A supercritical CO2 (S-CO2)-cooled Brayton cycle is under development for distributed power applications for remote regions. In order to successfully develop it, issues of controlling shaft levitation with bearings have to be solved. From several studies, magnetic bearings have been suggested for reliable levitation performance with reduced cost and complexity. However, several studies on magnetic bearing show that instability issues under high-pressure fluid and high-speed operating conditions may exist. The purpose of this research is to provide background for understanding the instability of magnetic bearings under S-CO2 conditions and propose functional requirements of the magnetic bearing. Thus, the rotating shaft with magnetic bearings operating under high pressure fluid was first analyzed. To test the theory, a magnetic bearing test rig was constructed. By comparing experimental data to the analysis results, the analysis results were verified. Therefore, the analysis results can be used for predicting instability in the future and can contribute to the development of better magnetic bearing controllers.