diff --git a/pkgs/development/python-modules/cupy/default.nix b/pkgs/development/python-modules/cupy/default.nix
index 7cc986e34b84..656447e2ef4c 100644
--- a/pkgs/development/python-modules/cupy/default.nix
+++ b/pkgs/development/python-modules/cupy/default.nix
@@ -17,13 +17,13 @@ let
   inherit (cudaPackages) cudatoolkit cudnn cutensor nccl;
 in buildPythonPackage rec {
   pname = "cupy";
-  version = "12.0.0";
+  version = "12.1.0";
 
   disabled = pythonOlder "3.7";
 
   src = fetchPypi {
     inherit pname version;
-    hash = "sha256-Yd2773PVDWBr1Qh1cGRfPJHskXbCVmeEwdSG1qNARUU=";
+    hash = "sha256-9tMZic2y2WWB2hKCLiixAvKeJUQnGVwgF+rDJ4abcyA=";
   };
 
   # See https://docs.cupy.dev/en/v10.2.0/reference/environment.html. Seting both