diff --git a/Makefile b/Makefile
index 3b70333b1..e1419e1a1 100644
--- a/Makefile
+++ b/Makefile
@@ -16,7 +16,7 @@ INSTASCALE_VERSION ?= v0.4.0
 INSTASCALE_REPO ?= github.com/project-codeflare/instascale
 
 # MCAD_VERSION defines the default version of the MCAD controller
-MCAD_VERSION ?= v1.39.0
+MCAD_VERSION ?= v1.40.0
 MCAD_REPO ?= github.com/project-codeflare/multi-cluster-app-dispatcher
 # Upstream MCAD is currently only creating release tags of the form `vX.Y.Z` (i.e the version)
 MCAD_CRD ?= ${MCAD_REPO}/config/crd?ref=${MCAD_VERSION}
diff --git a/README.md b/README.md
index aadb28f81..73bb55490 100644
--- a/README.md
+++ b/README.md
@@ -8,9 +8,9 @@ CodeFlare Stack Compatibility Matrix
 
 | Component                    | Version                                                                                           |
 |------------------------------|---------------------------------------------------------------------------------------------------|
-| CodeFlare Operator           | [v1.1.0](https://github.com/project-codeflare/codeflare-operator/releases/tag/v1.1.0)             |
-| Multi-Cluster App Dispatcher | [v1.39.0](https://github.com/project-codeflare/multi-cluster-app-dispatcher/releases/tag/v1.39.0) |
-| CodeFlare-SDK                | [v0.13.0](https://github.com/project-codeflare/codeflare-sdk/releases/tag/v0.13.0)                  |
+| CodeFlare Operator           | [v1.2.0](https://github.com/project-codeflare/codeflare-operator/releases/tag/v1.2.0)             |
+| Multi-Cluster App Dispatcher | [v1.40.0](https://github.com/project-codeflare/multi-cluster-app-dispatcher/releases/tag/v1.40.0) |
+| CodeFlare-SDK                | [v0.14.0](https://github.com/project-codeflare/codeflare-sdk/releases/tag/v0.14.0)                  |
 | InstaScale                   | [v0.4.0](https://github.com/project-codeflare/instascale/releases/tag/v0.4.0)                     |
 | KubeRay                      | [v1.0.0](https://github.com/opendatahub-io/kuberay/releases/tag/v1.0.0)                              |
 <!-- Compatibility Matrix end -->
diff --git a/config/crd/mcad/kustomization.yaml b/config/crd/mcad/kustomization.yaml
index 0e4ebfa7a..bbf6141cf 100644
--- a/config/crd/mcad/kustomization.yaml
+++ b/config/crd/mcad/kustomization.yaml
@@ -1,4 +1,4 @@
 apiVersion: kustomize.config.k8s.io/v1beta1
 kind: Kustomization
 resources:
-- github.com/project-codeflare/multi-cluster-app-dispatcher/config/crd?ref=v1.39.0
+- github.com/project-codeflare/multi-cluster-app-dispatcher/config/crd?ref=v1.40.0
diff --git a/config/manager/params.env b/config/manager/params.env
index ace2f2f29..c4c8b45f3 100644
--- a/config/manager/params.env
+++ b/config/manager/params.env
@@ -1 +1 @@
-codeflare-operator-controller-image=quay.io/opendatahub/codeflare-operator:v1.1.0
+codeflare-operator-controller-image=quay.io/opendatahub/codeflare-operator:v1.2.0
diff --git a/go.mod b/go.mod
index 252653db6..7f846b2b4 100644
--- a/go.mod
+++ b/go.mod
@@ -7,7 +7,7 @@ require (
 	github.com/openshift/api v0.0.0-20230213134911-7ba313770556
 	github.com/project-codeflare/codeflare-common v0.0.0-20240201153809-2e7292120303
 	github.com/project-codeflare/instascale v0.4.0
-	github.com/project-codeflare/multi-cluster-app-dispatcher v1.39.0
+	github.com/project-codeflare/multi-cluster-app-dispatcher v1.40.0
 	github.com/ray-project/kuberay/ray-operator v1.0.0
 	go.uber.org/zap v1.26.0
 	k8s.io/api v0.27.8
diff --git a/go.sum b/go.sum
index b36099d6c..60345cd59 100644
--- a/go.sum
+++ b/go.sum
@@ -388,8 +388,8 @@ github.com/project-codeflare/codeflare-common v0.0.0-20240201153809-2e7292120303
 github.com/project-codeflare/codeflare-common v0.0.0-20240201153809-2e7292120303/go.mod h1:2Ck9LC+6Xi4jTDSlCJoP00tCzSrxek0roLsjvUgL2gY=
 github.com/project-codeflare/instascale v0.4.0 h1:l/cb+x4FrJ2bN9wXjv1mCngy77tVw0CLMiqJovTAflo=
 github.com/project-codeflare/instascale v0.4.0/go.mod h1:CpduFXKeuqYW4Ph1CPOJV6dpAdpebOxhbU4CmccZWSo=
-github.com/project-codeflare/multi-cluster-app-dispatcher v1.39.0 h1:zoS7pEAWK6eGELPCIIHB3W8Zb/a27Rf55ChYso7EV3o=
-github.com/project-codeflare/multi-cluster-app-dispatcher v1.39.0/go.mod h1:XCZKkq8Mz2WySbV3NfVINNciy+as7Rq9Xs2megNFbdk=
+github.com/project-codeflare/multi-cluster-app-dispatcher v1.40.0 h1:IkTmd/W/zxcsC5s4EbnW74PFpkQVEiTc/8rWWwFw0Ok=
+github.com/project-codeflare/multi-cluster-app-dispatcher v1.40.0/go.mod h1:XCZKkq8Mz2WySbV3NfVINNciy+as7Rq9Xs2megNFbdk=
 github.com/prometheus/client_golang v0.9.1/go.mod h1:7SWBe2y4D6OKWSNQJUaRYU/AaXPKyh/dDVn+NZz0KFw=
 github.com/prometheus/client_golang v1.0.0/go.mod h1:db9x61etRT2tGnBNRi70OPL5FsnadC4Ky3P0J6CfImo=
 github.com/prometheus/client_golang v1.7.1/go.mod h1:PY5Wy2awLA44sXw4AOSfFBetzPP4j5+D6mVACh+pe2M=