Treatment of the SiMe3‐protected dichloro‐rhenium carbyne complexes Re{≡CCH=C(R)C≡CSiMe3}Cl2(PMe2Ph)3 (R = CMe3, 1‐adamantyl) with CsF in methanol directly afforded the 12‐membered metallacycles {ReCl(PMe2Ph)3}2{≡CCH=C(R)C≡C−}2. The electronic structure of the metallacycle was investigated by density functional calculations. The UV‐vis spectrum of the metallacycle shows a red‐shifted band compared to that of the starting dichlorocarbyne complex. Treatment of {ReCl(PMe2Ph)3}2{≡CCH=C(CMe3)C≡C−}2 with HCl produced the dichloro‐rhenium carbyne complex Re{≡CCH=C(CMe3)C≡CH}Cl2(PMe2Ph)3, which is consistent with the electronic structure of the 12‐membered metallacycles.