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What happens when Iran gets the bomb—and the missiles to deliver it?

In this episode of The Puck Venture Capital & Beyond, Jim Baer sits down with Mark Dubowitz, CEO of the Foundation for Defense of Democracies, for a clear-eyed look at one of the most consequential geopolitical risks of our time.

As tensions escalate in the Middle East—with the Strait of Hormuz under threat, oil markets on edge, and U.S. and Israeli forces actively engaged—Dubowitz lays out the real stakes: not just nuclear weapons, but a broader strategy for regional dominance and global leverage.

They break down:

Why Iran’s nuclear ambitions are about far more than deterrence
The strategic importance of the Strait of Hormuz to the global economy
How missile capability + nuclear weapons changes the balance of power
The three-phase strategy: military degradation, weakening the regime, and supporting the Iranian people
What history (from WWII to the Cold War) teaches about acting too late
Whether the U.S. and its allies are facing a once-in-a-generation decision point

This is a sober, strategic conversation about power, timing, and the cost of inaction.

If you want to understand where this is heading—not where it’s been—this episode is essential listening.