diff --git a/Makefile b/Makefile
index b7f516d7477a0..5fedd949d5113 100644
--- a/Makefile
+++ b/Makefile
@@ -2,7 +2,7 @@
 # Naming convention:
 #	for stable releases we use "1.0.0" format
 #   for pre-releases, we use   "1.0.0-beta.2" format
-VERSION=2.0.0-beta.2
+VERSION=2.0.0-rc.1
 
 # These are standard autotools variables, don't change them please
 BUILDDIR ?= build
diff --git a/version.go b/version.go
index c7fd648bca23d..3c5aa1f255572 100644
--- a/version.go
+++ b/version.go
@@ -3,7 +3,7 @@
 package teleport
 
 const (
-	Version = "2.0.0-beta.2"
+	Version = "2.0.0-rc.1"
 )
 
 // Gitref variable is automatically set to the output of git-describe