diff --git a/dbt-metricflow/pyproject.toml b/dbt-metricflow/pyproject.toml
index 67f69cb22e..99ac4043d4 100644
--- a/dbt-metricflow/pyproject.toml
+++ b/dbt-metricflow/pyproject.toml
@@ -4,7 +4,7 @@ build-backend = "hatchling.build"
 
 [project]
 name = "dbt-metricflow"
-version = "0.3.0"
+version = "0.4.0"
 description = "Execute commands against the MetricFlow semantic layer with dbt."
 readme = "README.md"
 requires-python = ">=3.8,<3.12"
@@ -24,8 +24,8 @@ classifiers = [
   "Programming Language :: Python :: Implementation :: PyPy",
 ]
 dependencies = [
-  "dbt-core~=1.6.0",
-  "metricflow~=0.202.0"
+  "dbt-core~=1.7.0",
+  "metricflow~=0.203.0"
 ]
 
 [project.urls]
@@ -33,22 +33,22 @@ dependencies = [
 
 [project.optional-dependencies]
 bigquery = [
-  "dbt-bigquery~=1.6.0"
+  "dbt-bigquery~=1.7.0"
 ]
 databricks = [
-  "dbt-databricks~=1.6.0"
+  "dbt-databricks~=1.7.0"
 ]
 duckdb = [
-  "dbt-duckdb~=1.6.0"
+  "dbt-duckdb~=1.7.0"
 ]
 postgres = [
-  "dbt-postgres~=1.6.0"
+  "dbt-postgres~=1.7.0"
 ]
 redshift = [
-  "dbt-redshift~=1.6.0"
+  "dbt-redshift~=1.7.0"
 ]
 snowflake = [
-  "dbt-snowflake~=1.6.0"
+  "dbt-snowflake~=1.7.0"
 ]
 
 [tool.hatch.build.targets.sdist]
diff --git a/pyproject.toml b/pyproject.toml
index 6b8ec6aae1..adf8ece570 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -55,7 +55,7 @@ mf = 'metricflow.cli.main:cli'
 
 [project.optional-dependencies]
 dev-packages = [
-  "mypy~=1.3.0",
+  "mypy~=1.7.0",
   "pre-commit~=3.2.2",
   # Bug with mypy: https://github.com/pallets/click/issues/2558#issuecomment-1656546003
   "click>=8.1.6",