The US Federal Communications Commission (FCC) concluded the country’s second auction of high-band 5G-suitable frequencies, with the regulator poised to reveal the identity of winning bidders in the coming days.

In total, the auction for licences in the 24GHz band raised $2.02 billion, with five lots remaining unsold. When added to the proceeds of the auction for 28GHz frequencies, which completed in January, buyers have already pledged to spend more than $2.7 billion.

Across the two auctions 55 parties were qualified to bid, with 5,869 licences secured.

FCC said the completion of the processes allowed not only 5G deployment but  development of Internet of Things and other “advanced spectrum-based services”.

In a statement, FCC chairman Ajit Pai (pictured) added: “The successful conclusion of our nation’s first two high-band flexible, mobile-use spectrum auctions is a critical step. By making more spectrum available, we’ll ensure that American consumers reap the substantial benefits that 5G innovation will bring and we’ll extend US leadership in 5G.”

A third spectrum auction – billed by the FCC as the largest in the country’s history – will begin on 10 December and include allocations in the upper 37GHz, 39GHz and 47GHz bands.