Why Spectrum’s Greatest Value Lies Beyond the Auction Block

Spectrum is one of the governments’ most valuable national assets. Competitive auctions transformed radio frequencies into billion-dollar commodities, generating significant public revenues while ensuring that mobile operators secured the airwaves needed to expand successive generations of wireless networks. As the telecommunications industry prepares for the 6G era, a fundamental question is emerging: Is spectrum’s greatest value still measured by auction proceeds, or by the digital economies i