Martian Alpha Space Contract Awards on USAspending: Why Numbers Differ
How to look up a space company's NASA contracts on USAspending, and why an announced award, the amount obligated and the potential value rarely match.
To check a space company's government contract on USAspending, search the recipient's name, open the award, and read three numbers that are easy to confuse: the amount obligated so far, the potential value if all options are exercised, and the money actually paid out. They often differ from the headline in a press release. For example, NASA announced $116.9 million for an Intuitive Machines lunar delivery in August 2024; the matching USAspending record on October 6, 2026 shows $89.9 million obligated and $122.2 million potential. This is research, not financial advice.
Why one contract has several "values"#
When a company says "NASA awarded us $180 million," that figure may be a ceiling, a total across several steps, or the amount funded today. The public record separates them:
- Announced value. What the agency or the company says in a release. It's the starting point, not the record.
- Obligated amount. What the government has legally committed to pay so far. It grows as the agency funds more work.
- Potential value (base and all options). The most the order could be worth if every option is exercised.
- Outlays. What has actually been paid out so far.
Revenue, which a company reports in its 10-Q, follows the work as it's performed, so none of these four equals it. Our backlog comparison shows how each company's own backlog definition adds another layer.
Worked examples from NASA's lunar delivery program#
These come from the USAspending API (queried October 6, 2026) and the cited releases. Three are NASA Commercial Lunar Payload Services (CLPS) orders and one is a launch-services umbrella order; the three records whose pricing type I read are labelled firm fixed price. "Paid out so far" is the award-detail outlay figure, which can differ slightly from the search endpoint's figure.
| Award (PIID) | Recipient | Signed | Obligated | Potential value | Paid out so far |
|---|---|---|---|---|---|
| 80JSC024F0079 (CLPS) | Intuitive Machines | Aug 29, 2024 | $89.9M | $122.2M | not queried |
| 80JSC025F7026 (CLPS) | Firefly Aerospace | Dec 18, 2024 | $117.2M | $179.6M | $71.8M |
| 80KSC023FA107 (VADR umbrella order) | Rocket Lab | Mar 29, 2023 | $51.6M | $300.0M | $28.2M |
| 80JSC026F7009 (CLPS CT-4) | Intuitive Machines | Mar 25, 2026 | $46.8M | $46.8M | $11.0M |
The Rocket Lab row is the clearest lesson: a $300 million potential value sits beside $51.6 million obligated. The potential value is a ceiling on an umbrella order for launch services, not a revenue forecast.
One announcement, three numbers#
Compare each announcement with its record:
- August 2024. NASA's release said Intuitive Machines would receive $116.9 million to deliver six NASA payloads to the lunar south pole. The USAspending order signed that day (a CLPS order, prefix 80JSC) shows $89.9 million obligated and $122.2 million potential, across nine transactions, last modified September 17, 2026. We matched it by program and date; the announced figure sits between the obligated and potential values.
- March 2026. Intuitive Machines announced a $180.4 million NASA award on March 24 for seven payloads to the lunar south pole. USAspending shows an order signed March 25 whose description is "CLPS task order CT-4 payloads and research investigations on the surface of the Moon," with $46.8 million obligated and the same amount as its potential value. A separate Intuitive Machines order signed June 30, 2026, to finalize mission design and buy long-lead items, shows $35.7 million obligated and $148.4 million potential. We can't tell from the record alone how those orders relate to the $180.4 million, which is exactly the point: an announced total isn't one line in the database.
None of this means a number is wrong. Orders are funded in steps, options come later, and USAspending reflects when each agency reports. It means the headline and the record answer different questions.
How to look up a company's awards#
- Find the recipient. In USAspending's award search, filter by recipient name and "contracts". Names appear as the legal entity (for example "INTUITIVE MACHINES, LLC"), and a company can have several. Check the parent recipient too.
- Read the award page, not only the list. The list view shows one amount per row; the award page shows obligated and potential value, the period of performance, the awarding office and the pricing type.
- Note the parent contract. Task and delivery orders sit under a larger vehicle. In the records above, the identifier's tail (for example 80HQTR19D0010) names it, and several companies share that vehicle.
- Check the dates. "Last modified" tells you how fresh the record is. A new award may take days to appear.
- Compare with the filing. The company's 10-Q backlog and its release explain how it counts the award.
USAspending also offers a free API for anyone comfortable with scripts; the figures above came from its award search and award detail endpoints.
Pricing type matters#
The pricing type on the record shows who carries cost risk. The three records I checked are firm fixed price, where the company bears overruns. That's a different risk from a cost-plus order, which our contract type risk guide explains, and the DoD space contracts guide covers how to verify Department of Defense awards.
Where Martian Alpha fits#
Martian Alpha's free contract awards page lists recent US federal awards to space and defense companies drawn from USAspending, and the Catalyst Feed includes contract awards next to earnings, launches and filings. It's a way to notice an award quickly. For the obligated and potential value of any specific order, open the award on USAspending itself, as shown above. The wider workflow is in our filing-by-filing guide.
FAQ#
What does "obligated" mean on USAspending?#
It's the amount the government has committed to pay so far on an award. It can rise as more funding is added, and it can be lower than the potential value.
Why is the award value lower than the press release?#
The release may state a ceiling or a multi-step total, while the record shows the funding committed so far. Check the potential value and any related orders.
Is a contract award the same as revenue?#
No. Revenue is recognized as work is performed and is reported in the company's 10-Q. Awards are an early signal of future work, not of income.
How quickly do new awards show up on USAspending?#
It varies by agency and by how quickly the award is reported, so a very recent announcement may not be visible yet. Check the "last modified" date.
Where do I find solicitations rather than awards?#
On SAM.gov. USAspending shows what has been awarded; SAM.gov shows opportunities and notices.
Is this investment advice?#
No. It explains how to read public contract records and isn't a recommendation about any security.
Sources#
- USAspending API, award search and award detail endpoints (https://api.usaspending.gov), queried October 6, 2026 for PIIDs 80JSC024F0079, 80JSC025F7026, 80KSC023FA107, 80JSC026F7009 and 80JSC026F7020; about page: https://www.usaspending.gov/about
- NASA, "NASA Awards Intuitive Machines Lunar South Pole Research Delivery," August 29, 2024: https://www.nasa.gov/news-release/nasa-awards-intuitive-machines-lunar-south-pole-research-delivery/
- Intuitive Machines, "Expands Lunar Surface Operations with $180.4 Million NASA CLPS Award," March 24, 2026: https://investors.intuitivemachines.com/news-releases/news-release-details/intuitive-machines-expands-lunar-surface-operations-1804-million
- SAM.gov: https://sam.gov/
This article is for information only and is not financial advice. Do your own research before making any investment.