We present the η3‐coordination of the 2‐phosphaethynthiolate anion in the complex (PN)2La(SCP) (2) [PN=N‐(2‐(diisopropylphosphanyl)‐4‐methylphenyl)‐2,4,6‐trimethylanilide)]. Structural comparison with dinuclear thiocyanate‐bridged (PN)2La(μ‐1,3‐SCN)2La(PN)2 (3) and azide‐bridged (PN)2La(μ‐1,3‐N3)2La(PN)2 (4) complexes indicates that the [SCP]− coordination mode is mainly governed by electronic, rather than steric factors. Quantum mechanical investigations reveal large contributions of the antibonding π*‐orbital of the [SCP]− ligand to the LUMO of complex 2, rendering it the ideal precursor for the first functionalization of the [SCP]− anion. Complex 2 was therefore reacted with CAACs which induced a selective rearrangement of the [SCP]− ligand to form the first CAAC stabilized group 15–group 16 fulminate‐type complexes (PN)2La{SPC(RCAAC)} (5 a,b, R=Ad, Me). A detailed reaction mechanism for the SCP‐to‐SPC isomerization is proposed based on DFT calculations.