Ultrahigh magnetic fields up to 300 T (3 MG) have been generated by electromagnetic flux compression using only 63 kJ from a fast capacitor bank to implode aluminium liners, with 14.7 kJ from a slow capacitor bank needed to provide an initial magnetic field. With no initial field present, pulses of magnetic flux density having a time rate-of-change exceeding 3 × 108 T s−1 have been produced and measured, opening the way for a range of dynamic transformer applications. The outcome of the work suggests that, when using fast multi-MA banks, flux compression can be viewed as an alternative to the single-turn coil technique that will move the boundary of the magnetic fields well beyond 300 T without the need for significant additional investments.