diff --git a/CMakeLists.txt b/CMakeLists.txt
index 07c642120..c78c5d756 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -18,7 +18,7 @@ option(MLX_BUILD_METAL "Build metal backend" ON)
 option(BUILD_SHARED_LIBS "Build mlx as a shared library" OFF)
 
 if(NOT MLX_VERSION)
-  set(MLX_VERSION 0.4.0)
+  set(MLX_VERSION 0.5.0)
 endif()
 
 # --------------------- Processor tests -------------------------
diff --git a/setup.py b/setup.py
index cebf88621..e2e3c20e6 100644
--- a/setup.py
+++ b/setup.py
@@ -152,7 +152,7 @@ if __name__ == "__main__":
 
     setup(
         name="mlx",
-        version=get_version("0.4.0"),
+        version=get_version("0.5.0"),
         author="MLX Contributors",
         author_email="mlx@group.apple.com",
         description="A framework for machine learning on Apple silicon.",