diff --git a/gnu/packages/rust.scm b/gnu/packages/rust.scm
index 3200f59abd..66703abc35 100644
--- a/gnu/packages/rust.scm
+++ b/gnu/packages/rust.scm
@@ -154,17 +154,17 @@ (define %mrustc-source
           (substitute* "minicargo.mk"
             (("--features vendored-openssl") "")))))))
 
-;;; Rust 1.54 is special in that it is built with mrustc, which shortens the
+;;; Rust 1.74 is special in that it is built with mrustc, which shortens the
 ;;; bootstrap path.
 (define-public rust-bootstrap
   (package
     (name "rust")
-    (version "1.54.0")
+    (version "1.74.0")
     (source
      (origin
        (method url-fetch)
        (uri (rust-uri version))
-       (sha256 (base32 "0xk9dhfff16caambmwij67zgshd8v9djw6ha0fnnanlv7rii31dc"))
+       (sha256 (base32 "0j8hrwjjjjf7spy0hy7gami96swhfzr6kandfzzdri91qd5mhaw8"))
        (modules '((guix build utils)))
        (snippet
         '(begin
@@ -174,17 +174,19 @@ (define-public rust-bootstrap
                        "vendor/tikv-jemalloc-sys/jemalloc"))
            ;; Remove vendored dynamically linked libraries.
            ;; find . -not -type d -executable -exec file {} \+ | grep ELF
-           (delete-file "vendor/vte/vim10m_match")
-           (delete-file "vendor/vte/vim10m_table")
            ;; Also remove the bundled (mostly Windows) libraries.
-           ;; find vendor -not -type d -exec file {} \+ | grep PE32
            (for-each delete-file
                      (find-files "vendor" "\\.(a|dll|exe|lib)$"))
-           ;; Adjust some sources for llvm-13, see llvm commit
-           ;; acce401068e78a8c5dc9e06802111ffad3da763f
-           (substitute* (find-files "." "powerpc64le_unknown_linux_gnu.rs")
-             (("e-m:e-i64:64-n32:64-v256:256:256-v512:512:512")
-              "e-m:e-i64:64-n32:64-S128-v256:256:256-v512:512:512"))))))
+           ;; Adjust vendored dependency to explicitly use rustix with libc backend.
+           (substitute* "vendor/tempfile/Cargo.toml"
+             (("features = \\[\"fs\"" all)
+              (string-append all ", \"use-libc\"")))))
+       ;; Rust 1.70 adds the rustix library which depends on the vendored
+       ;; fd-lock crate.  The fd-lock crate uses Outline assembly which expects
+       ;; a precompiled static library.  Enabling the "cc" feature tells the
+       ;; build.rs script to compile the assembly files instead of searching
+       ;; for a precompiled library.
+       (patches (search-patches "rust-1.70-fix-rustix-build.patch"))))
     (outputs '("out" "cargo"))
     (properties '((hidden? . #t)
                   (timeout . 129600)          ;36 hours
@@ -192,136 +194,137 @@ (define-public rust-bootstrap
     (build-system gnu-build-system)
     (inputs
      (list bash-minimal
-           llvm-13
-           openssl-1.1
+           llvm-15
+           openssl
            zlib))
     (native-inputs
-     `(("pkg-config" ,pkg-config)
-       ("mrustc-source" ,%mrustc-source)))
+     (list pkg-config %mrustc-source))
     (arguments
-     `(#:imported-modules ,%cargo-utils-modules ;for `generate-all-checksums'
-       #:modules ((guix build cargo-utils)
+     (list
+      #:imported-modules %cargo-utils-modules ;for `generate-all-checksums'
+      #:modules '((guix build cargo-utils)
                   (guix build utils)
                   (guix build gnu-build-system))
-       #:test-target "test"
-       ;; Rust's own .so library files are not found in any RUNPATH, but
-       ;; that doesn't seem to cause issues.
-       #:validate-runpath? #f
-       #:make-flags
-       ,#~(let ((source #$(package-source this-package)))
-            (list (string-append "RUSTC_TARGET="
-                                 #$(platform-rust-target
-                                     (lookup-platform-by-target-or-system
-                                       (or (%current-target-system)
-                                           (%current-system)))))
-                  (string-append "RUSTC_VERSION=" #$version)
-                  (string-append "MRUSTC_TARGET_VER="
-                                 #$(version-major+minor version))
-                  (string-append "RUSTC_SRC_TARBALL=" source)
-                  "OUTDIR_SUF="))       ;do not add version suffix to output dir
-       #:phases
-       (modify-phases %standard-phases
-         (replace 'unpack
-           (lambda* (#:key source inputs #:allow-other-keys)
-             ((assoc-ref %standard-phases 'unpack)
-              #:source (assoc-ref inputs "mrustc-source"))))
-         (add-after 'unpack 'patch-makefiles
-           ;; This disables building the (unbundled) LLVM.
-           (lambda* (#:key inputs #:allow-other-keys)
-             (substitute* '("minicargo.mk"
-                            "run_rustc/Makefile")
-               ;; Use the system-provided LLVM.
-               (("LLVM_CONFIG [:|?]= .*")
-                (string-append "LLVM_CONFIG := "
-                               (search-input-file inputs "/bin/llvm-config") "\n")))
-             (substitute* "Makefile"
-               ;; Patch date and git obtained version information.
-               ((" -D VERSION_GIT_FULLHASH=.*")
-                (string-append
-                 " -D VERSION_GIT_FULLHASH=\\\"" ,%mrustc-commit "\\\""
-                 " -D VERSION_GIT_BRANCH=\\\"master\\\""
-                 " -D VERSION_GIT_SHORTHASH=\\\""
-                 ,(string-take %mrustc-commit 7) "\\\""
-                 " -D VERSION_BUILDTIME="
-                 "\"\\\"Thu, 01 Jan 1970 00:00:01 +0000\\\"\""
-                 " -D VERSION_GIT_ISDIRTY=0\n")))
-             (substitute* '("run_rustc/Makefile"
-                            "run_rustc/rustc_proxy.sh")
-               ;; Patch the shebang of a generated wrapper for rustc
-               (("#!/bin/sh")
-                (string-append "#!" (which "sh"))))))
-         (add-before 'configure 'configure-cargo-home
-           (lambda _
-             (let ((cargo-home (string-append (getcwd) "/.cargo")))
-               (mkdir-p cargo-home)
-               (setenv "CARGO_HOME" cargo-home))))
-         (replace 'configure
-           (lambda _
-             (setenv "CC" "gcc")
-             (setenv "CXX" "g++")
-             ;; The Guix LLVM package installs only shared libraries.
-             (setenv "LLVM_LINK_SHARED" "1")
-             ;; rustc still insists on having 'cc' on PATH in some places
-             ;; (e.g. when building the 'test' library crate).
-             (mkdir-p "/tmp/bin")
-             (symlink (which "gcc") "/tmp/bin/cc")
-             (setenv "PATH" (string-append "/tmp/bin:" (getenv "PATH")))))
-         (delete 'patch-generated-file-shebangs)
-         (replace 'build
-           (lambda* (#:key make-flags parallel-build? #:allow-other-keys)
-             (let ((job-count (if parallel-build?
-                                  (parallel-job-count)
-                                  1)))
-               ;; Adapted from:
-               ;; https://github.com/dtolnay/bootstrap/blob/master/build-1.54.0.sh.
-               ;; Use PARLEVEL since both minicargo and mrustc use it
-               ;; to set the level of parallelism.
-               (setenv "PARLEVEL" (number->string job-count))
-               (display "Building mrustc...\n")
-               (apply invoke "make" make-flags)
+      #:test-target "test"
+      ;; Rust's own .so library files are not found in any RUNPATH, but
+      ;; that doesn't seem to cause issues.
+      #:validate-runpath? #f
+      #:make-flags
+      #~(let ((source #$(package-source this-package)))
+          (list (string-append "RUSTC_TARGET="
+                               #$(platform-rust-target
+                                  (lookup-platform-by-target-or-system
+                                   (or (%current-target-system)
+                                       (%current-system)))))
+                (string-append "RUSTC_VERSION=" #$version)
+                (string-append "MRUSTC_TARGET_VER="
+                               #$(version-major+minor version))
+                (string-append "RUSTC_SRC_TARBALL=" source)
+                "OUTDIR_SUF="))       ;do not add version suffix to output dir
+      #:phases
+      #~(modify-phases %standard-phases
+          (replace 'unpack
+            (lambda* (#:key source inputs #:allow-other-keys)
+              ((assoc-ref %standard-phases 'unpack)
+               #:source #$(this-package-native-input
+                           (origin-file-name %mrustc-source)))))
+          (add-after 'unpack 'patch-makefiles
+            ;; This disables building the (unbundled) LLVM.
+            (lambda* (#:key inputs #:allow-other-keys)
+              (substitute* '("minicargo.mk"
+                             "run_rustc/Makefile")
+                ;; Use the system-provided LLVM.
+                (("LLVM_CONFIG [:|?]= .*")
+                 (string-append "LLVM_CONFIG := "
+                                (search-input-file inputs "/bin/llvm-config") "\n")))
+              (substitute* "Makefile"
+                ;; Patch date and git obtained version information.
+                ((" -D VERSION_GIT_FULLHASH=.*")
+                 (string-append
+                  " -D VERSION_GIT_FULLHASH=\\\"" #$%mrustc-commit "\\\""
+                  " -D VERSION_GIT_BRANCH=\\\"master\\\""
+                  " -D VERSION_GIT_SHORTHASH=\\\""
+                  #$(string-take %mrustc-commit 7) "\\\""
+                  " -D VERSION_BUILDTIME="
+                  "\"\\\"Thu, 01 Jan 1970 00:00:01 +0000\\\"\""
+                  " -D VERSION_GIT_ISDIRTY=0\n")))
+              (substitute* '("run_rustc/Makefile"
+                             "run_rustc/rustc_proxy.sh")
+                ;; Patch the shebang of a generated wrapper for rustc
+                (("#!/bin/sh")
+                 (string-append "#!" (which "sh"))))))
+          (add-before 'configure 'configure-cargo-home
+            (lambda _
+              (let ((cargo-home (string-append (getcwd) "/.cargo")))
+                (mkdir-p cargo-home)
+                (setenv "CARGO_HOME" cargo-home))))
+          (replace 'configure
+            (lambda _
+              (setenv "CC" "gcc")
+              (setenv "CXX" "g++")
+              ;; The Guix LLVM package installs only shared libraries.
+              (setenv "LLVM_LINK_SHARED" "1")
+              ;; rustc still insists on having 'cc' on PATH in some places
+              ;; (e.g. when building the 'test' library crate).
+              (mkdir-p "/tmp/bin")
+              (symlink (which "gcc") "/tmp/bin/cc")
+              (setenv "PATH" (string-append "/tmp/bin:" (getenv "PATH")))))
+          (delete 'patch-generated-file-shebangs)
+          (replace 'build
+            (lambda* (#:key make-flags parallel-build? #:allow-other-keys)
+              (let ((job-count (if parallel-build?
+                                   (parallel-job-count)
+                                   1)))
+                ;; Adapted from:
+                ;; https://github.com/dtolnay/bootstrap/blob/master/build-1.54.0.sh.
+                ;; Use PARLEVEL since both minicargo and mrustc use it
+                ;; to set the level of parallelism.
+                (setenv "PARLEVEL" (number->string job-count))
+                (display "Building mrustc...\n")
+                (apply invoke "make" make-flags)
 
-               ;; This doesn't seem to build anything, but it
-               ;; sets additional minicargo flags.
-               (display "Building RUSTCSRC...\n")
-               (apply invoke "make" "RUSTCSRC" make-flags)
+                ;; This doesn't seem to build anything, but it
+                ;; sets additional minicargo flags.
+                (display "Building RUSTCSRC...\n")
+                (apply invoke "make" "RUSTCSRC" make-flags)
 
-               ;; This probably doesn't need to be called explicitly.
-               (display "Building LIBS...\n")
-               (apply invoke "make" "-f" "minicargo.mk" "LIBS" make-flags)
+                ;; This probably doesn't need to be called explicitly.
+                (display "Building LIBS...\n")
+                (apply invoke "make" "-f" "minicargo.mk" "LIBS" make-flags)
 
-               ;; The psm crate FTBFS on ppc64le with gcc.
-               (display "Building rustc...\n")
-               (apply invoke "make" "-f" "minicargo.mk" "output/rustc"
-                      make-flags)
+                ;; The psm crate FTBFS on ppc64le with gcc.
+                (display "Building rustc...\n")
+                (apply invoke "make" "-f" "minicargo.mk" "output/rustc"
+                       make-flags)
 
-               (display "Building cargo...\n")
-               (apply invoke "make" "-f" "minicargo.mk" "output/cargo"
-                      make-flags)
+                (display "Building cargo...\n")
+                (apply invoke "make" "-f" "minicargo.mk" "output/cargo"
+                       make-flags)
 
-               ;; This one isn't listed in the build script.
-               (display "Rebuilding stdlib with rustc...\n")
-               (apply invoke "make" "-C" "run_rustc" make-flags))))
-         (replace 'install
-           (lambda* (#:key inputs outputs #:allow-other-keys)
-             (let* ((out (assoc-ref outputs "out"))
-                    (cargo (assoc-ref outputs "cargo"))
-                    (bin (string-append out "/bin"))
-                    (rustc (string-append bin "/rustc"))
-                    (cargo-bin (string-append cargo "/bin"))
-                    (lib (string-append out "/lib"))
-                    (system-lib-prefix
+                ;; This one isn't listed in the build script.
+                (display "Rebuilding stdlib with rustc...\n")
+                (apply invoke "make" "-C" "run_rustc" make-flags))))
+          (replace 'install
+            (lambda* (#:key inputs outputs #:allow-other-keys)
+              (let* ((out (assoc-ref outputs "out"))
+                     (cargo (assoc-ref outputs "cargo"))
+                     (bin (string-append out "/bin"))
+                     (rustc (string-append bin "/rustc"))
+                     (cargo-bin (string-append cargo "/bin"))
+                     (lib (string-append out "/lib"))
+                     (system-lib-prefix
                       (string-append lib "/rustlib/"
-                                     ,(platform-rust-target
+                                     #$(platform-rust-target
                                         (lookup-platform-by-target-or-system
-                                          (or (%current-target-system)
-                                              (%current-system)))) "/lib")))
-               (mkdir-p (dirname rustc))
-               (copy-file "run_rustc/output/prefix/bin/rustc_binary" rustc)
-               (wrap-program rustc
-                 `("LD_LIBRARY_PATH" = (,system-lib-prefix)))
-               (mkdir-p lib)
-               (copy-recursively "run_rustc/output/prefix/lib" lib)
-               (install-file "run_rustc/output/prefix/bin/cargo" cargo-bin)))))))
+                                         (or (%current-target-system)
+                                             (%current-system)))) "/lib")))
+                (mkdir-p (dirname rustc))
+                (copy-file "run_rustc/output/prefix/bin/rustc_binary" rustc)
+                (wrap-program rustc
+                  `("LD_LIBRARY_PATH" = (,system-lib-prefix)))
+                (mkdir-p lib)
+                (copy-recursively "run_rustc/output/prefix/lib" lib)
+                (install-file "run_rustc/output/prefix/bin/cargo" cargo-bin)))))))
     (synopsis "Compiler for the Rust programming language")
     (description "Rust is a systems programming language that provides memory
 safety and thread safety guarantees.")
