diff --git a/CHANGES.md b/CHANGES.md
index f3e541563f..8948cf1e29 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,84 @@
+# Synapse 1.134.0rc1 (2025-07-09)
+
+### Features
+
+- Support for [MSC4235](https://github.com/matrix-org/matrix-spec-proposals/pull/4235): `via` query param for hierarchy endpoint. Contributed by Krishan (@kfiven). ([\#18070](https://github.com/element-hq/synapse/issues/18070))
+- Add `forget_forced_upon_leave` capability as per [MSC4267](https://github.com/matrix-org/matrix-spec-proposals/pull/4267). ([\#18196](https://github.com/element-hq/synapse/issues/18196))
+- Add `federated_user_may_invite` spam checker callback which receives the entire invite event. Contributed by @tulir @ Beeper. ([\#18241](https://github.com/element-hq/synapse/issues/18241))
+
+### Bugfixes
+
+- Fix `KeyError` on background updates when using split main/state databases. ([\#18509](https://github.com/element-hq/synapse/issues/18509))
+- Improve performance of device deletion by adding missing index. ([\#18582](https://github.com/element-hq/synapse/issues/18582))
+- Fix `avatar_url` and `displayname` being sent on federation profile queries when they are not set. ([\#18593](https://github.com/element-hq/synapse/issues/18593))
+- Respond with 401 & `M_USER_LOCKED` when a locked user calls `POST /login`, as per the spec. ([\#18594](https://github.com/element-hq/synapse/issues/18594))
+- Ensure policy servers are not asked to scan policy server change events, allowing rooms to disable the use of a policy server while the policy server is down. ([\#18605](https://github.com/element-hq/synapse/issues/18605))
+
+### Improved Documentation
+
+- Fix documentation of the Delete Room Admin API's status field. ([\#18519](https://github.com/element-hq/synapse/issues/18519))
+
+### Deprecations and Removals
+
+- Stop adding the "origin" field to newly-created events (PDUs). ([\#18418](https://github.com/element-hq/synapse/issues/18418))
+
+### Internal Changes
+
+- Replace `PyICU` crate with equivalent `icu_segmenter` Rust crate. ([\#18553](https://github.com/element-hq/synapse/issues/18553), [\#18646](https://github.com/element-hq/synapse/issues/18646))
+- Improve docstring on `simple_upsert_many`. ([\#18573](https://github.com/element-hq/synapse/issues/18573))
+- Raise poetry-core version cap to 2.1.3. ([\#18575](https://github.com/element-hq/synapse/issues/18575))
+- Raise setuptools_rust version cap to 1.11.1. ([\#18576](https://github.com/element-hq/synapse/issues/18576))
+- Better handling of ratelimited requests. ([\#18595](https://github.com/element-hq/synapse/issues/18595), [\#18600](https://github.com/element-hq/synapse/issues/18600))
+- Update to Rust 1.87.0 in CI, and bump the pinned commit of the `dtolnay/rust-toolchain` GitHub Action to `b3b07ba8b418998c39fb20f53e8b695cdcc8de1b`. ([\#18596](https://github.com/element-hq/synapse/issues/18596))
+- Speed up bulk device deletion. ([\#18602](https://github.com/element-hq/synapse/issues/18602))
+- Speed up the building of arm-based wheels in CI. ([\#18618](https://github.com/element-hq/synapse/issues/18618))
+- Speed up the building of Docker images in CI. ([\#18620](https://github.com/element-hq/synapse/issues/18620))
+- Add `.zed/` directory to `.gitignore`. ([\#18623](https://github.com/element-hq/synapse/issues/18623))
+- Log the room ID we're purging state for. ([\#18625](https://github.com/element-hq/synapse/issues/18625))
+
+
+
+### Updates to locked dependencies
+
+* Bump Swatinem/rust-cache from 2.7.8 to 2.8.0. ([\#18612](https://github.com/element-hq/synapse/issues/18612))
+* Bump attrs from 24.2.0 to 25.3.0. ([\#18649](https://github.com/element-hq/synapse/issues/18649))
+* Bump authlib from 1.5.2 to 1.6.0. ([\#18642](https://github.com/element-hq/synapse/issues/18642))
+* Bump base64 from 0.21.7 to 0.22.1. ([\#18589](https://github.com/element-hq/synapse/issues/18589))
+* Bump base64 from 0.21.7 to 0.22.1. ([\#18629](https://github.com/element-hq/synapse/issues/18629))
+* Bump docker/build-push-action from 6.17.0 to 6.18.0. ([\#18497](https://github.com/element-hq/synapse/issues/18497))
+* Bump docker/setup-buildx-action from 3.10.0 to 3.11.1. ([\#18587](https://github.com/element-hq/synapse/issues/18587))
+* Bump hiredis from 3.1.0 to 3.2.1. ([\#18638](https://github.com/element-hq/synapse/issues/18638))
+* Bump ijson from 3.3.0 to 3.4.0. ([\#18650](https://github.com/element-hq/synapse/issues/18650))
+* Bump jsonschema from 4.23.0 to 4.24.0. ([\#18630](https://github.com/element-hq/synapse/issues/18630))
+* Bump msgpack from 1.1.0 to 1.1.1. ([\#18651](https://github.com/element-hq/synapse/issues/18651))
+* Bump mypy-zope from 1.0.11 to 1.0.12. ([\#18640](https://github.com/element-hq/synapse/issues/18640))
+* Bump phonenumbers from 9.0.2 to 9.0.8. ([\#18652](https://github.com/element-hq/synapse/issues/18652))
+* Bump pillow from 11.2.1 to 11.3.0. ([\#18624](https://github.com/element-hq/synapse/issues/18624))
+* Bump prometheus-client from 0.21.0 to 0.22.1. ([\#18609](https://github.com/element-hq/synapse/issues/18609))
+* Bump pyasn1-modules from 0.4.1 to 0.4.2. ([\#18495](https://github.com/element-hq/synapse/issues/18495))
+* Bump pydantic from 2.11.4 to 2.11.7. ([\#18639](https://github.com/element-hq/synapse/issues/18639))
+* Bump reqwest from 0.12.15 to 0.12.20. ([\#18590](https://github.com/element-hq/synapse/issues/18590))
+* Bump reqwest from 0.12.20 to 0.12.22. ([\#18627](https://github.com/element-hq/synapse/issues/18627))
+* Bump ruff from 0.11.11 to 0.12.1. ([\#18645](https://github.com/element-hq/synapse/issues/18645))
+* Bump ruff from 0.12.1 to 0.12.2. ([\#18657](https://github.com/element-hq/synapse/issues/18657))
+* Bump sentry-sdk from 2.22.0 to 2.32.0. ([\#18633](https://github.com/element-hq/synapse/issues/18633))
+* Bump setuptools-rust from 1.10.2 to 1.11.1. ([\#18655](https://github.com/element-hq/synapse/issues/18655))
+* Bump sigstore/cosign-installer from 3.8.2 to 3.9.0. ([\#18588](https://github.com/element-hq/synapse/issues/18588))
+* Bump sigstore/cosign-installer from 3.9.0 to 3.9.1. ([\#18608](https://github.com/element-hq/synapse/issues/18608))
+* Bump stefanzweifel/git-auto-commit-action from 5.2.0 to 6.0.1. ([\#18607](https://github.com/element-hq/synapse/issues/18607))
+* Bump tokio from 1.45.1 to 1.46.0. ([\#18628](https://github.com/element-hq/synapse/issues/18628))
+* Bump tokio from 1.46.0 to 1.46.1. ([\#18667](https://github.com/element-hq/synapse/issues/18667))
+* Bump treq from 24.9.1 to 25.5.0. ([\#18610](https://github.com/element-hq/synapse/issues/18610))
+* Bump types-bleach from 6.2.0.20241123 to 6.2.0.20250514. ([\#18634](https://github.com/element-hq/synapse/issues/18634))
+* Bump types-jsonschema from 4.23.0.20250516 to 4.24.0.20250528. ([\#18611](https://github.com/element-hq/synapse/issues/18611))
+* Bump types-opentracing from 2.4.10.6 to 2.4.10.20250622. ([\#18586](https://github.com/element-hq/synapse/issues/18586))
+* Bump types-psycopg2 from 2.9.21.20250318 to 2.9.21.20250516. ([\#18658](https://github.com/element-hq/synapse/issues/18658))
+* Bump types-pyyaml from 6.0.12.20241230 to 6.0.12.20250516. ([\#18643](https://github.com/element-hq/synapse/issues/18643))
+* Bump types-setuptools from 75.2.0.20241019 to 80.9.0.20250529. ([\#18644](https://github.com/element-hq/synapse/issues/18644))
+* Bump typing-extensions from 4.12.2 to 4.14.0. ([\#18654](https://github.com/element-hq/synapse/issues/18654))
+* Bump typing-extensions from 4.14.0 to 4.14.1. ([\#18668](https://github.com/element-hq/synapse/issues/18668))
+* Bump urllib3 from 2.2.2 to 2.5.0. ([\#18572](https://github.com/element-hq/synapse/issues/18572))
+
 # Synapse 1.133.0 (2025-07-01)
 
 Pre-built wheels are now built using the [manylinux_2_28](https://github.com/pypa/manylinux#manylinux_2_28-almalinux-8-based) base, which is expected to be compatible with distros using glibc 2.28 or later, including:
diff --git a/changelog.d/18070.feature b/changelog.d/18070.feature
deleted file mode 100644
index ecf468f0b6..0000000000
--- a/changelog.d/18070.feature
+++ /dev/null
@@ -1 +0,0 @@
-Support for [MSC4235](https://github.com/matrix-org/matrix-spec-proposals/pull/4235): via query param for hierarchy endpoint. Contributed by Krishan (@kfiven).
diff --git a/changelog.d/18196.feature b/changelog.d/18196.feature
deleted file mode 100644
index 6f4a67b519..0000000000
--- a/changelog.d/18196.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add `forget_forced_upon_leave` capability as per [MSC4267](https://github.com/matrix-org/matrix-spec-proposals/pull/4267).
diff --git a/changelog.d/18241.feature b/changelog.d/18241.feature
deleted file mode 100644
index 01760c9d67..0000000000
--- a/changelog.d/18241.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add `federated_user_may_invite` spam checker callback which receives the entire invite event. Contributed by @tulir @ Beeper.
diff --git a/changelog.d/18418.removal b/changelog.d/18418.removal
deleted file mode 100644
index ff1d081d8f..0000000000
--- a/changelog.d/18418.removal
+++ /dev/null
@@ -1 +0,0 @@
-Stop adding the "origin" field to newly-created events (PDUs).
\ No newline at end of file
diff --git a/changelog.d/18509.bugfix b/changelog.d/18509.bugfix
deleted file mode 100644
index 2c821d0395..0000000000
--- a/changelog.d/18509.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix `KeyError` on background updates when using split main/state databases.
diff --git a/changelog.d/18519.doc b/changelog.d/18519.doc
deleted file mode 100644
index b6fde5f42b..0000000000
--- a/changelog.d/18519.doc
+++ /dev/null
@@ -1 +0,0 @@
-Fix documentation of the Delete Room Admin API's status field.
\ No newline at end of file
diff --git a/changelog.d/18553.misc b/changelog.d/18553.misc
deleted file mode 100644
index bb143aacfc..0000000000
--- a/changelog.d/18553.misc
+++ /dev/null
@@ -1 +0,0 @@
-Replace `PyICU` crate with equivalent `icu_segmenter` Rust crate.
\ No newline at end of file
diff --git a/changelog.d/18573.misc b/changelog.d/18573.misc
deleted file mode 100644
index 373852638f..0000000000
--- a/changelog.d/18573.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve docstring on `simple_upsert_many`.
\ No newline at end of file
diff --git a/changelog.d/18575.misc b/changelog.d/18575.misc
deleted file mode 100644
index 0033f27df8..0000000000
--- a/changelog.d/18575.misc
+++ /dev/null
@@ -1 +0,0 @@
-Raise poetry-core version cap to 2.1.3.
diff --git a/changelog.d/18576.misc b/changelog.d/18576.misc
deleted file mode 100644
index 46cc78ec2d..0000000000
--- a/changelog.d/18576.misc
+++ /dev/null
@@ -1 +0,0 @@
-Raise setuptools_rust version cap to 1.11.1.
diff --git a/changelog.d/18582.bugfix b/changelog.d/18582.bugfix
deleted file mode 100644
index 7091bcc997..0000000000
--- a/changelog.d/18582.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of device deletion by adding missing index.
\ No newline at end of file
diff --git a/changelog.d/18593.bugfix b/changelog.d/18593.bugfix
deleted file mode 100644
index 9079b9534a..0000000000
--- a/changelog.d/18593.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix `avatar_url` and `displayname` being sent on federation profile queries when they are not set.
\ No newline at end of file
diff --git a/changelog.d/18594.bugfix b/changelog.d/18594.bugfix
deleted file mode 100644
index 3293a731f2..0000000000
--- a/changelog.d/18594.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Respond with 401 & `M_USER_LOCKED` when a locked user calls `POST /login`, as per the spec.
diff --git a/changelog.d/18595.misc b/changelog.d/18595.misc
deleted file mode 100644
index b1a39b43f7..0000000000
--- a/changelog.d/18595.misc
+++ /dev/null
@@ -1 +0,0 @@
-Better handling of ratelimited requests.
diff --git a/changelog.d/18596.misc b/changelog.d/18596.misc
deleted file mode 100644
index ce7bfdd129..0000000000
--- a/changelog.d/18596.misc
+++ /dev/null
@@ -1 +0,0 @@
-Update to Rust 1.87.0 in CI, and bump the pinned commit of the `dtolnay/rust-toolchain` GitHub Action to `b3b07ba8b418998c39fb20f53e8b695cdcc8de1b`.
\ No newline at end of file
diff --git a/changelog.d/18600.misc b/changelog.d/18600.misc
deleted file mode 100644
index b1a39b43f7..0000000000
--- a/changelog.d/18600.misc
+++ /dev/null
@@ -1 +0,0 @@
-Better handling of ratelimited requests.
diff --git a/changelog.d/18602.misc b/changelog.d/18602.misc
deleted file mode 100644
index 637d842682..0000000000
--- a/changelog.d/18602.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up bulk device deletion.
diff --git a/changelog.d/18605.bugfix b/changelog.d/18605.bugfix
deleted file mode 100644
index 516f09e502..0000000000
--- a/changelog.d/18605.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Ensure policy servers are not asked to scan policy server change events, allowing rooms to disable the use of a policy server while the policy server is down.
diff --git a/changelog.d/18618.misc b/changelog.d/18618.misc
deleted file mode 100644
index bd9aaf305d..0000000000
--- a/changelog.d/18618.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up the building of arm-based wheels in CI.
diff --git a/changelog.d/18620.misc b/changelog.d/18620.misc
deleted file mode 100644
index fa23af2e11..0000000000
--- a/changelog.d/18620.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up the building of Docker images in CI.
diff --git a/changelog.d/18623.misc b/changelog.d/18623.misc
deleted file mode 100644
index 3e973b32ec..0000000000
--- a/changelog.d/18623.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add `.zed/` directory to `.gitignore`.
\ No newline at end of file
diff --git a/changelog.d/18625.misc b/changelog.d/18625.misc
deleted file mode 100644
index f2672864c2..0000000000
--- a/changelog.d/18625.misc
+++ /dev/null
@@ -1 +0,0 @@
-Log the room ID we're purging state for.
diff --git a/changelog.d/18646.misc b/changelog.d/18646.misc
deleted file mode 100644
index bb143aacfc..0000000000
--- a/changelog.d/18646.misc
+++ /dev/null
@@ -1 +0,0 @@
-Replace `PyICU` crate with equivalent `icu_segmenter` Rust crate.
\ No newline at end of file
diff --git a/debian/changelog b/debian/changelog
index 32070a32d0..5b1f1f339a 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.134.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.134.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Wed, 09 Jul 2025 11:27:13 +0100
+
 matrix-synapse-py3 (1.133.0) stable; urgency=medium
 
   * New synapse release 1.133.0.
diff --git a/pyproject.toml b/pyproject.toml
index a5977700ab..79b2cf9690 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -101,7 +101,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.133.0"
+version = "1.134.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "AGPL-3.0-or-later"
diff --git a/schema/synapse-config.schema.yaml b/schema/synapse-config.schema.yaml
index e4dcd36c30..bcce9b6359 100644
--- a/schema/synapse-config.schema.yaml
+++ b/schema/synapse-config.schema.yaml
@@ -1,5 +1,5 @@
 $schema: https://element-hq.github.io/synapse/latest/schema/v1/meta.schema.json
-$id: https://element-hq.github.io/synapse/schema/synapse/v1.133/synapse-config.schema.json
+$id: https://element-hq.github.io/synapse/schema/synapse/v1.134/synapse-config.schema.json
 type: object
 properties:
   modules: