diff --git a/CHANGELOG.md b/CHANGELOG.md
index aeea6767b..5231bf69d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -13,6 +13,10 @@
   * As a workaround, make an edit within the file before using Rename Symbol.
 
 ## 1.25.5
+* Update Razor to 7.0.0-preview.23124.2 (PR: [#5604](https://github.com/OmniSharp/omnisharp-vscode/pull/5604))
+  * Fix colorization when nullable operators are present ([#5570](https://github.com/OmniSharp/omnisharp-vscode/pull/5570))
+  * Add C#/HTML folding range support ([razor#8309](https://github.com/dotnet/razor/pull/8309))
+  * Formatting fixes ([razor#8318](https://github.com/dotnet/razor/pull/8318))
 * Update OmniSharp to 1.39.6 (PR: [#5625](https://github.com/OmniSharp/omnisharp-vscode/pull/5625))
   * Use new VS threading version to match with Razor (PR:[#2518](https://github.com/OmniSharp/omnisharp-roslyn/pull/2518))
 * Update OmniSharp to 1.39.5 (PR: [#5618](https://github.com/OmniSharp/omnisharp-vscode/pull/5618))
diff --git a/README.md b/README.md
index f10c1a9b7..a31571649 100644
--- a/README.md
+++ b/README.md
@@ -32,6 +32,10 @@ If you still need Unity or .NET Framework support, you can set `omnisharp.useMod
 See issue [#5120](https://github.com/OmniSharp/omnisharp-vscode/issues/5120) for more details.
 
 ## What's new in 1.25.5
+* Update Razor to 7.0.0-preview.23124.2 (PR: [#5604](https://github.com/OmniSharp/omnisharp-vscode/pull/5604))
+  * Fix colorization when nullable operators are present ([#5570](https://github.com/OmniSharp/omnisharp-vscode/pull/5570))
+  * Add C#/HTML folding range support ([razor#8309](https://github.com/dotnet/razor/pull/8309))
+  * Formatting fixes ([razor#8318](https://github.com/dotnet/razor/pull/8318))
 * Update OmniSharp to 1.39.6 (PR: [#5625](https://github.com/OmniSharp/omnisharp-vscode/pull/5625))
   * Use new VS threading version to match with Razor (PR:[#2518](https://github.com/OmniSharp/omnisharp-roslyn/pull/2518))
 * Update OmniSharp to 1.39.5 (PR: [#5618](https://github.com/OmniSharp/omnisharp-vscode/pull/5618))
diff --git a/package-lock.json b/package-lock.json
index 298437858..ed2be4f28 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -18,7 +18,7 @@
         "http-proxy-agent": "4.0.1",
         "https-proxy-agent": "5.0.0",
         "jsonc-parser": "3.0.0",
-        "microsoft.aspnetcore.razor.vscode": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/61ccec6c2e1f052f95ebe735e1a8917a/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23067.5.tgz",
+        "microsoft.aspnetcore.razor.vscode": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/ead84696b88864d35b9bb1de2740ba8d/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23124.2.tgz",
         "node-machine-id": "1.1.12",
         "request-light": "0.4.0",
         "rxjs": "6.6.7",
@@ -5172,9 +5172,9 @@
       }
     },
     "node_modules/microsoft.aspnetcore.razor.vscode": {
-      "version": "7.0.0-preview.23067.5",
-      "resolved": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/61ccec6c2e1f052f95ebe735e1a8917a/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23067.5.tgz",
-      "integrity": "sha512-AQ+NhkH6pS573rNyKVvlrO1FAmcob4LfWKpa6mNVB5394bZNTn6PR1Zv/kEq8961T+kWwqT2v2x4vnAZjO4exg==",
+      "version": "7.0.0-preview.23124.2",
+      "resolved": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/ead84696b88864d35b9bb1de2740ba8d/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23124.2.tgz",
+      "integrity": "sha512-68uKDWhZgN/DPtHNgZpDk6Ia510qG4LxJWnzDP3VGcG80aNn+9nF+7IoYi+yNZW95XvpVUeHxfu+XvUyOsPaRw==",
       "dependencies": {
         "ps-list": "7.2.0",
         "vscode-html-languageservice": "^5.0.1",
@@ -13465,8 +13465,8 @@
       }
     },
     "microsoft.aspnetcore.razor.vscode": {
-      "version": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/61ccec6c2e1f052f95ebe735e1a8917a/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23067.5.tgz",
-      "integrity": "sha512-AQ+NhkH6pS573rNyKVvlrO1FAmcob4LfWKpa6mNVB5394bZNTn6PR1Zv/kEq8961T+kWwqT2v2x4vnAZjO4exg==",
+      "version": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/ead84696b88864d35b9bb1de2740ba8d/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23124.2.tgz",
+      "integrity": "sha512-68uKDWhZgN/DPtHNgZpDk6Ia510qG4LxJWnzDP3VGcG80aNn+9nF+7IoYi+yNZW95XvpVUeHxfu+XvUyOsPaRw==",
       "requires": {
         "ps-list": "7.2.0",
         "vscode-html-languageservice": "^5.0.1",
diff --git a/package.json b/package.json
index a08b24d61..6891df721 100644
--- a/package.json
+++ b/package.json
@@ -36,7 +36,7 @@
   },
   "defaults": {
     "omniSharp": "1.39.6",
-    "razor": "7.0.0-preview.23067.5"
+    "razor": "7.0.0-preview.23124.2"
   },
   "main": "./dist/extension",
   "scripts": {
@@ -67,7 +67,7 @@
     "http-proxy-agent": "4.0.1",
     "https-proxy-agent": "5.0.0",
     "jsonc-parser": "3.0.0",
-    "microsoft.aspnetcore.razor.vscode": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/61ccec6c2e1f052f95ebe735e1a8917a/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23067.5.tgz",
+    "microsoft.aspnetcore.razor.vscode": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/ead84696b88864d35b9bb1de2740ba8d/microsoft.aspnetcore.razor.vscode-7.0.0-preview.23124.2.tgz",
     "node-machine-id": "1.1.12",
     "request-light": "0.4.0",
     "rxjs": "6.6.7",
@@ -522,7 +522,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Windows / x64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/1c796f9a87ab9448fe6bcae2943c5647/razorlanguageserver-win-x64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/d8b448d6053ebcb10feff92aaf8536e2/razorlanguageserver-win-x64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "win32"
@@ -534,7 +534,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Windows / x86)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/3ccb0f65c18dcbd690374c547ed6fe68/razorlanguageserver-win-x86-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/2c7b92b8020aad20421161c8265c3043/razorlanguageserver-win-x86-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "win32"
@@ -546,7 +546,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Windows / ARM64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/be7f9057aad3252178e22ab2708285a9/razorlanguageserver-win-arm64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/71015c6668052ff7d0ecae6a67f1a817/razorlanguageserver-win-arm64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "win32"
@@ -558,7 +558,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Linux / x64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/b4bc8a651969e04496648174f6d45242/razorlanguageserver-linux-x64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/aac784a0d2d27ed67b68c49e0869d9b3/razorlanguageserver-linux-x64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "linux"
@@ -573,7 +573,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Linux ARM64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/5d5146250cba7c6f924ccec058e298f3/razorlanguageserver-linux-arm64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/8686aa51ac5a5bc3484703e2398f3924/razorlanguageserver-linux-arm64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "linux"
@@ -588,7 +588,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Linux musl / x64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/d32d26b8e7b1ce3d20511129cae857d2/razorlanguageserver-linux-musl-x64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/168ba4d259756be73dc2cb98f214294b/razorlanguageserver-linux-musl-x64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "linux-musl"
@@ -603,7 +603,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (Linux musl ARM64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/960fa999384fdd11ed7a14ec47745038/razorlanguageserver-linux-musl-arm64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/66e26679e348f33d2270571c412dc067/razorlanguageserver-linux-musl-arm64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "linux-musl"
@@ -618,7 +618,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (macOS / x64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/8fbba140d9068dacb5310eda5bb26c96/razorlanguageserver-osx-x64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/f9cf727daa893515034ebca054da9647/razorlanguageserver-osx-x64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "darwin"
@@ -633,7 +633,7 @@
     {
       "id": "Razor",
       "description": "Razor Language Server (macOS ARM64)",
-      "url": "https://download.visualstudio.microsoft.com/download/pr/d749b600-7b8f-435b-ae24-bb101dc71dfd/2b3c4c4dfcf8683cd74904d3203eafcd/razorlanguageserver-osx-arm64-7.0.0-preview.23067.5.zip",
+      "url": "https://download.visualstudio.microsoft.com/download/pr/b6a83fad-e9b1-4f47-8da7-b164207eeea5/e8aa0c429449b61e35a0f5d268c6d208/razorlanguageserver-osx-arm64-7.0.0-preview.23124.2.zip",
       "installPath": ".razor",
       "platforms": [
         "darwin"
@@ -4192,4 +4192,4 @@
       }
     ]
   }
-}
\ No newline at end of file
+}