diff --git a/gutenberg.php b/gutenberg.php
index 9a61ae18a4ea7e..170b6a58cade23 100644
--- a/gutenberg.php
+++ b/gutenberg.php
@@ -5,7 +5,7 @@
  * Description: Printing since 1440. This is the development plugin for the new block editor in core.
  * Requires at least: 5.7
  * Requires PHP: 5.6
- * Version: 12.2.0
+ * Version: 12.3.0-rc.1
  * Author: Gutenberg Team
  * Text Domain: gutenberg
  *
diff --git a/package-lock.json b/package-lock.json
index 7aa8a8c8073d2c..7a68a9f93f0638 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "12.2.0",
+	"version": "12.3.0-rc.1",
 	"lockfileVersion": 1,
 	"requires": true,
 	"dependencies": {
diff --git a/package.json b/package.json
index d46a2091f862b2..507f4ff6418330 100755
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "12.2.0",
+	"version": "12.3.0-rc.1",
 	"private": true,
 	"description": "A new WordPress editor experience.",
 	"author": "The WordPress Contributors",
diff --git a/readme.txt b/readme.txt
index ccfb4cae4fb8e0..b71d08e9656805 100644
--- a/readme.txt
+++ b/readme.txt
@@ -56,4 +56,4 @@ The four phases of the project are Editing, Customization, Collaboration, and Mu
 
 == Changelog ==
 
-To read the changelog for Gutenberg 12.2.0, please navigate to the <a href="https://github.com/WordPress/gutenberg/releases/tag/v12.2.0">release page</a>.
+To read the changelog for Gutenberg 12.3.0-rc.1, please navigate to the <a href="https://github.com/WordPress/gutenberg/releases/tag/v12.3.0-rc.1">release page</a>.