All NASA Contracts — February 14, 2026

Lockheed Martin, Peraton, and ADNET secure $982M obligated (potential $1.17B with options) through 2024-2028, with 13-83% outlayed providing visibility.

Smithsonian's $1.3B CXO contract (57% of total) to 2027 lacks public market implications despite stable funding.

Extended periods to 2028 with low outlays (e.g., Lockheed 13% or $58M of $436M) and heavy subawards ($28-63M across 92-363 recipients) risk delays or dilution.

Cost-plus-fixed-fee/awards structures cap upside; Peraton ends March 2024 without confirmed extension.

$190M+ unexercised options across 3 contracts could boost obligations 10-70%.

Follow-on potential for missions (OSIRIS-REX, SESDA, NSROC) post-2024/2027 expirations, favoring incumbents.

Contracts span CXO operations, OSIRIS-REX design, sounding rockets, and data analysis, all under Goddard/Marshall with $2.3B to 2028.

ADNET's $217M SESDA win as minority-owned small business signals NASA preference for diverse providers in R&D.

{"entity"=>"Lockheed Martin (LMT)", "reason"=>"$437M backlog (13% outlayed) offers multi-year visibility in space vehicles to 2027.", "trigger"=>"Option exercise to $456M or Q outlay acceleration"}

{"entity"=>"Peraton Inc.", "reason"=>"$327M NSROC ends March 2024 with $123M remaining potential.", "trigger"=>"Extension award or successor contract"}

{"entity"=>"ADNET Systems Inc.", "reason"=>"$217M SESDA to 2028 as small business with $150M options upside.", "trigger"=>"Full option exercise to $363M"}