NATO's institutional structure, with its 32-member consensus requirement for major decisions and the North Atlantic Treaty's lack of a simple exit mechanism, underpins trader consensus against dissolution before 2027. Recent U.S. policy shifts under the Trump administration, including public criticism over burden-sharing, limited support in the Iran conflict, and reviews of troop deployments in Europe, have prompted discussions of a rebalanced "NATO 3.0" emphasizing greater European leadership and spending targets. Allies continue reaffirming Article 5 commitments at summits, advancing joint planning against Russia, and adapting command structures without formal rupture. U.S. congressional restrictions on unilateral withdrawal further constrain rapid change. Plausible disruptors remain limited to an unforeseen cascade of simultaneous exits or a catastrophic alliance-wide crisis, neither of which shows signs of materializing in the near term.