diff --git a/CHANGELOG.md b/CHANGELOG.md
index 700f1af9d..a6a7036a4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.42.0 (2024-12-13)
+
 ### AWS X-Ray SDK support
 
 - Update semconv dependency version
diff --git a/version.gradle.kts b/version.gradle.kts
index aa3b088b5..edf3a0456 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.42.0-SNAPSHOT"
-val alphaVersion = "1.42.0-alpha-SNAPSHOT"
+val stableVersion = "1.43.0-SNAPSHOT"
+val alphaVersion = "1.43.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {