diff --git a/CHANGES.md b/CHANGES.md
index 1cb3e7da13..3053724c9d 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,32 @@
+# Synapse 1.127.0rc1 (2025-03-18)
+
+### Features
+
+- Update [MSC4140](https://github.com/matrix-org/matrix-spec-proposals/pull/4140) implementation to no longer cancel a user's own delayed state events with an event type & state key that match a more recent state event sent by that user. ([\#17810](https://github.com/element-hq/synapse/issues/17810))
+
+### Improved Documentation
+
+- Fixed a minor typo in the Synapse documentation. Contributed by @karuto12. ([\#18224](https://github.com/element-hq/synapse/issues/18224))
+
+### Internal Changes
+
+- Remove undocumented `SYNAPSE_USE_FROZEN_DICTS` environment variable. ([\#18123](https://github.com/element-hq/synapse/issues/18123))
+- Fix detection of workflow failures in the release script. ([\#18211](https://github.com/element-hq/synapse/issues/18211))
+- Add caching support to media endpoints. ([\#18235](https://github.com/element-hq/synapse/issues/18235))
+
+
+
+### Updates to locked dependencies
+
+* Bump anyhow from 1.0.96 to 1.0.97. ([\#18201](https://github.com/element-hq/synapse/issues/18201))
+* Bump bcrypt from 4.2.1 to 4.3.0. ([\#18207](https://github.com/element-hq/synapse/issues/18207))
+* Bump bytes from 1.10.0 to 1.10.1. ([\#18227](https://github.com/element-hq/synapse/issues/18227))
+* Bump http from 1.2.0 to 1.3.1. ([\#18245](https://github.com/element-hq/synapse/issues/18245))
+* Bump sentry-sdk from 2.19.2 to 2.22.0. ([\#18205](https://github.com/element-hq/synapse/issues/18205))
+* Bump serde from 1.0.218 to 1.0.219. ([\#18228](https://github.com/element-hq/synapse/issues/18228))
+* Bump serde_json from 1.0.139 to 1.0.140. ([\#18202](https://github.com/element-hq/synapse/issues/18202))
+* Bump ulid from 1.2.0 to 1.2.1. ([\#18246](https://github.com/element-hq/synapse/issues/18246))
+
 # Synapse 1.126.0 (2025-03-11)
 Administrators using the Debian/Ubuntu packages from `packages.matrix.org`, please check
 [the relevant section in the upgrade notes](https://github.com/element-hq/synapse/blob/release-v1.126/docs/upgrade.md#change-of-signing-key-expiry-date-for-the-debianubuntu-package-repository)
diff --git a/changelog.d/17810.feature b/changelog.d/17810.feature
deleted file mode 100644
index 5c65e54ceb..0000000000
--- a/changelog.d/17810.feature
+++ /dev/null
@@ -1 +0,0 @@
-Update MSC4140 implementation to no longer cancel a user's own delayed state events with an event type & state key that match a more recent state event sent by that user.
diff --git a/changelog.d/18123.misc b/changelog.d/18123.misc
deleted file mode 100644
index 5ae23eb07d..0000000000
--- a/changelog.d/18123.misc
+++ /dev/null
@@ -1 +0,0 @@
-Remove undocumented `SYNAPSE_USE_FROZEN_DICTS` environment variable.
diff --git a/changelog.d/18211.misc b/changelog.d/18211.misc
deleted file mode 100644
index 9429b34f62..0000000000
--- a/changelog.d/18211.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix detection of workflow failures in the release script.
\ No newline at end of file
diff --git a/changelog.d/18224.doc b/changelog.d/18224.doc
deleted file mode 100644
index 2560d40c26..0000000000
--- a/changelog.d/18224.doc
+++ /dev/null
@@ -1,2 +0,0 @@
-Fixed a minor typo in the Synapse documentation.  
-Contributed by @karuto12.
diff --git a/changelog.d/18235.misc b/changelog.d/18235.misc
deleted file mode 100644
index 1c3c42a73c..0000000000
--- a/changelog.d/18235.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add caching support to media endpoints.
diff --git a/debian/changelog b/debian/changelog
index 69d19fa048..c50249f081 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.127.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.127.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 18 Mar 2025 13:30:05 +0000
+
 matrix-synapse-py3 (1.126.0) stable; urgency=medium
 
   * New Synapse release 1.126.0.
diff --git a/pyproject.toml b/pyproject.toml
index 27a4da7e72..bc0f526390 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -97,7 +97,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.126.0"
+version = "1.127.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "AGPL-3.0-or-later"