Global spectrum auction revenue in 2025 has reached $7.1 billion, according to the latest GSA Spectrum Pricing December 2025 report. This figure reflects completed auctions for which comprehensive pricing, bandwidth and population data are available, and excludes assignments lacking any of these key parameters.
Global Auction Revenue Trends
The Global Spectrum Pricing report highlights a dramatic shift in auction values compared to earlier years. Operators have spent more than $174 billion at spectrum auctions since the beginning of 2021, with almost $140 billion raised in 2021 alone. However, activity has since declined sharply, with only $7.1 billion raised in 2025.
This slowdown reflects broader market conditions, regulatory timelines and changing operator strategies as many key regions transition from initial 5G rollout to network densification and optimization.
Major Auctions in 2025
Several standout spectrum auctions contributed to the 2025 total:
Thailand completed a major multi-band auction, generating over $1.28 billion in bids for spectrum across 850 MHz, 1500 MHz, 2100 MHz and 2300 MHz bands — supporting network expansion and advanced mobile services.
Turkey’s 5G spectrum auction raised close to $3 billion, exceeding government targets for 700 MHz and 3.5 GHz bands, with key licenses secured by Turkcell, Türk Telekom and Vodafone Turkey ahead of commercial 5G service launches.
Poland and Slovakia held significant auctions in 2025, with Slovakia’s historic multi-band auction raising over €500 million for digital infrastructure development.
These auctions underscore ongoing global demand for spectrum resources, even as total auction values have contracted from pandemic-era peaks.
C-Band Pricing and Regional Outcomes
The C-band (often covering 3.3–4.2 GHz) remains a core asset for 5G capacity and performance. The United States’ 2021 auction for 3.7–3.98 GHz spectrum still holds the record high price of $0.875 per MHz per person, significantly above recent averages.
In contrast, auctions completed in 2025 in countries such as Costa Rica, Moldova, Paraguay, Tanzania, Turkey and Venezuela resulted in an average C-band price of approximately $0.020 per MHz per person, below overall market averages reported this year.
GSA notes that pricing data excludes auctions where necessary inputs for calculating per MHz/pop figures are incomplete (such as certain regional assignments). These standards ensure consistent global comparisons.
Despite lower auction volumes, strategic releases in key regions are enabling operators to secure essential spectrum for next-generation service delivery. Continued auctions in evolving markets like Africa, Latin America and Southeast Asia suggest a gradual increase in future activity as digital demand grows.
Millimetre-wave spectrum
Prices paid for millimetre-wave spectrum have so far remained significantly lower than those for C-band spectrum, despite supporting 5G deployment and generating meaningful revenues in some markets. India’s 26 GHz auction stands out for recording one of the lowest prices globally at just $0.0007 per MHz per person, while still generating close to $2 billion in total proceeds.
In 2025, millimetre-wave auction activity remained limited. Costa Rica raised less than $1 million from spectrum sales in the 26 GHz band, while the United Kingdom auctioned 26 GHz and 40 GHz spectrum, generating a combined $49.7 million, with three operators each securing equal amounts of bandwidth across both bands.
Looking at recent years, six millimetre-wave auctions were completed in 2021 across Chile, Slovenia, Denmark, Australia, Croatia and Brazil to support early 5G rollouts. Activity slowed sharply in 2022, with India the only country to auction millimetre-wave spectrum.
In 2023, three markets – Hungary, Estonia and Israel – licensed such spectrum. In 2024, Austria included the 26 GHz band as part of a broader multiband auction alongside 3.6 GHz spectrum, highlighting the continued but selective role of millimetre-wave frequencies in national spectrum strategies.
Countries planning auctions in at least one of 700 MHz, C-band or millimetre-wave spectrum bands in 2026 include Austria, Bangladesh, Belgium, Brazil, Canada and Switzerland. It is likely that the rate of spectrum assignments will increase in these bands.
700 MHz spectrum
In 2025, prices paid for 700 MHz spectrum varied widely, with several auctions falling both above and below the established $/MHz/pop trend line. Costa Rica and Vietnam recorded notably low prices, at $0.0303 per MHz per person and $0.0307 per MHz per person respectively. Moldova’s auction price of $0.167 per MHz per person was below the overall average but slightly above the trend line, while Poland also sat just above the trend line after auctioning 700 MHz spectrum alongside other frequency bands in March 2025. Turkey stood out with a much higher valuation, reporting $0.245 per MHz per person, close to the long-term average for this band.
GSA data shows that since 2015, 700 MHz spectrum has generated an average price of $0.269 per MHz per person in auctions and assignments, significantly higher than the average price achieved for C-band spectrum. This underlines the continued strategic value of low-band frequencies for wide-area coverage and rural connectivity.
Looking back, 2022 saw several exceptions to the general decline in 700 MHz valuations. Belgium achieved an above-average price of $0.488 per MHz per person, while India, despite having just one bidder, secured $0.380 per MHz per person, making 700 MHz the most highly valued band in its recent auctions. In contrast, Georgia recorded a very low price of $0.006 per MHz per person.
Auction activity for 700 MHz spectrum has also fluctuated over time. Twelve countries held auctions or assignments in 2022, dropping to just three in 2023. In 2025, five countries auctioned 700 MHz frequencies, reflecting selective but continued demand for low-band spectrum in national mobile strategies.
BABURAJAN KIZHAKEDATH
