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SDSS-V will be an all-sky, multi-epoch spectroscopic survey of over six million objects. It is designed to decode the history of the Milky Way Galaxy (MW), trace the emergence of the chemical elements, reveal the inner workings of stars, and investigate the origin of planets. It will also create an integral-field spectroscopic map of the interstellar gas in the Galaxy and the Local Group that is 1,000 times larger than the current state of the art and at high enough spatial resolution to reveal the self-regulation mechanisms of galactic ecosystems. SDSS-V will pioneer systematic, spectroscopic monitoring across the whole sky, revealing changes on timescales from 20 minutes to 20 years. The survey will thus track the flickers, flares, and radical transformations of the most luminous persistent objects in the universe: massive black holes growing at the centers of galaxies.The scope and flexibility of SDSS-V will be unique among both extant and anticipated spectroscopic surveys: it is all-sky, with matched survey infrastructures in both hemispheres; it provides near-infrared and optical multi-object fiber spectroscopy that is rapidly reconfigurable to serve high target densities, targets of opportunity, and time-domain monitoring; and it provides optical, ultrawide-field integral field spectroscopy. SDSS-V, with its programs anticipated to start in 2020, will be perfectly timed to multiply the scientific output from major space missions (e.g., TESS, Gaia, Spektr-RG-eROSITA) and ground-based projects. SDSS-V builds on the 25-year heritage of SDSS's advances in data analysis, collaboration spirit and infrastructure, and product deliverables in astronomy. The project is now refining its science scope, optimizing the survey strategies, and developing new hardware that builds on the SDSS-IV infrastructure. We present here an overview of the current state of these developments. SDSS-V is actively seeking to build its consortium of institutional and individual members for a worldwide, partner-driven collaboration.

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