diff --git a/wp-cron.php b/wp-cron.php
index f4211d82cd..161478ac49 100644
--- a/wp-cron.php
+++ b/wp-cron.php
@@ -46,6 +46,9 @@ if ( ! defined( 'ABSPATH' ) ) {
 	require_once __DIR__ . '/wp-load.php';
 }
 
+// Attempt to raise the PHP memory limit for cron event processing.
+wp_raise_memory_limit( 'cron' );
+
 /**
  * Retrieves the cron lock.
  *
diff --git a/wp-includes/functions.php b/wp-includes/functions.php
index d018e70716..d146c9195a 100644
--- a/wp-includes/functions.php
+++ b/wp-includes/functions.php
@@ -7523,7 +7523,7 @@ function mysql_to_rfc3339( $date_string ) {
  * @since 4.6.0
  *
  * @param string $context Optional. Context in which the function is called. Accepts either 'admin',
- *                        'image', or an arbitrary other context. If an arbitrary context is passed,
+ *                        'image', 'cron', or an arbitrary other context. If an arbitrary context is passed,
  *                        the similarly arbitrary {@see '$context_memory_limit'} filter will be
  *                        invoked. Default 'admin'.
  * @return int|string|false The limit that was set or false on failure.
@@ -7584,6 +7584,21 @@ function wp_raise_memory_limit( $context = 'admin' ) {
 			$filtered_limit = apply_filters( 'image_memory_limit', $filtered_limit );
 			break;
 
+		case 'cron':
+			/**
+			 * Filters the memory limit allocated for WP-Cron event processing.
+			 *
+			 * @since 6.3.0
+			 *
+			 * @param int|string $filtered_limit Maximum memory limit to allocate for WP-Cron.
+			 *                                   Default `WP_MAX_MEMORY_LIMIT` or the original
+			 *                                   php.ini `memory_limit`, whichever is higher.
+			 *                                   Accepts an integer (bytes), or a shorthand string
+			 *                                   notation, such as '256M'.
+			 */
+			$filtered_limit = apply_filters( 'cron_memory_limit', $filtered_limit );
+			break;
+
 		default:
 			/**
 			 * Filters the memory limit allocated for an arbitrary context.
diff --git a/wp-includes/version.php b/wp-includes/version.php
index ccfeb06bbc..7a2c14f4d4 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -16,7 +16,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '6.3-alpha-55870';
+$wp_version = '6.3-alpha-55871';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.