diff --git a/Cargo.lock b/Cargo.lock
index 8832c1212bcd9..415bbb5d740cd 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4362,7 +4362,7 @@ dependencies = [
 
 [[package]]
 name = "mz-balancerd"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -4498,7 +4498,7 @@ dependencies = [
 
 [[package]]
 name = "mz-catalog-debug"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 dependencies = [
  "anyhow",
  "clap",
@@ -4650,7 +4650,7 @@ dependencies = [
 
 [[package]]
 name = "mz-clusterd"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 dependencies = [
  "anyhow",
  "axum",
@@ -4905,7 +4905,7 @@ dependencies = [
 
 [[package]]
 name = "mz-environmentd"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 dependencies = [
  "anyhow",
  "askama",
@@ -5660,7 +5660,7 @@ dependencies = [
 
 [[package]]
 name = "mz-persist-client"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 dependencies = [
  "anyhow",
  "arrayvec 0.7.4",
@@ -6742,7 +6742,7 @@ dependencies = [
 
 [[package]]
 name = "mz-testdrive"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 dependencies = [
  "anyhow",
  "arrow",
diff --git a/LICENSE b/LICENSE
index 83b77377f013e..ca73989908012 100644
--- a/LICENSE
+++ b/LICENSE
@@ -13,7 +13,7 @@ Business Source License 1.1
 
 Licensor:                  Materialize, Inc.
 
-Licensed Work:             Materialize Version 20240906
+Licensed Work:             Materialize Version v0.116.0
                            The Licensed Work is © 2024 Materialize, Inc.
 
 Additional Use Grant:      Within a single installation of Materialize, you
diff --git a/src/balancerd/BUILD.bazel b/src/balancerd/BUILD.bazel
index 322706522ee54..1a5efa1cc2a4c 100644
--- a/src/balancerd/BUILD.bazel
+++ b/src/balancerd/BUILD.bazel
@@ -30,7 +30,7 @@ rust_library(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/alloc:mz_alloc",
         "//src/alloc-default:mz_alloc_default",
@@ -70,7 +70,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/alloc:mz_alloc",
         "//src/alloc-default:mz_alloc_default",
@@ -137,7 +137,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_balancerd",
         "//src/alloc:mz_alloc",
@@ -175,7 +175,7 @@ rust_binary(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_balancerd",
         "//src/alloc:mz_alloc",
diff --git a/src/balancerd/Cargo.toml b/src/balancerd/Cargo.toml
index cbd607af82e06..eead83a51bce4 100644
--- a/src/balancerd/Cargo.toml
+++ b/src/balancerd/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "mz-balancerd"
 description = "Balancer service."
-version = "0.116.0-dev.0"
+version = "0.116.0"
 edition.workspace = true
 rust-version.workspace = true
 publish = false
diff --git a/src/catalog-debug/BUILD.bazel b/src/catalog-debug/BUILD.bazel
index da48be3189d69..536b22f71ffbe 100644
--- a/src/catalog-debug/BUILD.bazel
+++ b/src/catalog-debug/BUILD.bazel
@@ -29,7 +29,7 @@ rust_binary(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/build-info:mz_build_info",
diff --git a/src/catalog-debug/Cargo.toml b/src/catalog-debug/Cargo.toml
index 6ced7853a60b5..9c6221ceec97f 100644
--- a/src/catalog-debug/Cargo.toml
+++ b/src/catalog-debug/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "mz-catalog-debug"
 description = "Durable metadata storage debug tool."
-version = "0.116.0-dev.0"
+version = "0.116.0"
 edition.workspace = true
 rust-version.workspace = true
 publish = false
diff --git a/src/clusterd/BUILD.bazel b/src/clusterd/BUILD.bazel
index fbcbd589955c0..6e7015e272055 100644
--- a/src/clusterd/BUILD.bazel
+++ b/src/clusterd/BUILD.bazel
@@ -29,7 +29,7 @@ rust_binary(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/alloc:mz_alloc",
         "//src/alloc-default:mz_alloc_default",
diff --git a/src/clusterd/Cargo.toml b/src/clusterd/Cargo.toml
index 1d6e9a6c2532c..d33b9726f7d57 100644
--- a/src/clusterd/Cargo.toml
+++ b/src/clusterd/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "mz-clusterd"
 description = "Materialize's cluster server."
-version = "0.116.0-dev.0"
+version = "0.116.0"
 edition.workspace = true
 rust-version.workspace = true
 publish = false
diff --git a/src/environmentd/BUILD.bazel b/src/environmentd/BUILD.bazel
index 7eb930edbc35c..c47f67af4e1cf 100644
--- a/src/environmentd/BUILD.bazel
+++ b/src/environmentd/BUILD.bazel
@@ -42,7 +42,7 @@ rust_library(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_environmentd_build_script",
         "//src/adapter:mz_adapter",
@@ -115,7 +115,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -250,7 +250,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -318,7 +318,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -386,7 +386,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -454,7 +454,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -522,7 +522,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -590,7 +590,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -658,7 +658,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/adapter-types:mz_adapter_types",
@@ -720,7 +720,7 @@ rust_binary(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_environmentd",
         "//src/adapter:mz_adapter",
diff --git a/src/environmentd/Cargo.toml b/src/environmentd/Cargo.toml
index 6131c22859c9e..2a549dcac38d9 100644
--- a/src/environmentd/Cargo.toml
+++ b/src/environmentd/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "mz-environmentd"
 description = "Manages a single Materialize environment."
-version = "0.116.0-dev.0"
+version = "0.116.0"
 authors = ["Materialize, Inc."]
 license = "proprietary"
 edition.workspace = true
diff --git a/src/persist-client/BUILD.bazel b/src/persist-client/BUILD.bazel
index 8d828da1203f4..dadaddeb4b24e 100644
--- a/src/persist-client/BUILD.bazel
+++ b/src/persist-client/BUILD.bazel
@@ -28,7 +28,7 @@ rust_library(
     proc_macro_deps = ["//src/persist-proc:mz_persist_proc"] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_persist_client_build_script",
         "//src/build-info:mz_build_info",
@@ -62,7 +62,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/build-info:mz_build_info",
         "//src/dyncfg:mz_dyncfg",
diff --git a/src/persist-client/Cargo.toml b/src/persist-client/Cargo.toml
index 8e4f80b60d098..2cc106651ccd2 100644
--- a/src/persist-client/Cargo.toml
+++ b/src/persist-client/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "mz-persist-client"
 description = "Client for Materialize pTVC durability system"
-version = "0.116.0-dev.0"
+version = "0.116.0"
 edition.workspace = true
 rust-version.workspace = true
 publish = false
diff --git a/src/testdrive/BUILD.bazel b/src/testdrive/BUILD.bazel
index 61b2b2a60fe23..6ab0a03c00f70 100644
--- a/src/testdrive/BUILD.bazel
+++ b/src/testdrive/BUILD.bazel
@@ -28,7 +28,7 @@ rust_library(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_testdrive_build_script",
         "//src/adapter:mz_adapter",
@@ -73,7 +73,7 @@ rust_test(
     ),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         "//src/adapter:mz_adapter",
         "//src/avro:mz_avro",
@@ -162,7 +162,7 @@ rust_binary(
     proc_macro_deps = [] + all_crate_deps(proc_macro = True),
     rustc_env = {},
     rustc_flags = [],
-    version = "0.116.0-dev.0",
+    version = "0.116.0",
     deps = [
         ":mz_testdrive",
         "//src/adapter:mz_adapter",
diff --git a/src/testdrive/Cargo.toml b/src/testdrive/Cargo.toml
index 0e281a27b755a..14c66c946c639 100644
--- a/src/testdrive/Cargo.toml
+++ b/src/testdrive/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "mz-testdrive"
 description = "Integration test driver for Materialize."
-version = "0.116.0-dev.0"
+version = "0.116.0"
 edition.workspace = true
 rust-version.workspace = true
 publish = false