diff --git a/.gitignore b/.gitignore
index 19134eb..9a71710 100644
--- a/.gitignore
+++ b/.gitignore
@@ -16,3 +16,4 @@
 /pypy3.7-v7.3.6-src.tar.bz2
 /pypy3.7-v7.3.7-src.tar.bz2
 /pypy3.8-v7.3.7-src.tar.bz2
+/pypy3.8-v7.3.8rc1-src.tar.bz2
diff --git a/pypy3.8.spec b/pypy3.8.spec
index c7496f2..d065377 100644
--- a/pypy3.8.spec
+++ b/pypy3.8.spec
@@ -1,8 +1,11 @@
 %global basever 7.3
+%global micro 8
+%global pre rc1
 %global pyversion 3.8
 Name:           pypy%{pyversion}
-Version:        %{basever}.7
-Release:        3%{?dist}
+Version:        %{basever}.%{micro}%{?pre:~%{pre}}
+%global version_ %{basever}.%{micro}%{?pre}
+Release:        1%{?dist}
 Summary:        Python %{pyversion} implementation with a Just-In-Time compiler
 
 # PyPy is MIT
@@ -138,7 +141,7 @@ URL:            http://pypy.org/
 %endif
 
 # Source and patches:
-Source0: https://downloads.python.org/pypy/pypy%{pyversion}-v%{version}-src.tar.bz2
+Source0: https://downloads.python.org/pypy/pypy%{pyversion}-v%{version_}-src.tar.bz2
 
 # Supply various useful RPM macros for building python modules against pypy:
 #  __pypy, pypy_sitelib, pypy_sitearch
@@ -297,7 +300,7 @@ Provides: bundled(libmpdec) = %{libmpdec_version}
 }
 
 # Find the version in lib_pypy/cffi/_pycparser/__init__.py
-Provides: bundled(python3dist(pycparser)) = 2.20
+Provides: bundled(python3dist(pycparser)) = 2.21
 
 # Find the version in lib_pypy/cffi/_pycparser/ply/__init__.py
 Provides: bundled(python3dist(ply)) = 3.9
@@ -329,7 +332,7 @@ Header files for building C extension modules against PyPy%{pyversion}.
 
 
 %prep
-%autosetup -n pypy%{pyversion}-v%{version}-src -p1 -S git
+%autosetup -n pypy%{pyversion}-v%{version_}-src -p1 -S git
 
 # Temporary workaround for https://bugzilla.redhat.com/show_bug.cgi?id=1954999
 %{?!apply_patch:%define apply_patch(qp:m:) {%__apply_patch %**}}
@@ -639,7 +642,7 @@ rm -f %{buildroot}%{pypy_include_dir}/README
 
 # Capture the RPython source code files from the build within the debuginfo
 # package (rhbz#666975)
-%global pypy_debuginfo_dir /usr/src/debug/pypy-%{version}-src
+%global pypy_debuginfo_dir /usr/src/debug/pypy-%{version_}-src
 mkdir -p %{buildroot}%{pypy_debuginfo_dir}
 
 # copy over everything:
@@ -875,6 +878,9 @@ CheckPyPy pypy3-c
 
 
 %changelog
+* Wed Jan 26 2022 Miro Hrončok <mhroncok@redhat.com> - 7.3.8~rc1-1
+- Update to 7.3.8rc1
+
 * Fri Jan 21 2022 Fedora Release Engineering <releng@fedoraproject.org> - 7.3.7-3
 - Rebuilt for https://fedoraproject.org/wiki/Fedora_36_Mass_Rebuild
 
diff --git a/sources b/sources
index d769b2c..e9e0e29 100644
--- a/sources
+++ b/sources
@@ -1 +1 @@
-SHA512 (pypy3.8-v7.3.7-src.tar.bz2) = 9e6701cc441d5535968656cfb0cfa9076c364f9ba32bc6f0ef64f06ab343281e2458dbe88791c0e02401457fbf80d367f397fc904f6146bff68e04a15e05fda2
+SHA512 (pypy3.8-v7.3.8rc1-src.tar.bz2) = 69eca2ef7c44e15e4b09f36450a985770b3867e41fcd15101881b04fce817f9c8eba3cb783b42fe6509d38e8a4ecfa94573d97cfb902c7c1de9acc2a4d2d760c