This market will resolve to "Yes" if both of the following conditions are met by December 31, 2025, 11:59 PM ET. Otherwise, this market will resolve to "No". 1. The US initiates a military action on Iranian soil, airspace, or maritime territory or against any Iranian embassies or consulates between June 18, and December 31, 2025, 11:59 PM ET. For the purposes of this market, a "military action" will be considered to be any use of force executed by the US military on Iranian soil, airspace, or maritime territory (e.g. if a weapons depot on Iranian soil is hit by an US missile) that is officially acknowledged by the US government or a consensus of credible reporting. This includes, but is not limited to, airstrikes, naval attacks, or ground invasions. Cyber attacks, sanctions, or diplomatic actions will not count towards the resolution of this market. 2. The Islamic Republic of Iran’s current ruling regime is NOT overthrown, collapsed, or otherwise ceases to govern by December 31, 2025, 11:59 PM ET. The Islamic Republic of Iran’s current ruling regime will be considered overthrown if a broad consensus of reporting indicating that core structures of the Islamic Republic (e.g. the office of the Supreme Leader, the Guardian Council, IRGC control under clerical authority) have been dissolved, incapacitated, or replaced by a fundamentally different governing system or otherwise lost de facto power over a majority of the population of Iran. This could occur via revolution, civil war, military coup, or voluntary abdication, but only qualifies if the Islamic Republic no longer exercises sovereign power. Routine political events such as elections, reforms, or leadership succession do not qualify. Internal coups or power shifts that preserve the Islamic Republic’s core structures also do not qualify. Only a clear break in continuity—such as a new provisional government, revolutionary council, or constitution replacing the Islamic Republic will qualify. Partial loss of territory or challenges from rebel or exile groups will not qualify unless the Islamic Republic no longer administers the majority of the Iranian population within Iran. The resolution source will be a consensus of credible reporting. Note: If the Iranian regime falls - as defined above - prior to a qualifying U.S. military action, this market will immediately resolve to "No".