The kinetics of spontaneous cavitation in liquid nitrogen at positive and negative pressures has been studied in a tension wave formed by a compression pulse reflected from the liquid–vapor interface on a thin platinum wire heated by a current pulse. The limiting tensile stresses (Δp = ps–p, where ps is the saturation pressure), the corresponding bubble nucleation frequencies J (1020–1022 s–1 m–3), and temperature induced nucleation frequency growth rate GT = dlnJ/dT have been experimentally determined. At T = 90 K, the limiting tensile stress was Δp = 8.3 MPa, which was 4.9 MPa lower than the value corresponding to the boundary of thermodynamic stability of the liquid phase (spinodal). The measurement results were compared to classical (homogeneous) nucleation theory (CNT) with and without neglect of the dependence of the surface tension of critical bubbles on their dimensions. In the latter case, the properties of new phase nuclei were described in terms of the Van der Waals theory of capillarity. The experimental data agree well with the CNT theory when it takes into account the “size effect.”