In situ X-ray diffraction and small angle scattering measurements during tensile tests were performed on 9–12% Cr ferritic/martensitic steels. The lattice strains in both particle and matrix phases, along two principal directions, were directly measured. The load transfer between particle and matrix was calculated based on matrix/particle elastic mismatch, matrix plasticity and interface decohesion. In addition, the void or damage evolution during the test was measured using small angle X-ray scattering. By combining stress and void evolution during deformation, the critical interfacial strength for void nucleation was determined, and compared with pre-existing void nucleation criteria. These comparisons show that models overestimate the measured critical strength, and require a larger particle size than measured to match the X-ray observations.