The stability vs. reactivity of electrophilic 3‐(triphenylphosphonio)‐cyclopropenium salts towards a neutral nucleophile, such as triphenylphosphane, is reported. Depending on the nature of cyclopropenyl substituents (R), the three‐membered cyclic structure is preserved (R = Ph) or evolves by ring opening to the isomeric linear allene (R = Mes). The respective formation of 1,3‐bis(triphenylphosphonio)‐2,3‐diphenylcyclopropene and 3,3‐bis(triphenylphosphonio)‐1,1‐dimesitylallene products is rationalized on the basis of steric and electrostatic constraints.