diff --git a/synapse/__init__.py b/synapse/__init__.py
index 3bf2d0245..fff9d311f 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -36,7 +36,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.12.3"
+__version__ = "1.12.4rc1"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when