Forward Auction bidding in Stage 4 of the Federal Communications Commission’s Incentive Auction satisfied the two-part “final stage rule” on January 18. Net bids after Round 2 of Stage 4 of the Forward Auction totaled $17.7 billion – surpassing the $12.01 billion target. Also, the average price per MHz * POP in the 40 most populous markets was $1.257 – surpassing the $1.25 requirement. Because the final stage rule has been satisfied, the auction will end at the conclusion of Stage 4. The spectrum reserve has been implemented for forthcoming bidding rounds.