diff --git a/Makefile b/Makefile
index 19776cfba..f62aa93ac 100644
--- a/Makefile
+++ b/Makefile
@@ -12,11 +12,11 @@ VERSION ?= v0.0.0-dev
 BUNDLE_VERSION ?= $(VERSION:v%=%)
 
 # INSTASCALE_VERSION defines the default version of the InstaScale controller
-INSTASCALE_VERSION ?= v0.2.1
+INSTASCALE_VERSION ?= v0.3.0
 INSTASCALE_REPO ?= github.com/project-codeflare/instascale
 
 # MCAD_VERSION defines the default version of the MCAD controller
-MCAD_VERSION ?= v1.37.1
+MCAD_VERSION ?= v1.38.0
 MCAD_REPO ?= github.com/project-codeflare/multi-cluster-app-dispatcher
 # Upstream MCAD is currently only creating release tags of the form `vX.Y.Z` (i.e the version)
 MCAD_CRD ?= ${MCAD_REPO}/config/crd?ref=${MCAD_VERSION}
diff --git a/README.md b/README.md
index a21c16475..5cac00319 100644
--- a/README.md
+++ b/README.md
@@ -8,10 +8,10 @@ CodeFlare Stack Compatibility Matrix
 
 | Component                    | Version                                                                                           |
 |------------------------------|---------------------------------------------------------------------------------------------------|
-| CodeFlare Operator           | [v1.0.0-rc.4](https://github.com/project-codeflare/codeflare-operator/releases/tag/v1.0.0-rc.4)             |
-| Multi-Cluster App Dispatcher | [v1.37.1](https://github.com/project-codeflare/multi-cluster-app-dispatcher/releases/tag/v1.37.1) |
-| CodeFlare-SDK                | [v0.10.1](https://github.com/project-codeflare/codeflare-sdk/releases/tag/v0.10.1)                  |
-| InstaScale                   | [v0.2.1](https://github.com/project-codeflare/instascale/releases/tag/v0.2.1)                     |
+| CodeFlare Operator           | [v1.0.0](https://github.com/project-codeflare/codeflare-operator/releases/tag/v1.0.0)             |
+| Multi-Cluster App Dispatcher | [v1.38.0](https://github.com/project-codeflare/multi-cluster-app-dispatcher/releases/tag/v1.38.0) |
+| CodeFlare-SDK                | [v0.11.0](https://github.com/project-codeflare/codeflare-sdk/releases/tag/v0.11.0)                  |
+| InstaScale                   | [v0.3.0](https://github.com/project-codeflare/instascale/releases/tag/v0.3.0)                     |
 | KubeRay                      | [v0.5.0](https://github.com/ray-project/kuberay/releases/tag/v0.5.0)                              |
 <!-- Compatibility Matrix end -->