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Abstract Two‐dimensional (2D) antiferromagnetic (AFM) semiconductors are promising components of opto‐spintronic devices due to terahertz operation frequencies and minimal interactions with stray fields. However, the lack of net magnetization significantly limits the number of experimental techniques available to study the relationship between magnetic order and semiconducting properties. Here, they demonstrate conditions under which photocurrent spectroscopy can be employed to study many‐body magnetic excitons in the 2D AFM semiconductor NiI₂. The use of photocurrent spectroscopy enables the detection of optically dark magnetic excitons down to bilayer thickness, revealing a high degree of linear polarization that is coupled to the underlying helical AFM order of NiI₂. In addition to probing the coupling between magnetic order and dark excitons, this work provides strong evidence for the multiferroicity of NiI₂down to bilayer thickness, thus demonstrating the utility of photocurrent spectroscopy for revealing subtle opto‐spintronic phenomena in the atomically thin limit.