Current commercially available feedstocks for powder bed fusion (PBF) additive manufacturing (AM) processes typically have lower strength, hardness, and ductility than the high-strength steel alloys typically used in Army ground vehicle and munitions applications. In order to take full advantage of AM to improve performance, reduce weight, and decrease cost while addressing Army modernization priorities, it is critical to develop new feedstocks which meet high material demands in extreme loading conditions. In this presentation, fragment simulating projectiles (FSP) were produced using PBF of ultra high strength, high toughness, low alloy martensitic steel. This material, originally developed by the Air Force for castings and wrought applications, has recently been produced in powder form, optimized laser PBF parameters developed, and demonstrated to have remarkable toughness in the as-printed conditions. The penetration performance of these FSP against traditional metallic and polymeric targets are evaluated and compared to that of wrought.