The temporal behavior of VUV spectra of capillary discharge with a rate of a current rise on the order of 1012 A/s is studied. The current is generated using an inductive storage unit with a plasma-erosion opening switch. This discharge is accompanied by the generation of a shock wave on an inner wall of a capillary and by its subsequent cumulation on the discharge axis. The capillary is prefilled with argon at a pressure of 80 Pa. Radiation spectra are obtained using an off-Rowland spectrograph based on a concave grating with optimal focusing in the wavelength range of 20 nm. The radiation is recorded with a detector based on a microchannel plate with a time resolution of 20 ns, which makes it possible to separate the spectra of two phases of the discharge, i.e., the cumulation phase of the shock wave in argon that fills the capillary (T e ∼ 20–30 eV) and the phase of subsequent discharge in a substance desorbed from the capillary wall T e ∼ 50 eV).