Stable, steady‐state plasma equilibrium is generated in an axisymmetric configuration. The diamagnetic current is maintained by electromagnetic fields rotating in the electron diamagnetic sense. The stable, free‐standing equilibrium exists for all values of beta up to 0.98, limited only by the available rf power. The plasma is centered on the axis well removed from the metal chamber walls, the limiters, and the rf antenna. The equilibrium pressure balance,J×B=grad p, is quantitatively verified. Radial profiles of pressure and magnetic field show that the equilibrium is that of a rigid rotor.