diff --git a/docs/docs/releasenotes.mdx b/docs/docs/releasenotes.mdx
index eb51b43aa1..789017efa3 100644
--- a/docs/docs/releasenotes.mdx
+++ b/docs/docs/releasenotes.mdx
@@ -6,7 +6,7 @@ sidebar_position: 200
 
 # Release Notes
 
-### v0.12.3 — Nov 14, 2025
+### v0.12.3 — Nov 17, 2025
 
 Patch release with Wave AI model upgrade, new secret management features, and improved terminal input handling.
 
diff --git a/frontend/app/onboarding/onboarding-common.tsx b/frontend/app/onboarding/onboarding-common.tsx
index d0c71a1836..ec77a1457b 100644
--- a/frontend/app/onboarding/onboarding-common.tsx
+++ b/frontend/app/onboarding/onboarding-common.tsx
@@ -1,4 +1,4 @@
 // Copyright 2025, Command Line Inc.
 // SPDX-License-Identifier: Apache-2.0
 
-export const CurrentOnboardingVersion = "v0.12.2";
+export const CurrentOnboardingVersion = "v0.12.3";
diff --git a/frontend/app/onboarding/onboarding-upgrade-patch.tsx b/frontend/app/onboarding/onboarding-upgrade-patch.tsx
index 8bfd0e0fc1..fb6df91244 100644
--- a/frontend/app/onboarding/onboarding-upgrade-patch.tsx
+++ b/frontend/app/onboarding/onboarding-upgrade-patch.tsx
@@ -16,6 +16,7 @@ import { useEffect, useRef, useState } from "react";
 import { debounce } from "throttle-debounce";
 import { UpgradeOnboardingModal_v0_12_1_Content } from "./onboarding-upgrade-v0121";
 import { UpgradeOnboardingModal_v0_12_2_Content } from "./onboarding-upgrade-v0122";
+import { UpgradeOnboardingModal_v0_12_3_Content } from "./onboarding-upgrade-v0123";
 
 interface VersionConfig {
     version: string;
@@ -34,6 +35,12 @@ const versions: VersionConfig[] = [
         version: "v0.12.2",
         content: () => <UpgradeOnboardingModal_v0_12_2_Content />,
         prevText: "Prev (v0.12.1)",
+        nextText: "Next (v0.12.3)",
+    },
+    {
+        version: "v0.12.3",
+        content: () => <UpgradeOnboardingModal_v0_12_3_Content />,
+        prevText: "Prev (v0.12.2)",
     },
 ];
 
diff --git a/frontend/app/onboarding/onboarding-upgrade-v0123.tsx b/frontend/app/onboarding/onboarding-upgrade-v0123.tsx
new file mode 100644
index 0000000000..6999fccef4
--- /dev/null
+++ b/frontend/app/onboarding/onboarding-upgrade-v0123.tsx
@@ -0,0 +1,84 @@
+// Copyright 2025, Command Line Inc.
+// SPDX-License-Identifier: Apache-2.0
+
+const UpgradeOnboardingModal_v0_12_3_Content = () => {
+    return (
+        <div className="flex flex-col items-start gap-6 w-full mb-4 unselectable">
+            <div className="text-secondary leading-relaxed">
+                <p className="mb-0">
+                    Wave AI model upgrade to GPT-5.1, new secret management features, and improved terminal input
+                    handling for interactive CLI tools.
+                </p>
+            </div>
+
+            <div className="flex w-full items-start gap-4">
+                <div className="flex-shrink-0">
+                    <i className="text-[24px] text-accent fa-solid fa-sparkles"></i>
+                </div>
+                <div className="flex flex-col items-start gap-2 flex-1">
+                    <div className="text-foreground text-base font-semibold leading-[18px]">Wave AI Updates</div>
+                    <div className="text-secondary leading-5">
+                        <ul className="list-disc list-outside space-y-1 pl-5">
+                            <li>
+                                <strong>GPT-5.1 Model</strong> - Upgraded to OpenAI's GPT-5.1 model for improved
+                                responses
+                            </li>
+                            <li>
+                                <strong>Thinking Mode Toggle</strong> - New dropdown to select between Quick, Balanced,
+                                and Deep thinking modes
+                            </li>
+                            <li>Fixed path mismatch issue when restoring AI write file backups</li>
+                        </ul>
+                    </div>
+                </div>
+            </div>
+
+            <div className="flex w-full items-start gap-4">
+                <div className="flex-shrink-0">
+                    <i className="text-[24px] text-accent fa-solid fa-terminal"></i>
+                </div>
+                <div className="flex flex-col items-start gap-2 flex-1">
+                    <div className="text-foreground text-base font-semibold leading-[18px]">Terminal Improvements</div>
+                    <div className="text-secondary leading-5">
+                        <ul className="list-disc list-outside space-y-1 pl-5">
+                            <li>
+                                <strong>Enhanced Input Handling</strong> - Better support for CLI tools like Claude Code
+                            </li>
+                            <li>
+                                <strong>Image Paste Support</strong> - Paste images directly into terminal (saved to
+                                temp files)
+                            </li>
+                            <li>Shift+Enter now inserts newlines by default for multi-line commands</li>
+                            <li>Fixed duplicate text issue when switching input methods (IME)</li>
+                        </ul>
+                    </div>
+                </div>
+            </div>
+
+            <div className="flex w-full items-start gap-4">
+                <div className="flex-shrink-0">
+                    <i className="text-[24px] text-accent fa-solid fa-key"></i>
+                </div>
+                <div className="flex flex-col items-start gap-2 flex-1">
+                    <div className="text-foreground text-base font-semibold leading-[18px]">Secret Store</div>
+                    <div className="text-secondary leading-5">
+                        <ul className="list-disc list-outside space-y-1 pl-5">
+                            <li>
+                                <strong>Secret Management Widget</strong> - Store and manage sensitive credentials
+                                securely
+                            </li>
+                            <li>
+                                Access secrets via CLI with <span className="font-mono">wsh secret list/get/set</span>{" "}
+                                commands
+                            </li>
+                        </ul>
+                    </div>
+                </div>
+            </div>
+        </div>
+    );
+};
+
+UpgradeOnboardingModal_v0_12_3_Content.displayName = "UpgradeOnboardingModal_v0_12_3_Content";
+
+export { UpgradeOnboardingModal_v0_12_3_Content };
diff --git a/frontend/app/onboarding/onboarding-upgrade.tsx b/frontend/app/onboarding/onboarding-upgrade.tsx
index e8b45ecd3b..c5b86c64b1 100644
--- a/frontend/app/onboarding/onboarding-upgrade.tsx
+++ b/frontend/app/onboarding/onboarding-upgrade.tsx
@@ -6,6 +6,7 @@ import { modalsModel } from "@/app/store/modalmodel";
 import { useAtomValue } from "jotai";
 import { useEffect, useRef } from "react";
 import * as semver from "semver";
+import { CurrentOnboardingVersion } from "./onboarding-common";
 import { UpgradeOnboardingModal_v0_12_0 } from "./onboarding-upgrade-v0120";
 import { UpgradeOnboardingPatch } from "./onboarding-upgrade-patch";
 
@@ -20,12 +21,12 @@ const UpgradeOnboardingModal = () => {
     const lastVersion = initialVersionRef.current;
 
     useEffect(() => {
-        if (semver.gte(lastVersion, "v0.12.2")) {
+        if (semver.gte(lastVersion, CurrentOnboardingVersion)) {
             globalStore.set(modalsModel.upgradeOnboardingOpen, false);
         }
     }, [lastVersion]);
 
-    if (semver.gte(lastVersion, "v0.12.2")) {
+    if (semver.gte(lastVersion, CurrentOnboardingVersion)) {
         return null;
     }
 
diff --git a/package-lock.json b/package-lock.json
index 6a62724f7c..dfc132373a 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
     "name": "waveterm",
-    "version": "0.12.3-beta.1",
+    "version": "0.12.3-beta.2",
     "lockfileVersion": 3,
     "requires": true,
     "packages": {
         "": {
             "name": "waveterm",
-            "version": "0.12.3-beta.1",
+            "version": "0.12.3-beta.2",
             "hasInstallScript": true,
             "license": "Apache-2.0",
             "workspaces": [