The Pentagon has disclosed that the United States spent approximately $25bn on its military campaign against Iran since late February, but three sources familiar with the matter have told CNN that this figure is a conservative estimate that excludes the cost of repairing extensive damage to American bases across the Middle East. Testifying before the House Armed Services Committee on Wednesday, senior Pentagon finance official Jules Hurst presented the $25bn as the total outlay so far. Yet the sources, speaking on condition of anonymity, put the true cost closer to $40bn-$50bn once the rebuilding of damaged installations and the replacement of destroyed equipment are factored in.

During the first 48 hours of the conflict, Iranian strikes inflicted severe damage on at least nine US military facilities in Bahrain, Kuwait, Iraq, the United Arab Emirates and Qatar, according to earlier CNN reporting. Vital radar systems, including a THAAD battery’s radar, were among the assets lost. Viewed from Washington, the omission of reconstruction costs from the official number suggests a political calculation to downplay the financial toll of a conflict that has already stretched the defence budget.

Analysts in London note that the discrepancy raises questions about the Pentagon’s transparency and the sustainability of a prolonged engagement in the region. For Tehran, the revelation bolsters its narrative that the military campaign is far costlier than acknowledged, potentially influencing domestic perceptions of the war’s progress. Meanwhile, the Kremlin has invited the US president to attend the 9 May Victory Day parade in Moscow, a gesture that, however symbolic, hints at residual diplomatic channels even as hostilities continue.

As reconstruction bills mount and the Pentagon faces pressure to account for the full expense, the true financial burden of the Iran campaign may reshape US strategic calculations in the Gulf for years to come.