The asymptotic structure of the far‐wake behind a charged body in a rarefied plasma flow is investigated under the assumption of small ion‐to‐electron temperature ratio and of flow speed hypersonic with respect to the ions but not with respect to the electrons. It is found that waves are excited even if the flow is subacoustic (flow velocity less than the ion‐acoustic speed). For both superacoustic and subacoustic velocities a steep wave front develops separating the weakly perturbed, quasineutral plasma ahead, from the region behind where ion waves appear. Near the axis a trailing front develops; the region between this and the axis is quasineutral for superacoustic speeds. The decay laws in all of these regions, the self‐similar structure of the fronts and the general character of the waves are determined. The damping of the waves and special flow detail for bodies large and small compared with the Debye length are discussed. A nonlinear analysis of the leading wave front in superacoustic flow is carried out. A hyperacoustic equivalence principle is presented.