24GHz 5G Auction Passes $1.7B
The 24GHz 5G auction in the US has topped $1.7 billion in bids on Monday afternoon.
The government has listed "gross proceeds" of the auction so far at $1,710,903,965 after 2pm ET Monday.
Major conurbations are still the key targets in the auction so far, including New York City, Los Angeles and Chicago.
The bidding is coming from 38 qualified bidders. These so far include AT&T, Verizon and T-Mobile. However, Frontier and Cox have been left out of the bidding. (See Cox, Frontier Won't Bid in 24GHz 5G Auction .)
THe 24GHz auction has already beaten the 28GHz spectrum auction that proceeded it, which earned $704 million. More millimeter wave 5G auctions are expected through 2019.
Companies like AT&T have already asked for 24GHz trials to be allowed by the FCC.
AllNet Insights & Analytics predicted in January that the 24GHz auction (also known as Auction 102) could generate between $2.4 billion and $5.6 billion in final proceeds.
— Dan Jones, Mobile Editor, Light Reading