The ShakeAlert earthquake early warning (EEW) system partners along with U.S. Geological Survey (USGS) licensed operators deliver EEW alerts to the public and trigger automated systems when a significant earthquake is expected to impact California, Oregon, or Washington. ShakeAlert’s primary goal is to provide usable warning times before the arrival of damaging shaking. EEW is most likely to achieve this goal in large‐magnitude earthquakes. In recent years, ShakeAlert has gone through a series of upgrades to its underlying scientific algorithms aimed at improved performance during large earthquakes. Version 3 of this software recently went live in the production system and includes improvements to all algorithms. The main seismic algorithms that detect an earthquake and characterize its location, magnitude, and fault rupture orientation are faster than older versions. Other key changes include: using real‐time geodetic data to characterize the magnitude growth in large earthquakes; the introduction of an alert pause procedure to compromise between speed near the epicenter and improved accuracy at larger distances; and the inclusion of a nonergodic site‐response model in the ground‐motion predictions. ShakeAlert has achieved its primary goal of usable warning times before strong shaking at some locations in real‐time operations in recent M 6 earthquakes. Using offline tests, we demonstrate usable warning times are possible for many sites with peak shaking values of modified Mercalli intensity (MMI) 7–8 in M 7+ earthquakes and also for many MMI 8–9 sites in M 8+ earthquakes. ShakeAlert partners use a variety of MMI and magnitude thresholds in deciding when to alert their users within bounds set by the USGS. Our study shows that there is room to raise the magnitude thresholds up to about M 5.5 without adversely affecting performance in large earthquakes. The ground‐motion criteria are more complex owing to a significant drop‐off in warning times between the MMI 4 and 5 levels of predicted shaking. However, widely used ShakeAlert products, such as the MMI 3 and 4 contour products, can provide sufficiently long warning times before strong shaking in moderate‐to‐great earthquakes to enable a range of protective actions.