Contrary to many Western assumptions, Iran’s quest for nuclear weapons does not stem from irrational ideological postulations, but from a judicious attempt to craft a viable deterrent posture against a range of threats. It is often argued that Iran’s dangerous and unpredictable neighborhood grants it ample incentive for acquiring nuclear weapons. However, it is hard to see how persistent volatility on Iran’s frontiers can be ameliorated by the possession of such weapons. Instability in Afghanistan and Central Asia may be sources of significant concern for Iran’s defense planners, but nuclear weapons can scarcely defuse such crises. A more careful examination reveals that Iran’s nuclear program has been conditioned by a narrower but more pronounced set of threats. Historically, the need to negate the American and Iraqi threats has been the primary motivation. In more recent times, the simmering concerns regarding the stability of a nuclear-armed Pakistan have similarly enhanced the value of such weapons to Iran’s planners. In the end, for Iran this is a weapon of deterrence not one that is to be given to terrorist organizations or brandished to gain diplomatic leverage in the region.