A new technique denoted as multistatic adaptive pulse compression (MAPC) is introduced which exploits recent work on adaptive pulse compression (APC) in order to jointly separate and pulse compress the concurrently received return signals from K proximate multistatic radars operating (i.e., transmitting) within the same spectrum. For the return signal from a single pulse of a monostatic radar, APC estimates the particular receive filter for a given range cell in a Bayesian sense reiteratively by employing the matched filter estimates of the surrounding range cell values as a priori knowledge in order to place temporal (i.e., range) nulls at the relative ranges occupied by large targets and thereby suppress range sidelobes to the level of the noise. The MAPC approach generalizes the APC concept by jointly estimating the particular receive filter for each range cell associated with each of several concurrently-received radar return signals occupying the same spectrum. As such, MAPC is found to enable shared-spectrum multistatic operation and is shown to yield substantial performance improvement in the presence of multiple spectrum-sharing radars as compared with both standard matched filters and standard least-squares mismatched filters