The increasing evidence that many or even most asteroids are rubble piles underscores the need to understand how porous structures respond to impact. Experiments are reported in which craters are formed in porous, crushable, silicate materials by impacts at 2 km/s. Target porosity ranged from 34 to 96%. The experiments were performed at elevated acceleration on a centrifuge to provide similarity conditions that reproduce the physics of the formation of asteroid craters as large as several tens of kilometers in diameter. Crater and ejecta blanket formation in these highly porous materials is found to be markedly different from that observed in typical dry soils of low or moderate porosity. In highly porous materials, the compaction of the target material introduces a new cratering mechanism. The ejection velocities are substantially lower than those for impacts in less porous materials. The experiments imply that, while small craters on porous asteroids should produce ejecta blankets in the usual fashion, large craters form without ejecta blankets. In large impacts, most of the ejected material never escapes the crater. However, a significant crater bowl remains because of the volume created by permanent compaction of the target material. Over time, multiple cratering events can significantly increase the global density of an asteroid.