All NASA Contracts — February 12, 2026

Lockheed Martin and SAIC capture $288M obligated (potential $369M with options) for IRIS and SAS2 through 2027, with $120M outlayed signaling execution momentum.

Instituto Nacional ($412M) and MIT ($109M) represent 65% of total value but offer no direct equity exposure due to foreign/nonprofit status.

Partial outlays ($269M of $809M) and long tenors to 2027 expose to NASA funding cuts or delays.

High subawards (e.g., MIT $65M/106 subs, SAIC $63M/7 subs) dilute prime retention; cost-no-fee structures cap upside.

$73M unexercised options on Lockheed ($9M) and SAIC ($73M) could boost value 24% for these primes.

Goddard Center focus (75% of value ex-Instituto) signals steady demand for space vehicle R&D and assurance services through 2027.

All contracts span 2005-2027 with $269M outlayed, emphasizing deep space ops, exoplanet imaging, and IV&V services at Goddard/JPL.

Subawards total $192M across MIT/SAIC, comprising ~24% of obligations and enabling ecosystem spend.

{"entity"=>"SAIC", "reason"=>"$97M obligation with $73M options and $87M outlayed signals strongest near-term cash flow upside.", "trigger"=>"Option exercise to $170M or subaward >$63M"}

{"entity"=>"Lockheed Martin", "reason"=>"IRIS mission extension to 2027 under cost-plus-fixed-fee offers predictable R&D revenue amid $34M outlayed.", "trigger"=>"Systems Requirements Review completion or funding beyond $190M"}

{"entity"=>"NASA Goddard SFC budget", "reason"=>"Hosts 75% value ex-largest contract; funding shifts could cascade.", "trigger"=>"FY2027 appropriation changes"}