Mojtaba Khamenei has issued written statements and overseen appointments as Iran's supreme leader since succeeding his assassinated father in March 2026, yet he has made no verified public appearances, released no new video or audio, and skipped the July state funeral despite his three brothers attending. Iranian officials cite heightened security amid the ongoing conflict with Israel and the United States, while regime-aligned media and family interviews have circulated positive descriptions of his health, interests, and private activities to counter speculation. Traders assess the low implied probability of a confirmed sighting by year-end against his prior low profile, the regime's preference for controlled messaging, and recurring religious or national events that could prompt an appearance if conditions allow.