diff --git a/CHANGES.md b/CHANGES.md
index df32bc59be8ce7eea1afa292df6f61b240c76d49..992c099d6efb4c4c0629164feeb99ebcc0538afd 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,8 +1,64 @@
-# Synapse 1.125.0 (2025-02-25)
+# Synapse 1.126.0rc1 (2025-03-04)
 
-No significant changes since 1.125.0rc1.
+Installations using the Debian/Ubuntu packages from `packages.matrix.org`:
+Please be aware that we have recently updated the expiry date on the repository's GPG signing key, but this change
+must be imported into your keyring.
+If you have the `matrix-org-archive-keyring` package installed and update before the current key expires, this should
+happen automatically.
+Otherwise, if you see an error similar to `The following signatures were invalid: EXPKEYSIG F473DD4473365DE1`, you
+will need to get a fresh copy of the keys. You can do so with:
+
+```sh
+sudo wget -O /usr/share/keyrings/matrix-org-archive-keyring.gpg https://packages.matrix.org/debian/matrix-org-archive-keyring.gpg
+```
+
+### Features
+
+- Define ratelimit configuration for delayed event management. ([\#18019](https://github.com/element-hq/synapse/issues/18019))
+- Add `form_secret_path` config option. ([\#18090](https://github.com/element-hq/synapse/issues/18090))
+- Add the `--no-secrets-in-config` command line option. ([\#18092](https://github.com/element-hq/synapse/issues/18092))
+- Add background job to clear unreferenced state groups. ([\#18154](https://github.com/element-hq/synapse/issues/18154))
+- Add support for specifying/overriding `id_token_signing_alg_values_supported` for an OpenID identity provider. ([\#18177](https://github.com/element-hq/synapse/issues/18177))
+- Add `worker_replication_secret_path` config option. ([\#18191](https://github.com/element-hq/synapse/issues/18191))
+- Add support for specifying/overriding `redirect_uri` in the authorization and token requests against an OpenID identity provider. ([\#18197](https://github.com/element-hq/synapse/issues/18197))
+
+### Bugfixes
+
+- Make sure we advertise registration as disabled when MSC3861 is enabled. ([\#17661](https://github.com/element-hq/synapse/issues/17661))
+- Prevent suspended users from sending encrypted messages. ([\#18157](https://github.com/element-hq/synapse/issues/18157))
+- Cleanup deleted state group references. ([\#18165](https://github.com/element-hq/synapse/issues/18165))
+- Fix MSC4108 QR-code login not working with some reverse-proxy setups. ([\#18178](https://github.com/element-hq/synapse/issues/18178))
+- Support device IDs that can't be represented in a scope when delegating auth to Matrix Authentication Service 0.15.0+. ([\#18174](https://github.com/element-hq/synapse/issues/18174))
+
+### Updates to the Docker image
+
+- Speed up the building of the Docker image. ([\#18038](https://github.com/element-hq/synapse/issues/18038))
+
+### Improved Documentation
+
+- Move incorrectly placed version indicator in User Event Redaction Admin API docs. ([\#18152](https://github.com/element-hq/synapse/issues/18152))
+- Document suspension Admin API. ([\#18162](https://github.com/element-hq/synapse/issues/18162))
+
+### Deprecations and Removals
+
+- Disable room list publication by default. ([\#18175](https://github.com/element-hq/synapse/issues/18175))
+
+### Updates to locked dependencies
+
+* Bump anyhow from 1.0.95 to 1.0.96. ([\#18187](https://github.com/element-hq/synapse/issues/18187))
+* Bump authlib from 1.4.0 to 1.4.1. ([\#18190](https://github.com/element-hq/synapse/issues/18190))
+* Bump click from 8.1.7 to 8.1.8. ([\#18189](https://github.com/element-hq/synapse/issues/18189))
+* Bump log from 0.4.25 to 0.4.26. ([\#18184](https://github.com/element-hq/synapse/issues/18184))
+* Bump pyo3-log from 0.12.0 to 0.12.1. ([\#18046](https://github.com/element-hq/synapse/issues/18046))
+* Bump serde from 1.0.217 to 1.0.218. ([\#18183](https://github.com/element-hq/synapse/issues/18183))
+* Bump serde_json from 1.0.138 to 1.0.139. ([\#18186](https://github.com/element-hq/synapse/issues/18186))
+* Bump sigstore/cosign-installer from 3.8.0 to 3.8.1. ([\#18185](https://github.com/element-hq/synapse/issues/18185))
+* Bump types-psycopg2 from 2.9.21.20241019 to 2.9.21.20250121. ([\#18188](https://github.com/element-hq/synapse/issues/18188))
 
 
+# Synapse 1.125.0 (2025-02-25)
+
+No significant changes since 1.125.0rc1.
 
 
 # Synapse 1.125.0rc1 (2025-02-18)
diff --git a/changelog.d/17661.bugfix b/changelog.d/17661.bugfix
deleted file mode 100644
index 33881bbc6a3eb6510da0f2862b75f3d2ab34a90a..0000000000000000000000000000000000000000
--- a/changelog.d/17661.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Make sure we advertise registration as disabled when MSC3861 is enabled.
diff --git a/changelog.d/18019.feature b/changelog.d/18019.feature
deleted file mode 100644
index 74e22df74a7271ee7e59dc489fa1d7f9208119c6..0000000000000000000000000000000000000000
--- a/changelog.d/18019.feature
+++ /dev/null
@@ -1 +0,0 @@
-Define ratelimit configuration for delayed event management.
diff --git a/changelog.d/18038.docker b/changelog.d/18038.docker
deleted file mode 100644
index accb09be2afd6b75a5b06c2011cf4c4641f834a0..0000000000000000000000000000000000000000
--- a/changelog.d/18038.docker
+++ /dev/null
@@ -1 +0,0 @@
-Speed up the building of the Docker image.
diff --git a/changelog.d/18046.misc b/changelog.d/18046.misc
deleted file mode 100644
index 8acbe6a3dbb81594583b982d7753ce8f8f5c09cb..0000000000000000000000000000000000000000
--- a/changelog.d/18046.misc
+++ /dev/null
@@ -1 +0,0 @@
-Bump pyo3-log from 0.12.0 to 0.12.1.
diff --git a/changelog.d/18090.feature b/changelog.d/18090.feature
deleted file mode 100644
index 343e2f45ebc025c91fdadec539346f728a876d51..0000000000000000000000000000000000000000
--- a/changelog.d/18090.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add `form_secret_path` config option.
\ No newline at end of file
diff --git a/changelog.d/18092.feature b/changelog.d/18092.feature
deleted file mode 100644
index 26371cc810c7ec34f99f808d08af1ac43b3f2c7d..0000000000000000000000000000000000000000
--- a/changelog.d/18092.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add the `--no-secrets-in-config` command line option.
\ No newline at end of file
diff --git a/changelog.d/18152.doc b/changelog.d/18152.doc
deleted file mode 100644
index 5a02f26751686d48cd811263564d4c3cf1011c65..0000000000000000000000000000000000000000
--- a/changelog.d/18152.doc
+++ /dev/null
@@ -1 +0,0 @@
-Move incorrectly placed version indicator in User Event Redaction Admin API docs.
\ No newline at end of file
diff --git a/changelog.d/18154.feature b/changelog.d/18154.feature
deleted file mode 100644
index 62e1b79a154e1fa55bdd80752e221fd8a365424e..0000000000000000000000000000000000000000
--- a/changelog.d/18154.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add background job to clear unreferenced state groups.
diff --git a/changelog.d/18157.bugfix b/changelog.d/18157.bugfix
deleted file mode 100644
index 307e9c96ffa81de156fe2e9ff056cb81ab823bcd..0000000000000000000000000000000000000000
--- a/changelog.d/18157.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Prevent suspended users from sending encrypted messages.
diff --git a/changelog.d/18162.misc b/changelog.d/18162.misc
deleted file mode 100644
index 4d46979641175c691c89ba582c45f7f4090c28b7..0000000000000000000000000000000000000000
--- a/changelog.d/18162.misc
+++ /dev/null
@@ -1 +0,0 @@
-Document suspension Admin API.
\ No newline at end of file
diff --git a/changelog.d/18165.bugfix b/changelog.d/18165.bugfix
deleted file mode 100644
index eba5face528db9e6457596807f88137987409872..0000000000000000000000000000000000000000
--- a/changelog.d/18165.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Cleanup deleted state group references.
diff --git a/changelog.d/18174.misc b/changelog.d/18174.misc
deleted file mode 100644
index b7c7c4db538c73bf244b6936d683d56617c88960..0000000000000000000000000000000000000000
--- a/changelog.d/18174.misc
+++ /dev/null
@@ -1 +0,0 @@
-Support device IDs that can't be represented in a scope when delegating auth to Matrix Authentication Service 0.15.0+.
diff --git a/changelog.d/18175.misc b/changelog.d/18175.misc
deleted file mode 100644
index c12a30b7c176adddfe7c9a3c6df6dc385bb11a65..0000000000000000000000000000000000000000
--- a/changelog.d/18175.misc
+++ /dev/null
@@ -1 +0,0 @@
-Disable room list publication by default.
diff --git a/changelog.d/18177.feature b/changelog.d/18177.feature
deleted file mode 100644
index 71d568474b70368200e4919212ab14e583421512..0000000000000000000000000000000000000000
--- a/changelog.d/18177.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add support for specifying/overriding `id_token_signing_alg_values_supported` for an OpenID identity provider.
diff --git a/changelog.d/18178.bugfix b/changelog.d/18178.bugfix
deleted file mode 100644
index d91327803b695b1b46e14d23bf7bd81036206374..0000000000000000000000000000000000000000
--- a/changelog.d/18178.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix MSC4108 QR-code login not working with some reverse-proxy setups.
diff --git a/changelog.d/18191.feature b/changelog.d/18191.feature
deleted file mode 100644
index f47c9e2275947db81c5be1f27220929721b0df8c..0000000000000000000000000000000000000000
--- a/changelog.d/18191.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add `worker_replication_secret_path` config option.
\ No newline at end of file
diff --git a/changelog.d/18197.feature b/changelog.d/18197.feature
deleted file mode 100644
index 4572ac3bdbbef947a0b9e2cab47d1fb4a4a29263..0000000000000000000000000000000000000000
--- a/changelog.d/18197.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add support for specifying/overriding `redirect_uri` in the authorization and token requests against an OpenID identity provider.
\ No newline at end of file
diff --git a/debian/changelog b/debian/changelog
index 1ac1fc6644dcc93e3f7dc93c23c74f3a4e2a9f0d..d7a39092240b1ddd0e31c8e455825cf752acdd92 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.126.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.126.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 04 Mar 2025 13:11:51 +0000
+
 matrix-synapse-py3 (1.125.0) stable; urgency=medium
 
   * New Synapse release 1.125.0.
diff --git a/pyproject.toml b/pyproject.toml
index abacfa328d941683a73a50cf001f86f517785f3d..5f18bd07681822c17c6fba48a4ab3d6b50cc3f88 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -97,7 +97,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.125.0"
+version = "1.126.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "AGPL-3.0-or-later"