Significant Contract Modifications ($10M+) — March 11, 2026

$1.1B awarded to Fisher Sand and Granite for CA/TX barriers, signaling 2-2.5 year revenue ramps starting 2025-2026 under NAICS 236220.

$231M to Whiting-Turner and KVG for Coast Guard pier and ICE detention upgrades, with KVG options expanding to $642M through 2029.

GD IT secures $160M USPTO cloud support to 2026, with $13M options upside despite subawards.

Stanford's $131M GLAST extension to 2027 provides cost-no-fee funding, but low $11M outlay limits near-term impact.

Firm-fixed-price terms across 4/6 contracts expose contractors to full cost overruns amid inflation and supply chain issues.

$0 outlayed in 5/6 despite full obligations flags potential funding delays or congressional holds.

Divergent timelines (15mo-4.3yr) and remote sites strain execution for non-local firms.

Unexercised options totaling ~$528M ($642M KVG, $13M GD/Stanford) could boost values 4x for KVG.

DHS no-set-aside awards open follow-ons in border/Coast Guard/ICE construction (NAICS 236220/Y1PZ).

83% of value ($1.34B) targets border barriers, piers, and detention via 2026 starts, full obligations.

17% value in cloud (GD) and space R&D (Stanford) with extensions to 2026-2027.

{"entity"=>"DHS Funding Outlays", "reason"=>"$0 disbursed in 5/6 despite $1.34B obligations risks revenue delays.", "trigger"=>"First outlays >$50M unlocks cash flow visibility"}

{"entity"=>"KVG LLC Options", "reason"=>"$113M obligated vs $642M potential in ICE detention ops to 2029.", "trigger"=>"Option exercises adding >$100M"}

{"entity"=>"Granite Construction", "reason"=>"$512M Laredo wall shortest timeline (15mo), remote from HQ.", "trigger"=>"Delays or extensions signal execution issues"}