Here are the new C-band auction estimates

As the dust settles on the C-band auction – which has been paused for the holiday break – financial analysts are now struggling to adapt to a new 5G reality. After all, in just 12 days of bidding, the auction has surpassed even the most aggressive estimates. It now totals a staggering $69.8 billion in gross proceeds, far above initial, high-end expectations of as much as $50 billion.

Bidding resumes January 4. The FCC will announce the winners roughly a week after the auction ends, which will occur when bidders stop placing new bids.

The financial analysts at Raymond James – which had initially expected total gross proceeds of just $33 billion – described the auction’s current, $69.8 billion total as “a nosebleed, or oxygen-deprived level.”

In a note to investors late Wednesday evening, the analysts said their new forecast for the auction is $82 billion. That’s roughly similar to the $76 billion that the financial analysts at Credit Suisse forecast in a note to investors Wednesday.

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