diff --git a/.changeset/fix-multiple-dependents.md b/.changeset/fix-multiple-dependents.md
new file mode 100644
index 0000000..32803c5
--- /dev/null
+++ b/.changeset/fix-multiple-dependents.md
@@ -0,0 +1,5 @@
+---
+"SolarWinds.Changesets": Patch
+---
+
+Fix `version` only bumping one dependent when a project is referenced by multiple projects.
diff --git a/src/SolarWinds.Changesets/Commands/Version/Helpers/ChangelogGenerator.cs b/src/SolarWinds.Changesets/Commands/Version/Helpers/ChangelogGenerator.cs
index f759077..313db3b 100644
--- a/src/SolarWinds.Changesets/Commands/Version/Helpers/ChangelogGenerator.cs
+++ b/src/SolarWinds.Changesets/Commands/Version/Helpers/ChangelogGenerator.cs
@@ -80,16 +80,17 @@ private static ImmutableDictionary<string, CsProject[]> GetProjectsDependentsNam
         {
             foreach (string projectReferenceName in csProject.ReferencedProjectNames)
             {
-                if (csProjectNameToDependentProjects.TryGetValue(projectReferenceName, out HashSet<CsProject>? value))
+                if (!csProjectNameToDependentProjects.TryGetValue(projectReferenceName, out HashSet<CsProject>? value))
                 {
-                    value.Add(csProject);
+                    value = [];
+                    csProjectNameToDependentProjects[projectReferenceName] = value;
                 }
 
-                csProjectNameToDependentProjects[projectReferenceName] = [csProject];
+                value.Add(csProject);
             }
         }
 
-        return csProjectNameToDependentProjects.ToImmutableDictionary(pair => pair.Key, pair => pair.Value.ToArray());
+        return csProjectNameToDependentProjects.ToImmutableDictionary(pair => pair.Key, pair => pair.Value.OrderBy(p => p.Name).ToArray());
     }
 
     /// <summary>
diff --git a/tests/SolarWinds.Changesets.Tests/Version/ChangelogGeneratorTests.cs b/tests/SolarWinds.Changesets.Tests/Version/ChangelogGeneratorTests.cs
index 3061ffa..ad6f6b6 100644
--- a/tests/SolarWinds.Changesets.Tests/Version/ChangelogGeneratorTests.cs
+++ b/tests/SolarWinds.Changesets.Tests/Version/ChangelogGeneratorTests.cs
@@ -88,6 +88,36 @@ public void GetProcessedChangelogs_OneChangelogThreeProjectsOneProjectReference_
         secondModule.GetNewVersion().Should().BeEquivalentTo(new Semver(1, 1, 2));
     }
 
+    [Test]
+    public void GetProcessedChangelogs_ProjectWithTwoDependents_BumpsBothDependents()
+    {
+        ChangelogGenerator changelogGenerator = new();
+
+        ChangesetFile[] changesetFile = [
+            new(
+                ["project1"],
+                BumpType.Minor,
+                "Changelog for shared project")
+            ];
+
+        // project2 and project3 both reference project1
+        IEnumerable<CsProject> csProjects = [
+            new("project1", new Semver(1, 0, 0), [], @"c:\temp"),
+            new("project2", new Semver(1, 0, 0), ["project1"], @"c:\temp"),
+            new("project3", new Semver(1, 0, 0), ["project1"], @"c:\temp")
+            ];
+
+        List<ModuleChangelog> processedChangelogs = changelogGenerator.GetProcessedChangelogs(changesetFile, csProjects).ToList();
+
+        processedChangelogs.Select(x => x.ModuleName).Should().BeEquivalentTo(["project1", "project2", "project3"]);
+
+        ModuleChangelog project2 = processedChangelogs.First(x => x.ModuleName == "project2");
+        ModuleChangelog project3 = processedChangelogs.First(x => x.ModuleName == "project3");
+
+        project2.GetNewVersion().Should().BeEquivalentTo(new Semver(1, 0, 1));
+        project3.GetNewVersion().Should().BeEquivalentTo(new Semver(1, 0, 1));
+    }
+
     [Test]
     public void GetProcessedChangelogs_OneProject_ReturnsOneChangelog()
     {