The current U.S. nuclear-armed cruise missile, the AGM-86B, is quickly approaching the end of its extended service life, which has led to increased debate about the need for and price of its proposed replacement, the Long-Range Standoff (LRSO) weapon. This article contributes to the debate by assessing the claims of U.S. officials for the need of a replacement nuclear-armed, air-launched cruise missile, what the prospective characteristics of LRSO may be, and the LRSO’s potential value in the future security environment. The article concludes that, given the LRSO’s prospective range, stealth, and other characteristics, its main value for the U.S. defense strategy will be in the areas of maintaining the deterrent effect of the bomber leg of the nuclear triad, imposing additional costs on adversaries’ defenses, and contributing to assurance—all at a reasonable cost.