diff --git a/Makefile b/Makefile
index b6be34ce..e0c85fb4 100644
--- a/Makefile
+++ b/Makefile
@@ -12,7 +12,7 @@ VERSION ?= v0.0.0-dev
 BUNDLE_VERSION ?= $(VERSION:v%=%)
 
 # INSTASCALE_VERSION defines the default version of the InstaScale controller
-INSTASCALE_VERSION ?= v0.0.5
+INSTASCALE_VERSION ?= v0.0.6
 
 # MCAD_VERSION defines the default version of the MCAD controller
 MCAD_VERSION ?= v1.33.0
diff --git a/README.md b/README.md
index e5f25443..e434d001 100644
--- a/README.md
+++ b/README.md
@@ -8,10 +8,10 @@ CodeFlare Stack Compatibility Matrix
 
 | Component                    | Version |
 |------------------------------|---------|
-| CodeFlare Operator           | v0.0.6  |
-| Multi-Cluster App Dispatcher | v1.32.0 |
-| CodeFlare-SDK                | v0.5.0  |
-| InstaScale                   | v0.0.5  |
+| CodeFlare Operator           | v0.1.0  |
+| Multi-Cluster App Dispatcher | v1.33.0 |
+| CodeFlare-SDK                | v0.6.1  |
+| InstaScale                   | v0.0.6  |
 | KubeRay                      | v0.5.0  |
 <!-- Compatibility Matrix end -->
 
diff --git a/controllers/defaults.go b/controllers/defaults.go
index 3a0a746d..026be9df 100644
--- a/controllers/defaults.go
+++ b/controllers/defaults.go
@@ -6,5 +6,5 @@ package controllers
 
 const (
 	MCADImage       = "quay.io/project-codeflare/mcad-controller:release-v1.33.0"
-	InstaScaleImage = "quay.io/project-codeflare/instascale-controller:v0.0.5"
+	InstaScaleImage = "quay.io/project-codeflare/instascale-controller:v0.0.6"
 )
diff --git a/controllers/testdata/instascale_test_results/case_1/deployment.yaml b/controllers/testdata/instascale_test_results/case_1/deployment.yaml
index bb398dbb..13470266 100644
--- a/controllers/testdata/instascale_test_results/case_1/deployment.yaml
+++ b/controllers/testdata/instascale_test_results/case_1/deployment.yaml
@@ -19,7 +19,7 @@ spec:
         - name: instascale
           args:
             - "--configs-namespace=default"
-          image: quay.io/project-codeflare/instascale-controller:v0.0.5
+          image: quay.io/project-codeflare/instascale-controller:v0.0.6
           resources:
             limits:
               cpu: '2'
diff --git a/controllers/testdata/instascale_test_results/case_2/deployment.yaml b/controllers/testdata/instascale_test_results/case_2/deployment.yaml
index ef7b8da1..2916c719 100644
--- a/controllers/testdata/instascale_test_results/case_2/deployment.yaml
+++ b/controllers/testdata/instascale_test_results/case_2/deployment.yaml
@@ -19,7 +19,7 @@ spec:
         - name: instascale
           args:
             - "--configs-namespace=default"
-          image: quay.io/project-codeflare/instascale-controller:v0.0.5
+          image: quay.io/project-codeflare/instascale-controller:v0.0.6
           resources:
             limits:
               cpu: '1'