diff --git a/.changes/unreleased/Dependencies-20240415-202426.yaml b/.changes/unreleased/Dependencies-20240415-202426.yaml
new file mode 100644
index 00000000000..d009f63a154
--- /dev/null
+++ b/.changes/unreleased/Dependencies-20240415-202426.yaml
@@ -0,0 +1,6 @@
+kind: Dependencies
+body: Bump sqlparse to >=0.5.0, <0.6.0
+time: 2024-04-15T20:24:26.768707-05:00
+custom:
+  Author: emmyoop
+  Issue: "9951"
diff --git a/core/setup.py b/core/setup.py
index fa2ccb1f1d9..af9f71779f8 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -68,7 +68,7 @@
         "pathspec>=0.9,<0.12",
         "isodate>=0.6,<0.7",
         # ----
-        "sqlparse>=0.2.3,<0.5",
+        "sqlparse>=0.5.0,<0.6.0",
         # ----
         # These are major-version-0 packages also maintained by dbt-labs. Accept patches.
         "dbt-extractor~=0.4.1",