We demonstrate a novel, Michelson-based, ultrafast multiplexer with a throughput approaching 100% for a polarization-multiplexed train and 50% for a linearly polarized train, which is compatible with a high-energy pulse train and shaped-pulse generation. The interpulse spacings in the resultant 2(n)-pulse train can be adjusted continuously from multinanoseconds through zero. Using this interferometer, we also demonstrate generation of a 16-pulse train of terahertz pulses.