All NASA Contracts — March 31, 2026

Raytheon's $1.22B obligation (to 2029) represents 59% of period total, with low-competition cost-plus structure ensuring 18+ year revenue.

Lockheed's $301M contract (to 2026) provides $257M remaining obligation post-$44M outlay, bolstering space vehicle components exposure.

3/4 contracts from Goddard (75% value) via full/open or sole-source awards highlight competitive edge for RTX, Lockheed, Trax in logistics/R&D.

Low outlays vs. obligations (avg. 37%; RTX 26%, Lockheed 14%) expose funding cliffs amid annual appropriations.

Trax contract nears expiration (Jul/Oct 2024) with $118M remaining, risking revenue gap absent extension.

Cost-plus award fee ties 75% of value to NASA performance evals, with audits/disallowances possible.

$95M in unexercised options across contracts (RTX $32M, Trax $61M, others $2M) for potential near-term upside.

Long-term space projects (3 to 2029) from Goddard/JPL position for follow-ons in instruments/vehicles/logistics.

75% value ($1.55B) tied to Goddard for PSC 1820 components, logistics, Mars tech amid cost-plus stability.

All contracts span 2024-2029 with partial funding, emphasizing sustained optical/space instrument investment.

{"entity"=>"RTX Raytheon VIRS contract", "reason"=>"Largest at $1.22B with $908M remaining and 2029 tail", "trigger"=>"Outlay acceleration >20% YoY or option exercise"}

{"entity"=>"TRAX logistics contract", "reason"=>"$118M runway to 2024 expiry risks gap", "trigger"=>"Extension award or new RFP loss"}

{"entity"=>"Goddard SFC outlays", "reason"=>"Funds 75% value; appropriations dictate progress", "trigger"=>"FY2027 budget cut <5% to space vehicles"}