diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2d43c0e87..1e3adb92e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,6 @@
 # Changelog
 
-## Unreleased
+## Version 1.47.0 (2025-07-03)
 
 ### Disk buffering
 
diff --git a/version.gradle.kts b/version.gradle.kts
index 0ae7508cb..4d162323b 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.47.0-SNAPSHOT"
-val alphaVersion = "1.47.0-alpha-SNAPSHOT"
+val stableVersion = "1.48.0-SNAPSHOT"
+val alphaVersion = "1.48.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {