diff --git a/Dockerfile b/Dockerfile
index 4c689a237..ed1998b31 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -15,8 +15,8 @@
 ARG BASE_IMAGE=nvcr.io/nvidia/tritonserver:24.03-py3
 ARG TRITONSDK_BASE_IMAGE=nvcr.io/nvidia/tritonserver:24.03-py3-sdk
 
-ARG MODEL_ANALYZER_VERSION=1.39.0dev
-ARG MODEL_ANALYZER_CONTAINER_VERSION=24.04dev
+ARG MODEL_ANALYZER_VERSION=1.40.0dev
+ARG MODEL_ANALYZER_CONTAINER_VERSION=24.05dev
 FROM ${TRITONSDK_BASE_IMAGE} as sdk
 
 FROM $BASE_IMAGE
diff --git a/VERSION b/VERSION
index ec65a10e8..592e459c9 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-1.39.0dev
\ No newline at end of file
+1.40.0dev
\ No newline at end of file