The mechanism of the Rh‐catalysed [2+2+2] cycloaddition reaction of diynes with monoynes has been examined using ESI‐MS and ESI‐CID‐MS analysis. The catalytic system used consisted of the combination of a cationic rhodium(I) complex with bisphosphine ligands, which generates highly active complexes that can be detected by ESI(+) experiments. ESI‐MS on‐line monitoring has allowed the detection for the