Significant Contract Modifications ($10M+) — February 12, 2026

AMI Metals secures massive DHS obligation for Southwest border barriers, dwarfing others and indicating policy-driven steel demand ramp post-2026 award.

Lockheed Martin ($191M IRIS), SAIC ($97M SAS2), MIT ($109M TESS) gain long-term R&D funding, with 50-90% outlayed signaling execution momentum.

Knight Point ($156M USCG C5I), Chenega ($140M enterprise security), Booz Allen ($98M naval IT) show multi-year commitments, 30-70% outlayed.

LS Technologies ($94M), Raytheon ($79M STARS), Concept Solutions ($65M C3) provide aviation IT/modernization revenue, 70-90% funded.

$0 outlayed in 5 contracts >$250M total (AMI Metals $1.45B, ECS Federal $177M, Relyant $71M, V3Gate $53M, Analytic Services $44M) flags funding delays.

High subawards average 50%+ of obligation in 15 IT deals (e.g., ManTech 73%, SAIC 65%, OCTO 88%), risking prime margin erosion and delays.

Firm fixed price in 7 contracts >$500M (e.g., Knight Point $156M, Chenega $140M) exposes to cost overruns amid inflation/labor pressures to 2027+.

$1B+ in unexercised options across 18 contracts (e.g., ECS $229M upside, SAIC $73M, Parsons $111M) to 2029 potential ends.

DHS/ICE medical/IT and border infra surge ($1.7B total) positions minority/SDVOB firms (Arora, Relyant) for set-aside expansions.

Job Corps/vocational training stability ($182M DOL awards to Adams, Education & Training, MTC) with 80-90% outlayed offers defensive revenue.

17/26 contracts ($1.8B+) for IT/engineering (NAICS 5415xx dominant), focused on C5I, agile dev, software assurance across DHS/FAA/ICE.

NASA/FAA commitments to 2027 ($1B+) emphasize mission-critical assurance/services, with cost-plus structures buffering primes.

$1.6B DHS (barriers, USCG, FLETC, ICE medical) signals priority spend, concentrated in VA/MD firms.

{"entity"=>"AMI Metals", "reason"=>"$1.45B (36% of period total) border steel obligation with future award date", "trigger"=>"outlay initiation or performance start confirmation"}

{"entity"=>"Lockheed Martin (LMT)", "reason"=>"$191M IRIS extension to 2027 amid NASA Explorers portfolio", "trigger"=>"option exercise to $199M or follow-on NASA wins"}

{"entity"=>"SAIC", "reason"=>"$97M NASA SAS2 with $73M options and 89% outlayed momentum", "trigger"=>"full $170M ceiling hit or new IV&V awards"}

{"entity"=>"DHS IT Subawards Ecosystem", "reason"=>"122+ subs in Knight Point/Chenega/OCTO totaling $150M+ flags tier-2 plays", "trigger"=>"prime margin compression or sub promotions to prime"}