Reversible addition–fragmentation chain transfer polymerization (RAFT) was used to produce well‐defined telechelic poly(N‐isopropylacrylamide) (PNIPAM) with dibromomaleimide and dithiobenzoate groups at each end of the polymer chain by virtue of the functional RAFT agent 3,4‐dibromo‐1‐(4‐cyano‐4‐(phenylcarbonothioylthio)pentanoic)‐2,5‐dihydro‐1H‐pyrrole‐2,5‐dione. Cyclic PNIPAM was then obtained using an in situ intramolecular bromomaleimide–thiol substitution reaction after NaBH4 reduction of the dithiobenzoate end group to release a thiol group. In this ring‐closure process, another bromo substituent on the maleimide group survived, being a single reactive site for post‐functionalizing the cyclic PNIPAM by a second bromomaleimide–thiol substitution reaction. After being reacted with 2‐aminoethanethiol, the resultant amino‐functionalized cyclic PNIPAM was further demonstrated as a building block to construct a tadpole‐shaped block copolymer by coupling with linear succinimidyl ester end‐functionalized poly(ethylene oxide) based on active ester click chemistry. © 2015 Society of Chemical Industry