The Middle Eocene Climatic Optimum (MECO) was a gradual warming event and carbon cycle perturbation that occurred between 40.5 and 40.1 Ma. A number of characteristics, including greater‐than‐expected deep‐sea carbonate dissolution, a lack of globally coherent negative δ13C excursion in marine carbonates, a duration longer than the characteristic timescale of carbon cycle recovery, and the absence of a clear trigger mechanism, challenge our current understanding of the Earth system and its regulatory feedbacks. This makes the MECO one of the most enigmatic events in the Cenozoic, dubbed a middle Eocene “carbon cycle conundrum.” Here we use boron isotopes in planktic foraminifera to better constrain pCO2 changes over the event. Over the MECO itself, we find that pCO2 rose by only 0.55–0.75 doublings, thus requiring a much more modest carbon injection than previously indicated by the alkenone δ13C‐pCO2 proxy. In addition, this rise in pCO2 was focused around the peak of the 400 kyr warming trend. Before this, considerable global carbonate δ18O change was asynchronous with any coherent ocean pH (and hence pCO2) excursion. This finding suggests that middle Eocene climate (and perhaps a nascent cryosphere) was highly sensitive to small changes in radiative forcing. Plain Language Summary Geoscientists often look to periods of global warming in the geological past to understand how the Earth responds to input of atmospheric CO2. However, during the Middle Eocene Climatic Optimum (or MECO) 40 million years ago, the Earth did not respond in the way one would expect, given what we know from these earlier warming events. The MECO poses a number of puzzles for geoscientists relating to what caused it and why the Earth system responded in the way it did. Before we can hope to answer these questions, however, we need to know what atmospheric CO2 levels were in the middle Eocene and how much they changed over the MECO event. Here we use boron isotope ratios in fossil plankton shells to tell us how ocean pH (which predominantly reflects CO2 levels) changed over the MECO. We show that relatively little change in CO2 at this time were associated with large‐scale changes in climate. This suggests that during the Eocene, when CO2 levels were similar to those likely to be reached by the end of this century, the Earth's climate (and possibly ice sheets) was very sensitive to minor disturbances. Key Points We present a new record of pCO2 across the MECO, from boron isotopes in foraminifera from multiple ocean drilling sites Incorporating carbon cycle modeling, our data indicate pCO2 rise of about two thirds of a doubling across the event pCO2 change during the MECO onset warming was limited, indicating heightened climate sensitivity or a nonthermal component to δ18O change