diff --git a/src/rustup.rs b/src/rustup.rs
index e56e8c00..058a2f98 100644
--- a/src/rustup.rs
+++ b/src/rustup.rs
@@ -5,7 +5,7 @@ use anyhow::{bail, format_err, Result};
 use crate::{
     cargo,
     context::Context,
-    version::{Version, VersionRange},
+    version::{MaybeVersion, Version, VersionRange},
 };
 
 pub(crate) struct Rustup {
@@ -41,39 +41,65 @@ pub(crate) fn version_range(
         Ok(())
     };
 
-    let VersionRange { start_inclusive, end_inclusive } = range;
+    let mut stable_version = None;
+    let mut get_stable_version = || -> Result<Version> {
+        if let Some(stable_version) = stable_version {
+            Ok(stable_version)
+        } else {
+            install_toolchain("stable", &[], false)?;
+            let version = cargo::version(cmd!("cargo", "+stable"))?;
+            stable_version = Some(version);
+            Ok(version)
+        }
+    };
 
-    let start_inclusive = match start_inclusive {
-        Some(start) => start,
-        None => {
-            let mut rust_version = None;
+    let mut rust_version = None;
+    let mut get_rust_version = || -> Result<Version> {
+        if let Some(rust_version) = rust_version {
+            Ok(rust_version)
+        } else {
+            let mut version = None;
             for id in cx.workspace_members() {
                 let v = cx.rust_version(id);
-                if v.is_none() || v == rust_version {
+                if v.is_none() || v == version {
                     // no-op
-                } else if rust_version.is_none() {
-                    rust_version = v;
+                } else if version.is_none() {
+                    version = v;
                 } else {
                     bail!("automatic detection of the lower bound of the version range is not yet supported when the minimum supported Rust version of the crates in the workspace do not match")
                 }
             }
-            match rust_version {
+            let version = match version {
                 Some(v) => v.parse()?,
                 None => bail!("no rust-version field in Cargo.toml is specified"),
-            }
+            };
+            rust_version = Some(version);
+            Ok(version)
         }
     };
-    check(&start_inclusive)?;
+
+    let VersionRange { start_inclusive, end_inclusive } = range;
+
+    let start_inclusive = match start_inclusive {
+        MaybeVersion::Version(start) => {
+            check(&start)?;
+            start
+        }
+        MaybeVersion::Msrv => {
+            let start = get_rust_version()?;
+            check(&start)?;
+            start
+        }
+        MaybeVersion::Stable => get_stable_version()?,
+    };
 
     let end_inclusive = match end_inclusive {
-        Some(end) => {
+        MaybeVersion::Version(end) => {
             check(&end)?;
             end
         }
-        None => {
-            install_toolchain("stable", &[], false)?;
-            cargo::version(cmd!("cargo", "+stable"))?
-        }
+        MaybeVersion::Msrv => get_rust_version()?,
+        MaybeVersion::Stable => get_stable_version()?,
     };
 
     let step = step.map(str::parse::<u8>).transpose()?.unwrap_or(1);
diff --git a/src/version.rs b/src/version.rs
index 27e48a84..74604d99 100644
--- a/src/version.rs
+++ b/src/version.rs
@@ -33,19 +33,26 @@ impl FromStr for Version {
     }
 }
 
+#[derive(Copy, Clone)]
+pub(crate) enum MaybeVersion {
+    Version(Version),
+    Msrv,
+    Stable,
+}
+
 #[derive(Copy, Clone)]
 pub(crate) struct VersionRange {
-    pub(crate) start_inclusive: Option<Version>,
-    pub(crate) end_inclusive: Option<Version>,
+    pub(crate) start_inclusive: MaybeVersion,
+    pub(crate) end_inclusive: MaybeVersion,
 }
 
 impl fmt::Display for VersionRange {
     fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
-        if let Some(start) = self.start_inclusive {
+        if let MaybeVersion::Version(start) = self.start_inclusive {
             write!(f, "{start}")?;
         }
         write!(f, "..=")?;
-        if let Some(end) = self.end_inclusive {
+        if let MaybeVersion::Version(end) = self.end_inclusive {
             write!(f, "{end}")?;
         }
         Ok(())
@@ -56,7 +63,7 @@ impl FromStr for VersionRange {
     type Err = Error;
 
     fn from_str(s: &str) -> Result<Self, Self::Err> {
-        let (start, end_inclusive) = if let Some((start, end)) = s.split_once("..") {
+        let (start, end) = if let Some((start, end)) = s.split_once("..") {
             let end = match end.strip_prefix('=') {
                 Some(end) => end,
                 None => {
@@ -71,15 +78,16 @@ impl FromStr for VersionRange {
         } else {
             (s, None)
         };
-        let start_inclusive = maybe_version(start)?;
+        let start_inclusive = maybe_version(start)?.unwrap_or(MaybeVersion::Msrv);
+        let end_inclusive = end.unwrap_or(MaybeVersion::Stable);
         Ok(Self { start_inclusive, end_inclusive })
     }
 }
 
-fn maybe_version(s: &str) -> Result<Option<Version>, Error> {
+fn maybe_version(s: &str) -> Result<Option<MaybeVersion>, Error> {
     if s.is_empty() {
         Ok(None)
     } else {
-        s.parse().map(Some)
+        s.parse().map(MaybeVersion::Version).map(Some)
     }
 }