diff --git a/PowerShell.Common.props b/PowerShell.Common.props
index 73110a79695..38cd13e007d 100644
--- a/PowerShell.Common.props
+++ b/PowerShell.Common.props
@@ -23,11 +23,44 @@
     </Exec>
 
     <PropertyGroup Condition = "'$(ReleaseTag)' != ''">
+      <!--
+         DO NOT UPDATE without reviewing with the Microsoft update plan.
+
+         7.2.0-preview.1
+         __a__.__b____.c
+
+        a = Version part and is group 1 of the regex
+        b = the Semantic version prerelease name.  This is optional.
+        c = The semantic version prerelease iteration.  This is optional and only allowed of the prerelease name is present.
+
+        Our version will become the version part with the prerelease iteration being the revision (the 4th part of the version).
+        For RCs, we will increment the iteration from 100.
+
+        Examples
+        7.2.0 becomes 7.2.0
+        7.2.0-preview.1 becomes 7.2.0.1
+        7.2.0-rc.1 becomes 7.2.0.101
+      -->
+
+      <!-- parse the release tag into the parts we need -->
+      <RegexReleaseTag>^((\d+).(\d+).(\d+))(-(\w+)(.(\d+))?)?$</RegexReleaseTag>
+      <ReleaseTagVersionPart>$([System.Text.RegularExpressions.Regex]::Match($(ReleaseTag), $(RegexReleaseTag)).Groups[1].Value)</ReleaseTagVersionPart>
+      <ReleaseTagSemVersionPart>$([System.Text.RegularExpressions.Regex]::Match($(ReleaseTag), $(RegexReleaseTag)).Groups[8].Value)</ReleaseTagSemVersionPart>
+      <ReleaseTagSemVersionPrereleaseNamePart>$([System.Text.RegularExpressions.Regex]::Match($(ReleaseTag), $(RegexReleaseTag)).Groups[6].Value)</ReleaseTagSemVersionPrereleaseNamePart>
+      <!-- Increment revision 100 for rc releases -->
+      <RCIncrementValue>100</RCIncrementValue>
+      <ReleaseTagSemVersionPart Condition = "'$(ReleaseTagSemVersionPrereleaseNamePart)' == 'rc'">$([MSBuild]::Add($(ReleaseTagSemVersionPart), $(RCIncrementValue)))</ReleaseTagSemVersionPart>
+      <!-- Create the internal version -->
       <PSCoreBuildVersion>$(ReleaseTag)</PSCoreBuildVersion>
+      <!-- Create the version if we have a pre-release -->
+      <PSCoreFileVersion Condition = "'$(ReleaseTagSemVersionPart)' != ''">$(ReleaseTagVersionPart).$(ReleaseTagSemVersionPart)</PSCoreFileVersion>
+      <!-- Create the version if we have a release build -->
+      <PSCoreFileVersion Condition = "'$(PSCoreFileVersion)' == ''">$(ReleaseTagVersionPart)</PSCoreFileVersion>
     </PropertyGroup>
 
     <PropertyGroup>
       <RegexGitVersion>^v(.+)-(\d+)-g(.+)</RegexGitVersion>
+      <PSCoreFileVersion Condition = "'$(PSCoreFileVersion)' == ''">$([System.Text.RegularExpressions.Regex]::Match($(PowerShellVersion), $(RegexGitVersion)).Groups[1].Value)</PSCoreFileVersion>
       <PSCoreBuildVersion Condition = "'$(PSCoreBuildVersion)' == ''">$([System.Text.RegularExpressions.Regex]::Match($(PowerShellVersion), $(RegexGitVersion)).Groups[1].Value)</PSCoreBuildVersion>
       <PSCoreAdditionalCommits>$([System.Text.RegularExpressions.Regex]::Match($(PowerShellVersion), $(RegexGitVersion)).Groups[2].Value)</PSCoreAdditionalCommits>
       <PSCoreCommitSHA>$([System.Text.RegularExpressions.Regex]::Match($(PowerShellVersion), $(RegexGitVersion)).Groups[3].Value)</PSCoreCommitSHA>
@@ -52,7 +85,7 @@
             Here we define explicitly 'Version' to set 'FileVersion' and 'AssemblyVersion' by 'GetAssemblyVersion' target in 'Microsoft.NET.GenerateAssemblyInfo.targets'.
             Here we define explicitly 'InformationalVersion' because by default it is defined as 'Version' by 'GetAssemblyVersion' target in 'Microsoft.NET.GenerateAssemblyInfo.targets'.
       -->
-      <Version>$(PSCoreBuildVersion)</Version>
+      <Version>$(PSCoreFileVersion)</Version>
       <InformationalVersion>$(PSCoreFormattedVersion)</InformationalVersion>
       <ProductVersion>$(PSCoreFormattedVersion)</ProductVersion>
 
@@ -72,8 +105,11 @@
     <!-- Output For Debugging
       <WriteLinesToFile File="targetfile1.txt"
         Lines="ReleaseTag=$(ReleaseTag);
-               PowerShellVersion=$(PowerShellVersion);
+               PowerShellVersion = $(PowerShellVersion);
                PSCoreBuildVersion = $(PSCoreBuildVersion);
+               PSCoreFileVersion = $(PSCoreFileVersion);
+               ReleaseTagVersionPart = $(ReleaseTagVersionPart);
+               ReleaseTagSemVersionPart = $(ReleaseTagSemVersionPart);
                PSCoreAdditionalCommits = $(PSCoreAdditionalCommits);
                PSCoreCommitSHA = $(PSCoreCommitSHA);
                PSCoreMajorVersion = $(PSCoreMajorVersion);
diff --git a/build.psm1 b/build.psm1
index 28001c420e9..690b8684f68 100644
--- a/build.psm1
+++ b/build.psm1
@@ -303,13 +303,17 @@ function Start-PSBuild {
 
         [switch]$CrossGen,
 
-        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
         [ValidateNotNullOrEmpty()]
         [string]$ReleaseTag,
         [switch]$Detailed,
         [switch]$InteractiveAuth
     )
 
+    if ($ReleaseTag -and $ReleaseTag -notmatch "^v\d+\.\d+\.\d+(-(preview|rc)(\.\d{1,2})?)?$") {
+        Write-Warning "Only preview or rc are supported for releasing pre-release version of PowerShell"
+    }
+
     if ($PSCmdlet.ParameterSetName -eq "Default" -and !$NoPSModuleRestore)
     {
         $PSModuleRestore = $true
diff --git a/tools/ci.psm1 b/tools/ci.psm1
index 656ba8723e6..41e972b9bcf 100644
--- a/tools/ci.psm1
+++ b/tools/ci.psm1
@@ -462,7 +462,8 @@ function Invoke-CIFinish
                 $previewLabel= "daily{0}" -f $previewLabel
             }
 
-            $preReleaseVersion = "$previewPrefix-$previewLabel.$env:BUILD_BUILDID"
+            $prereleaseIteration = (get-date).Day
+            $preReleaseVersion = "$previewPrefix-$previewLabel.$prereleaseIteration"
             # Build clean before backing to remove files from testing
             Start-PSBuild -CrossGen -PSModuleRestore -Configuration 'Release' -ReleaseTag $preReleaseVersion -Clean -Runtime $Runtime
         }
@@ -474,7 +475,7 @@ function Invoke-CIFinish
             Start-PSBuild -CrossGen -PSModuleRestore -Configuration 'Release' -ReleaseTag $preReleaseVersion -Clean -Runtime $Runtime
         }
 
-        # Build packages	            $preReleaseVersion = "$previewPrefix-$previewLabel.$env:BUILD_BUILDID"
+        # Build packages	            $preReleaseVersion = "$previewPrefix-$previewLabel.$prereleaseIteration"
         $packages = Start-PSPackage -Type msi,nupkg,zip,zip-pdb -ReleaseTag $preReleaseVersion -SkipReleaseChecks -WindowsRuntime $Runtime
 
         $artifacts = New-Object System.Collections.ArrayList
diff --git a/tools/packaging/packaging.psm1 b/tools/packaging/packaging.psm1
index 2c21c8e0344..e9ede940673 100644
--- a/tools/packaging/packaging.psm1
+++ b/tools/packaging/packaging.psm1
@@ -20,7 +20,7 @@ function Start-PSPackage {
         [string]$Version,
 
         [Parameter(ParameterSetName = "ReleaseTag")]
-        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
         [ValidateNotNullOrEmpty()]
         [string]$ReleaseTag,
 
diff --git a/tools/releaseBuild/Images/GenericLinuxFiles/PowerShellPackage.ps1 b/tools/releaseBuild/Images/GenericLinuxFiles/PowerShellPackage.ps1
index e129ea19f36..9635bee4ff7 100644
--- a/tools/releaseBuild/Images/GenericLinuxFiles/PowerShellPackage.ps1
+++ b/tools/releaseBuild/Images/GenericLinuxFiles/PowerShellPackage.ps1
@@ -11,7 +11,7 @@ param (
     # Destination location of the package on docker host
     [string] $destination = '/mnt',
 
-    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
     [ValidateNotNullOrEmpty()]
     [string]$ReleaseTag,
 
diff --git a/tools/releaseBuild/Images/microsoft_powershell_windowsservercore/PowerShellPackage.ps1 b/tools/releaseBuild/Images/microsoft_powershell_windowsservercore/PowerShellPackage.ps1
index a893cf0c928..ee8dec54006 100644
--- a/tools/releaseBuild/Images/microsoft_powershell_windowsservercore/PowerShellPackage.ps1
+++ b/tools/releaseBuild/Images/microsoft_powershell_windowsservercore/PowerShellPackage.ps1
@@ -18,7 +18,7 @@ param (
 
     [switch] $Wait,
 
-    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
     [ValidateNotNullOrEmpty()]
     [string] $ReleaseTag,
 
diff --git a/tools/releaseBuild/azureDevOps/templates/upload.yml b/tools/releaseBuild/azureDevOps/templates/upload.yml
index 580ee279e89..b1d75ad7f99 100644
--- a/tools/releaseBuild/azureDevOps/templates/upload.yml
+++ b/tools/releaseBuild/azureDevOps/templates/upload.yml
@@ -52,14 +52,14 @@ steps:
 
 - template: upload-final-results.yml
   parameters:
-    artifactPath: $(System.ArtifactsDirectory)\signed
+    artifactPath: $(System.ArtifactsDirectory)\signedPackages
     artifactFilter: PowerShell-${{ parameters.version }}-win-${{ parameters.architecture }}.exe
     condition: and(succeeded(), eq('${{ parameters.msi }}', 'yes'))
 
 - task: AzureFileCopy@4
   displayName: 'upload signed exe to Azure - ${{ parameters.architecture }}'
   inputs:
-    SourcePath: '$(System.ArtifactsDirectory)\signed\PowerShell-${{ parameters.version }}-win-${{ parameters.architecture }}.exe'
+    SourcePath: '$(System.ArtifactsDirectory)\signedPackages\PowerShell-${{ parameters.version }}-win-${{ parameters.architecture }}.exe'
     azureSubscription: '$(AzureFileCopySubscription)'
     Destination: AzureBlob
     storage: '$(StorageAccount)'
diff --git a/tools/releaseBuild/macOS/PowerShellPackageVsts.ps1 b/tools/releaseBuild/macOS/PowerShellPackageVsts.ps1
index e2d6735bd4d..75bd3a1ed8c 100644
--- a/tools/releaseBuild/macOS/PowerShellPackageVsts.ps1
+++ b/tools/releaseBuild/macOS/PowerShellPackageVsts.ps1
@@ -18,7 +18,7 @@ param (
     [Parameter(Mandatory, ParameterSetName = 'packageSigned')]
     [Parameter(Mandatory, ParameterSetName = 'IncludeSymbols')]
     [Parameter(Mandatory, ParameterSetName = 'Build')]
-    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
     [ValidateNotNullOrEmpty()]
     [string]$ReleaseTag,
 
diff --git a/tools/releaseBuild/vstsbuild.ps1 b/tools/releaseBuild/vstsbuild.ps1
index 4e7c4086b01..1c2d740c418 100644
--- a/tools/releaseBuild/vstsbuild.ps1
+++ b/tools/releaseBuild/vstsbuild.ps1
@@ -4,7 +4,7 @@
 param(
     [Parameter(ParameterSetName='packageSigned')]
     [Parameter(ParameterSetName='Build')]
-    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+    [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
     [string]$ReleaseTag,
 
     # full paths to files to add to container to run the build
diff --git a/tools/releaseTools.psm1 b/tools/releaseTools.psm1
index 6fa3778610a..70c8a33e927 100644
--- a/tools/releaseTools.psm1
+++ b/tools/releaseTools.psm1
@@ -594,12 +594,12 @@ function Update-PsVersionInCode
 {
     param(
         [Parameter(Mandatory)]
-        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
         [String]
         $NewReleaseTag,
 
         [Parameter(Mandatory)]
-        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d+)?)?$")]
+        [ValidatePattern("^v\d+\.\d+\.\d+(-\w+(\.\d{1,2})?)?$")]
         [String]
         $NextReleaseTag,