The effect of the reaction kinetics on the formation of semi‐IPNs based on crosslinked polyurethane and linear poly(butyl methacrylate) of various compositions has been studied. New data are presented concerning the interconnection between the reaction kinetics, gelation and rheokinetics of IPN formation, between kinetics and crosslinking density, microphase structure and degree of microphase separation. It was shown that kinetic factors determine the conditions of microphase separation and formation of microphase structure.