Use case · capital markets · NYSE: LMT · August 2026
What a $35B ceiling is actually worth.
Lockheed Martin's THAAD award, and the number to underwrite instead.
Case study 02 · NYSE: LMT · August 2026
The ceiling describes the plan. The funded profile describes the money.
On June 24, 2026 the Missile Defense Agency announced a seven-year contract to Lockheed Martin worth up to $35 billion for THAAD interceptors. The ceiling is an authorization to spend across seven years, not a forecast of spending. The number to underwrite sits underneath it.
$35.28B
Printed FY27–FY31 profile, posted April 21, 2026
$842.87M
FY2026 funds obligated at award
2.4%
Of the ceiling, on day one
5 months
From framework agreement to headline
The record, in order
June 2025
PB FY26 justification book (MDA). 25 discretionary plus 12 reconciliation-funded interceptors; reconciliation RDT&E for next-generation THAAD.
Late 2025
FY26 congressional marks. NDAA conference +$714.6M “THAAD additional quantities”; appropriations conference +$300M to accelerate multiyear procurement; SAC-D +$208.3M production capacity.
Jan 29, 2026
Framework agreement announced. Names the funding source in advance: an initial award expected from final FY26 appropriations.
Apr 21, 2026
PB FY27 justification book (Army). “The Army will initiate a Multi-Year Procurement contract for THAAD Interceptors in FY27”; the full FY27–FY31 funding profile is printed.
Jun 24, 2026
MDA award announcement. “Up to $35 billion,” seven years; $842.87M of FY2026 procurement funds obligated at award.
The number was arithmetic · Army FY27 justification book
FY27 ($907.2M discretionary + $10,528.0M mandatory)
FY28
FY29
FY30
FY31
Total printed profile, FY27 to FY31
Nothing in the June 24 release was new information about the size of the program. Congress funded the acceleration in writing before the award existed. The budget named the multiyear before the press did. The framework agreement was public five months out, with the funding source stated.
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