India’s first ever 5G spectrum auction has not only seen a record number of bids in its three-day auction, but the pattern of bidding has also indicated what some major telecom companies might be planning for the future. The auction for 72 GHz of airwaves, which is now expected to close on July 29, means, of course—not just three days of successful and competitive bidding across various bands but also at least over the near term—some pressure on the balance sheets for operators such as market leader Reliance Jio and nearest rival Bharti Airtel in the coming two to three quarters, as network and operating costs towards 5G infrastructure and expansion continue to climb.