AbstractUsing a pyrazolate‐bridged dinucleating ligand that provides two proximate pincer‐type PNN binding sites (“two‐in‐one pincer”), different synthetic routes have been developed towards its dicobalt(I) complex 2 that features a twice deprotonated ligand backbone and two weakly activated terminal N2 substrate ligands directed into the bimetallic pocket. Protonation of 2 is shown to occur at the ligand scaffold and to trigger conversion to a tetracobalt(I) complex 4 with two end‐on μ1,2‐bridging N2; in THF 4 is labile and undergoes temperature‐dependent N2/triflate ligand exchange. These pyrazolate‐based systems combine the potential of exhibiting both metal–metal and metal–ligand cooperativity, viz. two concepts that have emerged as promising design motifs for molecular N2 fixation catalysts. Complex 2 serves as an efficient (pre)catalyst for the reductive silylation of N2 into N(SiMe3)3 (using KC8 and Me3SiCl), yielding up to 240 equiv N(SiMe3)3 per catalyst.