diff --git a/.github/fabricbot.json b/.github/fabricbot.json
index a5d3f7b365b3..d47ee7332c6d 100644
--- a/.github/fabricbot.json
+++ b/.github/fabricbot.json
@@ -2562,7 +2562,7 @@
           {
             "name": "addMilestone",
             "parameters": {
-              "milestoneName": "7.0-rc1"
+              "milestoneName": "7.0-rc2"
             }
           }
         ],
diff --git a/eng/Versions.props b/eng/Versions.props
index 48d055f2b001..58db639ea9aa 100644
--- a/eng/Versions.props
+++ b/eng/Versions.props
@@ -9,7 +9,7 @@
     <AspNetCoreMajorVersion>7</AspNetCoreMajorVersion>
     <AspNetCoreMinorVersion>0</AspNetCoreMinorVersion>
     <AspNetCorePatchVersion>0</AspNetCorePatchVersion>
-    <PreReleaseVersionIteration>1</PreReleaseVersionIteration>
+    <PreReleaseVersionIteration>2</PreReleaseVersionIteration>
     <ValidateBaseline>true</ValidateBaseline>
     <!--
         When StabilizePackageVersion is set to 'true', this branch will produce stable outputs for 'Shipping' packages