Fifth Generation (“5G”) wireless is here. Envisioned years ago as a universal fabric of connectivity, it is finally becoming a commercial reality around the world this year, and will continue to develop and improve over the coming decade. Because 5G technology is designed to cover various industries and spawn new business models, it presents a new level of complexity for policy makers and regulators in areas including public safety, cyber security, privacy, spectrum allocation, infrastructure, and transportation. But the first-order priority is to enable the development and success of 5G technologies in the first place, requiring intellectual property (“IP”) policies and antitrust policies that safeguard the ability of firms to take risks, make investments, and innovate, to serve as the R&D arm of the industry and ultimately enable the industry to develop and launch 5G technology, that serves as a platform for various industries and businesses. This article discusses some of the immediate policy challenges that are likely to surface with 5G at the intersection of IP and antitrust.