The first example of a diphosphaborolediide, the benzo‐fused [C6H4P2BPh]2− (12−), is prepared from ortho‐bis(phosphino)benzene (C6H4{PH2}) and dichlorophenylborane, via a sequential lithiation approach. The dilithio‐salt can be obtained as an oligomeric THF solvate or discrete TMEDA adduct, both of which are fully characterized, including by X‐ray diffraction. Alongside NICS calculations, data strongly suggest some aromaticity within 12−, which is further supported by preliminary coordination studies that demonstrate η5‐coordination to a zerovalent molybdenum center, as observed crystallographically for the oligomeric [{Mo(CO)3(η5‐1)}{μ‐η1‐Mo(CO)3(TMEDA)}2] ⋅ [μ‐Li(THF)][μ‐Li(TMEDA)].