diff --git a/package.json b/package.json
index 7a0a5fd327352d7dec7491861ea2f965a5600c15..6c5b0274f40e792a5d2019fbeb4e1849b4c8d5b1 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
     "name": "matrix-js-sdk",
-    "version": "37.4.0",
+    "version": "37.5.0-rc.0",
     "description": "Matrix Client-Server SDK for Javascript",
     "engines": {
         "node": ">=20.0.0"