diff --git a/.gitignore b/.gitignore
index b8adefb..e489e95 100644
--- a/.gitignore
+++ b/.gitignore
@@ -1,2 +1,2 @@
 SOURCES/modulemd-1.8.16.tar.xz
-SOURCES/modulemd-2.9.4.tar.xz
+SOURCES/modulemd-2.12.1.tar.xz
diff --git a/.libmodulemd.metadata b/.libmodulemd.metadata
index c6cb1f8..ffec0b5 100644
--- a/.libmodulemd.metadata
+++ b/.libmodulemd.metadata
@@ -1,2 +1,2 @@
 6e55eddb35afc4cd28b6d8cb248f821af5f49dd7 SOURCES/modulemd-1.8.16.tar.xz
-ff95d56052aa84a4a537b164d8eca87b5e7d60c7 SOURCES/modulemd-2.9.4.tar.xz
+10d6eb269d2f7802095e65c5c5bf40c426839839 SOURCES/modulemd-2.12.1.tar.xz
diff --git a/SPECS/libmodulemd.spec b/SPECS/libmodulemd.spec
index 020e196..e6e9c89 100644
--- a/SPECS/libmodulemd.spec
+++ b/SPECS/libmodulemd.spec
@@ -1,8 +1,8 @@
-%global baserelease 2
+%global baserelease 1
 %global v2_epoch 0
 %global v2_major 2
-%global v2_minor 9
-%global v2_patch 4
+%global v2_minor 12
+%global v2_patch 1
 %global v2_release %{baserelease}
 %global libmodulemd_v2_version %{v2_major}.%{v2_minor}.%{v2_patch}
 %global libmodulemd_v1_version 1.8.16
@@ -17,7 +17,7 @@ Summary:        Module metadata manipulation library
 
 License:        MIT
 URL:            https://github.com/fedora-modularity/libmodulemd
-Source0:        %{url}/releases/download/%{name}-%{version}/modulemd-%{version}.tar.xz
+Source0:        %{url}/releases/download/%{version}/modulemd-%{version}.tar.xz
 Source1:        %{url}/releases/download/%{name}-%{libmodulemd_v1_version}/modulemd-%{libmodulemd_v1_version}.tar.xz
 
 
@@ -121,7 +121,7 @@ popd
 # Build the v2 API
 pushd modulemd-%{libmodulemd_v2_version}
 %define _vpath_builddir api2
-%meson -Ddeveloper_build=false -Dwith_manpages=enabled
+%meson -Ddeveloper_build=false -Dwith_manpages=enabled -Dwith_py2=false
 %meson_build
 popd
 
@@ -205,6 +205,9 @@ ln -s libmodulemd.so.%{libmodulemd_v1_version} \
 
 
 %changelog
+* Mon May 03 2021 Petr Pisar <ppisar@redhat.com> - 2.12.1-1
+- 2.12.1 bump (bug #1894573)
+
 * Wed May 20 2020 Stephen Gallagher <sgallagh@redhat.com> - 2.9.4-2
 - Update to 2.9.4
 - Drop valgrind tests from RPM build