diff --git a/requirements-iree-pinned.txt b/requirements-iree-pinned.txt
index 4ca1246ee..2f3b10393 100644
--- a/requirements-iree-pinned.txt
+++ b/requirements-iree-pinned.txt
@@ -3,8 +3,8 @@
 # Keep these versions synced with SHORTFIN_IREE_GIT_TAG in shortfin/CMakeLists.txt
 --pre
 --find-links https://iree.dev/pip-release-links.html
-iree-base-compiler==3.1.0rc20241204
-iree-base-runtime==3.1.0rc20241204
+iree-base-compiler==3.1.0rc20250107
+iree-base-runtime==3.1.0rc20250107
 
 # TODO(#760): include iree-turbine in this requirements file too?
 # iree-turbine==3.1.0rc20241205
diff --git a/shortfin/CMakeLists.txt b/shortfin/CMakeLists.txt
index dbc871591..b30e0c285 100644
--- a/shortfin/CMakeLists.txt
+++ b/shortfin/CMakeLists.txt
@@ -47,7 +47,7 @@ add_compile_options("$<$<CXX_COMPILER_ID:MSVC>:/utf-8>")
 # Prefer to keep the IREE git tag synced with the Python package version in the
 # requirements-iree-pinned.txt file. At a minimum, the compiler from those
 # packages must be compatible with the runtime at this source ref.
-set(SHORTFIN_IREE_GIT_TAG "iree-3.1.0rc20241220")
+set(SHORTFIN_IREE_GIT_TAG "iree-3.1.0rc20250107")
 
 # build options
 option(SHORTFIN_BUILD_PYTHON_BINDINGS "Builds Python Bindings" OFF)