diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index ad0e7948a42..9452173ce88 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.5.0b5
+current_version = 1.5.0rc1
 parse = (?P<major>[\d]+) # major version number
 	\.(?P<minor>[\d]+) # minor version number
 	\.(?P<patch>[\d]+) # patch version number
diff --git a/core/dbt/version.py b/core/dbt/version.py
index 5d912872b29..edad701b5e8 100644
--- a/core/dbt/version.py
+++ b/core/dbt/version.py
@@ -232,5 +232,5 @@ def _get_adapter_plugin_names() -> Iterator[str]:
             yield plugin_name
 
 
-__version__ = "1.5.0b5"
+__version__ = "1.5.0rc1"
 installed = get_installed_version()
diff --git a/core/setup.py b/core/setup.py
index 03025ef3f88..dded8f06baf 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -25,7 +25,7 @@
 
 
 package_name = "dbt-core"
-package_version = "1.5.0b5"
+package_version = "1.5.0rc1"
 description = """With dbt, data analysts and engineers can build analytics \
 the way engineers build applications."""
 
diff --git a/docker/Dockerfile b/docker/Dockerfile
index bf05b39ffdc..76fb1e4f722 100644
--- a/docker/Dockerfile
+++ b/docker/Dockerfile
@@ -14,12 +14,12 @@ FROM --platform=$build_for python:3.11.2-slim-bullseye as base
 # N.B. The refs updated automagically every release via bumpversion
 # N.B. dbt-postgres is currently found in the core codebase so a value of dbt-core@<some_version> is correct
 
-ARG dbt_core_ref=dbt-core@v1.5.0b5
-ARG dbt_postgres_ref=dbt-core@v1.5.0b5
-ARG dbt_redshift_ref=dbt-redshift@v1.5.0b5
-ARG dbt_bigquery_ref=dbt-bigquery@v1.5.0b5
-ARG dbt_snowflake_ref=dbt-snowflake@v1.5.0b5
-ARG dbt_spark_ref=dbt-spark@v1.5.0b5
+ARG dbt_core_ref=dbt-core@v1.5.0rc1
+ARG dbt_postgres_ref=dbt-core@v1.5.0rc1
+ARG dbt_redshift_ref=dbt-redshift@v1.5.0rc1
+ARG dbt_bigquery_ref=dbt-bigquery@v1.5.0rc1
+ARG dbt_snowflake_ref=dbt-snowflake@v1.5.0rc1
+ARG dbt_spark_ref=dbt-spark@v1.5.0rc1
 # special case args
 ARG dbt_spark_version=all
 ARG dbt_third_party
diff --git a/plugins/postgres/dbt/adapters/postgres/__version__.py b/plugins/postgres/dbt/adapters/postgres/__version__.py
index ecd4b4a197f..fa6c5a1ac1a 100644
--- a/plugins/postgres/dbt/adapters/postgres/__version__.py
+++ b/plugins/postgres/dbt/adapters/postgres/__version__.py
@@ -1 +1 @@
-version = "1.5.0b5"
+version = "1.5.0rc1"
diff --git a/plugins/postgres/setup.py b/plugins/postgres/setup.py
index e51c52a70a6..3c802021a4f 100644
--- a/plugins/postgres/setup.py
+++ b/plugins/postgres/setup.py
@@ -41,7 +41,7 @@ def _dbt_psycopg2_name():
 
 
 package_name = "dbt-postgres"
-package_version = "1.5.0b5"
+package_version = "1.5.0rc1"
 description = """The postgres adapter plugin for dbt (data build tool)"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))
diff --git a/tests/adapter/dbt/tests/adapter/__version__.py b/tests/adapter/dbt/tests/adapter/__version__.py
index ecd4b4a197f..fa6c5a1ac1a 100644
--- a/tests/adapter/dbt/tests/adapter/__version__.py
+++ b/tests/adapter/dbt/tests/adapter/__version__.py
@@ -1 +1 @@
-version = "1.5.0b5"
+version = "1.5.0rc1"
diff --git a/tests/adapter/setup.py b/tests/adapter/setup.py
index 2c75926f3d6..6ae06442f3b 100644
--- a/tests/adapter/setup.py
+++ b/tests/adapter/setup.py
@@ -20,7 +20,7 @@
 
 
 package_name = "dbt-tests-adapter"
-package_version = "1.5.0b5"
+package_version = "1.5.0rc1"
 description = """The dbt adapter tests for adapter plugins"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))