Lockheed Martin and Boeing filed a formal protest to the U.S. Government Accountability Office over losing the contract for the Long Range Strike Bomber to Northrop Grumman.

The request asks government officials to review the contract decision, claiming the selection process for the next-generation bomber was fundamentally flawed. Officials from both defense contractors say the government did not properly evaluate the costs of their proposals, or take into account the risk related to their competitor's ability to perform.

The U.S. Air Force awarded Northrop Grumman the highly-anticipated contract in October, beating out a joint venture between Lockheed Martin and Boeing. The contract has an estimated value of as much as $80 billion over the life of the program. The new stealth bomber will be capable of carrying thermonuclear weapons, and be capable of adding new technologies as they become available.

The losers of the contract announced plans to seek answers on the selection process the day after the contract was announced.

"We are interested in knowing how the competition was scored in terms of price and risk, as we believe that the combination of Boeing and Lockheed Martin offers unparalleled experience, capability and resources for this critically important recapitalization program," Boeing and Lockheed Martin said in a joint statement in October.

Northrop Grumman responded to the protest action, saying in a statement the Air Force "conducted an exceptionally thorough and disciplined process with multiple layers of review."

"Northrop Grumman Corporation is disappointed that its former LRS-B competitors have decided to disrupt a program that is so vital to national security."

The company also took a shot at its competitors ongoing aerospace contracts.

"Northrop Grumman offered an approach that is inherently more affordable and based on demonstrated performance and capabilities. Our record stands in contrast to that of other manufacturers' large aircraft programs of the last decade."

The Air Force is currently planning to procure 100 of the new bombers following production.