diff --git a/CHANGELOG.md b/CHANGELOG.md
index 387fb68a73..8f15f5b326 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [5.0.0-alpha1] - 2020-10-12
+
 ### Added
 
 - Add monitoring label
@@ -154,7 +156,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 
 
-[Unreleased]: https://github.com/giantswarm/azure-operator/compare/v4.2.0...HEAD
+[Unreleased]: https://github.com/giantswarm/azure-operator/compare/v5.0.0-alpha1...HEAD
+[5.0.0-alpha1]: https://github.com/giantswarm/azure-operator/compare/v4.2.0...v5.0.0-alpha1
 [4.2.0]: https://github.com/giantswarm/azure-operator/compare/v4.1.0...v4.2.0
 [4.1.0]: https://github.com/giantswarm/azure-operator/compare/v4.0.1...v4.1.0
 [4.0.1]: https://github.com/giantswarm/azure-operator/compare/v4.0.0...v4.0.1
diff --git a/pkg/project/project.go b/pkg/project/project.go
index 8552c30c3c..4e09386ea2 100644
--- a/pkg/project/project.go
+++ b/pkg/project/project.go
@@ -5,7 +5,7 @@ var (
 	gitSHA             = "n/a"
 	name        string = "azure-operator"
 	source      string = "https://github.com/giantswarm/azure-operator"
-	version            = "5.0.0-dev"
+	version            = "5.0.0-alpha1"
 )
 
 func Description() string {