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Mega Contracts Monitor ($100M+) — April 30, 2026

Mega Contracts Monitor ($100M+)

5 total filings analysed

Executive Summary

These five civilian mega contracts totaling $1,106,691,471 in obligations (0/5 defense-related) highlight steady federal spending across Department of State construction, DHS UAS support, NSF IT services, and HHS health R&D/preparedness, with no defense exposure. Dominant agency themes include HHS with $251,069,100 across two awards and high-materiality bullish signals on Caddell Construction's $328.5M embassy project and Booz Allen Hamilton's $254.5M NSF IT delivery order, both fully competed with strong outlay progress on the latter. Highest-conviction signals favor established players like Caddell and Booz Allen for multi-year revenue visibility through 2025-2028. Key risk is high pricing/execution risk on firm-fixed price contracts like Caddell's $328.5M and Inmar RX's $100.3M, amplified by $0 outlays to date on Caddell.

Tracking the trend? Catch up on the prior Mega Contracts Monitor ($100M+) digest from April 28, 2026.

Investment Signals(3)

  • Caddell Construction Secures $328.5M State Department Embassy Build(HIGH)

    Caddell Construction Co. (DE), LLC won a $328,507,039 firm-fixed price contract via full and open competition for a new U.S. embassy in Praia, Cape Verde, with full obligation and ~$80M annual revenue over 4.1 years to 2028-11-08.

  • Booz Allen Hamilton Lands $254.5M NSF IT Services Delivery Order(HIGH)

    Booz Allen Hamilton Inc received a $254,534,977 obligation (base + options $256.99M) under full and open competition, with $179.6M already outlayed for IT services through January 2025, signaling ~$46M annual revenue.

  • General Atomics' $272.6M DHS UAS Contract Nears End with Low Outlays(MEDIUM)

    General Atomics Aeronautical Systems, Inc holds a $272,580,354 cost-plus obligation for CBP UAS services ending 2023-04-18, but only $34.3M outlayed against $275.85M ceiling, indicating stable but maturing revenue.

Risk Flags(3)

  • Execution[HIGH RISK]

    High pricing risk on Caddell Construction's $328.5M firm-fixed price State contract with $0 outlayed to date, spanning to 2028-11-08.

  • Execution[MEDIUM RISK]

    High pricing risk on Inmar RX Solutions' $100.3M firm-fixed price HHS medical waste contract, with only $24.7M outlayed against potential $221M ceiling to 2026-09-24.

  • Budget[MEDIUM RISK]

    General Atomics' $272.6M DHS contract ended 2023-04-18 with low $34.3M outlays vs. $272.6M obligation, risking non-exercise of remaining options.

Opportunities(3)

  • Booz Allen Hamilton's NSF IT order has $2.45M unexercised options atop $254.5M obligation through 2025-01-15.

  • HHS BARDA's $150.8M to Boston University has options to $285.8M total for antibacterial R&D through potential 2032-05-31.

  • Inmar RX Solutions' HHS waste disposal has options to $221M from current $100.3M obligation through potential 2027-09-24.

Sector Themes(3)

  • Department of State's $328.5M award to Caddell for Cape Verde embassy underscores sustained investment in overseas infrastructure.

  • HHS allocated $251M across Boston University's $150.8M BARDA R&D (107 subawards, $75.5M outlayed) and Inmar RX's $100.3M medical waste services.

  • NSF's $254.5M IT win for Booz Allen ($179.6M outlayed) and DHS's maturing $272.6M UAS support for General Atomics highlight reliable multi-year service contracts.

Watch List(4)

  • 👁

    {"entity"=>"Caddell Construction Co. (DE), LLC", "reason"=>"$328.5M State contract with $0 outlays and high pricing risk to 2028-11-08", "trigger"=>"outlay progress initiation"}

  • 👁

    {"entity"=>"Booz Allen Hamilton Inc (BAH)", "reason"=>"$254.5M NSF IT with $179.6M outlayed and $2.45M options to 2025-01-15", "trigger"=>"option exercise status"}

  • 👁

    {"entity"=>"General Atomics Aeronautical Systems, Inc", "reason"=>"$272.6M DHS UAS ended 2023-04-18 with low $34.3M outlays vs. obligation", "trigger"=>"post-end modifications or follow-on awards"}

  • 👁

    {"entity"=>"INMAR RX SOLUTIONS INC", "reason"=>"$100.3M HHS with options to $221M and $24.7M outlayed to 2026-09-24", "trigger"=>"option exercises"}

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