We have found a long‐lived emission at low temperatures in AlAs/GaAs superlattices with approximately equal thicknesses of AlAs and GaAs and with periods in the range 18–60 A˚. The emission shows the nonexponential time decay characteristic of an indirect exciton made allowed by disorder. The exciton is found to be at the zone boundary, and to consist of a &Ggr; hole localized in the GaAs and an AlAsX‐point electron. The disorder is at the AlAs‐GaAs interfaces. There is no ‘‘camel’s back’’ in the exciton dispersion.