diff --git a/Gemfile.lock b/Gemfile.lock
index fd7c2f3b84692b..51a89a3ccfd41c 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -3,7 +3,7 @@ GEM
   specs:
     CFPropertyList (3.0.5)
       rexml
-    activesupport (6.1.5)
+    activesupport (6.1.6.1)
       concurrent-ruby (~> 1.0, >= 1.0.2)
       i18n (>= 1.6, < 2)
       minitest (>= 5.1)
@@ -45,7 +45,7 @@ GEM
       public_suffix (~> 4.0)
       typhoeus (~> 1.0)
     cocoapods-deintegrate (1.0.5)
-    cocoapods-downloader (1.6.1)
+    cocoapods-downloader (1.6.3)
     cocoapods-plugins (1.0.0)
       nap
     cocoapods-search (1.0.1)
@@ -63,29 +63,29 @@ GEM
     fuzzy_match (2.0.4)
     gh_inspector (1.1.3)
     httpclient (2.8.3)
-    i18n (1.10.0)
+    i18n (1.12.0)
       concurrent-ruby (~> 1.0)
-    json (2.6.1)
-    minitest (5.15.0)
+    json (2.6.2)
+    minitest (5.16.2)
     molinillo (0.8.0)
     nanaimo (0.3.0)
     nap (1.1.0)
     netrc (0.11.0)
-    public_suffix (4.0.6)
+    public_suffix (4.0.7)
     rexml (3.2.5)
     ruby-macho (2.5.1)
     typhoeus (1.4.0)
       ethon (>= 0.9.0)
     tzinfo (2.0.4)
       concurrent-ruby (~> 1.0)
-    xcodeproj (1.21.0)
+    xcodeproj (1.22.0)
       CFPropertyList (>= 2.3.3, < 4.0)
       atomos (~> 0.1.3)
       claide (>= 1.0.2, < 2.0)
       colored2 (~> 3.1)
       nanaimo (~> 0.3.0)
       rexml (~> 3.2.4)
-    zeitwerk (2.5.4)
+    zeitwerk (2.6.0)
 
 PLATFORMS
   ruby
@@ -97,4 +97,4 @@ RUBY VERSION
    ruby 2.7.5p203
 
 BUNDLED WITH
-   2.3.10
+   2.3.11
diff --git a/Libraries/Core/ReactNativeVersion.js b/Libraries/Core/ReactNativeVersion.js
index eefc716eaa9b51..79c2fb57f2f32d 100644
--- a/Libraries/Core/ReactNativeVersion.js
+++ b/Libraries/Core/ReactNativeVersion.js
@@ -1,17 +1,17 @@
 /**
+ * @generated by scripts/set-rn-version.js
+ *
  * Copyright (c) Meta Platforms, Inc. and affiliates.
  *
  * This source code is licensed under the MIT license found in the
  * LICENSE file in the root directory of this source tree.
  *
- * @format
- * @generated by scripts/set-rn-version.js
  * @flow strict
  */
 
 exports.version = {
   major: 0,
-  minor: 0,
+  minor: 70,
   patch: 0,
-  prerelease: null,
+  prerelease: 'rc.0',
 };
diff --git a/React/Base/RCTVersion.m b/React/Base/RCTVersion.m
index 965c57cd19a9f5..316efe8591ea68 100644
--- a/React/Base/RCTVersion.m
+++ b/React/Base/RCTVersion.m
@@ -21,11 +21,11 @@
   static dispatch_once_t onceToken;
   dispatch_once(&onceToken, ^(void){
     __rnVersion = @{
-                    RCTVersionMajor: @(0),
-                    RCTVersionMinor: @(0),
-                    RCTVersionPatch: @(0),
-                    RCTVersionPrerelease: [NSNull null],
-                    };
+                  RCTVersionMajor: @(0),
+                  RCTVersionMinor: @(70),
+                  RCTVersionPatch: @(0),
+                  RCTVersionPrerelease: @"rc.0",
+                  };
   });
   return __rnVersion;
 }
diff --git a/ReactAndroid/gradle.properties b/ReactAndroid/gradle.properties
index 1a612aec2ccc23..101ddcd3091c27 100644
--- a/ReactAndroid/gradle.properties
+++ b/ReactAndroid/gradle.properties
@@ -1,4 +1,4 @@
-VERSION_NAME=1000.0.0-main
+VERSION_NAME=0.70.0-rc.0
 GROUP=com.facebook.react
 
 POM_NAME=ReactNative
diff --git a/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java b/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
index d42743752bb9c5..5c46dc17a4fc86 100644
--- a/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
+++ b/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
@@ -16,7 +16,7 @@
 public class ReactNativeVersion {
   public static final Map<String, Object> VERSION = MapBuilder.<String, Object>of(
       "major", 0,
-      "minor", 0,
+      "minor", 70,
       "patch", 0,
-      "prerelease", null);
+      "prerelease", "rc.0");
 }
diff --git a/ReactCommon/cxxreact/ReactNativeVersion.h b/ReactCommon/cxxreact/ReactNativeVersion.h
index 631530267251ce..4cce05b9efd980 100644
--- a/ReactCommon/cxxreact/ReactNativeVersion.h
+++ b/ReactCommon/cxxreact/ReactNativeVersion.h
@@ -16,9 +16,9 @@ namespace facebook::react {
 
 constexpr struct {
   int32_t Major = 0;
-  int32_t Minor = 0;
+  int32_t Minor = 70;
   int32_t Patch = 0;
-  std::string_view Prerelease = "";
+  std::string_view Prerelease = "rc.0";
 } ReactNativeVersion;
 
 } // namespace facebook::react
diff --git a/package.json b/package.json
index eaba0ca0d854be..886dc2d2de4cb0 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,6 @@
 {
   "name": "react-native",
-  "private": true,
-  "version": "1000.0.0",
+  "version": "0.70.0-rc.0",
   "bin": "./cli.js",
   "description": "A framework for building native apps using React",
   "license": "MIT",
@@ -94,10 +93,6 @@
     "test-android-e2e": "yarn run docker-build-android && yarn run test-android-run-e2e",
     "test-ios": "./scripts/objc-test.sh test"
   },
-  "workspaces": [
-    "packages/!(eslint-config-react-native-community)",
-    "repo-config"
-  ],
   "peerDependencies": {
     "react": "18.1.0"
   },
@@ -132,13 +127,51 @@
     "stacktrace-parser": "^0.1.3",
     "use-sync-external-store": "^1.0.0",
     "whatwg-fetch": "^3.0.0",
-    "ws": "^6.1.4"
+    "ws": "^6.1.4",
+    "react-native-codegen": "^0.70.3"
   },
   "devDependencies": {
     "flow-bin": "^0.182.0",
     "hermes-eslint": "0.8.0",
     "react": "18.1.0",
-    "react-test-renderer": "^18.1.0"
+    "react-test-renderer": "18.1.0",
+    "@babel/core": "^7.14.0",
+    "@babel/eslint-parser": "^7.18.2",
+    "@babel/generator": "^7.14.0",
+    "@babel/plugin-transform-regenerator": "^7.0.0",
+    "@react-native-community/eslint-plugin": "*",
+    "@react-native/eslint-plugin-specs": ">0.0.2",
+    "@reactions/component": "^2.0.2",
+    "async": "^3.2.2",
+    "clang-format": "^1.2.4",
+    "connect": "^3.6.5",
+    "coveralls": "^3.1.1",
+    "eslint": "^7.32.0",
+    "eslint-config-fb-strict": "^26.0.0",
+    "eslint-config-fbjs": "^3.1.1",
+    "eslint-config-prettier": "^8.3.0",
+    "eslint-plugin-babel": "^5.3.1",
+    "eslint-plugin-eslint-comments": "^3.2.0",
+    "eslint-plugin-flowtype": "^7.0.0",
+    "eslint-plugin-jest": "^25.2.4",
+    "eslint-plugin-jsx-a11y": "^6.4.1",
+    "eslint-plugin-prettier": "^4.0.0",
+    "eslint-plugin-react": "^7.26.1",
+    "eslint-plugin-react-hooks": "^4.2.0",
+    "eslint-plugin-react-native": "^3.11.0",
+    "eslint-plugin-relay": "^1.8.2",
+    "inquirer": "^7.1.0",
+    "jest": "^26.6.3",
+    "jest-junit": "^10.0.0",
+    "jscodeshift": "^0.13.1",
+    "metro-babel-register": "0.71.3",
+    "metro-memory-fs": "0.71.3",
+    "mkdirp": "^0.5.1",
+    "prettier": "^2.4.1",
+    "shelljs": "^0.8.5",
+    "signedsource": "^1.0.0",
+    "ws": "^6.1.4",
+    "yargs": "^15.3.1"
   },
   "codegenConfig": {
     "libraries": [
@@ -158,4 +191,4 @@
       }
     ]
   }
-}
+}
\ No newline at end of file
diff --git a/template/package.json b/template/package.json
index 32c8110e38aba2..7b1159980764bb 100644
--- a/template/package.json
+++ b/template/package.json
@@ -11,7 +11,7 @@
   },
   "dependencies": {
     "react": "18.1.0",
-    "react-native": "1000.0.0"
+    "react-native": "0.70.0-rc.0"
   },
   "devDependencies": {
     "@babel/core": "^7.12.9",