Density functional theory has been used to examine the dimetallocene‐like dicycloheptatrienyl dimetal compounds of the second‐row transition metals (C7H7)2M2 (M = Ru, Tc, Mo, Nb, Zr). The lowest energy (C7H7)2Mo2 structure is a coaxial structure with terminal η7C7H7 rings, whereas the lowest energy (C7H7)2M2 structures (M = Ru, Tc, Nb, Zr) are perpendicular structures with bridging η4,η4C7H7 rings except for the perpendicular (η4,η3C7H7)2Ru2 structure. The metal–metal bond orders in the (C7H7)2M2 structures (M = Ru, Tc, Mo, Nb), as determined by analysis of their frontier molecular orbitals, suggest preferred 16‐ rather than 18‐electron configurations for the central metal atoms. Thus, in the coaxial (η7C7H7)2M2 structures the formal bond orders are two for M = Tc and three for M = Mo. For the perpendicular structures both (η4,η3C7H7)2Ru2 and (η4,η4C7H7)2Tc2 have 16‐electron configurations with metal–metal single bonds owing to the different modes of bonding of the bridging C7H7 rings in the two structures. For the (C7H7)2Zr2 system the perpendicular structure has a formal ZrZr double bond and the coaxial structure has a very long (∼3.5 Å) ZrZr bond indicating only 12‐ to 14‐electron configurations for the zirconium atoms.