A process for the continuous production of an aqueous polyurethane dispersion based on at least one aliphatic and/or aromatic polyisocyanate is described, which is characterised by the following steps: a) production of an aqueous pre-emulsion by mixing a polyurethane prepolymer containing hydrophilic and/or potentially hydrophilic groups with water in a mixing nozzle, wherein the polyurethane prepolymer is injected into the water; b) formation of an emulsion by homogenization of the pre-emulsion from step a) in a multi-step homogenizing nozzle. Paint films containing the aqueous polyurethane dispersion produced by the process can be used to coat substrates.