diff --git a/nexus/db-model/src/schema.rs b/nexus/db-model/src/schema.rs
index 02bdd2c349..ed819cba80 100644
--- a/nexus/db-model/src/schema.rs
+++ b/nexus/db-model/src/schema.rs
@@ -13,7 +13,7 @@ use omicron_common::api::external::SemverVersion;
 ///
 /// This should be updated whenever the schema is changed. For more details,
 /// refer to: schema/crdb/README.adoc
-pub const SCHEMA_VERSION: SemverVersion = SemverVersion::new(23, 0, 1);
+pub const SCHEMA_VERSION: SemverVersion = SemverVersion::new(24, 0, 0);
 
 table! {
     disk (id) {
diff --git a/nexus/db-model/src/sled.rs b/nexus/db-model/src/sled.rs
index afd1b890d8..f209a37b82 100644
--- a/nexus/db-model/src/sled.rs
+++ b/nexus/db-model/src/sled.rs
@@ -184,7 +184,6 @@ impl SledUpdate {
         let last_used_address = {
             let mut segments = self.ip().segments();
             // We allocate the entire last segment to control plane services
-            // segments
             segments[7] =
                 omicron_common::address::CP_SERVICES_RESERVED_ADDRESSES;
             ipv6::Ipv6Addr::from(Ipv6Addr::from(segments))
diff --git a/schema/crdb/24.0.0/up.sql b/schema/crdb/24.0.0/up.sql
new file mode 100644
index 0000000000..753b260294
--- /dev/null
+++ b/schema/crdb/24.0.0/up.sql
@@ -0,0 +1,3 @@
+UPDATE omicron.public.sled
+    SET last_used_address = (netmask(setmasklen(ip, 64)) & ip) + 0xFFFF
+    WHERE time_deleted is null;
diff --git a/schema/crdb/dbinit.sql b/schema/crdb/dbinit.sql
index e40c97972f..9ef8d148fd 100644
--- a/schema/crdb/dbinit.sql
+++ b/schema/crdb/dbinit.sql
@@ -3258,7 +3258,7 @@ INSERT INTO omicron.public.db_metadata (
     version,
     target_version
 ) VALUES
-    ( TRUE, NOW(), NOW(), '23.0.1', NULL)
+    ( TRUE, NOW(), NOW(), '24.0.0', NULL)
 ON CONFLICT DO NOTHING;
 
 COMMIT;