Verizon Dropped Whopping $45 Billion on 5G Spectrum in Record-Breaking Auction

According to the Federal Communications Commission, which ran the auction, Verizon was the highest bidder offering $45 billion for 280 megahertz of prime mid-band spectrum in the 3.7-3.98 GHz band.

AT&T was the second-highest bidder with $23 billion, while T-Mobile came in after with a $9.3 billion bid. Twenty-one bidders participated including satellite and TV providers such as Dish, Comcast, and Charter.

The competition was fierce as wireless carriers race to roll out their 5G networks at a fast and furious pace. The auction, which started in December, brought in a whopping $81.2 billion, almost doubling analysts’ estimates of $47 billion.

The mid-band 5G spectrum on the auction block previously was used by satellite companies, who will be paid an additional $13 billion to vacate this spectrum and move to different frequencies, reports Fortune.

In other 5G news, T-Mobile has taken the reins off of the first truly unlimited 5G plan, while new rumors suggest we can expect Apple’s 5G iPhone SE to launch in 2022.

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iPhone 12 5G UW indicator Credit: Verizon