diff --git a/Formula/r/rust.rb b/Formula/r/rust.rb
index ba014af6760b2..71cc2a380cafe 100644
--- a/Formula/r/rust.rb
+++ b/Formula/r/rust.rb
@@ -4,17 +4,16 @@ class Rust < Formula
   license any_of: ["Apache-2.0", "MIT"]
 
   stable do
-    # TODO: try switching to `llvm` 17 at 1.73.0.
-    # See: https://github.com/rust-lang/rust/issues/116020
-    url "https://static.rust-lang.org/dist/rustc-1.72.1-src.tar.gz"
-    sha256 "7f48845f6a52cdbb5d63fb0528fd5f520eb443275b55f98e328159f86568f895"
+    url "https://static.rust-lang.org/dist/rustc-1.73.0-src.tar.gz"
+    sha256 "96d62e6d1f2d21df7ac8acb3b9882411f9e7c7036173f7f2ede9e1f1f6b1bb3a"
 
     # From https://github.com/rust-lang/rust/tree/#{version}/src/tools
     # When bumping to a new version, check if we can use unversioned `libgit2`.
     # See comments below for details.
     resource "cargo" do
-      url "https://github.com/rust-lang/cargo/archive/refs/tags/0.73.1.tar.gz"
-      sha256 "976fb6f3e773319e60875772478645297d9eacc852857e288e8cec65399d2c88"
+      url "https://github.com/rust-lang/cargo/archive/9c4383fb55986096b414d98125421ab87b5fd642.tar.gz"
+      version "0.74.0"
+      sha256 "f3a6394359882e68ee2bf733f349471ea88c54d8e3f769e2ef431b7cf315cfb1"
     end
   end
 
@@ -46,7 +45,7 @@ class Rust < Formula
   #      See: https://github.com/rust-lang/git2-rs/commit/59a81cac9ada22b5ea6ca2841f5bd1229f1dd659.
   depends_on "libgit2@1.6"
   depends_on "libssh2"
-  depends_on "llvm@16"
+  depends_on "llvm"
   depends_on "openssl@3"
   depends_on "pkg-config"
 
@@ -58,23 +57,23 @@ class Rust < Formula
   resource "cargobootstrap" do
     on_macos do
       on_arm do
-        url "https://static.rust-lang.org/dist/2023-07-13/cargo-1.71.0-aarch64-apple-darwin.tar.xz"
-        sha256 "7637bc54d15cec656d7abb32417316546c7a784eded8677753b5dad7f05b5b09"
+        url "https://static.rust-lang.org/dist/2023-09-19/cargo-1.72.1-aarch64-apple-darwin.tar.xz"
+        sha256 "9ddf3aa3fb56a8a6f92c4ba5025c3538cb14729631d963d174804e9d0c2403de"
       end
       on_intel do
-        url "https://static.rust-lang.org/dist/2023-07-13/cargo-1.71.0-x86_64-apple-darwin.tar.xz"
-        sha256 "d83fe33cabf20394168f056ead44d243bd37dc96165d87867ea5114cfb52e739"
+        url "https://static.rust-lang.org/dist/2023-09-19/cargo-1.72.1-x86_64-apple-darwin.tar.xz"
+        sha256 "0bdad3ec6f8f08d7969b436dd8f53d88f99d7c3e914eb7d336c2ad3ceb0f6839"
       end
     end
 
     on_linux do
       on_arm do
-        url "https://static.rust-lang.org/dist/2023-07-13/cargo-1.71.0-aarch64-unknown-linux-gnu.tar.xz"
-        sha256 "13e8ff23d6af976a45f3ab451bf698e318a8d1823d588ff8a989555096f894a8"
+        url "https://static.rust-lang.org/dist/2023-09-19/cargo-1.72.1-aarch64-unknown-linux-gnu.tar.xz"
+        sha256 "40568f88c3efc2f1640e2e881a23e91ee26ec829317c4bbfb70dbd90d2923da4"
       end
       on_intel do
-        url "https://static.rust-lang.org/dist/2023-07-13/cargo-1.71.0-x86_64-unknown-linux-gnu.tar.xz"
-        sha256 "fe6fb520f59966300ee661d18b37c36cb3e614877c4c01dfedf987b8a9c577e9"
+        url "https://static.rust-lang.org/dist/2023-09-19/cargo-1.72.1-x86_64-unknown-linux-gnu.tar.xz"
+        sha256 "64eb3dbc8aa1c2ee2e5f12cb4fd0a714219ffec9f503f7bbaac4c92d68017ad7"
       end
     end
   end
@@ -122,7 +121,7 @@ def install
       --prefix=#{prefix}
       --sysconfdir=#{etc}
       --tools=#{tools.join(",")}
-      --llvm-root=#{Formula["llvm@16"].opt_prefix}
+      --llvm-root=#{Formula["llvm"].opt_prefix}
       --enable-llvm-link-shared
       --enable-vendor
       --disable-cargo-native-static