diff --git a/CHANGES.md b/CHANGES.md
index 95ab39d0e3..c3ed13ecb5 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,40 @@
+# Synapse 1.154.0rc1 (2026-05-27)
+
+## Features
+
+- Add support for [MSC4452: Preview URL capabilities API](https://github.com/matrix-org/matrix-spec-proposals/pull/4452) which exposes a `io.element.msc4452.preview_url` capability.
+  If `experimental_features.msc4452_enabled` is `true`, the `/_matrix/(client/v1/media|media/v3)/preview_url` endpoint
+  now responds with a 403 status code when the capability is disabled. ([\#19715](https://github.com/element-hq/synapse/issues/19715))
+
+## Bugfixes
+
+- Fix a bug in [MSC4186: Simplified Sliding Sync](https://github.com/matrix-org/matrix-spec-proposals/pull/4186) that could prevent user avatars from showing if the room had an empty name. ([\#19468](https://github.com/element-hq/synapse/issues/19468), [\#19791](https://github.com/element-hq/synapse/issues/19791))
+- Fix access token cache not being invalidated for sessions using refresh tokens. Contributed by @FrenchGithubUser @ Famedly. ([\#19483](https://github.com/element-hq/synapse/issues/19483))
+- Fix bug where Synapse would return 400 (`M_BAD_JSON`) when sending a message with a `mentions` field and Synapse module `check_event_allowed` callback registered (frozen event). Contributed by @gaetan-sbt. ([\#19634](https://github.com/element-hq/synapse/issues/19634))
+- Fix long-standing but niche bug with `/sync` where it could attempt to fetch data with flawed invalid future tokens. ([\#19644](https://github.com/element-hq/synapse/issues/19644))
+- Fix `/sync` failing when [MSC4354 Sticky Events](https://github.com/matrix-org/matrix-spec-proposals/pull/4354) are enabled and the sync request filters out Ephemeral Data Units (EDUs). ([\#19787](https://github.com/element-hq/synapse/issues/19787))
+- Fix packaging for Fedora and EPEL caused by unnecessary bumping `attrs` minimum version requirement in `pyproject.toml` file. Contributed by Oleg Girko. ([\#19789](https://github.com/element-hq/synapse/issues/19789))
+- Fix merging signatures when a policy server is running under the same server name as Synapse. The bug was re-introduced in v1.153.0rc1 after being fixed earlier in v1.151.0rc1. Contributed by @tulir @ Beeper. ([\#19797](https://github.com/element-hq/synapse/issues/19797))
+
+## Improved Documentation
+
+- Added details about how Synapse syncs the picture claim when `update_profile_information` setting is true. ([\#19508](https://github.com/element-hq/synapse/issues/19508))
+
+## Internal Changes
+
+- Port `Event.content` field to Rust. ([\#19725](https://github.com/element-hq/synapse/issues/19725))
+- Prefer close backfill points (absolute distance). ([\#19748](https://github.com/element-hq/synapse/issues/19748))
+- Replace unique `quarantined_media` waiting patterns with standard `wait_for_stream_token(...)`. ([\#19764](https://github.com/element-hq/synapse/issues/19764))
+- Improve Synapse logging around when someone encounters `We can't get valid state history.` so you can correlate everything by `event_id`. ([\#19765](https://github.com/element-hq/synapse/issues/19765))
+- Tidy up Rust `RoomVersion` structs. ([\#19766](https://github.com/element-hq/synapse/issues/19766))
+- Update `WorkerLock` tests to better stress the `WORKER_LOCK_MAX_RETRY_INTERVAL`. ([\#19772](https://github.com/element-hq/synapse/issues/19772))
+- Refactor [MSC4242: State DAG](https://github.com/matrix-org/matrix-spec-proposals/pull/4242) checks behind a single `TypeIs` helper to avoid scattered `isinstance` casts. ([\#19774](https://github.com/element-hq/synapse/issues/19774))
+- Use `StrCollection` for `prev_state_events`. ([\#19777](https://github.com/element-hq/synapse/issues/19777))
+- Fix up the construction of events in tests, ahead of the Rust event port. ([\#19781](https://github.com/element-hq/synapse/issues/19781))
+
+
+
+
 # Synapse 1.153.0 (2026-05-19)
 
 No significant changes since 1.153.0rc3.
diff --git a/changelog.d/19468.bugfix b/changelog.d/19468.bugfix
deleted file mode 100644
index 003716d296..0000000000
--- a/changelog.d/19468.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug in [MSC4186: Simplified Sliding Sync](https://github.com/matrix-org/matrix-spec-proposals/pull/4186) that could prevent user avatars from showing if the room had an empty name.
diff --git a/changelog.d/19483.bugfix b/changelog.d/19483.bugfix
deleted file mode 100644
index 9e4fb20996..0000000000
--- a/changelog.d/19483.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix access token cache not being invalidated for sessions using refresh tokens. Contributed by @FrenchGithubUser @ Famedly.
diff --git a/changelog.d/19508.doc b/changelog.d/19508.doc
deleted file mode 100644
index 2550116341..0000000000
--- a/changelog.d/19508.doc
+++ /dev/null
@@ -1 +0,0 @@
-Added details about how Synapse syncs the picture claim when `update_profile_information` setting is true.
diff --git a/changelog.d/19634.bugfix b/changelog.d/19634.bugfix
deleted file mode 100644
index e8fcb43570..0000000000
--- a/changelog.d/19634.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix bug where Synapse would return 400 (`M_BAD_JSON`) when sending a message with `mentions` field and Synapse module `check_event_allowed` callback registered (frozen event). Contributed by @gaetan-sbt.
\ No newline at end of file
diff --git a/changelog.d/19644.bugfix b/changelog.d/19644.bugfix
deleted file mode 100644
index 73ab4bc63e..0000000000
--- a/changelog.d/19644.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix long-standing but niche bug with sync where it could attempt to fetch data with flawed invalid future tokens.
diff --git a/changelog.d/19715.feature b/changelog.d/19715.feature
deleted file mode 100644
index 973fe66e7d..0000000000
--- a/changelog.d/19715.feature
+++ /dev/null
@@ -1,3 +0,0 @@
-Add support for "MSC4452 Preview URL capabilities API" which exposes a `io.element.msc4452.preview_url` capability.
-If `experimental_features.msc4452_enabled` is `true`, the `/_matrix/(client/v1/media|media/v3)/preview_url` endpoint
-now responds with a 403 status code when the capability is disabled.
diff --git a/changelog.d/19725.misc b/changelog.d/19725.misc
deleted file mode 100644
index b320f42b9c..0000000000
--- a/changelog.d/19725.misc
+++ /dev/null
@@ -1 +0,0 @@
-Port `Event.content` field to Rust.
diff --git a/changelog.d/19748.misc b/changelog.d/19748.misc
deleted file mode 100644
index eedd4e92a2..0000000000
--- a/changelog.d/19748.misc
+++ /dev/null
@@ -1 +0,0 @@
-Prefer close backfill points (absolute distance).
diff --git a/changelog.d/19764.misc b/changelog.d/19764.misc
deleted file mode 100644
index 8704e3eed6..0000000000
--- a/changelog.d/19764.misc
+++ /dev/null
@@ -1 +0,0 @@
-Replace unique `quarantined_media` waiting patterns with standard `wait_for_stream_token(...)`.
diff --git a/changelog.d/19765.misc b/changelog.d/19765.misc
deleted file mode 100644
index 7ac5375c7e..0000000000
--- a/changelog.d/19765.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve Synapse logging around when someone encounters `We can't get valid state history.` so you can correlate everything by `event_id`.
diff --git a/changelog.d/19766.misc b/changelog.d/19766.misc
deleted file mode 100644
index 699852daa2..0000000000
--- a/changelog.d/19766.misc
+++ /dev/null
@@ -1 +0,0 @@
-Tidy up Rust `RoomVersion` structs.
diff --git a/changelog.d/19772.misc b/changelog.d/19772.misc
deleted file mode 100644
index 939507f5c3..0000000000
--- a/changelog.d/19772.misc
+++ /dev/null
@@ -1 +0,0 @@
-Update `WorkerLock` tests to better stress the `WORKER_LOCK_MAX_RETRY_INTERVAL`.
diff --git a/changelog.d/19774.misc b/changelog.d/19774.misc
deleted file mode 100644
index 5a2cb4d800..0000000000
--- a/changelog.d/19774.misc
+++ /dev/null
@@ -1 +0,0 @@
-Refactor MSC4242 state DAG checks behind a single `TypeIs` helper to avoid scattered `isinstance` casts.
diff --git a/changelog.d/19777.misc b/changelog.d/19777.misc
deleted file mode 100644
index cd049f8153..0000000000
--- a/changelog.d/19777.misc
+++ /dev/null
@@ -1 +0,0 @@
-Use `StrCollection` for `prev_state_events`.
diff --git a/changelog.d/19781.misc b/changelog.d/19781.misc
deleted file mode 100644
index 63c2482ded..0000000000
--- a/changelog.d/19781.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix up event-construction in tests ahead of the Rust event port.
diff --git a/changelog.d/19784.bugfix b/changelog.d/19784.bugfix
deleted file mode 100644
index c68524d57a..0000000000
--- a/changelog.d/19784.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Revert 'Have [MSC4186: Simplified Sliding Sync](https://github.com/matrix-org/matrix-spec-proposals/pull/4186) return a new response immediately if a room subscription has changed and produced a new response. ([\#19714](https://github.com/element-hq/synapse/issues/19714))' due to performance problems.
diff --git a/changelog.d/19787.bugfix b/changelog.d/19787.bugfix
deleted file mode 100644
index 26bd3e2252..0000000000
--- a/changelog.d/19787.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix `/sync` failing when [MSC4354 Sticky Events](https://github.com/matrix-org/matrix-spec-proposals/pull/4354) are enabled and the sync request filters out Ephemeral Data Units (EDUs).
\ No newline at end of file
diff --git a/changelog.d/19789.bugfix b/changelog.d/19789.bugfix
deleted file mode 100644
index f6c325ec82..0000000000
--- a/changelog.d/19789.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix packaging for Fedora and EPEL caused by unnecessary bumping `attrs` minimum version requirement in `pyproject.toml` file. Contributed by Oleg Girko.
diff --git a/changelog.d/19791.bugfix b/changelog.d/19791.bugfix
deleted file mode 100644
index 003716d296..0000000000
--- a/changelog.d/19791.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug in [MSC4186: Simplified Sliding Sync](https://github.com/matrix-org/matrix-spec-proposals/pull/4186) that could prevent user avatars from showing if the room had an empty name.
diff --git a/changelog.d/19797.bugfix b/changelog.d/19797.bugfix
deleted file mode 100644
index 4d769cb1a4..0000000000
--- a/changelog.d/19797.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix merging signatures when a policy server is running under the same server name as Synapse. The bug was re-introduced in v1.153.0rc1 after being fixed earlier in v1.151.0rc1. Contributed by @tulir @ Beeper.
diff --git a/debian/changelog b/debian/changelog
index b1a4e04bc3..4c3999413b 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.154.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.154.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Wed, 27 May 2026 12:23:54 +0100
+
 matrix-synapse-py3 (1.153.0) stable; urgency=medium
 
   * New Synapse release 1.153.0.
diff --git a/pyproject.toml b/pyproject.toml
index e92e7b5c21..76ccbbe946 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "matrix-synapse"
-version = "1.153.0"
+version = "1.154.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 readme = "README.rst"
 authors = [
diff --git a/schema/synapse-config.schema.yaml b/schema/synapse-config.schema.yaml
index 8b8d57b9bf..dc57cfeea5 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/v1.153/synapse-config.schema.json
+$id: https://element-hq.github.io/synapse/schema/synapse/v1.154/synapse-config.schema.json
 type: object
 properties:
   modules: