Silylium ions are versatile Lewis acids in organic synthesis. While they have been well-known for the activation of σ donors, catalysis initiated by the activation of π donors remains underdeveloped, particularly for alkynes. Herein, we demonstrate an example of silylium-catalyzed alkyne heterodifunctionalization. The silylium ion generated in situ from HNTf2 and the silyl reagent serve as superior catalysts in the efficient silylphosphination and silylcyanation of electron-rich alkynes with excellent regio- and stereoselectivity. The compatibility of this protocol with strongly coordinating ligands (Ph2P and CN) not only complements the metal-catalyzed systems but also expands the scope of silylium-catalyzed reactions.