The latest FCC 24GHz high-band 5G auction in the US hit $526 million in bids on Tuesday.
The auction, which started on Thursday, has gathered $525,575,235 in bids in ten rounds of the auction so far. The bidding is centered around major cities like New York, Los Angeles and Chicago. (See FCC Garners $284M in Initial Bids in New 24GHz 5G Auction .)
The 24GHz auction has started with a "clock phase" in which participants bid on a Partial Economic Area (PEA) blocks in successive bidding rounds. This will be followed by an "assignment phase" that allows the winners of the generic blocks to bid for specific frequency license assignments.
AllNet Insights & Analytics predicted in January that the 24GHz Auction 102 could generate between $2.4 billion to $5.6 billion in final proceeds. (See Forget 28GHz, the 24GHz Auction Is the One to Watch.)
The auction is offering 2,909 licenses in the 24GHz millimeter wave band. The initial licensing period is not to exceed ten years, the FCC says.
Qualified bidders include AT&T, Sprint, T-Mobile, Verizon, Starry, Dish Network and more than 30 others.
— Dan Jones, Mobile Editor, Light Reading