diff --git a/packages/calypso-build/package.json b/packages/calypso-build/package.json
index ae1b6bfc0a64fe..a6a3551e68486d 100644
--- a/packages/calypso-build/package.json
+++ b/packages/calypso-build/package.json
@@ -45,7 +45,7 @@
 		"@babel/preset-typescript": "7.3.3",
 		"@wordpress/babel-plugin-import-jsx-pragma": "2.3.0",
 		"@wordpress/browserslist-config": "2.3.0",
-		"@wordpress/dependency-extraction-webpack-plugin": "1.1.0",
+		"@wordpress/dependency-extraction-webpack-plugin": "2.9.0",
 		"autoprefixer": "9.4.4",
 		"babel-jest": "^24.9.0",
 		"babel-loader": "8.0.5",
@@ -64,10 +64,10 @@
 		"postcss-loader": "3.0.0",
 		"recursive-copy": "2.0.10",
 		"sass-loader": "7.1.0",
-		"terser-webpack-plugin": "1.2.3",
+		"terser-webpack-plugin": "5.0.0",
 		"thread-loader": "2.1.2",
 		"typescript": "3.4.3",
-		"webpack": "4.29.6",
+		"webpack": "5.1.1",
 		"webpack-cli": "3.3.0",
 		"webpack-filter-warnings-plugin": "1.2.1",
 		"webpack-rtl-plugin": "1.8.0"