diff --git a/.cargo/config.toml b/.cargo/config.toml
index 4734df8..46f84d0 100644
--- a/.cargo/config.toml
+++ b/.cargo/config.toml
@@ -2,4 +2,4 @@
 git-fetch-with-cli = true
 
 [build]
-target = "wasm32-wasi"
+target = "wasm32-wasip1"
diff --git a/.github/workflows/build.yml b/.github/workflows/build.yml
index 1ce4d7a..7bcfc81 100644
--- a/.github/workflows/build.yml
+++ b/.github/workflows/build.yml
@@ -22,7 +22,7 @@ jobs:
           components: clippy, rustfmt
 
       - name: Install Wasm Rust target
-        run: rustup target add wasm32-wasi
+        run: rustup target add wasm32-wasip1
 
       - name: Install spin-test
         run: |
diff --git a/.github/workflows/release.yml b/.github/workflows/release.yml
index ca39fae..0d8f590 100644
--- a/.github/workflows/release.yml
+++ b/.github/workflows/release.yml
@@ -24,7 +24,7 @@ jobs:
           components: clippy, rustfmt
 
       - name: Install Wasm Rust target
-        run: rustup target add wasm32-wasi
+        run: rustup target add wasm32-wasip1
 
       - name: Make
         run: make
@@ -33,7 +33,7 @@ jobs:
 
       - name: generate checksums
         run: |
-          sha256sum target/wasm32-wasi/release/spin_static_fs.wasm > checksums-${{ env.RELEASE_VERSION }}.txt
+          sha256sum target/wasm32-wasip1/release/spin_static_fs.wasm > checksums-${{ env.RELEASE_VERSION }}.txt
 
       - name: Create release
         uses: softprops/action-gh-release@v1
@@ -41,5 +41,5 @@ jobs:
           fail_on_unmatched_files: true
           generate_release_notes: true
           files: |
-            target/wasm32-wasi/release/spin_static_fs.wasm
+            target/wasm32-wasip1/release/spin_static_fs.wasm
             checksums-${{ env.RELEASE_VERSION }}.txt
diff --git a/README.md b/README.md
index 3e69454..62cb8d1 100644
--- a/README.md
+++ b/README.md
@@ -19,7 +19,7 @@ and [NGINX Unit](https://unit.nginx.org/).
 
 Prerequisites:
 
-- [Rust](https://www.rust-lang.org/) at [1.72+](https://www.rust-lang.org/tools/install) with the `wasm32-wasi` target configured
+- [Rust](https://www.rust-lang.org/) at [1.72+](https://www.rust-lang.org/tools/install) with the `wasm32-wasip1` target configured
 - [cargo-component](https://github.com/bytecodealliance/cargo-component)
 - [Spin v2.0](https://github.com/fermyon/spin) to run the component/examples
 
@@ -36,7 +36,7 @@ See the [examples](./examples) directory for examples of using and composing `sp
 Prerequisites:
 
 - [Rust](https://www.rust-lang.org/) at
-  [1.72+](https://www.rust-lang.org/tools/install) with the `wasm32-wasi` target
+  [1.72+](https://www.rust-lang.org/tools/install) with the `wasm32-wasip1` target
   configured
 
 Running test cases:
@@ -84,7 +84,7 @@ component = "fs"
 
 # For more on configuring a component, see: https://developer.fermyon.com/spin/writing-apps
 [component.fs]
-source = "target/wasm32-wasi/release/spin_static_fs.wasm"
+source = "target/wasm32-wasip1/release/spin_static_fs.wasm"
 files = [{ source = "", destination = "/" }]
 [component.fs.build]
 command = "make"
@@ -145,7 +145,7 @@ is useful for Single Page Applications that use view routers on the front-end li
 ```toml
 # For more on configuring a component, see: https://developer.fermyon.com/spin/writing-apps#adding-environment-variables-to-components
 [component.fs]
-source = "target/wasm32-wasi/release/spin_static_fs.wasm"
+source = "target/wasm32-wasip1/release/spin_static_fs.wasm"
 files = [{ source = "test", destination = "/" }]
 environment = { FALLBACK_PATH = "index.html" }
 ```
@@ -157,7 +157,7 @@ You can configure a `CUSTOM_404_PATH` environment variable and point to a file t
 ```toml
 # For more on configuring a component, see: https://developer.fermyon.com/spin/writing-apps#adding-environment-variables-to-components
 [component.fs]
-source = "target/wasm32-wasi/release/spin_static_fs.wasm"
+source = "target/wasm32-wasip1/release/spin_static_fs.wasm"
 files = [{ source = "test", destination = "/" }]
 environment = { CUSTOM_404_PATH = "404.html" }
 ```
diff --git a/examples/javascript/README.md b/examples/javascript/README.md
index eb1864a..8c19c1d 100644
--- a/examples/javascript/README.md
+++ b/examples/javascript/README.md
@@ -19,7 +19,7 @@ component for serving static files.
 Once you have Rust and NodeJS installed, the following should give you everything else:
 
 ```shell
-rustup target add wasm32-wasi
+rustup target add wasm32-wasip1
 cargo install cargo-component
 cargo install wac-cli
 npm install -g @bytecodealliance/jco @bytecodealliance/componentize-js
diff --git a/examples/javascript/spin.toml b/examples/javascript/spin.toml
index 05100ab..b8c4fa2 100644
--- a/examples/javascript/spin.toml
+++ b/examples/javascript/spin.toml
@@ -14,5 +14,5 @@ component = "spin-fileserver-example"
 source = "composed.wasm"
 files = [{ source = "../static", destination = "/" }]
 [component.spin-fileserver-example.build]
-command = "npm install && node build.mjs && (cd .. && cargo component build --release) && RUST_LOG=error wac plug --plug ../../target/wasm32-wasi/release/spin_static_fs.wasm  http.wasm -o composed.wasm"
+command = "npm install && node build.mjs && (cd .. && cargo component build --release) && RUST_LOG=error wac plug --plug ../../target/wasm32-wasip1/release/spin_static_fs.wasm  http.wasm -o composed.wasm"
 watch = ["*.js"]
diff --git a/examples/python/README.md b/examples/python/README.md
index 1f94a01..eb28fdb 100644
--- a/examples/python/README.md
+++ b/examples/python/README.md
@@ -20,7 +20,7 @@ component for serving static files.
 Once you have Rust, Python, and pip installed, the following should give you everything else:
 
 ```shell
-rustup target add wasm32-wasi
+rustup target add wasm32-wasip1
 cargo install cargo-component
 cargo install wac-cli
 pip install componentize-py=0.13.5
diff --git a/examples/python/spin.toml b/examples/python/spin.toml
index 26a16b9..cedfae0 100644
--- a/examples/python/spin.toml
+++ b/examples/python/spin.toml
@@ -14,5 +14,5 @@ component = "spin-fileserver-example"
 source = "composed.wasm"
 files = [{ source = "../static", destination = "/" }]
 [component.spin-fileserver-example.build]
-command = "componentize-py -d ../wit -w proxy componentize app -o http.wasm && (cd .. && cargo component build --release) && RUST_LOG=error wac plug --plug ../../target/wasm32-wasi/release/spin_static_fs.wasm http.wasm -o composed.wasm"
+command = "componentize-py -d ../wit -w proxy componentize app -o http.wasm && (cd .. && cargo component build --release) && RUST_LOG=error wac plug --plug ../../target/wasm32-wasip1/release/spin_static_fs.wasm http.wasm -o composed.wasm"
 watch = ["*.py"]
diff --git a/examples/rust-standalone/README.md b/examples/rust-standalone/README.md
index e2b1f6f..2c92881 100644
--- a/examples/rust-standalone/README.md
+++ b/examples/rust-standalone/README.md
@@ -8,13 +8,13 @@ in the [rust](../rust), [javascript](../javascript/) and [pythong](../python/) e
 ## Prerequisites
 
 - [Spin v2.0+](https://developer.fermyon.com/spin/install)
-- [Rust](https://rustup.rs/), including the `wasm32-wasi` target
+- [Rust](https://rustup.rs/), including the `wasm32-wasip1` target
 - [curl](https://curl.se/download.html) or a web browser for testing
   
 Once you have Rust installed, the following should give you everything else:
 
 ```shell
-rustup target add wasm32-wasi
+rustup target add wasm32-wasip1
 ```
 
 ## Building and Running
diff --git a/examples/rust-standalone/spin.toml b/examples/rust-standalone/spin.toml
index 90ce0a3..502d28d 100644
--- a/examples/rust-standalone/spin.toml
+++ b/examples/rust-standalone/spin.toml
@@ -15,7 +15,7 @@ route = "/hello"
 component = "hello"
 
 [component.fs]
-source = "../../target/wasm32-wasi/release/spin_static_fs.wasm"
+source = "../../target/wasm32-wasip1/release/spin_static_fs.wasm"
 description = "A fileserver component to serve static assets"
 files = [{ source = "../static", destination = "/" }]
 [component.fs.build]
@@ -23,8 +23,8 @@ workdir = "../../"
 command = "cargo build --release"
 
 [component.hello]
-source = "target/wasm32-wasi/release/rust_standalone.wasm"
+source = "target/wasm32-wasip1/release/rust_standalone.wasm"
 description = "A simple component that returns hello."
 [component.hello.build]
-command = "cargo build --target wasm32-wasi --release"
+command = "cargo build --target wasm32-wasip1 --release"
 watch = ["src/**/*.rs", "Cargo.toml"]
diff --git a/examples/rust/README.md b/examples/rust/README.md
index 27fdf79..0809277 100644
--- a/examples/rust/README.md
+++ b/examples/rust/README.md
@@ -9,7 +9,7 @@ component for serving static files.
 ## Prerequisites
 
 - [Spin v2.0+](https://developer.fermyon.com/spin/install)
-- [Rust](https://rustup.rs/), including the `wasm32-wasi` target
+- [Rust](https://rustup.rs/), including the `wasm32-wasip1` target
 - [cargo-component](https://github.com/bytecodealliance/cargo-component)
 - [wac](https://github.com/bytecodealliance/wac)
 - [curl](https://curl.se/download.html) or a web browser for testing
@@ -17,7 +17,7 @@ component for serving static files.
 Once you have Rust installed, the following should give you everything else:
 
 ```shell
-rustup target add wasm32-wasi
+rustup target add wasm32-wasip1
 cargo install cargo-component
 cargo install wac-cli
 ```
diff --git a/examples/rust/spin.toml b/examples/rust/spin.toml
index ea2e412..5b130ce 100644
--- a/examples/rust/spin.toml
+++ b/examples/rust/spin.toml
@@ -11,8 +11,8 @@ route = "/..."
 component = "spin-fileserver-example"
 
 [component.spin-fileserver-example]
-source = "target/wasm32-wasi/release/composed.wasm"
+source = "target/wasm32-wasip1/release/composed.wasm"
 files = [{ source = "../static", destination = "/" }]
 [component.spin-fileserver-example.build]
-command = "cargo component build --release && (cd .. && cargo component build --release) && RUST_LOG=error wac plug --plug ../../target/wasm32-wasi/release/spin_static_fs.wasm  target/wasm32-wasi/release/spin_fileserver_example.wasm -o target/wasm32-wasi/release/composed.wasm"
+command = "cargo component build --release && (cd .. && cargo component build --release) && RUST_LOG=error wac plug --plug ../../target/wasm32-wasip1/release/spin_static_fs.wasm  target/wasm32-wasip1/release/spin_fileserver_example.wasm -o target/wasm32-wasip1/release/composed.wasm"
 watch = ["src/**/*.rs", "Cargo.toml"]
diff --git a/spin.toml b/spin.toml
index 2803527..1b2d974 100644
--- a/spin.toml
+++ b/spin.toml
@@ -12,13 +12,13 @@ component = "fs"
 
 # For more on configuring a component, see: https://developer.fermyon.com/spin/writing-apps
 [component.fs]
-source = "target/wasm32-wasi/release/spin_static_fs.wasm"
+source = "target/wasm32-wasip1/release/spin_static_fs.wasm"
 files = [{ source = "", destination = "/" }]
 exclude_files = ["target/**/*"]
 [component.fs.build]
 command = "make"
 
 [component.fs.tool.spin-test]
-source = "target/wasm32-wasi/release/tests.wasm"
+source = "target/wasm32-wasip1/release/tests.wasm"
 build = "cargo component build --release"
 workdir = "tests"