 2.274(1) Å together with a large extension of the PCP angle in the three‐membered ring to 75.3(1)°.