Raytheon’s $5.04bn Coyote contract: orders govern funding

What the evidence establishes

The U.S. government’s 29 September 2025 contract notice identifies W31P4Q-25-D-0013, a Raytheon cost-plus-fixed-fee contract with a stated value of $5,039,629,681. Its scope includes Coyote systems, launchers, kinetic and non-kinetic interceptors, and Ku-band radars. Work locations and funding are to be determined with each order, with estimated completion on 28 September 2033.[S1]

UXV Searcher commercial analysis

The order-level funding qualification is essential to interpreting the headline amount. The notice establishes an ordering relationship of substantial scale, but does not say that the full value was obligated or delivered at announcement. A market model that treats it as immediate annual revenue would mix long-term purchasing capacity with executed demand.

The multi-component scope also prevents a simple interceptor-price calculation. Radars, launchers and other elements belong to the same disclosed package, and their financial allocations are not supplied. The full amount cannot be assigned to one product just because it appears in the contract’s name.[S1]

Implications for buyers and suppliers

UXV Searcher would track individual orders and subsequent modifications under the contract identifier, linking each to its disclosed funding, scope and schedule. Buyers comparing procurement programs should distinguish the parent contract from the work actually ordered. Suppliers can use the vehicle to understand a long-term market pathway, while evaluating their own opportunity through specific configurations and purchasing actions. That approach preserves the significance of the award without inflating current demand or double-counting future order announcements.[S1]

Evidence and scope

The official notice does not establish full-value obligations, accepted deliveries or a unit-price benchmark. Estimated completion is a schedule marker, not evidence that the entire stated contract value will be realized.[S1]