The first round of bids for 28GHz millimeter wave 5G spectrum has raised over $36 million for the FCC so far this Wednesday.
The Federal Communications Commission (FCC) 's 28GHz Dashboard lists total bidding of $36,428,510 with provisionally winning bids (PWB) for 2,016 licenses. In addition, 1,056 licenses are yet to receive bids. The auction will continue until bids dry up.
The FCC never reveals winners until after the auction is over.
Forty bidders, however, qualified to bid in the auction. The applications included AT&T Inc. (NYSE: T), T-Mobile US Inc. and Verizon Communications Inc. (NYSE: VZ), as well as smaller wireless operators.
28GHz spectrum is expected to be one of the building blocks for 5G in the US. AT&T and Verizon are both launching their initial networks on such millimeter wave spectrum. This bandwidth provides operators with large swathes of spectrum to deliver gigabit-speed services over the air. In consumer terms, this should mean that users can download a movie wirelessly in seconds.
The FCC plans auctions twice a day until the process is completed.
— Dan Jones, Mobile Editor, Light Reading