diff --git a/_service b/_service
index 1ec42ba..ad685f6 100644
--- a/_service
+++ b/_service
@@ -4,11 +4,11 @@
     <param name="versionformat">@PARENT_TAG@</param>
     <param name="url">https://github.com/element-hq/synapse.git</param>
     <param name="scm">git</param>
-    <param name="revision">v1.122.0</param>
+    <param name="revision">v1.123.0</param>
     <param name="versionrewrite-pattern">v(.*)</param>
     <param name="versionrewrite-replacement">\1</param>
     <!--
-    <param name="revision">v1.123.0rc1</param>
+    <param name="revision">v1.124.0rc1</param>
     <param name="versionrewrite-pattern">v([\.\d]+)(rc.*)</param>
     <param name="versionrewrite-replacement">\1~\2</param>
     -->
diff --git a/matrix-synapse-1.122.0.obscpio b/matrix-synapse-1.122.0.obscpio
deleted file mode 100644
index 5e46806..0000000
--- a/matrix-synapse-1.122.0.obscpio
+++ /dev/null
@@ -1,3 +0,0 @@
-version https://git-lfs.github.com/spec/v1
-oid sha256:ad7a9f7f0b3e11c4c9c1b9dbe22096a5b302bd6f21cb130dd70c3e475da3b4ec
-size 38640141
diff --git a/matrix-synapse-1.123.0.obscpio b/matrix-synapse-1.123.0.obscpio
new file mode 100644
index 0000000..a499bae
--- /dev/null
+++ b/matrix-synapse-1.123.0.obscpio
@@ -0,0 +1,3 @@
+version https://git-lfs.github.com/spec/v1
+oid sha256:8891a18eda6ee56e8f0809419933025dfdd4d7db7eb4b1f97616991a56b305e2
+size 38691853
diff --git a/matrix-synapse-test.spec b/matrix-synapse-test.spec
index 21df8a0..048f048 100644
--- a/matrix-synapse-test.spec
+++ b/matrix-synapse-test.spec
@@ -27,7 +27,7 @@
 
 %define         pkgname matrix-synapse
 Name:           %{pkgname}-test
-Version:        1.122.0
+Version:        1.123.0
 Release:        0
 Summary:        Test package for %{pkgname}
 License:        AGPL-3.0-or-later
diff --git a/matrix-synapse.changes b/matrix-synapse.changes
index 2b792c0..2d82de8 100644
--- a/matrix-synapse.changes
+++ b/matrix-synapse.changes
@@ -1,3 +1,38 @@
+-------------------------------------------------------------------
+Tue Jan 28 16:33:21 UTC 2025 - Marcus Rueckert <mrueckert@suse.de>
+
+- Update to 1.123.0
+  - Features
+    - Implement MSC4133 for custom profile fields. Contributed by
+      @clokep. (#17488)
+    - Add a query parameter type to the Room State Admin API that
+      filters the state event. (#18035)
+    - Support the new /auth_metadata endpoint defined in MSC2965.
+      (#18093)
+  - Bugfixes
+    - Fix membership caches not updating in state reset scenarios.
+      (#17732)
+    - Fix rare race where on upgrade to v1.122.0 a long running
+      database upgrade could lock out new events from being
+      received or sent. (#18091)
+  - Improved Documentation
+    - Document tls option for a worker instance in instance_map.
+      (#18064)
+  - Deprecations and Removals
+    - Remove the unstable MSC4151 implementation. The stable
+      support remains, per Matrix 1.13. (#18052)
+  - Internal Changes
+    - Increase invite rate limits (rc_invites.per_issuer) for
+      Complement. (#18072)
+  - Updates to locked dependencies
+    - Bump jinja2 from 3.1.4 to 3.1.5. (#18067)
+    - Bump mypy from 1.12.1 to 1.13.0. (#18083)
+    - Bump pillow from 11.0.0 to 11.1.0. (#18084)
+    - Bump pyo3 from 0.23.3 to 0.23.4. (#18079)
+    - Bump pyopenssl from 24.2.1 to 24.3.0. (#18062)
+    - Bump serde_json from 1.0.134 to 1.0.135. (#18081)
+    - Bump ulid from 1.1.3 to 1.1.4. (#18080)
+
 -------------------------------------------------------------------
 Tue Jan 14 17:11:47 UTC 2025 - Marcus Rueckert <mrueckert@suse.de>
 
diff --git a/matrix-synapse.obsinfo b/matrix-synapse.obsinfo
index 12de631..dcd85b1 100644
--- a/matrix-synapse.obsinfo
+++ b/matrix-synapse.obsinfo
@@ -1,4 +1,4 @@
 name: matrix-synapse
-version: 1.122.0
-mtime: 1736864615
-commit: 5c736cd2af3eb9e1264d439c274d608f6ffc6a83
+version: 1.123.0
+mtime: 1738078678
+commit: 3d8535b1def2fde26a10bdf15d0b9dbd941a6005
diff --git a/matrix-synapse.spec b/matrix-synapse.spec
index 9db0fab..0ab24d2 100644
--- a/matrix-synapse.spec
+++ b/matrix-synapse.spec
@@ -21,8 +21,8 @@
 # NOTE: Keep this is in the same order as pyproject.toml.
 %if %{with use_poetry_for_dependencies}
 %global Twisted_version               24.7.0
-%global Jinja2_version                3.1.4
-%global Pillow_version                11.0.0
+%global Jinja2_version                3.1.5
+%global Pillow_version                11.1.0
 %global PyYAML_version                6.0.2
 %global attrs_version                 23.2.0
 %global bcrypt_version                4.2.0
@@ -36,12 +36,11 @@
 %global matrix_common_version         1.3.0
 %global matrix_common_max_version     2
 %global msgpack_version               1.1.0
-# TODO 1.3.0
-%global netaddr_version               1.2.1
-# TODO 8.13.50
-%global phonenumbers_version          8.13.49
+%global netaddr_version               1.3.0
+%global phonenumbers_version          8.13.52
 %global prometheus_client_version     0.20.0
 %global psutil_version                2.0.0
+# TODO: 24.3.0
 %global pyOpenSSL_version             24.2.1
 %global pyasn1_version                0.6.0
 %global pyasn1_modules_version        0.3.0
@@ -156,7 +155,7 @@
 %define         pkgname matrix-synapse
 %define         eggname matrix_synapse
 Name:           %{pkgname}
-Version:        1.122.0
+Version:        1.123.0
 Release:        0
 Summary:        Matrix protocol reference homeserver
 License:        AGPL-3.0-or-later
diff --git a/vendor.tar.zst b/vendor.tar.zst
index d661a49..0deaef0 100644
--- a/vendor.tar.zst
+++ b/vendor.tar.zst
@@ -1,3 +1,3 @@
 version https://git-lfs.github.com/spec/v1
-oid sha256:f8c06cd13ef527533cf6b601314a7d4506ce4a1a7601588049493fce4975af58
-size 4084121
+oid sha256:1651aa1ae4bf7d59547b5af42a274aed68fb61b66643d6deed126baf8ce833f0
+size 4084862