diff --git a/README.md b/README.md
index 3569fb1..0b98bb2 100644
--- a/README.md
+++ b/README.md
@@ -9,12 +9,12 @@ If you have [Docker](https://www.docker.com/) installed locally, just run the fo
 ```bash
 user@hostname$ ./build.sh
 ```
-By default this will build alacritty 0.4.3 on Debian Buster.
+By default this will build alacritty v0.5.0-rc1 on Debian Buster.
 
 If you want to customize the build at runtime, use the following:
 
 ```bash
-user@hostname$ ./build.sh -i debian:unstable-slim -v 0.3.3
+user@hostname$ ./build.sh -i debian:unstable-slim -v 0.4.3
 ```
 Don't forget to update `debian/changelog` so your package is generated with the correct version.
 
diff --git a/build.sh b/build.sh
index 245340f..a4861a5 100755
--- a/build.sh
+++ b/build.sh
@@ -4,7 +4,7 @@ set -eu
 
 IMAGE="debian:buster-slim"
 TARGET="$(dirname "$0" | xargs realpath)"
-VERSION="v0.4.3"
+VERSION="v0.5.0-rc1"
 
 while getopts "v:i:h" opt
 do
diff --git a/debian/changelog b/debian/changelog
index 54d737a..31b12a5 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+alacritty (0.5.0.rc1-1) unstable; urgency=medium
+
+  * Version 0.5.0.rc1
+
+ -- Martin Simon <me@martinsimon.me>  Thu, 16 Jul 2020 00:00:00 +0000
+
 alacritty (0.4.3-1) unstable; urgency=medium
 
   * Version 0.4.3