Contract Option Exercises — February 12, 2026

AMI Metals secures unprecedented DHS obligation for Southwest border barriers, dwarfing others at 36% of total value despite future award date.

13 contracts >$50M each for IT/C5I/security services to Knight Point, ECS Federal, ManTech, totaling $900M+ with 60% avg outlayed.

Lockheed, SAIC, MIT secure $400M+ for IRIS/TESS/SAS2 missions, with $120M+ outlayed signaling multi-year funding stability.

15 contracts have base+options exceeding obligations by avg 30%, e.g., ECS Federal ($229M), SAIC ($73M), Arora Group ($182M).

20% of contracts ($900M+) show $0 outlayed despite high obligations, e.g., AMI Metals $1.45B, ECS Federal $177M.

High subawards avg 40% of obligations ($1.6B total), creating prime dependency, e.g., General Dynamics IT (85%), Octo Metric (88%).

Firm fixed price (40% of contracts) exposes margins to cost overruns in long-term IT/construction, e.g., Knight Point, Chenega.

DHS border/IT expansion via $1.8B awards to AMI, Knight Point, Chenega, Arora with options to 2029.

FAA/DOT aviation IT/engineering $240M+ to LS Tech, Raytheon, Concept Solutions with 85%+ outlayed momentum.

Small/8(a)/veteran firms win 40% of value ($1.6B) on set-asides, e.g., Systems Plus, Education & Training Resources.

9 contracts $2B+ (50% total) for border steel, C5I, enterprise security, medical staffing amid ICE/USCG/CBP needs.

$800M+ across 5 contracts to 2027 for missions like IRIS/TESS/SAS2, cost-plus structures with high outlays.

70% value in IT/engineering to 2026-2029, full competition wins for Booz Allen, SAIC, Harmonia.

{"entity"=>"AMI Metals", "reason"=>"$1.45B obligation (36% total) with $0 outlayed and 2026 award date flags massive upside/risk asymmetry.", "trigger"=>"outlay initiation or award confirmation"}

{"entity"=>"Lockheed Martin", "reason"=>"$191M NASA IRIS extension to 2027 amid space portfolio; options to $199M.", "trigger"=>"option exercise, NASA budget passage"}

{"entity"=>"SAIC", "reason"=>"$97M NASA SAS2 with $87M outlayed, options to $170M; high execution rate.", "trigger"=>"further NASA IV&V awards"}

{"entity"=>"ECS Federal (ASGN)", "reason"=>"$177M FBI IT with $406M ceiling, $0 outlayed but 12-year term.", "trigger"=>"initial outlays or option calls"}