FCC Auction 58 saw furious rounds of bidding today by wireless companies seeking new spectrum. Over $1.3 billion was promised for the 242 wireless spectrum licenses.

Big spenders include (in order): Metro PCS, T-Mobile USA, Verizon Wireless and Cingular Wireless. Prior to the auction, T-Mobile and Verizon were thought to be the most ambitious.

The auction will continue until no more bids are placed. 35 companies are eligible to bid and the final amount raised is expected to be above $3.5 billion.