diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7ad9c69dc..8a0bb1419 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,36 @@
 # Changelog
 
+## 2.48.0-rc.0 / 2023-10-10
+
+* [CHANGE] Remote-write: respect Retry-After header on 5xx errors. #12677
+* [FEATURE] Alerting: Add AWS SigV4 authentication support for Alertmanager endpoints. #12774
+* [FEATURE] Promtool: Add support for histograms in the TSDB dump command. #12775
+* [FEATURE] PromQL: Add warnings (and annotations) to PromQL query results. #12152 #12982 #12988
+* [FEATURE] Remote-write: Add Azure AD OAuth authentication support for remote write requests. #12572
+* [ENHANCEMENT] Remote-write: Add a header to count retried remote write requests. #12729
+* [ENHANCEMENT] TSDB: Improve query performance by re-using iterator when moving between series. #12757
+* [ENHANCEMENT] UI: Move /targets page discovered labels to expandable section #12824
+* [ENHANCEMENT] TSDB: Optimize WBL loading by not sending empty buffers over channel. #12808
+* [ENHANCEMENT] TSDB: Reply WBL mmap markers concurrently. #12801
+* [ENHANCEMENT] Promtool: Add support for specifying series matchers in the TSDB analyze command. #12842
+* [ENHANCEMENT] PromQL: Prevent Prometheus from overallocating memory on subquery with large amount of steps. #12734
+* [ENHANCEMENT] PromQL: Add warning when monotonicity is forced in the input to histogram_quantile. #12931
+* [ENHANCEMENT] Scraping: Optimize sample appending by reducing garbage. #12939
+* [ENHANCEMENT] Storage: Reduce memory allocations in queries that merge series sets. #12938
+* [ENHANCEMENT] UI: Show group interval in rules display. #12943
+* [ENHANCEMENT] Scraping: Save memory when scraping by delaying creation of buffer. #12953
+* [ENHANCEMENT] Agent: Allow ingestion of out-of-order samples. #12897
+* [ENHANCEMENT] Promtool: Improve support for native histograms in TSDB analyze command. #12869
+* [BUGFIX] SD: Ensure that discovery managers are properly canceled. #10569
+* [BUGFIX] TSDB: Fix PostingsForMatchers race with creating new series. #12558
+* [BUGFIX] TSDB: Fix handling of explicit counter reset header in histograms. #12772
+* [BUGFIX] SD: Validate HTTP client configuration in HTTP, EC2, Azure, Uyuni, PuppetDB, and Lightsail SDs. #12762 #12811 #12812 #12815 #12814 #12816
+* [BUGFIX] TSDB: Fix counter reset edgecases causing native histogram panics. #12838
+* [BUGFIX] TSDB: Fix duplicate sample detection at chunk size limit. #12874
+* [BUGFIX] Promtool: Fix errors not being reported in check rules command. #12715
+* [BUGFIX] TSDB: Avoid panics reported in logs when head initialization takes a long time. #12876
+* [BUGFIX] TSDB: Ensure that WBL is repaired when possible. #12406
+
 ## 2.47.1 / 2023-10-04
 
 * [BUGFIX] Fix duplicate sample detection at chunk size limit #12874
diff --git a/VERSION b/VERSION
index 24c6ede7a..3fc5a3dd9 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-2.47.1
+2.48.0-rc.0
diff --git a/web/ui/module/codemirror-promql/package.json b/web/ui/module/codemirror-promql/package.json
index 1524dc412..8ee9f9895 100644
--- a/web/ui/module/codemirror-promql/package.json
+++ b/web/ui/module/codemirror-promql/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@prometheus-io/codemirror-promql",
-  "version": "0.47.0",
+  "version": "0.48.0-rc.0",
   "description": "a CodeMirror mode for the PromQL language",
   "types": "dist/esm/index.d.ts",
   "module": "dist/esm/index.js",
@@ -29,7 +29,7 @@
   },
   "homepage": "https://github.com/prometheus/prometheus/blob/main/web/ui/module/codemirror-promql/README.md",
   "dependencies": {
-    "@prometheus-io/lezer-promql": "0.47.0",
+    "@prometheus-io/lezer-promql": "0.48.0-rc.0",
     "lru-cache": "^7.18.3"
   },
   "devDependencies": {
diff --git a/web/ui/module/lezer-promql/package.json b/web/ui/module/lezer-promql/package.json
index 92dc7a7a4..ecb3afc9b 100644
--- a/web/ui/module/lezer-promql/package.json
+++ b/web/ui/module/lezer-promql/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@prometheus-io/lezer-promql",
-  "version": "0.47.0",
+  "version": "0.48.0-rc.0",
   "description": "lezer-based PromQL grammar",
   "main": "dist/index.cjs",
   "type": "module",
diff --git a/web/ui/package-lock.json b/web/ui/package-lock.json
index eabb75cb1..df2fd4e94 100644
--- a/web/ui/package-lock.json
+++ b/web/ui/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "prometheus-io",
-  "version": "0.46.0",
+  "version": "0.48.0-rc.0",
   "lockfileVersion": 2,
   "requires": true,
   "packages": {
     "": {
       "name": "prometheus-io",
-      "version": "0.46.0",
+      "version": "0.48.0-rc.0",
       "workspaces": [
         "react-app",
         "module/*"
@@ -30,10 +30,10 @@
     },
     "module/codemirror-promql": {
       "name": "@prometheus-io/codemirror-promql",
-      "version": "0.47.0",
+      "version": "0.48.0-rc.0",
       "license": "Apache-2.0",
       "dependencies": {
-        "@prometheus-io/lezer-promql": "0.47.0",
+        "@prometheus-io/lezer-promql": "0.48.0-rc.0",
         "lru-cache": "^7.18.3"
       },
       "devDependencies": {
@@ -70,7 +70,7 @@
     },
     "module/lezer-promql": {
       "name": "@prometheus-io/lezer-promql",
-      "version": "0.47.0",
+      "version": "0.48.0-rc.0",
       "license": "Apache-2.0",
       "devDependencies": {
         "@lezer/generator": "^1.2.3",
@@ -20764,7 +20764,7 @@
     },
     "react-app": {
       "name": "@prometheus-io/app",
-      "version": "0.47.0",
+      "version": "0.48.0-rc.0",
       "dependencies": {
         "@codemirror/autocomplete": "^6.7.1",
         "@codemirror/commands": "^6.2.4",
@@ -20782,7 +20782,7 @@
         "@lezer/lr": "^1.3.6",
         "@nexucis/fuzzy": "^0.4.1",
         "@nexucis/kvsearch": "^0.8.1",
-        "@prometheus-io/codemirror-promql": "0.47.0",
+        "@prometheus-io/codemirror-promql": "0.48.0-rc.0",
         "bootstrap": "^4.6.2",
         "css.escape": "^1.5.1",
         "downshift": "^7.6.0",
@@ -23422,7 +23422,7 @@
         "@lezer/lr": "^1.3.6",
         "@nexucis/fuzzy": "^0.4.1",
         "@nexucis/kvsearch": "^0.8.1",
-        "@prometheus-io/codemirror-promql": "0.47.0",
+        "@prometheus-io/codemirror-promql": "0.48.0-rc.0",
         "@testing-library/react-hooks": "^7.0.2",
         "@types/enzyme": "^3.10.13",
         "@types/flot": "0.0.32",
@@ -23486,7 +23486,7 @@
         "@lezer/common": "^1.0.3",
         "@lezer/highlight": "^1.1.6",
         "@lezer/lr": "^1.3.6",
-        "@prometheus-io/lezer-promql": "0.47.0",
+        "@prometheus-io/lezer-promql": "0.48.0-rc.0",
         "isomorphic-fetch": "^3.0.0",
         "lru-cache": "^7.18.3",
         "nock": "^13.3.1"
diff --git a/web/ui/package.json b/web/ui/package.json
index a6b08715f..9c13a934d 100644
--- a/web/ui/package.json
+++ b/web/ui/package.json
@@ -28,5 +28,5 @@
     "ts-jest": "^29.1.0",
     "typescript": "^4.9.5"
   },
-  "version": "0.46.0"
+  "version": "0.48.0-rc.0"
 }
diff --git a/web/ui/react-app/package.json b/web/ui/react-app/package.json
index dd0a95640..3b52add57 100644
--- a/web/ui/react-app/package.json
+++ b/web/ui/react-app/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@prometheus-io/app",
-  "version": "0.47.0",
+  "version": "0.48.0-rc.0",
   "private": true,
   "dependencies": {
     "@codemirror/autocomplete": "^6.7.1",
@@ -19,7 +19,7 @@
     "@lezer/lr": "^1.3.6",
     "@nexucis/fuzzy": "^0.4.1",
     "@nexucis/kvsearch": "^0.8.1",
-    "@prometheus-io/codemirror-promql": "0.47.0",
+    "@prometheus-io/codemirror-promql": "0.48.0-rc.0",
     "bootstrap": "^4.6.2",
     "css.escape": "^1.5.1",
     "downshift": "^7.6.0",