Contract Option Exercises — April 23, 2026

DELL FEDERAL SYSTEMS L.P. awarded $1,590,136,261 from Department of Veterans Affairs, highest materiality at 8/10, signaling strong tech demand in civilian health services.

Booz Allen Hamilton Inc. received $244,961,186 total obligation delivery order from Department of the Interior's IBC ACQ SVCS DIRECTORATE for NAICS 541512 computer systems design, with 46% ($112.79M) outlayed under Time and Materials.

EMERGENT BIODEFENSE OPERATIONS LANSING LLC secured $211,409,788 firm fixed price from BARDA (HHS/ASPR) for smallpox antiviral R&D (NAICS 541714), with $173.88M outlayed and potential to $647.49M.

S. J. AMOROSO CONSTRUCTION CO., LLC received $69,517,876 firm fixed price from VA Office of Construction & Facilities Management for West Los Angeles Medical Center boiler plant (NAICS 236220), full open competition.

Maximus Federal Services, Inc. awarded $71,229,539 delivery order from CDC (HHS) for NAICS 561422 telemarketing services, with $46.49M outlayed and potential to $91.5M.

L3Harris Technologies, Inc. received $53,246,425 cost-plus-fixed-fee from NOAA (Commerce) for space weather ground segment C2 (NAICS 541512), $22M outlayed through 2026.

Tutor Perini subsidiary PERINI MANAGEMENT SERVICES, INC. awarded $42,272,441 firm fixed price from National Park Service (Interior) for wastewater utilities replacement (NAICS 237110).

High fixed-price risks on construction awards like S. J. AMOROSO CONSTRUCTION CO., LLC's $69.5M VA boiler plant and WHITING-TURNER CONTRACTING COMPANY's $74.5M DHS Coast Guard facility, both with $0 outlayed.

Many large obligations show partial or zero outlays, e.g., DELL FEDERAL SYSTEMS L.P. $1.59B VA (outlay unknown), JOHNSON CONTROLS GOVERNMENT SYSTEMS, LLC $75.7M DOE ESPC ($0 outlayed over 25 years).

Nonprofits and small businesses dominate (e.g., PATH $181M USAID, Association of Universities for Research in Astronomy $179M NASA), limiting public equity upside.

EMERGENT BIODEFENSE OPERATIONS LANSING LLC's $211.4M HHS BARDA with options to $647.5M for smallpox antiviral R&D through 2032.

Booz Allen Hamilton Inc. $244.96M Interior + $40.1M DOE cyber/IT, with $112.8M + $30.9M outlayed, post-2021/2026 modifications.

Emergent BioDefense non-competed $211.4M HHS for biotech R&D, signaling agency confidence.

VA awards total ~$177M across DELL FEDERAL SYSTEMS L.P. ($1.59B), S. J. AMOROSO ($69.5M boiler), R.E.D. CONSTRUCTION ($39.8M hospital), MicroHealth ($36M IT).

HHS obligations ~$458M including EMERGENT BIODEFENSE ($211M smallpox R&D), MAXIMUS ($71M CDC contact), NORIDIAN ($64.6M Medicare).

Interior/DOE ~$662M with NW CONSTRUCTION ($257M), Booz Allen ($245M), PERINI ($42M utilities), SILVER LAKE ($45.6M facility).

{"entity"=>"DELL", "reason"=>"$1.59B VA contract with unknown outlays and risk details", "trigger"=>"outlay progress notifications"}

{"entity"=>"EBS", "reason"=>"$211.4M HHS BARDA with $173.9M outlayed and $647.5M options", "trigger"=>"options exercise toward 2028-10-01 current end"}

{"entity"=>"BAH", "reason"=>"$285M across Interior $245M (46% outlayed) and DOE $40M cyber", "trigger"=>"post-2021-05-26 and 2026-09-26 modifications"}

{"entity"=>"LMT", "reason"=>"Two small DHS Coast Guard IT awards totaling $2.14M with $0 outlayed", "trigger"=>"outlays and 2025-09-30 performance end"}

{"entity"=>"construction sector", "reason"=>"Multiple fixed-price $0 outlay awards like WHITING-TURNER $74.5M DHS", "trigger"=>"outlay starts and 2026-06-30 end"}