diff --git a/ci/compose-uber-jar/gradle.properties b/ci/compose-uber-jar/gradle.properties
index 0880f07fe0..930b341614 100644
--- a/ci/compose-uber-jar/gradle.properties
+++ b/ci/compose-uber-jar/gradle.properties
@@ -1,2 +1,2 @@
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
 kotlin.code.style=official
diff --git a/components/gradle.properties b/components/gradle.properties
index 69266bac05..45fbfdfe1a 100644
--- a/components/gradle.properties
+++ b/components/gradle.properties
@@ -5,4 +5,4 @@ kotlin.code.style=official
 # __KOTLIN_COMPOSE_VERSION__
 kotlin.version=1.7.20
 # __LATEST_COMPOSE_RELEASE_VERSION__
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/codeviewer/gradle.properties b/examples/codeviewer/gradle.properties
index 978233fdc9..1f94a4eb84 100644
--- a/examples/codeviewer/gradle.properties
+++ b/examples/codeviewer/gradle.properties
@@ -21,4 +21,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/falling-balls/gradle.properties b/examples/falling-balls/gradle.properties
index d5c44625e9..ca45a2d44a 100644
--- a/examples/falling-balls/gradle.properties
+++ b/examples/falling-balls/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/imageviewer/gradle.properties b/examples/imageviewer/gradle.properties
index 978233fdc9..1f94a4eb84 100755
--- a/examples/imageviewer/gradle.properties
+++ b/examples/imageviewer/gradle.properties
@@ -21,4 +21,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/intellij-plugin/gradle.properties b/examples/intellij-plugin/gradle.properties
index d5c44625e9..ca45a2d44a 100644
--- a/examples/intellij-plugin/gradle.properties
+++ b/examples/intellij-plugin/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/issues/gradle.properties b/examples/issues/gradle.properties
index f9b0143b0c..13c6907862 100644
--- a/examples/issues/gradle.properties
+++ b/examples/issues/gradle.properties
@@ -21,4 +21,4 @@ android.useAndroidX=true
 android.enableJetifier=true
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/notepad/gradle.properties b/examples/notepad/gradle.properties
index c72450b698..b82c588cd6 100644
--- a/examples/notepad/gradle.properties
+++ b/examples/notepad/gradle.properties
@@ -1,4 +1,4 @@
 org.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
\ No newline at end of file
+compose.version=1.2.1-rc03
\ No newline at end of file
diff --git a/examples/todoapp-lite/gradle.properties b/examples/todoapp-lite/gradle.properties
index 978233fdc9..1f94a4eb84 100755
--- a/examples/todoapp-lite/gradle.properties
+++ b/examples/todoapp-lite/gradle.properties
@@ -21,4 +21,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/todoapp/gradle.properties b/examples/todoapp/gradle.properties
index 5881d9ceaa..0ce28b1cd9 100755
--- a/examples/todoapp/gradle.properties
+++ b/examples/todoapp/gradle.properties
@@ -28,4 +28,4 @@ kotlin.native.disableCompilerDaemon=true
 # in Android module (search "Workaround for https://github.com/JetBrains/compose-jb/issues/2340")
 #TODO also change version in buildSrc/gradle.properties
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
\ No newline at end of file
+compose.version=1.2.1-rc03
\ No newline at end of file
diff --git a/examples/visual-effects/gradle.properties b/examples/visual-effects/gradle.properties
index d5c44625e9..ca45a2d44a 100644
--- a/examples/visual-effects/gradle.properties
+++ b/examples/visual-effects/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/web-compose-bird/gradle.properties b/examples/web-compose-bird/gradle.properties
index d5c44625e9..ca45a2d44a 100644
--- a/examples/web-compose-bird/gradle.properties
+++ b/examples/web-compose-bird/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/web-compose-in-js/gradle.properties b/examples/web-compose-in-js/gradle.properties
index 7e2b39f626..c3e89bb812 100644
--- a/examples/web-compose-in-js/gradle.properties
+++ b/examples/web-compose-in-js/gradle.properties
@@ -3,4 +3,4 @@ kotlin.mpp.enableGranularSourceSetsMetadata=true
 kotlin.native.enableDependencyPropagation=false
 kotlin.js.webpack.major.version=4
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/web-landing/gradle.properties b/examples/web-landing/gradle.properties
index d5c44625e9..ca45a2d44a 100644
--- a/examples/web-landing/gradle.properties
+++ b/examples/web-landing/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/web-with-react/gradle.properties b/examples/web-with-react/gradle.properties
index d5c44625e9..ca45a2d44a 100644
--- a/examples/web-with-react/gradle.properties
+++ b/examples/web-with-react/gradle.properties
@@ -1,3 +1,3 @@
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/examples/widgets-gallery/gradle.properties b/examples/widgets-gallery/gradle.properties
index ebc2e06205..50fcda9179 100644
--- a/examples/widgets-gallery/gradle.properties
+++ b/examples/widgets-gallery/gradle.properties
@@ -20,5 +20,5 @@ android.enableJetifier=true
 # Kotlin code style for this project: "official" or "obsolete":
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
 agp.version=7.1.3
diff --git a/gradle-plugins/gradle.properties b/gradle-plugins/gradle.properties
index 46b814efd5..9a6ba34be6 100644
--- a/gradle-plugins/gradle.properties
+++ b/gradle-plugins/gradle.properties
@@ -2,7 +2,7 @@ org.gradle.parallel=true
 kotlin.code.style=official
 
 # Default version of Compose Libraries used by Gradle plugin
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
 # The latest version of Compose Compiler used by Gradle plugin. Used only in tests.
 compose.tests.compiler.version=1.3.2.1-rc02
 # The latest version of Kotlin compatible with compose.tests.compiler.version. Used only in tests.
diff --git a/templates/desktop-template/gradle.properties b/templates/desktop-template/gradle.properties
index c904e2d08f..fea0c8b6c5 100644
--- a/templates/desktop-template/gradle.properties
+++ b/templates/desktop-template/gradle.properties
@@ -1,4 +1,4 @@
 org.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/templates/multiplatform-template/gradle.properties b/templates/multiplatform-template/gradle.properties
index eedd2945bc..415b8d5dd3 100644
--- a/templates/multiplatform-template/gradle.properties
+++ b/templates/multiplatform-template/gradle.properties
@@ -4,4 +4,4 @@ android.enableJetifier=true
 kotlin.code.style=official
 kotlin.version=1.7.20
 agp.version=7.1.3
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/templates/web-template/gradle.properties b/templates/web-template/gradle.properties
index c904e2d08f..fea0c8b6c5 100644
--- a/templates/web-template/gradle.properties
+++ b/templates/web-template/gradle.properties
@@ -1,4 +1,4 @@
 org.gradle.jvmargs=-Xmx2048m -Dfile.encoding=UTF-8
 kotlin.code.style=official
 kotlin.version=1.7.20
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
diff --git a/tutorials/Getting_Started/README.md b/tutorials/Getting_Started/README.md
index 64b968c39e..7bd622239d 100644
--- a/tutorials/Getting_Started/README.md
+++ b/tutorials/Getting_Started/README.md
@@ -45,7 +45,7 @@ For the latest versions, see the [latest versions](https://github.com/JetBrains/
 ```
 plugins {
     kotlin("jvm") version "1.7.20"
-    id("org.jetbrains.compose") version "1.2.1-rc01"
+    id("org.jetbrains.compose") version "1.2.1-rc03"
 }
 ```
 
@@ -79,7 +79,7 @@ Then create `build.gradle.kts` with the following content:
 ``` kotlin
 plugins {
     kotlin("jvm") version "1.7.20"
-    id("org.jetbrains.compose") version "1.2.1-rc01"
+    id("org.jetbrains.compose") version "1.2.1-rc03"
 }
 
 repositories {
diff --git a/tutorials/Web/Getting_Started/README.md b/tutorials/Web/Getting_Started/README.md
index 23f0c08725..63668192d3 100644
--- a/tutorials/Web/Getting_Started/README.md
+++ b/tutorials/Web/Getting_Started/README.md
@@ -39,7 +39,7 @@ pluginManagement {
 // Add compose gradle plugin
 plugins {
     kotlin("multiplatform") version "1.7.20"
-    id("org.jetbrains.compose") version "1.2.1-rc01"
+    id("org.jetbrains.compose") version "1.2.1-rc03"
 }
 
 // Add maven repositories
diff --git a/web/gradle.properties b/web/gradle.properties
index d9a393db99..526e734332 100644
--- a/web/gradle.properties
+++ b/web/gradle.properties
@@ -1,4 +1,4 @@
-compose.version=1.2.1-rc01
+compose.version=1.2.1-rc03
 compose.web.buildSamples=false
 compose.web.tests.integration.withFirefox
 compose.web.tests.skip.benchmarks=false