diff --git a/CHANGELOG.md b/CHANGELOG.md
index 098f5b8e6..9dbab3c87 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -22,6 +22,8 @@ Code v99.99.999
 
 ## Unreleased
 
+## [4.123.0](https://github.com/coder/code-server/releases/tag/v4.123.0) - 2026-06-03
+
 Code v1.123.0
 
 ### Changed
diff --git a/ci/helm-chart/Chart.yaml b/ci/helm-chart/Chart.yaml
index 6e0eaae63..60f9b1720 100644
--- a/ci/helm-chart/Chart.yaml
+++ b/ci/helm-chart/Chart.yaml
@@ -15,9 +15,9 @@ type: application
 # This is the chart version. This version number should be incremented each time you make changes
 # to the chart and its templates, including the app version.
 # Versions are expected to follow Semantic Versioning (https://semver.org/)
-version: 3.37.1
+version: 3.38.0
 
 # This is the version number of the application being deployed. This version number should be
 # incremented each time you make changes to the application. Versions are not expected to
 # follow Semantic Versioning. They should reflect the version the application is using.
-appVersion: 4.122.1
+appVersion: 4.123.0
diff --git a/ci/helm-chart/values.yaml b/ci/helm-chart/values.yaml
index e9432f39e..81f112ced 100644
--- a/ci/helm-chart/values.yaml
+++ b/ci/helm-chart/values.yaml
@@ -6,7 +6,7 @@ replicaCount: 1
 
 image:
   repository: codercom/code-server
-  tag: '4.122.1'
+  tag: '4.123.0'
   pullPolicy: Always
 
 # Specifies one or more secrets to be used when pulling images from a