Centrus Energy Corp. (NYSE: LEU) filed a Form 8-K under Item 1.01 disclosing that its wholly owned subsidiary, American Centrifuge Operating, LLC ("ACO"), signed a contract with the U.S. Department of Energy on June 30, 2026 to establish new domestic commercial high-assay, low-enriched uranium enrichment capacity at the company's Piketon, Ohio facility. The document, not the press release attached as an exhibit, is the record here — and it is specific about the price, the deliverable, and the dates in a way that press coverage of nuclear-fuel awards frequently is not. The filing states a firm fixed price of $900 million, ties payment to performance-based milestones, and sets a single named delivery obligation with a March 2032 deadline.

The structure matters as much as the headline number. According to the filing, the contract is not a standalone award but governs ACO's performance of a task order issued under an indefinite delivery-indefinite quantity (IDIQ) contract that ACO and the Department executed in 2024. That framing places the $900 million figure inside a pre-existing procurement vehicle rather than a new competition, and it means the disclosed scope is one defined task order — a specified amount of enrichment capacity plus one metric ton of delivered material — not an open-ended supply relationship. The facility itself is leased from the Department, and the filing specifies what ACO gets at the end of the job.

Upon completion of its obligations under the Contract, ACO would obtain title to the deployed enrichment capacity.— Centrus Energy Corp., Form 8-K (Item 1.01), sec.gov

What the contract actually commits to

The core deliverable is narrow and dated. The filing states that the $900 million firm fixed price is to deploy a specified amount of enrichment capacity and to deliver, by March 2032, one metric ton of uranium (MTU) enriched as HALEU UF6 to a nominal 19.75 weight percent of U-235. HALEU — high-assay, low-enriched uranium — sits between the roughly 5 percent enrichment used in today's commercial light-water reactors and the 20 percent threshold that separates low-enriched from highly enriched material; the 19.75 percent figure disclosed here is at the top of that band. It is the fuel form that most advanced-reactor designs are engineered around, and it has had no established domestic commercial production base, which is the gap this task order is written to begin closing.

The payment mechanics are also disclosed rather than left to inference. The filing describes the $900 million as payable incrementally as performance-based milestone payments, meaning cash is tied to demonstrated progress on capacity deployment and delivery rather than to a fixed schedule or an upfront draw. For a business whose enrichment program has historically depended on federal cost-sharing and demonstration work, milestone-based structure is the detail that determines how the contract shows up in cash flow over the build period. The filing does not disclose a milestone schedule or a payment cadence, and it does not break the $900 million into capacity-versus-delivery components; those specifics are not in the 8-K.

The options, and what they are priced at

Beyond the base scope, the filing discloses two priced options that are entirely at the government's discretion. It states that the contract includes first and second options, exercisable at the Department's sole discretion, each for delivery over a maximum twelve-month period of five MTU enriched as HALEU UF6 to a nominal 19.75 weight percent of U-235, for a firm fixed price of $17 million per MTU — a total of $85 million for each five-MTU tranche. That is a rare instance of a disclosed per-unit government price for HALEU: $17 million per metric ton under these option terms. The filing is explicit that exercise sits with the Department, so the options represent potential rather than committed volume, and neither the base contract nor the options should be read as a forward revenue guarantee.

Putting the pieces together from the four corners of the filing: a $900 million base task order for deployed capacity plus 1 MTU delivered by March 2032, and up to two further five-MTU tranches at $85 million each if — and only if — DOE elects to exercise them. The maximum disclosed contract value, base plus both options, would be $900 million plus $170 million, but the 8-K does not present a combined figure, and treating the options as booked would overstate what the document commits to. The filing also notes that ACO would obtain title to the deployed enrichment capacity upon completing its obligations, which is the asset-ownership term that distinguishes this from a pure service contract.

What the filing does not say

The 8-K is careful about its own limits, and so is this read of it. The company states that the description of the contract does not purport to be complete and is qualified in its entirety by the text of the contract, a copy of which it expects to file as an exhibit to its next quarterly report on Form 10-Q. That means the full terms — milestone definitions, termination and default provisions, any capacity figures beyond "a specified amount," and the interaction with the 2024 IDIQ — are not yet on the public record. The 8-K also references a July 1, 2026 press release, included as Exhibit 99.1, covering the contract and other Department-related matters; that exhibit is incorporated by reference rather than reproduced in the item text. The filing was signed on July 2, 2026 by Todd M. Tinelli, the company's Senior Vice President, Chief Financial Officer, and Treasurer.

For a storage-and-energy readership, the reason to log this filing is not the nuclear-policy narrative but the disclosure discipline it allows. Here is a federal contract with a stated firm fixed price, a stated per-unit option price, a single dated deliverable, and an explicit asset-transfer term — all in the primary document, all reconcilable to the 8-K without reference to the earnings deck or the press release. The next data point to watch is the promised exhibit in the forthcoming 10-Q, where the contract text itself will either confirm the milestone and capacity specifics or reveal how much the summary compressed. Until then, the verifiable facts are the ones above: $900 million firm fixed price, 1 MTU of 19.75 percent HALEU by March 2032, two DOE-discretionary five-MTU options at $17 million per MTU, and title to the deployed capacity on completion.