diff --git a/requirements-iree-pinned.txt b/requirements-iree-pinned.txt
index 4676376db..5903d680f 100644
--- a/requirements-iree-pinned.txt
+++ b/requirements-iree-pinned.txt
@@ -2,6 +2,6 @@
 
 # Keep these versions synced with SHORTFIN_IREE_GIT_TAG in shortfin/CMakeLists.txt
 --find-links https://iree.dev/pip-release-links.html
-iree-base-compiler==3.2.0rc20250124
-iree-base-runtime==3.2.0rc20250124
-iree-turbine==3.2.0rc20250124
+iree-base-compiler==3.2.0rc20250120
+iree-base-runtime==3.2.0rc20250120
+iree-turbine==3.2.0rc20250121
diff --git a/shortfin/CMakeLists.txt b/shortfin/CMakeLists.txt
index ae89860f7..de030e9ce 100644
--- a/shortfin/CMakeLists.txt
+++ b/shortfin/CMakeLists.txt
@@ -47,7 +47,7 @@ add_compile_options("$<$<CXX_COMPILER_ID:MSVC>:/utf-8>")
 # Prefer to keep the IREE git tag synced with the Python package version in the
 # requirements-iree-pinned.txt file. At a minimum, the compiler from those
 # packages must be compatible with the runtime at this source ref.
-set(SHORTFIN_IREE_GIT_TAG "iree-3.2.0rc20250124")
+set(SHORTFIN_IREE_GIT_TAG "iree-3.2.0rc20250120")
 
 
 # build options