diff --git a/.github/workflows/shared.yml b/.github/workflows/shared.yml
index 5f115aef89..852ffc3850 100644
--- a/.github/workflows/shared.yml
+++ b/.github/workflows/shared.yml
@@ -30,9 +30,10 @@ jobs:
         env:
           SKIP: no-commit-to-branch,readme-v1-frozen
 
-      # TODO(Max): Drop this in v2.
+      # TODO(Max): Drop this in v2. Deliberate updates (e.g. the v2 status
+      # banner) go through the 'override-readme-freeze' label.
       - name: Check README.md is not modified
-        if: github.event_name == 'pull_request'
+        if: github.event_name == 'pull_request' && !contains(github.event.pull_request.labels.*.name, 'override-readme-freeze')
         run: |
           git fetch --no-tags --depth=1 origin "$BASE_SHA"
           if git diff --name-only "$BASE_SHA" -- README.md | grep -q .; then
diff --git a/README.md b/README.md
index 487d48bee4..884a9d5a58 100644
--- a/README.md
+++ b/README.md
@@ -18,8 +18,9 @@
 > [!NOTE]
 > **This README documents v1.x of the MCP Python SDK (the current stable release).**
 >
-> For v1.x code and documentation, see the [`v1.x` branch](https://github.com/modelcontextprotocol/python-sdk/tree/v1.x).
-> For the upcoming v2 documentation (pre-alpha, in development on `main`), see [`README.v2.md`](README.v2.md).
+> **v2 is in alpha.** Pre-releases are published to PyPI as `2.0.0aN` and can be installed with an explicit pin, for example `pip install mcp==2.0.0a1`. See [`README.v2.md`](README.v2.md) for the v2 documentation and the [migration guide](docs/migration.md) for what's changed. We're targeting a beta on 2026-06-30 and a stable v2 on 2026-07-27. If your package depends on `mcp`, add a `<2` upper bound to your version constraint (for example `mcp>=1.27,<2`) before the stable release lands.
+>
+> For v1.x code and documentation, see the [`v1.x` branch](https://github.com/modelcontextprotocol/python-sdk/tree/v1.x). v1.x is in maintenance mode and continues to receive critical bug fixes and security patches.
 
 <!-- omit in toc -->
 ## Table of Contents
diff --git a/src/mcp/cli/claude.py b/src/mcp/cli/claude.py
index 93bf218fbb..e65379682a 100644
--- a/src/mcp/cli/claude.py
+++ b/src/mcp/cli/claude.py
@@ -1,5 +1,6 @@
 """Claude app integration utilities."""
 
+import importlib.metadata
 import json
 import os
 import shutil
@@ -11,7 +12,24 @@
 
 logger = get_logger(__name__)
 
-MCP_PACKAGE = "mcp[cli]"
+
+def mcp_requirement(package: str = "mcp") -> str:
+    """Requirement string pinning spawned environments to the running SDK version.
+
+    `uv run --with mcp` resolves the requirement in a fresh environment, where
+    an unpinned `mcp` means the latest stable release — not necessarily the
+    version the user installed (pre-releases in particular are never selected
+    without an explicit pin). Source builds carry dev/local version segments
+    that are not published to PyPI, so they fall back to the unpinned form,
+    as does a missing distribution (no metadata to pin from).
+    """
+    try:
+        version = importlib.metadata.version("mcp")
+    except importlib.metadata.PackageNotFoundError:
+        return package
+    if ".dev" in version or "+" in version:
+        return package
+    return f"{package}=={version}"
 
 
 def get_claude_config_path() -> Path | None:  # pragma: no cover
@@ -102,7 +120,7 @@ def update_claude_config(
         args = ["run", "--frozen"]
 
         # Collect all packages in a set to deduplicate
-        packages = {MCP_PACKAGE}
+        packages = {mcp_requirement("mcp[cli]")}
         if with_packages:
             packages.update(pkg for pkg in with_packages if pkg)
 
diff --git a/src/mcp/cli/cli.py b/src/mcp/cli/cli.py
index 44e2bae48e..eb06bf087a 100644
--- a/src/mcp/cli/cli.py
+++ b/src/mcp/cli/cli.py
@@ -70,7 +70,7 @@ def _build_uv_command(
     """Build the uv run command that runs an MCP server through mcp run."""
     cmd = ["uv"]
 
-    cmd.extend(["run", "--with", "mcp"])
+    cmd.extend(["run", "--with", claude.mcp_requirement()])
 
     if with_editable:
         cmd.extend(["--with-editable", str(with_editable)])
diff --git a/tests/cli/test_claude.py b/tests/cli/test_claude.py
index 73d4f0eb52..d0a74e0d00 100644
--- a/tests/cli/test_claude.py
+++ b/tests/cli/test_claude.py
@@ -1,24 +1,68 @@
 """Tests for mcp.cli.claude — Claude Desktop config file generation."""
 
+import importlib.metadata
 import json
 from pathlib import Path
 from typing import Any
 
 import pytest
 
-from mcp.cli.claude import get_uv_path, update_claude_config
+from mcp.cli.claude import get_uv_path, mcp_requirement, update_claude_config
+
+
+def _set_mcp_version(monkeypatch: pytest.MonkeyPatch, version: str) -> None:
+    real_version = importlib.metadata.version
+
+    def fake_version(distribution_name: str) -> str:
+        return version if distribution_name == "mcp" else real_version(distribution_name)
+
+    monkeypatch.setattr(importlib.metadata, "version", fake_version)
 
 
 @pytest.fixture
 def config_dir(tmp_path: Path, monkeypatch: pytest.MonkeyPatch) -> Path:
-    """Temp Claude config dir with get_claude_config_path and get_uv_path mocked."""
+    """Temp Claude config dir with the config path, uv path, and SDK version mocked."""
     claude_dir = tmp_path / "Claude"
     claude_dir.mkdir()
     monkeypatch.setattr("mcp.cli.claude.get_claude_config_path", lambda: claude_dir)
     monkeypatch.setattr("mcp.cli.claude.get_uv_path", lambda: "/fake/bin/uv")
+    # The ambient version is a dev build in the repo venv but varies by
+    # environment; pin it so the generated --with requirement is stable.
+    _set_mcp_version(monkeypatch, "1.2.3")
     return claude_dir
 
 
+def test_mcp_requirement_pins_release_versions(monkeypatch: pytest.MonkeyPatch):
+    """Release versions produce an exact pin so spawned environments run the installed SDK version."""
+    _set_mcp_version(monkeypatch, "2.0.0a1")
+    assert mcp_requirement() == "mcp==2.0.0a1"
+    assert mcp_requirement("mcp[cli]") == "mcp[cli]==2.0.0a1"
+
+
+def test_mcp_requirement_leaves_dev_versions_unpinned(monkeypatch: pytest.MonkeyPatch):
+    """Dev versions are not published to PyPI, so the requirement falls back to the unpinned package."""
+    _set_mcp_version(monkeypatch, "2.0.0a2.dev3")
+    assert mcp_requirement() == "mcp"
+    assert mcp_requirement("mcp[cli]") == "mcp[cli]"
+
+
+def test_mcp_requirement_leaves_local_versions_unpinned(monkeypatch: pytest.MonkeyPatch):
+    """Local version segments (source builds) are not published to PyPI, so no pin is emitted."""
+    _set_mcp_version(monkeypatch, "1.2.3+g0123abc")
+    assert mcp_requirement() == "mcp"
+
+
+def test_mcp_requirement_falls_back_when_mcp_is_not_installed(monkeypatch: pytest.MonkeyPatch):
+    """Without distribution metadata there is no version to pin, so the requirement stays unpinned."""
+
+    def raise_not_found(distribution_name: str) -> str:
+        raise importlib.metadata.PackageNotFoundError(distribution_name)
+
+    monkeypatch.setattr(importlib.metadata, "version", raise_not_found)
+    assert mcp_requirement() == "mcp"
+    assert mcp_requirement("mcp[cli]") == "mcp[cli]"
+
+
 def _read_server(config_dir: Path, name: str) -> dict[str, Any]:
     config = json.loads((config_dir / "claude_desktop_config.json").read_text())
     return config["mcpServers"][name]
@@ -31,7 +75,7 @@ def test_generates_uv_run_command(config_dir: Path):
     resolved = Path("server.py").resolve()
     assert _read_server(config_dir, "my_server") == {
         "command": "/fake/bin/uv",
-        "args": ["run", "--frozen", "--with", "mcp[cli]", "mcp", "run", f"{resolved}:app"],
+        "args": ["run", "--frozen", "--with", "mcp[cli]==1.2.3", "mcp", "run", f"{resolved}:app"],
     }
 
 
@@ -43,11 +87,19 @@ def test_file_spec_without_object_suffix(config_dir: Path):
 
 
 def test_with_packages_sorted_and_deduplicated(config_dir: Path):
-    """Extra packages should appear as --with flags, sorted and deduplicated with mcp[cli]."""
+    """Extra packages should appear as sorted --with flags with duplicates removed."""
     assert update_claude_config(file_spec="s.py:app", server_name="s", with_packages=["zebra", "aardvark", "zebra"])
 
     args = _read_server(config_dir, "s")["args"]
-    assert args[:8] == ["run", "--frozen", "--with", "aardvark", "--with", "mcp[cli]", "--with", "zebra"]
+    assert args[:8] == ["run", "--frozen", "--with", "aardvark", "--with", "mcp[cli]==1.2.3", "--with", "zebra"]
+
+
+def test_explicit_mcp_cli_kept_alongside_pinned_requirement(config_dir: Path):
+    """A user-supplied mcp[cli] no longer collapses into the pinned requirement; uv resolves both to the pin."""
+    assert update_claude_config(file_spec="s.py:app", server_name="s", with_packages=["mcp[cli]"])
+
+    args = _read_server(config_dir, "s")["args"]
+    assert args[:6] == ["run", "--frozen", "--with", "mcp[cli]", "--with", "mcp[cli]==1.2.3"]
 
 
 def test_with_editable_adds_flag(config_dir: Path, tmp_path: Path):
diff --git a/tests/cli/test_utils.py b/tests/cli/test_utils.py
index 44f4ab4d31..d217d82fc7 100644
--- a/tests/cli/test_utils.py
+++ b/tests/cli/test_utils.py
@@ -1,3 +1,4 @@
+import importlib.metadata
 import subprocess
 import sys
 from pathlib import Path
@@ -8,6 +9,15 @@
 from mcp.cli.cli import _build_uv_command, _get_npx_command, _parse_file_path  # type: ignore[reportPrivateUsage]
 
 
+def _set_mcp_version(monkeypatch: pytest.MonkeyPatch, version: str) -> None:
+    real_version = importlib.metadata.version
+
+    def fake_version(distribution_name: str) -> str:
+        return version if distribution_name == "mcp" else real_version(distribution_name)
+
+    monkeypatch.setattr(importlib.metadata, "version", fake_version)
+
+
 @pytest.mark.parametrize(
     "spec, expected_obj",
     [
@@ -38,14 +48,23 @@ def test_parse_file_exit_on_dir(tmp_path: Path):
         _parse_file_path(str(dir_path))
 
 
-def test_build_uv_command_minimal():
-    """Should emit core command when no extras specified."""
+def test_build_uv_command_pins_the_running_mcp_version(monkeypatch: pytest.MonkeyPatch):
+    """The spawned environment installs the same SDK version that is running, not the latest stable."""
+    _set_mcp_version(monkeypatch, "1.2.3")
+    cmd = _build_uv_command("foo.py")
+    assert cmd == ["uv", "run", "--with", "mcp==1.2.3", "mcp", "run", "foo.py"]
+
+
+def test_build_uv_command_leaves_source_builds_unpinned(monkeypatch: pytest.MonkeyPatch):
+    """Source-build versions are not on PyPI, so the requirement stays unpinned."""
+    _set_mcp_version(monkeypatch, "2.0.0a2.dev3+g0123abc")
     cmd = _build_uv_command("foo.py")
     assert cmd == ["uv", "run", "--with", "mcp", "mcp", "run", "foo.py"]
 
 
-def test_build_uv_command_adds_editable_and_packages():
+def test_build_uv_command_adds_editable_and_packages(monkeypatch: pytest.MonkeyPatch):
     """Should include --with-editable and every --with pkg in correct order."""
+    _set_mcp_version(monkeypatch, "1.2.3")
     test_path = Path("/pkg")
     cmd = _build_uv_command(
         "foo.py",
@@ -56,7 +75,7 @@ def test_build_uv_command_adds_editable_and_packages():
         "uv",
         "run",
         "--with",
-        "mcp",
+        "mcp==1.2.3",
         "--with-editable",
         str(test_path),  # Use str() to match what the function does
         "--with",