diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5d83f30cb4..ecea62ca3e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,6 +10,22 @@
 > - :nail_care: [Polish]
 > - :house: [Internal]
 
+# 12.1.0 (Unreleased)
+
+#### :boom: Breaking Change
+
+#### :eyeglasses: Spec Compliance
+
+#### :rocket: New Feature
+
+#### :bug: Bug fix
+
+#### :memo: Documentation
+
+#### :nail_care: Polish
+
+#### :house: Internal
+
 # 12.0.2
 
 #### :rocket: New Feature
diff --git a/compiler/common/bs_version.ml b/compiler/common/bs_version.ml
index 753b4762b3..2f7032c210 100644
--- a/compiler/common/bs_version.ml
+++ b/compiler/common/bs_version.ml
@@ -21,5 +21,5 @@
  * You should have received a copy of the GNU Lesser General Public License
  * along with this program; if not, write to the Free Software
  * Foundation, Inc., 59 Temple Place - Suite 330, Boston, MA 02111-1307, USA. *)
-let version = "12.0.2"
+let version = "12.1.0"
 let header = "// Generated by ReScript, PLEASE EDIT WITH CARE"
diff --git a/package.json b/package.json
index 9093dba586..f701ccf5b3 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "rescript",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript toolchain",
   "type": "module",
   "keywords": [
diff --git a/packages/@rescript/darwin-arm64/package.json b/packages/@rescript/darwin-arm64/package.json
index 181d54d938..2f0274b4bf 100644
--- a/packages/@rescript/darwin-arm64/package.json
+++ b/packages/@rescript/darwin-arm64/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@rescript/darwin-arm64",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript binaries for MacOS ARM64",
   "type": "module",
   "homepage": "https://rescript-lang.org",
diff --git a/packages/@rescript/darwin-x64/package.json b/packages/@rescript/darwin-x64/package.json
index 40ae632265..03432dc507 100644
--- a/packages/@rescript/darwin-x64/package.json
+++ b/packages/@rescript/darwin-x64/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@rescript/darwin-x64",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript binaries for MacOS x86_64",
   "type": "module",
   "homepage": "https://rescript-lang.org",
diff --git a/packages/@rescript/linux-arm64/package.json b/packages/@rescript/linux-arm64/package.json
index e42f824664..f2f55b2b64 100644
--- a/packages/@rescript/linux-arm64/package.json
+++ b/packages/@rescript/linux-arm64/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@rescript/linux-arm64",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript binaries for Linux ARM64",
   "type": "module",
   "homepage": "https://rescript-lang.org",
diff --git a/packages/@rescript/linux-x64/package.json b/packages/@rescript/linux-x64/package.json
index fa388e2e94..d307145e55 100644
--- a/packages/@rescript/linux-x64/package.json
+++ b/packages/@rescript/linux-x64/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@rescript/linux-x64",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript binaries for Linux x86_64",
   "type": "module",
   "homepage": "https://rescript-lang.org",
diff --git a/packages/@rescript/runtime/package.json b/packages/@rescript/runtime/package.json
index 5d2ed3944c..7e467397f7 100644
--- a/packages/@rescript/runtime/package.json
+++ b/packages/@rescript/runtime/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@rescript/runtime",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript runtime modules",
   "type": "module",
   "homepage": "https://rescript-lang.org",
diff --git a/packages/@rescript/win32-x64/package.json b/packages/@rescript/win32-x64/package.json
index dbbea92d0d..7d4d47e0b5 100644
--- a/packages/@rescript/win32-x64/package.json
+++ b/packages/@rescript/win32-x64/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@rescript/win32-x64",
-  "version": "12.0.2",
+  "version": "12.1.0",
   "description": "ReScript binaries for Windows x86_64",
   "type": "module",
   "homepage": "https://rescript-lang.org",
diff --git a/rewatch/Cargo.lock b/rewatch/Cargo.lock
index 1bd921fb4a..230fdc503e 100644
--- a/rewatch/Cargo.lock
+++ b/rewatch/Cargo.lock
@@ -768,7 +768,7 @@ checksum = "2b15c43186be67a4fd63bee50d0303afffcef381492ebe2c5d87f324e1b8815c"
 
 [[package]]
 name = "rescript"
-version = "12.0.2"
+version = "12.1.0"
 dependencies = [
  "ahash",
  "anyhow",
diff --git a/rewatch/Cargo.toml b/rewatch/Cargo.toml
index c49254ff18..945fd57f9a 100644
--- a/rewatch/Cargo.toml
+++ b/rewatch/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "rescript"
-version = "12.0.2"
+version = "12.1.0"
 edition = "2024"
 rust-version = "1.91"
 
diff --git a/yarn.config.cjs b/yarn.config.cjs
index 00f328bbb1..f6cca16515 100644
--- a/yarn.config.cjs
+++ b/yarn.config.cjs
@@ -14,7 +14,7 @@ const execPromise = util.promisify(exec);
  * @param {Yarn.Constraints.Context} ctx
  */
 async function enforceCompilerMeta({ Yarn }) {
-  const EXPECTED_VERSION = "12.0.2";
+  const EXPECTED_VERSION = "12.1.0";
 
   for (const workspace of Yarn.workspaces()) {
     const { ident } = workspace.pkg;