The high bids totalled $3.2 billion in the U.S. Federal Communications Commission's auction of wireless spectrum licenses in the 700MHz band after three rounds and a day and a half of bidding.

That figure is far short of the $10 billion Congress and the FCC expect to raise in the auction, which opened Thursday, but bidding could continue for weeks. In most cases, the high bids don't yet meet the FCC's reserve price set for minimum winning bids.

A fourth round of bidding was scheduled for today.

The 700MHz auctions represent the last large chunk of spectrum available for the FCC to auction in the foreseeable future. The spectrum, now used to carry over-the-air television signals, can be used to carry long-range wireless broadband traffic. Consumer groups have said the spectrum represents the "last, best hope" for a nationwide wireless broadband network that competes with cable and telecom broadband services.