Millimeter wave 5G may not have a great reach, but it can offer crazy-fast speeds. And today Verizon announced that it's broken the 5Gbps barrier using mmWave 5G spectrum.

Verizon, Ericsson, and Qualcomm teamed up to achieve 5G peak speeds of 5.06Gbps. This was achieved in a lab setting using 800MHz bandwidth in 28GHz mmWave spectrum plus 40MHz for the 4G LTE anchor. Verizon also used carrier aggregation, which combines multiple channels of spectrum and helps to boost speeds.

The test used 5G infrastructure equipment from Ericsson's Radio System portfolio plus a 5G smartphone form factor test device with a Qualcomm Snapdragon X60 5G Modem-RF System. That system included third generation Qualcomm QTM535 mmWave antenna modules.

While these 5.06 Gbps speeds were achieved in a lab setting, it's still pretty crazy to hear that Verizon, Ericsson, and Qualcomm were able to reach these ultra-fast speeds using 5G spectrum.

Verizon's millimeter wave 5G is currently available in parts of 55 cities. You're not going to get the same 5.06Gbps speeds on that network that Verizon got in these tests, but we have seen the carrier tout speeds of 2.012Gbps on its mmWave 5G network, and that's still pretty speedy.