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 7cbbfb7e41e..83b150b1f74 100644
--- a/core/setup.py
+++ b/core/setup.py
@@ -67,7 +67,7 @@
         # These packages are major-version-0. Keep upper bounds on upcoming minor versions (which could have breaking changes)
         # and check compatibility / bump in each new minor version of dbt-core.
         "pathspec>=0.9,<0.13",
-        "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 but avoid automatically updating past a set minor version range.