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The effect of preheating of liners on the penetration capability of shaped charges is considered theoretically. It is shown that for a plastically fractured shaped‐charge jet, preheating of the liner generally increases the effective jet length and shaped‐charge jet penetration. Restrictions on the parameters of preheating of shaped‐charge liners due to the possible thermal initiation of the explosive are established. It is noted that excessive weakening of a shaped‐charge jet can lead to transition from plastic to volume fracture with a corresponding decrease in shaped‐charge jet penetration. The ultimate possibilities of the thermal method for increasing the penetration capability of shaped charges are estimated. Calculation results are compared with available experimental data.