Contract Option Exercises — May 09, 2026

Regents of the University of California exercised options on a $35.3B DOE contract (end 1978-09-30), providing unmatched revenue visibility in civilian nuclear/energy R&D though non-public entity limits direct investment exposure.

Los Alamos National Security LLC awarded $27.4B DOE option exercise (since 2005-12-21), reinforcing DOE's commitment to national security labs with high materiality in civilian science funding.

General Dynamics Information Technology's $187.5M cost-plus-fixed-fee HHS delivery order (base+options $305.8M, $108.2M outlayed) for BCRC services offers low-risk revenue visibility through 2029 for GD parent.

Parsons' $47.0M cost-plus-fixed-fee GSA delivery order (ceiling $76.9M) for C4 capabilities at Fort Meade signals competitive IT strength with low pricing risk through 2027-2028.

HII's $56.2M time-and-materials GSA order (ceiling $198.0M) for F-16 MTT TSSC starting 2025 provides upside via options through 2029 despite $0 outlayed.

S.J. Louis Construction's two firm-fixed-price Interior contracts ($79.9M + $71.5M for Navajo-Gallup water projects, nearly fully outlayed) carry high execution risk despite competitive wins.

Accenture Federal Services' $61.1M GSA DNS ($133.4M ceiling) + $48.5M Commerce USPTO ($86.8M ceiling) awards highlight IT momentum but $0 outlayed on latter signals pending execution.

Firm-fixed-price structures dominate smaller awards like MINACT's $97.9M DOL Job Corps ($95.2M outlayed) and LPC's $80.7M DOT highway repair ($20.8M outlayed), exposing primes to cost overruns through 2026-2028.

97% of $64.5B value concentrated in two DOE lab contracts to non-public Regents UC ($35.3B) and Los Alamos ($27.4B), limiting broad sector upside.

Low/no outlays on recent awards like HII's $56.2M GSA ($0 outlayed, starts 2025) and NETCENTRIC's $82.1M GSA DOD cyber ($0 outlayed) signal funding delays.

General Dynamics IT's HHS $187.5M order has $118.3M unexercised options through 2029 for CMS engineering.

Alutiiq Solutions' $81.3M State 8(a) non-competitive award (ceiling $92.6M) leverages Native advantages for program management through 2027.

Four Seasons Environmental's $51.0M CDC facilities order (ceiling $252.2M) offers 5x upside via options to 2030.

$62.7B in options to Regents UC ($35.3B) and Los Alamos ($27.4B) affirm DOE's long-term civilian R&D priorities despite non-public recipients.

Five contracts totaling $284M for Navajo-Gallup projects to S.J. Louis ($151.4M combined, nearly fully outlayed) and AMES ($61.8M, $0 outlayed) signal steady Bureau of Reclamation spending.

Multiple GSA awards like NETCENTRIC $82.1M DOD cyber, Accenture $61.1M DNS, HII $56.2M F-16 total $200M+ with low outlays signal pending ramp in civilian IT vehicles.

{"entity"=>"General Dynamics Corp (GD)", "reason"=>"$187.5M HHS obligation with $108.2M outlayed but $118M options unexercised", "trigger"=>"option exercises toward $305.8M ceiling by 2027-05-08"}

{"entity"=>"Huntington Ingalls Industries (HII)", "reason"=>"$56.2M GSA F-16 order at $0 outlayed with $142M options", "trigger"=>"outlay start post-2025-03-01; options to 2029-11-30"}

{"entity"=>"Parsons Corporation (PSN)", "reason"=>"$47.0M GSA C4 at negative outlay signaling early stage", "trigger"=>"outlay ramp and options to $76.9M by 2027-02-02"}

{"entity"=>"S.J. Louis Construction, Inc.", "reason"=>"Two $151.4M Interior water contracts nearly fully outlayed but high fixed-price risk", "trigger"=>"final outlays and 2026-01-30 completion"}