**Mojtaba Khamenei, Iran's Supreme Leader since his appointment by the Assembly of Experts in early March 2026 following his father Ali Khamenei's death in late February U.S.-Israeli strikes, has remained inside the country amid ongoing conflict.** He sustained facial and leg injuries in the initial attacks on the leadership compound but survived by leaving minutes earlier, according to Iranian officials and leaked reports. U.S. intelligence assessments through May 2026 describe him operating from undisclosed secure locations, relying on couriers and handwritten notes for decision-making while avoiding public appearances due to assassination risks. No verified departures or exile reports have emerged; instead, state media has issued attributed statements on issues like regional threats and nuclear policy, with some using voiceovers or older imagery. Earlier unconfirmed claims of medical evacuation to Moscow have not been substantiated by later developments, and recent analyses indicate he continues directing affairs from within Iran. Trader consensus reflects these security constraints and his institutional role, resulting in very low implied probabilities for near-term exit. Key variables include escalation in the conflict, internal regime pressures, or health-related needs that could alter his location within the resolution window.