The US has burned through most of its missile interceptor supply fighting Iran, leaving American bases, allies, and any future war effort badly exposed.

• Ten months of fighting used up a stock of THAAD interceptors that took nine years to build.
• Roughly 80% of the entire THAAD inventory is gone, with only a couple hundred left.
• Rebuilding is slow because the suppliers behind the missiles have shrunk — one factory makes the rocket fuel used in many US missiles.
• Two companies supply over 90% of the Pentagon's missiles, and they will not expand production without long contracts paid up front.
• Iran can now hit almost any target it wants in the Gulf, which is why the June ceasefire happened and why Iran holds the stronger bargaining position.

Outlook: Allies face waits stretching into the 2030s for promised missiles, and if a bigger war starts the US would run short of ammunition within weeks.