The fracture behavior of glassy polymers is strongly coupled to molecular parameters such as entanglement density as well as extrinsic parameters such as strain rate and test temperature. Here we use laser-induced projectile impact testing (LIPIT) to study the extreme strain rate (≈107 s-1) puncture behavior of free-standing polycarbonate (PC) thin films. We demonstrate that changes to the PC molecular mass and the degree of plasticization can lead to substantial changes in the specific puncture energy. We relate these changes to the alteration of the entanglement density of the polymer that determines the underlying failure mechanism as well as the size of the deformation zone.