Missiles worth $40 million a shot rack up US war costs in Iran

The United States' military operation against Iran, dubbed Operation Epic Fury, is incurring substantial costs, largely driven by the expenditure of high-end munitions. Analysts estimate that the US may have deployed over 100 Standard Missile 3 (SM-3) interceptors, a single unit of which can cost up to $28 million. These interceptors are just one component of the critical munitions the Pentagon is drawing from to sustain its campaign against Tehran.

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That number really only accounts for the munitions spent, it does not account for damage to US facilities.

US Defense Secretary Pete Hegseth has placed the war's price tag at $37.5 billion, with politicians approving further funding. Missiles represent a significant portion of the military's war-related expenses, and the conflict shows no immediate signs of conclusion. The Defense Department's latest assessment of the Iran war costs significantly exceeds earlier estimates, with independent analysts suggesting the true figure could be even higher, especially considering the initial $11.3 billion spent in the conflict's first six days alone.

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We have worn down US munitions in ways that were never really anticipated.

Concerns are mounting over the rapid depletion of crucial missile stockpiles. Reports indicate a "high use" of sophisticated and expensive weapons, including Patriot and Terminal High Altitude Area Defence (THAAD) interceptors, which are vital for defending US assets in Gulf states targeted by Iranian drones and missiles. A recent report highlighted that stocks of these interceptors are running significantly low, raising questions about future defensive capabilities.

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The thing that probably surprises me most was just how big a chunk of the cost was in munitions, particularly the high-end, expensive munitions.