Abstract: Iran’s nuclear ambitions have been at the center of Middle Eastern politics and a global nonproliferation source of concern for almost twenty years. Much has been written on the topic, but one important question has received less attention: was it beneficial for the Islamic Republic? How have the gains and losses associated with its nuclear pursuits compared with each other? This article attempts to provide a comprehensive assessment of the costs and benefits of Iran’s nuclear program. We start with an overview of the literature on why states pursue nuclear programs. This allows us to build a list of objectives that states can hope to achieve through their nuclear ambitions. We use these as yardsticks to assess the gains Iran has reaped and the losses it has incurred. This leads to the conclusion that, although Iran has earned some benefits from its nuclear program, these have been costly; ultimately, the costs have exceeded the benefits. We conclude by reflecting on what the Iranian case tells us more broadly about the study of nuclear proliferation.