diff --git a/lib/redact-patterns.ts b/lib/redact-patterns.ts
index 7007d49ef..b496bb5e3 100644
--- a/lib/redact-patterns.ts
+++ b/lib/redact-patterns.ts
@@ -320,6 +320,28 @@ export function isNumericMetadataValue(span: string, match: RegExpExecArray): bo
   return NUMERIC_METADATA_KEY.test(input.slice(Math.max(lineStart, start - 80), start));
 }
 
+/**
+ * A four-part version (MAJOR.MINOR.PATCH.BUILD: .NET assembly versions,
+ * gstack's own VERSION) is byte-for-byte a dotted quad, and `1.128.1.0` is a
+ * public address, so `"version": "1.128.1.0"` raised pii.ip_public on every
+ * release (#2784). The value cannot decide it, so only the declaration
+ * immediately before it on the same line can: a `version` key or word
+ * (`"version": "`, `app_version = `, `<Version>`, `AssemblyVersion("`,
+ * `version `), or a Keep a Changelog heading `## [1.2.3.4]`. The same digits
+ * after `host:`, `server = ` or in prose that merely mentions a version still
+ * report, and the pre-push hook's VERSION-file rule (#2856) is unchanged.
+ */
+const VERSION_DECLARATION_BEFORE =
+  /(?:\b[Vv]ersion|\bVERSION|[a-z0-9_]Version|[_-][Vv]ersion|_VERSION)["'\]]?(?:[ \t]*[:=(>][ \t]*|[ \t]+)["']?$/;
+const CHANGELOG_HEADING_BEFORE = /^#{1,6}[ \t]+\[$/;
+export function isDeclaredVersion(match: RegExpExecArray): boolean {
+  const input = match.input ?? "";
+  const { start, end } = spanBounds(match);
+  const lineStart = input.lastIndexOf("\n", start - 1) + 1;
+  if (VERSION_DECLARATION_BEFORE.test(input.slice(Math.max(lineStart, start - 48), start))) return true;
+  return CHANGELOG_HEADING_BEFORE.test(input.slice(lineStart, start)) && input[end] === "]";
+}
+
 // ── Placeholder suppression (per-matched-span, NOT per-line) ─────────────────
 
 /**
@@ -898,7 +920,7 @@ export const PATTERNS: RedactPattern[] = [
     category: "pii",
     description: "Public IPv4 address",
     regex: /\b(\d{1,3}\.\d{1,3}\.\d{1,3}\.\d{1,3})\b/,
-    validate: (span) => isPublicIPv4(span),
+    validate: (span, match) => isPublicIPv4(span) && !isDeclaredVersion(match),
   },
   {
     id: "pii.wallet",
diff --git a/test/redact-context-exemptions.test.ts b/test/redact-context-exemptions.test.ts
index 895d259f3..874a08279 100644
--- a/test/redact-context-exemptions.test.ts
+++ b/test/redact-context-exemptions.test.ts
@@ -130,3 +130,33 @@ describe("internal.hostname: per-machine config filenames are not hosts (#2962,
     ],
   );
 });
+
+describe("pii.ip_public: a four-part version needs a version declaration (#2784)", () => {
+  table(
+    "pii.ip_public",
+    "MEDIUM",
+    [
+      '  "version": "1.128.1.0",',
+      "app_version = 1.128.1.0",
+      "schema-version: 1.128.1.0",
+      "APP_VERSION=1.128.1.0",
+      "Released version 1.128.1.0 today",
+      "## [1.128.1.0] - 2026-09-02",
+      "<Version>1.128.1.0</Version>",
+      '[assembly: AssemblyVersion("1.0.0.0")]',
+      "released v1.128.1.0 today",
+    ],
+    [
+      "1.128.1.0",
+      "host: 1.128.1.0",
+      "server = 1.128.1.0",
+      '"upstream": "1.128.1.0"',
+      "resolver = 8.8.8.8",
+      "version: 1.2.3.4 via 8.8.8.8",
+      "the version endpoint moved to 1.128.1.0",
+      "conversion 1.128.1.0",
+      "## 1.128.1.0 is our egress",
+      "## [1.128.1.0 mirror]",
+    ],
+  );
+});