A penetrator having a plurality of stacked penetrator segments is disclosed. Each penetrator segment has a nose portion and a rear portion. The rear portion of each penetrator segment has a rearwardly opening cavity therein and a plurality of fins pivotally mounted thereon. The penetrator segments are stacked such that the cavity of the forwardmost penetrator segment contains the nose portion of the following penetrator segment, and the following penetrator segments are similarly positioned such that the nose portion of each following penetrator segment is positioned in the cavity of the immediately preceding penetrator segment. The fins of each penetrator segment are restrained in a stowed position when the cavity of the respective penetrator segment contains the nose portion of a following penetrator segment. Upon initiation of deployment of the penetrator, aerodynamic drag against the tail portion of the rearmost penetrator segment causes the rearmost penetrator segment to separate from the stack of penetrator segments by withdrawing from the cavity of the preceding penetrator segment, which thereby allows the fins of the preceding penetrator segment to deploy, which in turn causes that penetrator segment to separate from the remaining stack of penetrator segments. Each penetrator segment aerodynamically separates from the stack of penetrator segments in a like manner, until all of the penetrator segments have separated. The penetrator is then in a fully deployed configuration such that each penetrator segment can separately impact a target.