Summary: A nonlinear hybrid method is developed for multiscale analysis of a bearing‐capacity test of a real‐scale segmental tunnel ring subjected to point loads. The structural analysis consists of two parts. Part I refers to modeling of bending‐induced tensile cracking of the segments, resulting from the external loading. The segments are subdivided into elements, according to the crack spacing. Each element is either intact or contains one central crack band, flanked by lateral undamaged domains. A multiscale model for tensile softening of concrete is used to describe the progressive deterioration of the crack bands. After iterative determination of their state of damage, the effective bending and extensional stiffnesses of the corresponding elements are quantified by means of Voigt‐Reuss‐Hill estimates. The effective stiffnesses are used for linear‐elastic simulations of the segmental tunnel ring. Part II refers to the relative rotation angles at the joints, which are estimated from monitoring data, using the Bernoulli‐Euler hypothesis. Since the validity of this hypothesis is questionable for neck‐like joints, the relative rotation angles are post‐processed such that they refer to rigid body displacements of the segments. The following conclusions are drawn: The presented approach yields good estimates of crack widths. Relative rotation angles at the joints mainly result in rigid body displacements of the segments, governing the convergences. Because realistic interface models are lacking, hybrid analysis based on displacement‐monitoring data allows for performing ultimate‐load analysis of segmental tunnel rings.