New Federal Contractors — January 15, 2026

7 NASA contracts worth $1.65B obligated (up to $2.3B with options) to L3Harris/Aerojet, KBR, Leidos, Caltech, U Iowa, U Cal, favoring engineering/services firms through 2050.

$220M obligated across State ($130M, to $547M options) and Treasury ($89M, to $728M options), with future starts in 2025 signaling cloud/cyber revenue ramp.

$568M combined via L3Harris ($341M GEOXO Imager to 2050) and Aerojet sub ($227M propulsion to 2027), with $372M outlayed.

$297M to AT&T/Tyto ($155M EIS transition/voice, to $971M options), KBR ($61M security), GD ($128M WCOSS), Walsh ($78M tower).

Average outlay ~35% of obligations ($1.6B outlayed vs $4.47B total), with 8 contracts at $0 outlay signaling delayed revenue recognition.

Low outlays vs obligations (e.g., Novitas $5.5M/877M; ARA $0/413M) indicate ramp-up delays or funding cliffs, especially in cost-plus awards.

Firm fixed price in 12 contracts ($1.1B total) exposes to cost overruns amid inflation/labor pressures (e.g., Sprezzatura $191M, GD $128M).

Heavy subawards average 25% of value (e.g., ARA $231M/204 subs; L3Harris $144M/138 subs) risk subcontractor delays/dependencies.

Award fee structures in 8 cost-plus deals ($2.3B) tie ~20-30% payments to performance evals, vulnerable to agency cuts.

>$1.8B unexercised options (e.g., SAIC Treasury to $728M, AT&T FAA to $471M, ARA to $786M) for 40%+ portfolio upside.

Extensions to 2027-2050 in 15 contracts (e.g., L3Harris GEOXO to 2050, Sprezzatura to 2029) extend $2B+ revenue visibility.

NASA R&D focus (7 awards, $1.65B) on heliophysics/imagers/propulsion positions space primes for Artemis/GEO follow-ons.

7 contracts ($1.65B obligated, $2.3B potential) in R&D/engineering/missions to 2050 underscore sustained federal space investment.

10 IT contracts ($900M+) across VA/State/Treasury/FAA/SEC prioritize cyber/cloud/O&M with high options ceilings.

5 awards ($350M) in VA/FAA/GSA/DOT for facilities/towers/hospitals signal infra continuity to 2028.

{"entity"=>"L3Harris Technologies", "reason"=>"$568M NASA wins (GEO Imager to 2050, propulsion to 2027) with $465M options; 30% outlayed.", "trigger"=>"Q1 2026 option exercises or backlog updates"}

{"entity"=>"Science Applications International Corp (SAIC)", "reason"=>"$220M dual IT awards with $1.05B options ceiling; $0-2.6M outlayed signaling 2025 ramp.", "trigger"=>"State/Treasury FY2026 funding/outlays"}

{"entity"=>"Novitas Solutions, Inc.", "reason"=>"Massive $877M CMS obligation (to $1.05B options) but only $5.5M outlayed post-2019 end date.", "trigger"=>"Extension confirmation to 2025 or outlay acceleration"}

{"entity"=>"AT&T Enterprises / Tyto Athene", "reason"=>"$155M FAA/DHS telecom ($971M options) partially outlayed; firm fixed risks but long to 2032.", "trigger"=>"Option exercises amid EIS transition"}