diff --git a/CMakeLists.txt b/CMakeLists.txt
index b711b1694..97a0a35f9 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -24,7 +24,7 @@ option(MLX_METAL_JIT "Use JIT compilation for Metal kernels" OFF)
 option(BUILD_SHARED_LIBS "Build mlx as a shared library" OFF)
 
 if(NOT MLX_VERSION)
-  set(MLX_VERSION 0.16.2)
+  set(MLX_VERSION 0.16.3)
 endif()
 
 # --------------------- Processor tests -------------------------
diff --git a/setup.py b/setup.py
index 7bd1be4f7..cd3c3c21f 100644
--- a/setup.py
+++ b/setup.py
@@ -163,7 +163,7 @@ if __name__ == "__main__":
 
     setup(
         name="mlx",
-        version=get_version("0.16.2"),
+        version=get_version("0.16.3"),
         author="MLX Contributors",
         author_email="mlx@group.apple.com",
         description="A framework for machine learning on Apple silicon.",