diff --git a/.changeset/version-define-bun-1-4.md b/.changeset/version-define-bun-1-4.md
new file mode 100644
index 00000000..b9eb56e0
--- /dev/null
+++ b/.changeset/version-define-bun-1-4.md
@@ -0,0 +1,5 @@
+---
+"clerk": patch
+---
+
+Fix release binaries reporting a dev version when compiled with Bun 1.4.0: the `CLI_VERSION` define check moved out of the version macro (Bun 1.4.0 no longer substitutes `--define` globals during macro execution) into module code, so injected release versions are honored again.
diff --git a/.claude/rules/versioning.md b/.claude/rules/versioning.md
index 00c7e20f..1cc0c1c6 100644
--- a/.claude/rules/versioning.md
+++ b/.claude/rules/versioning.md
@@ -16,9 +16,11 @@ import { CURRENT_VERSION, IS_DEV_BUILD } from "./version.ts";
   including CLI help, user-agent headers, and MCP client info.
 - Read `IS_DEV_BUILD` when behavior depends on whether the binary is a
   development build.
-- Keep checkout-derived version generation and dev classification in
-  `version.macro.ts`; the compiled CLI must not execute Git or classify its
-  version at runtime.
+- Keep checkout-derived version generation in `version.macro.ts`; the compiled
+  CLI must not execute Git at runtime. The `CLI_VERSION` define check and dev
+  classification live in `version.ts` module code — Bun 1.4.0 stopped
+  substituting `--define` globals inside macro execution, so the macro must
+  never read `CLI_VERSION` itself.
 
 The constants are evaluated while Bun transpiles or compiles the module, so
 release builds can use the injected `CLI_VERSION` while local builds retain
diff --git a/packages/cli-core/src/lib/version.macro.ts b/packages/cli-core/src/lib/version.macro.ts
index 55d721e5..c7fbe880 100644
--- a/packages/cli-core/src/lib/version.macro.ts
+++ b/packages/cli-core/src/lib/version.macro.ts
@@ -2,23 +2,11 @@ import cliPackage from "../../../cli/package.json";
 
 const DEV_TAG = "dev";
 
-type VersionValues = {
-  currentVersion: string;
-  isDevBuild: boolean;
-};
-
 type GitResult = {
   exitCode: number;
   stdout: string;
 };
 
-function isDevVersion(version: string): boolean {
-  const dash = version.indexOf("-");
-  if (dash === -1) return false;
-  const prerelease = version.slice(dash + 1);
-  return prerelease === DEV_TAG || prerelease.startsWith(`${DEV_TAG}.`);
-}
-
 function git(args: string[]): GitResult | undefined {
   try {
     // Anchor the lookup on this source file rather than the user's current
@@ -53,22 +41,18 @@ function describeCheckout(): string | undefined {
 }
 
 /**
- * Resolve the current version and dev-build status during Bun transpilation.
+ * Derive the checkout-based dev version during Bun transpilation.
  *
- * Bun inlines the returned values at the macro call, so compiled binaries do
- * not execute Git commands or classify versions at runtime.
+ * Bun inlines the returned string at the macro call, so compiled binaries do
+ * not execute Git commands at runtime.
+ *
+ * The macro deliberately does not read the `CLI_VERSION` define: Bun 1.4.0
+ * stopped substituting `--define` globals inside macro execution, so the
+ * injected-version check lives at the call site in `version.ts`, where module
+ * code still folds the define reliably. The value returned here is always a
+ * `-dev` prerelease.
  */
-export function resolveVersionAtBuildTime(): VersionValues {
-  let currentVersion: string;
-  if (typeof CLI_VERSION === "undefined") {
-    const checkout = describeCheckout();
-    currentVersion = `${cliPackage.version}-${DEV_TAG}${checkout ? `.${checkout}` : ""}`;
-  } else {
-    currentVersion = CLI_VERSION;
-  }
-
-  return {
-    currentVersion,
-    isDevBuild: isDevVersion(currentVersion),
-  };
+export function resolveDevVersionAtBuildTime(): string {
+  const checkout = describeCheckout();
+  return `${cliPackage.version}-${DEV_TAG}${checkout ? `.${checkout}` : ""}`;
 }
diff --git a/packages/cli-core/src/lib/version.ts b/packages/cli-core/src/lib/version.ts
index 0aafd200..0a0b7d8b 100644
--- a/packages/cli-core/src/lib/version.ts
+++ b/packages/cli-core/src/lib/version.ts
@@ -23,9 +23,24 @@
  * `IS_DEV_BUILD`.
  */
 
-import { resolveVersionAtBuildTime } from "./version.macro.ts" with { type: "macro" };
+import { resolveDevVersionAtBuildTime } from "./version.macro.ts" with { type: "macro" };
 
-const { currentVersion, isDevBuild } = resolveVersionAtBuildTime();
+const DEV_TAG = "dev";
+
+function isDevVersion(version: string): boolean {
+  const dash = version.indexOf("-");
+  if (dash === -1) return false;
+  const prerelease = version.slice(dash + 1);
+  return prerelease === DEV_TAG || prerelease.startsWith(`${DEV_TAG}.`);
+}
+
+// The `CLI_VERSION` check must live in module code, not inside the macro: Bun
+// 1.4.0 no longer substitutes `--define` globals during macro execution. The
+// macro contributes only the checkout-derived fallback (always a dev version);
+// an injected version is classified by the one-line scan above at module load.
+const currentVersion =
+  typeof CLI_VERSION === "undefined" ? resolveDevVersionAtBuildTime() : CLI_VERSION;
+const isDevBuild = typeof CLI_VERSION === "undefined" ? true : isDevVersion(CLI_VERSION);
 
 /**
  * The version embedded while this module was transpiled or compiled.