diff --git a/Cargo.lock b/Cargo.lock
index a475aa0af..aede89091 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2618,7 +2618,7 @@ checksum = "6af6ae20167a9ece4bcb41af5b80f8a1f1df981f6391189ce00fd257af04126a"
 
 [[package]]
 name = "typst"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "arrayvec",
  "az",
@@ -2686,12 +2686,13 @@ dependencies = [
 
 [[package]]
 name = "typst-assets"
-version = "0.11.0"
-source = "git+https://github.com/typst/typst-assets?rev=4afd428#4afd428838a8fc99151c00dcf52f26b94c367aa0"
+version = "0.12.0-rc1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "71c698edbfa8c49019246abe01c692d92f3d47e0b600da1ab4dbf1e8f3a7e53f"
 
 [[package]]
 name = "typst-cli"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "chrono",
  "clap",
@@ -2739,7 +2740,7 @@ source = "git+https://github.com/typst/typst-dev-assets?rev=e9f8127#e9f81271547c
 
 [[package]]
 name = "typst-docs"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "clap",
  "comemo",
@@ -2762,7 +2763,7 @@ dependencies = [
 
 [[package]]
 name = "typst-fuzz"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "comemo",
  "libfuzzer-sys",
@@ -2774,7 +2775,7 @@ dependencies = [
 
 [[package]]
 name = "typst-ide"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "comemo",
  "ecow",
@@ -2790,7 +2791,7 @@ dependencies = [
 
 [[package]]
 name = "typst-kit"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "dirs",
  "ecow",
@@ -2810,7 +2811,7 @@ dependencies = [
 
 [[package]]
 name = "typst-macros"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "heck",
  "proc-macro2",
@@ -2820,7 +2821,7 @@ dependencies = [
 
 [[package]]
 name = "typst-pdf"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "arrayvec",
  "base64",
@@ -2846,7 +2847,7 @@ dependencies = [
 
 [[package]]
 name = "typst-render"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "bytemuck",
  "comemo",
@@ -2864,7 +2865,7 @@ dependencies = [
 
 [[package]]
 name = "typst-svg"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "base64",
  "comemo",
@@ -2880,7 +2881,7 @@ dependencies = [
 
 [[package]]
 name = "typst-syntax"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "ecow",
  "once_cell",
@@ -2896,7 +2897,7 @@ dependencies = [
 
 [[package]]
 name = "typst-tests"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "clap",
  "comemo",
@@ -2920,7 +2921,7 @@ dependencies = [
 
 [[package]]
 name = "typst-timing"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "parking_lot",
  "serde",
@@ -2930,7 +2931,7 @@ dependencies = [
 
 [[package]]
 name = "typst-utils"
-version = "0.11.0"
+version = "0.12.0-rc1"
 dependencies = [
  "once_cell",
  "portable-atomic",
diff --git a/Cargo.toml b/Cargo.toml
index 62eed382d..07c862317 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -4,7 +4,7 @@ default-members = ["crates/typst-cli"]
 resolver = "2"
 
 [workspace.package]
-version = "0.11.0"
+version = "0.12.0-rc1"
 rust-version = "1.77" # also change in ci.yml
 authors = ["The Typst Project Developers"]
 edition = "2021"
@@ -16,18 +16,18 @@ keywords = ["typst"]
 readme = "README.md"
 
 [workspace.dependencies]
-typst = { path = "crates/typst", version = "0.11.0" }
-typst-cli = { path = "crates/typst-cli", version = "0.11.0" }
-typst-ide = { path = "crates/typst-ide", version = "0.11.0" }
-typst-kit = { path = "crates/typst-kit", version = "0.11.0" }
-typst-macros = { path = "crates/typst-macros", version = "0.11.0" }
-typst-pdf = { path = "crates/typst-pdf", version = "0.11.0" }
-typst-render = { path = "crates/typst-render", version = "0.11.0" }
-typst-svg = { path = "crates/typst-svg", version = "0.11.0" }
-typst-syntax = { path = "crates/typst-syntax", version = "0.11.0" }
-typst-timing = { path = "crates/typst-timing", version = "0.11.0" }
-typst-utils = { path = "crates/typst-utils", version = "0.11.0" }
-typst-assets = { git = "https://github.com/typst/typst-assets", rev = "4afd428" }
+typst = { path = "crates/typst", version = "0.12.0-rc1" }
+typst-cli = { path = "crates/typst-cli", version = "0.12.0-rc1" }
+typst-ide = { path = "crates/typst-ide", version = "0.12.0-rc1" }
+typst-kit = { path = "crates/typst-kit", version = "0.12.0-rc1" }
+typst-macros = { path = "crates/typst-macros", version = "0.12.0-rc1" }
+typst-pdf = { path = "crates/typst-pdf", version = "0.12.0-rc1" }
+typst-render = { path = "crates/typst-render", version = "0.12.0-rc1" }
+typst-svg = { path = "crates/typst-svg", version = "0.12.0-rc1" }
+typst-syntax = { path = "crates/typst-syntax", version = "0.12.0-rc1" }
+typst-timing = { path = "crates/typst-timing", version = "0.12.0-rc1" }
+typst-utils = { path = "crates/typst-utils", version = "0.12.0-rc1" }
+typst-assets = "0.12.0-rc1"
 typst-dev-assets = { git = "https://github.com/typst/typst-dev-assets", rev = "e9f8127" }
 arrayvec = "0.7.4"
 az = "1.2"
diff --git a/docs/changelog.md b/docs/changelog.md
index 2027f9862..431c5f13d 100644
--- a/docs/changelog.md
+++ b/docs/changelog.md
@@ -6,7 +6,7 @@ description: |
 
 # Changelog
 
-## Unreleased
+## Version 0.12.0, Release Candidate 1 (October 3, 2024) { #v0.12.0-rc1 }
 ### Highlights { #_ }
 - Added support for multi-column floating [placement]($place.scope) and
   [figures]($figure.scope)
@@ -389,6 +389,8 @@ description: |
   - The `xz2` dependency used by the self-updater is now statically linked
   - The Dockerfile now has an `ENTRYPOINT` directive
 
+<contributors from="v0.11.0" to="v0.12.0-rc1" />
+
 ## Version 0.11.1 (May 17, 2024) { #v0.11.1 }
 - Security
   - Fixed a vulnerability where image files at known paths could be embedded