Plasma confined by a magnetic dipole is stabilized, at low beta, by magneti
c compressibility. The ideal magnetohydrodynamic (MHD) requirements for sta
bility against interchange and high-n ballooning modes are derived at arbit
rary beta for a fusion grade laboratory plasma confined by a levitated dipo
le. A high beta MHD equilibrium is found numerically with a pressure profil
e near marginal stability for interchange modes, a peak local beta of beta
similar to 10, and volume averaged beta of <(beta)over bar>similar to 0.5.
This equilibrium is demonstrated to be ballooning stable on all field lines
. (C) 1999 American Institute of Physics. [S1070-664X(99)01809-1].