Shaped charge liners driven by MA-class high pulsed power generators are a cutting-edge technology in the field of munitions, attracting significant attention. However, existing electromagnetically driven jet formation technology is limited by imperfect theoretical knowledge and insufficient experimental validation of jet formation dynamics. To address this issue, experimental research was conducted on the collapse process of shaped liners and jet formation using the compact pulsed power generator CQ-7, along with photon Doppler velocimeter (PDV) and high-speed photography. The evolution curve of the velocity on the inner wall of the liner and the average velocity of the jet head were obtained. Based on the experimental results, a comprehensive circuit model that considers dynamic inductance and resistance was introduced. This model, in combination with the Pugh-Eichelberger-Rostoker (PER) theory, accurately describes the physical process of jet formation. The results demonstrate that conical liners can form high-speed jets if their operational parameters are optimized. For a compact pulsed power generator with low impedance, the impact of load dynamic parameters on current and liner collapse behavior cannot be ignored. The experimental results have verified the theoretical model parameters well. Finally, the verified model was used to study the dynamic processes of liner collapse and jet formation as well as the impact of the loading current on jet formation, from which significant insights were obtained.