Stimulated emission from excited states of He2has been observed as a consequence of the collisionally stabilized recombination ofHe2+ions with electrons in the afterglow of a pulsed gigawatt electron‐beam discharge into 3 atm of helium. Peak gains of the order of 0.04 cm−1were found in components of the3s3&Sgr;u+→ 2p3&Pgr;gtransition of He2in the 6400‐Å region by directly measuring the time‐resolved gain spectra using a tunable dye laser.