diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3a7a8f0a6..fb3ce1a30 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Changelog
 
+## 4.7.0-rc.1 (2024-02-22)
+
+### Features
+
+#### Support job cancellation for QPUs, perform automatic retries on transient network failures. (#1741)
+
+### Fixes
+
+#### Valid instructions will no longer be rejected by the compatibility layer (#1742)
+
 ## 4.7.0-rc.0 (2024-02-22)
 
 ### Features
diff --git a/pyproject.toml b/pyproject.toml
index ee69c7f7d..2f9a1aa39 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "pyquil"
-version = "4.7.0-rc.0"
+version = "4.7.0-rc.1"
 description = "A Python library for creating Quantum Instruction Language (Quil) programs."
 authors = ["Rigetti Computing <softapps@rigetti.com>"]
 readme = "README.md"