diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index f5cdbdfcfa0..33e19fe268a 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.1.0b1
+current_version = 1.2.0a1
 parse = (?P<major>\d+)
 	\.(?P<minor>\d+)
 	\.(?P<patch>\d+)
diff --git a/core/dbt/version.py b/core/dbt/version.py
index 4baaaa0aa66..c16643613e9 100644
--- a/core/dbt/version.py
+++ b/core/dbt/version.py
@@ -234,5 +234,5 @@ def _get_adapter_plugin_names() -> Iterator[str]:
             yield plugin_name
 
 
-__version__ = "1.1.0b1"
+__version__ = "1.2.0a1"
 installed = get_installed_version()
diff --git a/core/scripts/create_adapter_plugins.py b/core/scripts/create_adapter_plugins.py
index c49f2812f39..a80411ab972 100644
--- a/core/scripts/create_adapter_plugins.py
+++ b/core/scripts/create_adapter_plugins.py
@@ -273,12 +273,12 @@ def parse_args(argv=None):
     parser.add_argument("adapter")
     parser.add_argument("--title-case", "-t", default=None)
     parser.add_argument("--dependency", action="append")
-    parser.add_argument("--dbt-core-version", default="1.1.0b1")
+    parser.add_argument("--dbt-core-version", default="1.2.0a1")
     parser.add_argument("--email")
     parser.add_argument("--author")
     parser.add_argument("--url")
     parser.add_argument("--sql", action="store_true")
-    parser.add_argument("--package-version", default="1.1.0b1")
+    parser.add_argument("--package-version", default="1.2.0a1")
     parser.add_argument("--project-version", default="1.0")
     parser.add_argument("--no-dependency", action="store_false", dest="set_dependency")
     parsed = parser.parse_args()
diff --git a/core/setup.py b/core/setup.py
index 68cc6165c81..85b69750905 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -25,7 +25,7 @@
 
 
 package_name = "dbt-core"
-package_version = "1.1.0b1"
+package_version = "1.2.0a1"
 description = """With dbt, data analysts and engineers can build analytics \
 the way engineers build applications."""
 
diff --git a/docker/Dockerfile b/docker/Dockerfile
index c102c7601b4..1a7d24713f2 100644
--- a/docker/Dockerfile
+++ b/docker/Dockerfile
@@ -14,8 +14,8 @@ FROM --platform=$build_for python:3.10.3-slim-bullseye as base
 # N.B. The refs updated automagically every release via bumpversion
 # N.B. dbt-postgres is currently found in the core codebase so a value of dbt-core@<some_version> is correct
 
-ARG dbt_core_ref=dbt-core@v1.1.0b1
-ARG dbt_postgres_ref=dbt-core@v1.1.0b1
+ARG dbt_core_ref=dbt-core@v1.2.0a1
+ARG dbt_postgres_ref=dbt-core@v1.2.0a1
 ARG dbt_redshift_ref=dbt-redshift@v1.0.0
 ARG dbt_bigquery_ref=dbt-bigquery@v1.0.0
 ARG dbt_snowflake_ref=dbt-snowflake@v1.0.0
diff --git a/plugins/postgres/dbt/adapters/postgres/__version__.py b/plugins/postgres/dbt/adapters/postgres/__version__.py
index 56ec17a89f3..a6b9772284a 100644
--- a/plugins/postgres/dbt/adapters/postgres/__version__.py
+++ b/plugins/postgres/dbt/adapters/postgres/__version__.py
@@ -1 +1 @@
-version = "1.1.0b1"
+version = "1.2.0a1"
diff --git a/plugins/postgres/setup.py b/plugins/postgres/setup.py
index f849feb00ad..11cdc7a7031 100644
--- a/plugins/postgres/setup.py
+++ b/plugins/postgres/setup.py
@@ -41,7 +41,7 @@ def _dbt_psycopg2_name():
 
 
 package_name = "dbt-postgres"
-package_version = "1.1.0b1"
+package_version = "1.2.0a1"
 description = """The postgres adpter plugin for dbt (data build tool)"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))
diff --git a/tests/adapter/dbt/tests/adapter/__version__.py b/tests/adapter/dbt/tests/adapter/__version__.py
index 56ec17a89f3..a6b9772284a 100644
--- a/tests/adapter/dbt/tests/adapter/__version__.py
+++ b/tests/adapter/dbt/tests/adapter/__version__.py
@@ -1 +1 @@
-version = "1.1.0b1"
+version = "1.2.0a1"
diff --git a/tests/adapter/setup.py b/tests/adapter/setup.py
index a70edb3b91b..32e1425aa13 100644
--- a/tests/adapter/setup.py
+++ b/tests/adapter/setup.py
@@ -20,7 +20,7 @@
 
 
 package_name = "dbt-tests-adapter"
-package_version = "1.1.0b1"
+package_version = "1.2.0a1"
 description = """The dbt adapter tests for adapter plugins"""
 
 this_directory = os.path.abspath(os.path.dirname(__file__))