diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4334a17137..b5cb893bab 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,7 +2,8 @@
 
 ## unreleased
 
-## 3.2.0-rc.1 / 2025-01-29
+
+## 3.2.0 / 2025-02-17
 
 * [CHANGE] relabel: Replace actions can now use UTF-8 characters in `targetLabel` field. Note that `$<chars>` or `${<chars>}` will be expanded. This also apply to `replacement` field for `LabelMap` action. #15851
 * [CHANGE] rulefmt: Rule names can use UTF-8 characters, except `{` and `}` characters (due to common mistake checks). #15851
@@ -14,6 +15,7 @@
 * [ENHANCEMENT] ui: Make "hide empty rules" and hide empty rules" persistent #15807
 * [ENHANCEMENT] web/api: Add a limit parameter to `/query` and `/query_range`. #15552
 * [ENHANCEMENT] api: Add fields Node and ServerTime to `/status`. #15784
+* [PERF] Scraping: defer computing labels for dropped targets until they are needed by the UI.  #15261
 * [BUGFIX] remotewrite2: Fix invalid metadata bug for metrics without metadata. #15829
 * [BUGFIX] remotewrite2: Fix the unit field propagation. #15825
 * [BUGFIX] scrape: Fix WAL metadata for histograms and summaries. #15832
diff --git a/VERSION b/VERSION
index f338b6234b..944880fa15 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-3.2.0-rc.1
+3.2.0
diff --git a/web/ui/mantine-ui/package.json b/web/ui/mantine-ui/package.json
index 1bc742de81..636f827c8a 100644
--- a/web/ui/mantine-ui/package.json
+++ b/web/ui/mantine-ui/package.json
@@ -1,7 +1,7 @@
 {
   "name": "@prometheus-io/mantine-ui",
   "private": true,
-  "version": "0.302.0-rc.1",
+  "version": "0.302.0",
   "type": "module",
   "scripts": {
     "start": "vite",
@@ -28,7 +28,7 @@
     "@microsoft/fetch-event-source": "^2.0.1",
     "@nexucis/fuzzy": "^0.5.1",
     "@nexucis/kvsearch": "^0.9.1",
-    "@prometheus-io/codemirror-promql": "0.302.0-rc.1",
+    "@prometheus-io/codemirror-promql": "0.302.0",
     "@reduxjs/toolkit": "^2.5.0",
     "@tabler/icons-react": "^3.28.1",
     "@tanstack/react-query": "^5.62.11",
diff --git a/web/ui/module/codemirror-promql/package.json b/web/ui/module/codemirror-promql/package.json
index a0f9f823c1..457f644905 100644
--- a/web/ui/module/codemirror-promql/package.json
+++ b/web/ui/module/codemirror-promql/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@prometheus-io/codemirror-promql",
-  "version": "0.302.0-rc.1",
+  "version": "0.302.0",
   "description": "a CodeMirror mode for the PromQL language",
   "types": "dist/esm/index.d.ts",
   "module": "dist/esm/index.js",
@@ -29,7 +29,7 @@
   },
   "homepage": "https://github.com/prometheus/prometheus/blob/main/web/ui/module/codemirror-promql/README.md",
   "dependencies": {
-    "@prometheus-io/lezer-promql": "0.302.0-rc.1",
+    "@prometheus-io/lezer-promql": "0.302.0",
     "lru-cache": "^11.0.2"
   },
   "devDependencies": {
diff --git a/web/ui/module/lezer-promql/package.json b/web/ui/module/lezer-promql/package.json
index f41f56652b..a358151da1 100644
--- a/web/ui/module/lezer-promql/package.json
+++ b/web/ui/module/lezer-promql/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@prometheus-io/lezer-promql",
-  "version": "0.302.0-rc.1",
+  "version": "0.302.0",
   "description": "lezer-based PromQL grammar",
   "main": "dist/index.cjs",
   "type": "module",
diff --git a/web/ui/package-lock.json b/web/ui/package-lock.json
index c27ca7997e..1fffce00e7 100644
--- a/web/ui/package-lock.json
+++ b/web/ui/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "prometheus-io",
-  "version": "0.302.0-rc.1",
+  "version": "0.302.0",
   "lockfileVersion": 3,
   "requires": true,
   "packages": {
     "": {
       "name": "prometheus-io",
-      "version": "0.302.0-rc.1",
+      "version": "0.302.0",
       "workspaces": [
         "mantine-ui",
         "module/*"
@@ -24,7 +24,7 @@
     },
     "mantine-ui": {
       "name": "@prometheus-io/mantine-ui",
-      "version": "0.301.0",
+      "version": "0.302.0",
       "dependencies": {
         "@codemirror/autocomplete": "^6.18.4",
         "@codemirror/language": "^6.10.8",
@@ -42,7 +42,7 @@
         "@microsoft/fetch-event-source": "^2.0.1",
         "@nexucis/fuzzy": "^0.5.1",
         "@nexucis/kvsearch": "^0.9.1",
-        "@prometheus-io/codemirror-promql": "0.301.0",
+        "@prometheus-io/codemirror-promql": "0.302.0",
         "@reduxjs/toolkit": "^2.5.0",
         "@tabler/icons-react": "^3.28.1",
         "@tanstack/react-query": "^5.62.11",
@@ -146,10 +146,10 @@
     },
     "module/codemirror-promql": {
       "name": "@prometheus-io/codemirror-promql",
-      "version": "0.301.0",
+      "version": "0.302.0",
       "license": "Apache-2.0",
       "dependencies": {
-        "@prometheus-io/lezer-promql": "0.301.0",
+        "@prometheus-io/lezer-promql": "0.302.0",
         "lru-cache": "^11.0.2"
       },
       "devDependencies": {
@@ -179,7 +179,7 @@
     },
     "module/lezer-promql": {
       "name": "@prometheus-io/lezer-promql",
-      "version": "0.301.0",
+      "version": "0.302.0",
       "license": "Apache-2.0",
       "devDependencies": {
         "@lezer/generator": "^1.7.2",
diff --git a/web/ui/package.json b/web/ui/package.json
index fb26970ccf..4af8447049 100644
--- a/web/ui/package.json
+++ b/web/ui/package.json
@@ -1,7 +1,7 @@
 {
   "name": "prometheus-io",
   "description": "Monorepo for the Prometheus UI",
-  "version": "0.302.0-rc.1",
+  "version": "0.302.0",
   "private": true,
   "scripts": {
     "build": "bash build_ui.sh --all",