DOE Energy Grants — January 13, 2026

Three large cost-plus contracts provide revenue visibility through 2025-2028, with $2.6B outlayed to date and Fluor dominant at 56% of value.

American Centrifuge's $317M obligation has $794M options upside to 2028, building on $195M outlays for advanced nuclear fuel production.

Fluor, Mid-America, and American Centrifuge face end dates in 2025-2026 without extensions, risking revenue gaps post-period.

Performance-tied award fees and cost-sharing could adjust payouts; subawards consume 77% of Fluor's obligation.

Foreign-owned Mid-America may face DOE scrutiny amid energy security policies.

SOC's 2023-ended contract highlights re-compete risks for security services.

$2.27B in unexercised options across contracts, led by Fluor's $1.37B.

HALEU production and DUF6 ops signal nuclear fuel cycle expansion.

75% of value ($2.65B) funds petroleum reserve, uranium conversion, tying contractors to DOE's strategic stockpiles.

HALEU demo and DUF6 ops total $1.29B, with $1.8B potential, amid U.S. advanced reactor push.

{"entity"=>"Fluor Corp", "reason"=>"Dominates 56% of value with $1.37B options upside through 2025.", "trigger"=>"Option exercises or extension announcements"}

{"entity"=>"American Centrifuge Operating LLC", "reason"=>"$794M options to 2028 for HALEU, only $317M obligated.", "trigger"=>"Increased obligations or DOE nuclear funding"}

{"entity"=>"DOE 2025 contract extensions", "reason"=>"Three contracts end 2025-2026, risking $3.3B revenue cliff.", "trigger"=>"Modifications or re-competes"}