Executive Summary
These four contract option exercises total $395,776,263 in obligations, entirely civilian agency awards with zero defense exposure, highlighting IT services and R&D momentum across DOI, VA, USDA, and NASA. Dominant themes include custom programming, cloud migration, SaaS platforms, and space science R&D, led by high-materiality bullish wins for MAXIMUS FEDERAL CONSULTING, LLC ($106M) and COGNOSANTE MVH LLC ($104M). Highest-conviction signals are bullish for established IT delivery orders with significant outlays already ($106M and $82.6M respectively), signaling revenue durability through 2026. Key risk is medium pricing risk under Time and Materials structures for MAXIMUS and COGNOSANTE, plus high pricing risk for Palantir's $95M firm fixed price BPA; watch option exercises toward ceilings like $199M for MAXIMUS and $186M for COGNOSANTE.
Tracking the trend? Catch up on the prior Contract Option Exercises digest from April 21, 2026.
Investment Signals(4)
- MAXIMUS FEDERAL CONSULTING, LLC Secures $106M DOI IT Support Delivery Order(HIGH)▲
$106,321,580 obligated under full and open competition for DOD SAP CIO SETA services through 2026-01-01, with ceiling up to $199M including options, representing ~$19-20M annual revenue estimate.
- COGNOSANTE MVH LLC Wins $104M VA Cloud Migration Task Order(HIGH)▲
$103,954,050 obligated (with $82.6M outlayed including $71.2M in subawards) for T4NG Cloud Operations through 2026-08-08, ceiling to $186M, estimating ~$34.7M annually.
- Palantir Technologies Inc. Lands $95M USDA SaaS BPA Call(MEDIUM)▲
$94,687,811 firm fixed price for Landmark Platform farm IT centralization over one year from April 2026, under full and open competition with no outlays yet.
- California Institute of Technology Receives $91M NASA R&D Delivery Order(LOW)▲
$90,812,821 obligated ($61M outlayed) for MAIA Aerosols project through 2028-09-30, cost-plus fixed fee and not competed, with limited equity implications as a nonprofit.
Risk Flags(3)
- Execution[MEDIUM RISK]▼
COGNOSANTE MVH LLC faces high subaward concentration with $71.2M (86% of $82.6M outlays) across 13 subs since 2023, potentially impacting margin retention.
- Budget[MEDIUM RISK]▼
MAXIMUS FEDERAL CONSULTING, LLC and COGNOSANTE MVH LLC have medium pricing risk under Time and Materials, with options not fully exercised ($106M/$199M and $104M/$186M).
- Execution[HIGH RISK]▼
Palantir Technologies Inc. high pricing risk on $95M firm fixed price BPA call with $0 outlayed yet, over one-year period starting April 2026.
Opportunities(3)
- ◆
MAXIMUS FEDERAL CONSULTING, LLC option exercises beyond $106M toward $199M ceiling for DOI SAP CIO SETA through 2026.
- ◆
COGNOSANTE MVH LLC potential $82M more via options to $186M for VA cloud services.
- ◆
California Institute of Technology options to $101.5M ceiling for NASA MAIA R&D.
Sector Themes(2)
- ◆
MAXIMUS FEDERAL CONSULTING, LLC ($106M DOI NAICS 541511) and COGNOSANTE MVH LLC ($104M VA NAICS 541512/PSC DA10) underscore Time and Materials IT support with high outlays ($106M and $82.6M). Palantir adds $95M USDA SaaS (NAICS 513210/PSC DA10).
- ◆
California Institute of Technology's $91M cost-plus NASA delivery order ($61M outlayed) for aerosols imaging extends through 2028, not competed.
Watch List(4)
- 👁
{"entity"=>"MAXIMUS FEDERAL CONSULTING, LLC", "reason"=>"$106M obligation with $199M ceiling; track progress on unexercised options.", "trigger"=>"option exercises beyond $106M; outlay updates toward 2026-01-01"}
- 👁
{"entity"=>"COGNOSANTE MVH LLC", "reason"=>"$82.6M outlayed of $104M obligation ($186M ceiling); high subawards at 86%.", "trigger"=>"outlays beyond $82.6M; option exercises to $186M"}
- 👁
{"entity"=>"Palantir Technologies Inc.", "reason"=>"$95M BPA call with $0 outlayed; one-year high-risk firm fixed price.", "trigger"=>"outlay progress from $0; 2026-2027 performance milestones"}
- 👁
{"entity"=>"California Institute of Technology", "reason"=>"$61M outlayed of $91M obligation ($101.5M ceiling).", "trigger"=>"options to $101.5M; progress through 2028-09-30"}
Get daily alerts with 4 investment signals, 3 risk alerts, 3 opportunities and full AI analysis of all 4 filings
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