The present invention relates to a reaction mixture in emulsion form, suitable for conversion into polyurethanes, comprising a first phase and a second phase in the emulsion and further comprising the following components: A) polyols; B) blowing agent; C) surfactants; and D) isocyanates, wherein the isocyanate-reactive compounds A) are present in the first phase of the emulsion and the blowing agent B) is present in the second phase. The blowing agent B) is present in the near-critical or supercritical state and the isocyanate D) is present in the second phase in a proportion of ≧10% by weight of the total amount of isocyanate D) in the composition. The invention further relates to a method of producing polyurethane foams by providing such a reaction mixture, wherein a polymerization takes place at the freshly formed interface between the polyol phase and the blowing agent phase, to the use of such a reaction mixture for producing polyurethane foams and also to the polyurethane foams obtained.