watchOS 5.0 (build 16R5322d) is an official Apple over-the-air update for the Apple Watch Series 2 (38mm), released on 2018-07-17T17:10:43Z. The update package is 632.76 MB. This is a delta (partial) update that requires 4.3.1 already installed. This update is no longer signed by Apple, meaning it can no longer be applied on-device through Settings.

Payload file: 39f839e32ceb96045a9406f4e174f96117f8ba6e.zip.