The electromagnetic spectrum is a finite public resource worth hundreds of billions of dollars — and most Americans have no idea the federal government is sitting on vast stretches of it, locked away by agencies that haven't meaningfully used their allocations in decades. We trace how spectrum auctions became one of Washington's most lucrative and least-understood power games, where defense contractors, telecom giants, and a surprisingly resistant Pentagon wage a quiet war over invisible territory. Last episode we followed the money through flood maps; this time, the stakes are just as high and the real estate doesn't even exist on paper.