In his first speech after the toppling of Assad, Khamenei was putting a brave face on a strategic defeat. Now 85 years old, he faces the looming challenge of succession, having been in power and the ultimate authority in Iran since 1989.
"Iran is strong and powerful – and will become even stronger," he claimed.
He insisted that the Iran-led alliance in the Middle East, which includes Hamas, Hezbollah, Yemen's Houthis and Iraqi Shia militias – the "scope of resistance" against Israel - would only strengthen too.
"The more pressure you exert, the stronger the resistance becomes. The more crimes you commit, the more determined it becomes. The more you fight against it, the more it expands," he said.
But the regional aftershocks of the Hamas massacres in Israel on 7 October 2023 – which were applauded, if not supported, by Iran – have left the regime reeling.
Israel's retaliation against its enemies has created a new landscape in the Middle East, with Iran very much on the back foot.
"All the dominoes have been falling," says James Jeffrey, a former US diplomat and deputy national security advisor, who now works at the non-partisan Wilson Center think-tank.
"The Iranian Axis of Resistance has been smashed by Israel, and now blown up by events in Syria. Iran is left with no real proxy in the region other than the Houthis in Yemen."
Iran does still back powerful militias in neighbouring Iraq. But according to Mr Jeffrey: "This is a totally unprecedented collapse of a regional hegemon."
The last public sighting of Assad was in a meeting with the Iranian Foreign Minister, on 1 December, when he vowed to "crush" the rebels advancing on the Syrian capital. The Kremlin has said he is now in Russia after fleeing the country.
Iran's ambassador to Syria, Hossein Akbari, described Assad as the "front end of the Axis of Resistance". Yet, when the end came for Bashar al-Assad, a weakened Iran – shocked by the sudden collapse of his forces – was unable and unwilling to fight for him.
In a matter of days, the only other state in the "Axis of Resistance" - its lynchpin - had gone.