diff --git a/packages/gatsby/package.json b/packages/gatsby/package.json
index 5f4eb36c390e3..e4f674e349674 100644
--- a/packages/gatsby/package.json
+++ b/packages/gatsby/package.json
@@ -112,12 +112,12 @@
     "socket.io": "^2.0.3",
     "string-similarity": "^1.2.0",
     "style-loader": "^0.21.0",
-    "terser-webpack-plugin": "^1.0.2",
+    "terser-webpack-plugin": "^5.1.4",
     "type-of": "^2.0.1",
     "url-loader": "^1.0.1",
     "uuid": "^3.1.0",
     "v8-compile-cache": "^1.1.0",
-    "webpack": "^4.12.0",
+    "webpack": "^5.1.1",
     "webpack-dev-middleware": "^3.0.1",
     "webpack-dev-server": "^3.1.1",
     "webpack-hot-middleware": "^2.21.0",