The bidding in the US Federal Communications Commission’s auction for wireless spectrum licenses in the 700MHz band went over 3.7 billion dollars, after only four rounds.

The bidding topped the 2.78 billion dollars and the federal government hopes that it would raise 10 billion dollars until the end of the auction for the government- owned airwaves.

The 3.7 billion dollars are the highest bids that were received for five separate blocks of spectrum in the auction.