A general definition of dynamic fragmentation can encompass any impulsive process which partitions a body of material into discrete domains. Two examples are fragmentation due to brittle fracture under impact loading and fragmentation due to shear banding in shock‐compression plastic deformation. In application, prediction of fragment size or shear band spacing is frequently either the objective, or else requisite to understanding the process. An approach is presented whereby surface or interface area created in the fragmentation process is governed by an equilibrium balance of the surface or interface energy and a local inertial or kinetic energy. Fragment size can be approximately related to surface or interface area. Relations provided by the analysis compare well with experimental dynamic fracture and shock‐wave shear‐band results.