Mega Contracts Monitor ($100M+) — December 24, 2025

LLNS ($38.9B to 2031) and Brookhaven ($8B to 2030) anchor 85% of portfolio value in cost-plus lab operations, with $19B outlayed.

$1B+ across GLM/SUVI/MUSE to 2039 provides 30+ year R&D revenue under cost-plus awards.

$1.6B DHS YUM-2 barrier to Fisher signals infrastructure priority despite future award date.

$3B combined Oak Ridge/Central Plateau to 2032 with $2B outlayed in DOE remediation.

$1.7B obligated but $109B base+options in FAA FTI services to 2025.

Low outlays vs obligations (e.g., LLNS $14.7B/38.9B; GenDyn $0/1.5B) signal funding delays across 40%+ of contracts.

High subcontracting (e.g., Salient CRGT 76%, HII $399M/93 awards) risks prime margins and delivery.

Long tenors to 2039 expose to budget shifts; DOE/NASA comprise 80% value.

$20B+ unexercised options (e.g., Harris $107B, Smartronix $2.6B, HII $2.6B) across 15 contracts.

DOE cleanup/extensions to 2032 (Jacobs $1.9B options); follow-ons post-2030 lab M&O.

GSA FEDSIM vehicles yield multi-B optionality (Salient $1.5B, HII $2.6B) in C6ISR/LOGIX.

$50B+ in lab/cleanup contracts (65% LLNS alone) through 2031-32 affirm stable R&D funding.

Lockheed NASA instruments total $1B+ to 2039; Victory MIPSS to 2025 highlight long-tail support.

$1.6B DHS barrier amid policy signals potential program ramp.

{"entity"=>"Lawrence Livermore National Security LLC", "reason"=>"65% of portfolio; $54B base+options to 2031.", "trigger"=>"outlay acceleration >20% YoY or option exercises"}

{"entity"=>"Fisher Sand & Gravel Co", "reason"=>"Novel $1.6B border award dated 2025-12-23.", "trigger"=>"performance start and initial outlays"}

{"entity"=>"L3Harris Technologies Inc", "reason"=>"$109B option ceiling in FAA telecom.", "trigger"=>"extension beyond 2025 or funding adds"}

{"entity"=>"Jacobs Engineering Group Inc", "reason"=>"$3B DOE cleanup subs with $2B outlayed.", "trigger"=>"Central Plateau options to $1.65B"}