Midjourney announced the release of V7 in alpha version - this is the first major update since July 2024. One of the key features of V7 is personalization based on user evaluation of 200 images.
"We are now beginning the alpha testing phase for our new model, V7 image. This is our smartest, most beautiful, and most coherent model. Try it out and stay tuned for updates," - Midjourney
Certain features such as image scaling and retexturing are not available in V7 and will be added later. Availability options include Turbo (more expensive) and Relax. The new version supports the Draft Mode tool, which visualizes images 10 times faster and half the cost of standard mode.