The 700 MHz auction kicked off today and the results from the first round are in: There is a provisionally winning bid for the C Block of spectrum at just over $1 billion and a provisionally winning bid for the D Block of spectrum for $472 million. Round two of bidding will commence at 2:30 PM EST. There is no set number of rounds, according to the FCC rules, the rounds will continue until there are no more bids. So far, the FCC has raised more than $2.4 billion in provisionally winning bids after 1,849 bids were placed.

The FCC is not disclosing which bidders placed bids or who is in the lead in an effort to stem potential collusion between bidders.

To see where the bids stand now and after each round:
- keep an eye on our dedicated auction coverage