diff --git a/CMakeLists.txt b/CMakeLists.txt
index 570968aea..502871301 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -16,7 +16,7 @@ cmake_minimum_required(VERSION 3.15)
 cmake_policy(SET CMP0091 NEW) # Use MSVC_RUNTIME_LIBRARY to select the runtime
 project(
     Verilator
-    VERSION 5.038
+    VERSION 5.039
     HOMEPAGE_URL https://verilator.org
     LANGUAGES CXX
 )
diff --git a/Changes b/Changes
index e2b00d973..42ab0c2b3 100644
--- a/Changes
+++ b/Changes
@@ -8,6 +8,14 @@ The changes in each Verilator version are described below.  The
 contributors that suggested or implemented a given issue are shown in []. Thanks!
 
 
+Verilator 5.039 devel
+==========================
+
+**Other:**
+
+* TBD
+
+
 Verilator 5.038 2025-07-08
 ==========================
 
diff --git a/configure.ac b/configure.ac
index 5dae8392e..05757edbb 100644
--- a/configure.ac
+++ b/configure.ac
@@ -10,7 +10,7 @@
 # Then 'make maintainer-dist'
 #AC_INIT([Verilator],[#.### YYYY-MM-DD])
 #AC_INIT([Verilator],[#.### devel])
-AC_INIT([Verilator],[5.038 2025-07-08],
+AC_INIT([Verilator],[5.039 devel],
         [https://verilator.org],
         [verilator],[https://verilator.org])