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Samarium hexaboride is an anomaly, having many exotic and seemingly mutually incompatible properties. It was proposed to be a mixed‐valent semiconductor, and later a topological Kondo insulator, and yet has a Fermi surface despite being an insulator. We propose a new and unified understanding of SmB₆centered on the hitherto unrecognized dynamical bonding effect: the coexistence of two Sm−B bonding modes within SmB₆, corresponding to different oxidation states of the Sm. The mixed valency arises in SmB₆from thermal population of these distinct minima enabled by motion of B. Our model simultaneously explains the thermal valence fluctuations, appearance of magnetic Fermi surface, excess entropy at low temperatures, pressure‐induced phase transitions, and related features in Raman spectra and their unexpected dependence on temperature and boron isotope.

Samarium hexaboride is an anomaly, having many exotic and seemingly mutually incompatible properties. It was proposed to be a mixed‐valent semiconductor, and later a topological Kondo insulator, and yet has a Fermi surface despite being an insulator. We propose a new and unified understanding of SmB₆centered on the hitherto unrecognized dynamical bonding effect: the coexistence of two Sm−B bonding modes within SmB₆, corresponding to different oxidation states of the Sm. The mixed valency arises in SmB₆from thermal population of these distinct minima enabled by motion of B. Our model simultaneously explains the thermal valence fluctuations, appearance of magnetic Fermi surface, excess entropy at low temperatures, pressure‐induced phase transitions, and related features in Raman spectra and their unexpected dependence on temperature and boron isotope.