A fast gray wedge analyzer for operation at input pulse rates up to 107per second has been designed and built. Circuits and operation of the instrument are described. Operation of the instrument depends on two trigger circuits which are initiated by the input pulse. Pulses of fixed amplitude (100 and 30 m&mgr;sec long) from the trigger circuits operate two gates, a pulse lengthener, a sweep, and an unblanking circuit. The combination of the two gates allows pulses separated by less than 15 m&mgr;sec to be resolved, and the instrument has a fixed deadtime of approximately 100 m&mgr;sec. Fast circuit recovery and high‐duty cycle are achieved by driving trigger and pulse shaping circuits on both leading and trailing edges of pulses.