diff --git a/package.json b/package.json
index 8580031ed04..6fd0e004159 100644
--- a/package.json
+++ b/package.json
@@ -2,7 +2,7 @@
     "name": "typescript",
     "author": "Microsoft Corp.",
     "homepage": "https://www.typescriptlang.org/",
-    "version": "4.7.0-beta",
+    "version": "4.7.1-rc",
     "license": "Apache-2.0",
     "description": "TypeScript is a language for application scale JavaScript development",
     "keywords": [
diff --git a/src/compiler/corePublic.ts b/src/compiler/corePublic.ts
index 4b1a1455e44..dc8401539a7 100644
--- a/src/compiler/corePublic.ts
+++ b/src/compiler/corePublic.ts
@@ -5,7 +5,7 @@ namespace ts {
     // The following is baselined as a literal template type without intervention
     /** The version of the TypeScript compiler release */
     // eslint-disable-next-line @typescript-eslint/no-inferrable-types
-    export const version = `${versionMajorMinor}.0-beta`;
+    export const version = `${versionMajorMinor}.1-rc`;
 
     /**
      * Type of objects whose values are all of the same type.