DHS Homeland Security Contracts — May 30, 2026

Sundt Construction secured a $443M firm-fixed-price delivery order from CBP for southwest border wall construction in Bard, CA, with a 27-month performance period. The competitive win under full-and-open competition (no set-aside) indicates strong execution capability and positions Sundt for ~$197M annual revenue if fully executed.

AT&T Enterprises won a $414.96M (base plus options) firm-fixed-price delivery order from TSA for wired telecom and satellite network services, with $83.3M already obligated. The contract runs through May 2027 with potential extension to July 2032, providing a long-term revenue stream for AT&T in civilian telecom infrastructure.

Sundt's $443M fixed-price border wall contract carries medium execution risk; any cost overruns or delays in the 27-month build could compress margins for The Sundt Companies Inc.

AT&T's TSA telecom contract has a prior stop-work order on record, indicating potential performance issues that could resurface and delay obligated spending or option exercises.

Both contracts are civilian DHS awards, making them vulnerable to Continuing Resolution (CR) uncertainty if Congress fails to pass full-year appropriations for DHS, potentially delaying obligated spending on Sundt's border wall and AT&T's telecom services.

The digest is heavily concentrated in a single award to Sundt Construction (84% of total value), creating outsized exposure to one contractor and one agency (CBP) for the portfolio.

Sundt's $443M border wall win positions it for follow-on task orders or modifications from CBP as southwest border infrastructure spending continues through 2028, given the 27-month performance period and potential for scope expansion.

AT&T's TSA telecom contract has a long option tail through 2032, offering a stable revenue stream if options are exercised, and positions AT&T for follow-on DHS IT modernization contracts as the agency upgrades terrestrial and satellite network infrastructure.

The $443M Sundt border wall award and $83M AT&T telecom win demonstrate DHS's dual focus on physical border security and enterprise IT modernization, both funded through civilian appropriations. This contrasts with defense-heavy procurement trends and highlights a distinct civilian infrastructure investment cycle.

{"entity"=>"Sundt Construction, Inc.", "reason"=>"Won $443M border wall contract; revenue recognition and execution are key to near-term performance.", "trigger"=>"First quarterly earnings report after May 2026; CBP modification or stop-work order announcements"}

{"entity"=>"AT&T Enterprises, LLC", "reason"=>"Holds $83M obligated TSA telecom contract with prior stop-work order; option exercises signal program health.", "trigger"=>"TSA option exercise announcements; any further stop-work orders or modifications"}

{"entity"=>"DHS civilian budget", "reason"=>"Both contracts are civilian and vulnerable to CR uncertainty; DHS appropriations will determine funding stability.", "trigger"=>"FY2027 DHS appropriations bill passage or CR extension; NDAA provisions affecting DHS spending"}