diff --git a/meson.build b/meson.build
index d86879a23..176e21f19 100644
--- a/meson.build
+++ b/meson.build
@@ -1,5 +1,5 @@
 project('gnome-shell', 'c',
-  version: '3.38.1',
+  version: '40.alpha',
   meson_version: '>= 0.53.0',
   license: 'GPLv2+'
 )
@@ -10,7 +10,7 @@ split_version = meson.project_version().split('.')
 # the Cogl and Clutter libraries also use this API version.
 # The API version is increased automatically each development cycle,
 # starting with 0 in 3.23.x
-api_version = (split_version[1].to_int() - 23) / 2
+api_version = split_version[0].to_int() - 32
 mutter_api_version = '@0@'.format(api_version)
 
 clutter_pc = 'mutter-clutter-' + mutter_api_version
diff --git a/subprojects/extensions-app/data/metainfo/org.gnome.Extensions.metainfo.xml.in b/subprojects/extensions-app/data/metainfo/org.gnome.Extensions.metainfo.xml.in
index 567b60d7c..83414c765 100644
--- a/subprojects/extensions-app/data/metainfo/org.gnome.Extensions.metainfo.xml.in
+++ b/subprojects/extensions-app/data/metainfo/org.gnome.Extensions.metainfo.xml.in
@@ -39,14 +39,7 @@
   </description>
 
   <releases>
-    <release version="3.38.1" date="2020-10-05"/>
-    <release version="3.38.0" date="2020-09-14">
-      <desciption>
-        <p>
-          Indicate extension errors.
-        </p>
-      </desciption>
-    </release>
+    <release version="40.alpha" type="development" date="2020-10-05"/>
   </releases>
 
   <screenshots>
diff --git a/subprojects/extensions-app/meson.build b/subprojects/extensions-app/meson.build
index 4acd94ce7..23ee91a84 100644
--- a/subprojects/extensions-app/meson.build
+++ b/subprojects/extensions-app/meson.build
@@ -1,5 +1,5 @@
 project('gnome-extensions-app',
-  version: '3.38.1',
+  version: '40.alpha',
   meson_version: '>= 0.53.0',
   license: 'GPLv2+'
 )
diff --git a/subprojects/extensions-tool/meson.build b/subprojects/extensions-tool/meson.build
index fed755cb8..b9912ff4a 100644
--- a/subprojects/extensions-tool/meson.build
+++ b/subprojects/extensions-tool/meson.build
@@ -1,5 +1,5 @@
 project('gnome-extensions-tool', 'c',
-  version: '3.38.1',
+  version: '40.alpha',
   meson_version: '>= 0.53.0',
   license: 'GPLv2+'
 )
diff --git a/subprojects/shew/meson.build b/subprojects/shew/meson.build
index 5cd34f676..c73ee8973 100644
--- a/subprojects/shew/meson.build
+++ b/subprojects/shew/meson.build
@@ -1,5 +1,5 @@
 project('shew', 'c',
-  version: '3.38.1',
+  version: '40.alpha',
   meson_version: '>= 0.53.0',
   license: 'LGPLv2+',
 )