The reaction of the dimeric iridium complex [Ir(cod)Cl]2 (cod=1,5‐cyclooctadiene) with the N‐heterocyclic carbene‐phosphinidene adduct (IDipp)PH (1, IDipp=1,3‐bis(2,6‐diisopropylphenyl)imidazolin‐2‐ylidene) afforded the neutral bimetallic iridium(I) complex [μ‐{(IDipp)PH}{Ir(cod)Cl}2] (2), and further addition of IDipp(PH) (1) yielded the corresponding monometallic iridium(I) complex [{(IDipp)PH}Ir(cod)Cl] (3). Dechlorination of these complexes with sodium tetrakis[3,5‐bis(trifluoromethyl)phenyl]borate (NaBArF4) yielded their cationic derivatives [{μ‐(IDipp)PH}{Ir(cod)}2{μ‐Cl}][BArF4] (4) and [{(IDipp)PH}Ir(cod)(PPh3)][BArF4] (5). All complexes were structurally characterized and showed the expected square‐planar coordination geometry and significant polarization of the P−C bond of the NHC‐phosphinidene adduct upon metal coordination. The complexes 4 and 5 were tested for their applicability in catalytic H/D exchange reactions, and both complexes showed high activity for a broad range of aromatic substrates, ranging from ketones, amides, esters, nitro compounds and heterocycles.