Rapid magnetic reconnection was experimentally observed to occur within a microsecond timescale, leading to the field-reversed configuration (FRC) comprising a single closed magnetic field structure. The compressibility of the plasma within the FRC played a crucial role in accelerating the coalescence process, making it considerably faster than the resistive process. A strong similarity between the observed experimental results and those of the coalescence of solar flare loops indicates that astrophysical phenomena and laboratory plasmas are governed by a common physics.