diff --git a/src/Fable.Cli/Fable.Cli.fsproj b/src/Fable.Cli/Fable.Cli.fsproj
index 5f610fb6e..9c1bc2133 100644
--- a/src/Fable.Cli/Fable.Cli.fsproj
+++ b/src/Fable.Cli/Fable.Cli.fsproj
@@ -4,20 +4,16 @@
     <DisableImplicitFSharpCoreReference>true</DisableImplicitFSharpCoreReference>
     <OutputType>Exe</OutputType>
     <TargetFramework>net8.0</TargetFramework>
-    <Version>4.24.0</Version>
+    <Version>5.0.0-alpha.1</Version>
     <PackageReleaseNotes>## Added
 
-- [JS/TS] Added missing `ResizeArray.CopyTo` replacements (by @ncave)
-- [JS/TS] Added missing `Dictionary` constructors from enumerable (by @ncave)
+- [All] Add `--legacyCracker` as a fallback
 
-## Fixed
+## Changed
 
-- [Rust] Fixed import path rewrite (by @ncave)
-- [Rust] Updated derived interfaces (by @ncave)
-- [Rust] Updated string comparisons (by @ncave)
-- [Rust] Fixed derived traits mapping (by @ncave)
-- [JS/TS] Added missing `ICollection` helpers (#3914) (by @ncave)
-- [JS/TS] Added missing `IReadOnlyCollection` helpers (by @ncave)
+- [All] Make MSBuildCracker the default
+- [All] Replace `FABLE_COMPILER_4` with `FABLE_COMPILER_5` as the compiler directive
+- [All] Move TargetFramework to `net8.0`
 
 </PackageReleaseNotes>
     <!-- Allow users with newer dotnet SDK to run Fable, see #1910 -->
diff --git a/src/Fable.Compiler/Fable.Compiler.fsproj b/src/Fable.Compiler/Fable.Compiler.fsproj
index be14f7216..e8d9f60a0 100644
--- a/src/Fable.Compiler/Fable.Compiler.fsproj
+++ b/src/Fable.Compiler/Fable.Compiler.fsproj
@@ -6,10 +6,16 @@
         <DisableImplicitFSharpCoreReference>true</DisableImplicitFSharpCoreReference>
         <CopyLocalLockFileAssemblies>true</CopyLocalLockFileAssemblies>
         <RootNamespace>Fable.Compiler</RootNamespace>
-        <Version>4.0.0-alpha-016</Version>
-        <PackageReleaseNotes>## Changed
+        <Version>5.0.0-alpha.1</Version>
+        <PackageReleaseNotes>## Added
 
-- Fable 4.24.0
+- [All] Add `--legacyCracker` as a fallback
+
+## Changed
+
+- [All] Make MSBuildCracker the default
+- [All] Replace `FABLE_COMPILER_4` with `FABLE_COMPILER_5` as the compiler directive
+- [All] Move TargetFramework to `net8.0`
 
 </PackageReleaseNotes>
         <DebugType>embedded</DebugType>
diff --git a/src/Fable.Transforms/Global/Compiler.fs b/src/Fable.Transforms/Global/Compiler.fs
index 53f304d00..14acff1a3 100644
--- a/src/Fable.Transforms/Global/Compiler.fs
+++ b/src/Fable.Transforms/Global/Compiler.fs
@@ -2,7 +2,7 @@ namespace Fable
 
 module Literals =
     [<Literal>]
-    let VERSION = "4.24.0"
+    let VERSION = "5.0.0-alpha.1"
 
     [<Literal>]
     let JS_LIBRARY_VERSION = "1.7.0"
diff --git a/src/fable-standalone/package-lock.json b/src/fable-standalone/package-lock.json
index 891ffdbb5..1ef746534 100644
--- a/src/fable-standalone/package-lock.json
+++ b/src/fable-standalone/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "@fable-org/fable-standalone",
-  "version": "1.10.0",
+  "version": "1.12.0",
   "lockfileVersion": 2,
   "requires": true,
   "packages": {
     "": {
       "name": "@fable-org/fable-standalone",
-      "version": "1.10.0",
+      "version": "1.12.0",
       "license": "MIT",
       "devDependencies": {
         "esbuild": "^0.19.5",