diff --git a/CHANGES.rst b/CHANGES.rst
index 066a0e496..21f8a3b6d 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -3,7 +3,7 @@ CHANGES
 =======
 
 ----------
-0.8.6-rc.1
+0.8.6-dev0
 ----------
 
 * Bug fix: Honor installed sys.excepthook in pex teardown.
diff --git a/pex/version.py b/pex/version.py
index fa92d4429..95b4da687 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1 +1 @@
-__version__ = '0.8.6-rc.1'
+__version__ = '0.8.6-dev0'