Significant Contract Modifications ($10M+) — March 20, 2026

Full obligation of base + options underscores immediate scale-up in commercial construction for woman-owned Spencer amid CBP priorities.

Substantial progress on $464M FCI Leavenworth design-build signals reliable DOJ cash flows through 2026.

GD, Cognosante, Great Hill, ADG-REI secure multi-year DHS/VA/State awards with 40-70% outlayed, highlighting federal IT modernization momentum.

Firm-fixed-price terms across 70%+ of value ($2.2B) expose contractors to full cost overruns on long-term projects (avg. end 2027+).

$0 outlay on three contracts totaling $1.37B indicates potential funding delays or early-stage execution hurdles.

Unexercised options total $2B+ across 8 contracts, e.g., Clark to $928M, BWXT to $357M.

Small/minority/woman-owned firms win $1.6B (52%), e.g., Spencer, Great Hill, BWXT, positioning for set-aside pipelines.

Construction dominates with $1.6B (52%) in border/prison mods to Spencer/Clark, reflecting sustained security spending.

Cyber/IT awards total $715M (23%) across DHS/VA/State, with high outlays signaling embedded revenue.

{"entity"=>"Spencer Construction LLC", "reason"=>"Largest mod at $1.15B fully obligated, woman-owned edge for future DHS wins.", "trigger"=>"outlay commencement or Rio Grande progress reports"}

{"entity"=>"BWXT Enrichment Operations", "reason"=>"$110M uranium pilot with $357M potential signals DOE nuclear revival.", "trigger"=>"Task Order 2 award or option exercises"}

{"entity"=>"NASA JPL/Caltech contracts", "reason"=>"$472M combined neutral R&D funding through 2027 offers stability benchmark.", "trigger"=>"task order accelerations or budget cuts"}