diff --git a/hack/component-versions.json b/hack/component-versions.json
index 51337514f..a2500d251 100644
--- a/hack/component-versions.json
+++ b/hack/component-versions.json
@@ -1,6 +1,6 @@
 {
 	"KindNode": "v1.32.0@sha256:c48c62eac5da28cdadcf560d1d8616cfa6783b58f0d94cf63ad1bf49600cb027",
-	"Serving": "v1.17.0",
+	"Serving": "v1.18.0",
 	"Eventing": "v1.17.5",
-	"Contour": "v1.17.0"
+	"Contour": "v1.18.0"
 }
diff --git a/hack/component-versions.sh b/hack/component-versions.sh
index a24dc380c..e84aabcee 100644
--- a/hack/component-versions.sh
+++ b/hack/component-versions.sh
@@ -11,7 +11,7 @@ set_versions() {
 	kind_node_version=v1.32.0@sha256:c48c62eac5da28cdadcf560d1d8616cfa6783b58f0d94cf63ad1bf49600cb027
 
 	# gets updated programatically via workflow -> PR creation
-	knative_serving_version="v1.17.0"
+	knative_serving_version="v1.18.0"
 	knative_eventing_version="v1.17.5"
-	contour_version="v1.17.0"
+	contour_version="v1.18.0"
 }