diff --git a/package.json b/package.json
index 5e085f9..8bcb170 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,7 @@
 {
   "name": "capi-ui",
   "description": "UI for CAPI cluster provisioning using the Rancher Turtles extension",
-  "version": "0.4.0",
+  "version": "0.5.0-rc1",
   "private": false,
   "engines": {
     "node": ">=12"
diff --git a/pkg/capi/package.json b/pkg/capi/package.json
index f3f4f04..e2c0a93 100644
--- a/pkg/capi/package.json
+++ b/pkg/capi/package.json
@@ -1,7 +1,7 @@
 {
   "name": "capi",
   "description": "UI for CAPI cluster provisioning",
-  "version": "0.4.0",
+  "version": "0.5.0-rc1",
   "private": false,
   "rancher": {
     "annotations": {