What is it to know the meaning of a word? The traditional view is that it involves the possession of a concept that determines the extension of a word, with the concept corresponding to a single psychological state. Millikan criticizes this view, denying not only that concepts determine extensions but also that sharing a concept means sharing a psychological state. The purpose of this article is to defend a modified version of the traditional view. I argue that Millikan's claims do not translate directly into a thesis about word meaning. Her arguments relate to an extra‐linguistic approach to extension, which we can distinguish from a linguistically oriented notion of extension.