Many of the fundamental optical and electronic properties of atomically thin transition metal dichalcogenides are dominated by strong Coulomb interactions between electrons and holes, forming tightly bound atom-like states called excitons. Here, we directly trace the ultrafast formation of excitons by monitoring the absolute densities of bound and unbound electron−hole pairs in single monolayers of WSe 2 on a diamond substrate following femtosecond nonresonant optical excitation. To this end, phaselocked mid-infrared probe pulses and field-sensitive electro-optic sampling are used to map out the full complex-valued optical conductivity of the nonequilibrium system and to discern the hallmark low-energy responses of bound and unbound pairs. While the spectral shape of the infrared response immediately after above-bandgap injection is dominated by free charge carriers, up to 60% of the electron−hole pairs are bound into excitons already on a subpicosecond time scale, evidencing extremely fast and efficient exciton formation. During the subsequent recombination phase, we still find a large density of free carriers in addition to excitons, indicating a nonequilibrium state of the photoexcited electron−hole system. KEYWORDS: Dichalcogenides, atomically thin 2D crystals, exciton formation, ultrafast dynamics A tomically thin transition metal dichalcogenides (TMDCs) have attracted tremendous attention due to their direct bandgaps in the visible spectral range, 1,2 strong interband optical absorption, 3,4 intriguing spin-valley physics, 5−7 and applications as optoelectronic devices. 8−11 The physics of twodimensional (2D) TMDCs are governed by strong Coulomb interactions owing to the strict quantum confinement in the out-of-plane direction and the weak dielectric screening of the environment. 12,13 Electrons and holes in these materials can form excitons with unusually large binding energies of many hundreds of millielectronvolts, 14−19 making these quasiparticles stable even at elevated temperatures and high carrier densities. 20,21 The properties of excitons in 2D TMDCs are a topic of intense research, investigating, for example, rapid exciton−exciton scattering, 22 interlayer excitons, 23 charged excitons and excitonic molecules, 24,25 ultrafast recombination dynamics, 19,26−28 or efficient coupling to light and lattice vibrations. 4,19,29,30 In many experiments, excitons are created indirectly through nonresonant optical excitation or electronic injection, which may prepare unbound charge carriers with energies far above the exciton resonance. 8,18 Subsequently, the electrons and holes are expected to relax toward their respective band minima and form excitons in the vicinity of the fundamental energy gap. In principle, strong Coulomb attraction in 2D TMDCs should foster rapid exciton formation. Recent optical pump−probe studies relying on interband transitions have reported characteristic formation times on subpicosecond time-scales. 31 The relaxation of large excess energies, however, requires many sca...