5G Airwave Bids Surge Past $76 Billion to Set Auction Record (1)

Bidding in a 5G airwaves auction in the U.S. surged past $76.5 billion, fueled by a frenzied demand for capacity that could send carriers like Verizon Communications Inc. and AT&T Inc. to the debt market to finance the tab.

The auction run by the Federal Communications Commission started last month with a field of 57 potential bidders, including the third major wireless carrier, T-Mobile US Inc., and pay-TV providers such as Dish Network Corp., Comcast Corp. and Charter Communications Inc. Within days, the tally exceeded analysts’ estimates of $47 billion.

“It blows all auctions away,” said Sasha ...