diff --git a/CHANGELOG.md b/CHANGELOG.md
index b44a5819..14b0bcce 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,16 @@
 # Changelog
 
-## 4.0.0 (2020-06-13)
+## 5.0.0.rc1 - 2023-03-23
+
+* `shoulda` now relies upon `shoulda-matchers` 5.x. You can find changes to
+  `shoulda-matchers` in its [changelog][shoulda-matchers-5-3-0-changelog].
+* Support for Ruby < 3 and Rails < 6.1 have been dropped due to being EOL.
+* Support for Ruby 3.0, 3.1, and 3.2 as well as Rails 6.1 and 7.0 have been
+  added.
+
+[shoulda-matchers-5-3-0-changelog]: https://github.com/thoughtbot/shoulda-matchers/blob/v5.3.0/CHANGELOG.md
+
+## 4.0.0 - 2020-06-13
 
 * `shoulda` now brings in `shoulda-context` 2.0.0, which adds compatibility for
   Ruby 2.7, Rails 6.0, and shoulda-matchers 4.0! Note that there are some
diff --git a/lib/shoulda/version.rb b/lib/shoulda/version.rb
index aea4fbc7..a9c86781 100644
--- a/lib/shoulda/version.rb
+++ b/lib/shoulda/version.rb
@@ -1,3 +1,3 @@
 module Shoulda
-  VERSION = '4.0.0'.freeze
+  VERSION = '5.0.0.rc1'.freeze
 end