diff --git a/gutenberg.php b/gutenberg.php
index 86d35d2bf96d40..dc7a76c1531ba1 100644
--- a/gutenberg.php
+++ b/gutenberg.php
@@ -5,7 +5,7 @@
  * Description: Printing since 1440. This is the development plugin for the block editor, site editor, and other future WordPress core functionality.
  * Requires at least: 6.4
  * Requires PHP: 7.2
- * Version: 18.2.0
+ * Version: 18.3.0-rc.1
  * Author: Gutenberg Team
  * Text Domain: gutenberg
  *
diff --git a/package-lock.json b/package-lock.json
index f534147e67aaa4..a3d26ba45558df 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
 	"name": "gutenberg",
-	"version": "18.2.0",
+	"version": "18.3.0-rc.1",
 	"lockfileVersion": 2,
 	"requires": true,
 	"packages": {
 		"": {
 			"name": "gutenberg",
-			"version": "18.2.0",
+			"version": "18.3.0-rc.1",
 			"hasInstallScript": true,
 			"license": "GPL-2.0-or-later",
 			"dependencies": {
diff --git a/package.json b/package.json
index 00abc92ea1cb3b..ff76bff3cf07d2 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "18.2.0",
+	"version": "18.3.0-rc.1",
 	"private": true,
 	"description": "A new WordPress editor experience.",
 	"author": "The WordPress Contributors",