Google Inc is set to bid on US mobile airwaves and launch a US wireless network in January. The Internet leader has confirmed that it would make a file for the Federal Communications Commission-run auction before today’s set deadline. All companies had been given a final deadline of today to declare their interest in joining the airwaves bidding.

Wall Street investors have expressed caution against Google’s plans to expand outside of its Web search and online advertising franchises as estimated costs have been calculated to exceed $10 billion.

Stifel Nicolaus analyst Blair Levin is reported to have written to the investors with a cautionary word of advice: “The real question here is whether Google’s intent is to bid up to the reserve price and assure that the openness condition stays in place…Or is the real purpose to actually win?” However, Chief Executive Eric Schmidt said that the proposed bid is part of Google’s carefully planned strategy: “We believe it’s important to put our money where our principles are… Consumers deserve more competition and innovation than they have in today’s wireless world.”

The auction in January is expected to last from several weeks to several months, with daily back-and-forth secret bidding. Expected fellow bidders include AT&T Inc and Verizon Wireless.

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