diff --git a/gutenberg.php b/gutenberg.php
index 4e0cf4bbc32cd..175a20001ceb4 100644
--- a/gutenberg.php
+++ b/gutenberg.php
@@ -3,7 +3,7 @@
  * Plugin Name: Gutenberg
  * Plugin URI: https://github.com/WordPress/gutenberg
  * Description: Printing since 1440. This is the development plugin for the new block editor in core.
- * Version: 4.9.0
+ * Version: 5.0.0-rc.1
  * Author: Gutenberg Team
  *
  * @package gutenberg
diff --git a/package-lock.json b/package-lock.json
index 83491b6775a23..d5851a5b6a26e 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "4.9.0",
+	"version": "5.0.0-rc.1",
 	"lockfileVersion": 1,
 	"requires": true,
 	"dependencies": {
diff --git a/package.json b/package.json
index 136d1db76679f..5f25a85f26663 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "4.9.0",
+	"version": "5.0.0-rc.1",
 	"private": true,
 	"description": "A new WordPress editor experience",
 	"repository": "git+https://github.com/WordPress/gutenberg.git",