Herein, vertical GaN p–n diodes grown by metal organic chemical vapor deposition on hydride vapor epitaxy bulk GaN substrates are reported. The devices exhibit an ideality factor of 1.15, a turn‐on voltage of 3.2 V at 100 A cm−2, over 1 kV breakdown voltage, and specific on‐state resistance of 0.47 mΩ cm2, leading to a Baliga's figure of merit of ≈2.2 GW cm−2. The low specific on‐resistance, low turn‐on voltage, and the near‐unity ideality factor demonstrated here are attributed to the high epitaxial material quality and optimized low anode contact resistance.