All NASA Contracts — January 22, 2026

83% of total value in cost-plus-fixed-fee task orders through 2026 supports broad NASA mission directorates with $145M already outlayed.

$32M obligated with $300M options ceiling through 2027 signals scalable space transportation revenue in firm-fixed-price structure.

Yulista's $39M obligation (to $52M options) through 2027-2030 provides multi-year visibility despite high subawards.

Awards to Aerospace Corp ($42M to $60M), Inuteq ($36M), UCLA ($32M to $37M) fund long-term HPC/lunar projects but limit equity returns.

High subawards exceed obligations in 2 contracts (Yulista 81%, Inuteq 103%), eroding direct revenue retention.

83% value concentration in one award exposes portfolios to JHU APL-specific funding shifts through 2026.

Unexercised options cap upside (e.g., $268M gap for Rocket Lab, $18M aggregate elsewhere) amid long periods to 2030.

$500M+ in unexercised options/base+options gaps, led by Rocket Lab's $300M VADR ceiling.

Sustained multi-year awards (avg. 10+ years remaining) across R&D, launch, HPC signal NASA budget continuity.

Small/disadvantaged biz wins (Yulista, Inuteq, Rocket Lab) via open competition indicate scalable federal pipelines.

5/6 contracts span 2026-2030 for science/engineering (PSC ARxx), with $970M+ obligated.

3 bullish awards to small/disadvantaged firms total $107M, but 50%+ subawards in 2 cases.

{"entity"=>"Rocket Lab USA (RKLB)", "reason"=>"$300M options dwarf $32M obligation; VADR rideshare demand key to scaling.", "trigger"=>"Option exercises >$50M or Q4 launch cadence acceleration"}

{"entity"=>"Johns Hopkins APL", "reason"=>"83% portfolio weight; $753M remaining obligation vulnerable to 2026 end.", "trigger"=>"Task order slowdown or outlay stagnation below 20% YoY"}

{"entity"=>"Yulista/Inuteq subawards", "reason"=>"Combined $68M subawards exceed primes; tracks small biz passthrough trends.", "trigger"=>"Subaward outlays >90% of obligations signaling prime margin erosion"}