diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 9eeba2157..0f9629593 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "0.231.0"
+  ".": "0.232.0"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1d02805fb..fc8706303 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,16 @@
 # Changelog
 
+## [0.232.0](https://github.com/sqlstack-io/sqlbuild/compare/v0.231.0...v0.232.0) (2026-11-15)
+
+
+### ⚠ BREAKING CHANGES
+
+* share Python identity work per discovery pass and keep compile phases out of sinks ([#1501](https://github.com/sqlstack-io/sqlbuild/issues/1501))
+
+### Performance Improvements
+
+* share Python identity work per discovery pass and keep compile phases out of sinks ([#1501](https://github.com/sqlstack-io/sqlbuild/issues/1501)) ([d15ee25](https://github.com/sqlstack-io/sqlbuild/commit/d15ee25919dedb6abde6e1b1c6ad8b5a46cf322b))
+
 ## [0.231.0](https://github.com/sqlstack-io/sqlbuild/compare/v0.230.1...v0.231.0) (2026-11-15)
 
 
diff --git a/Cargo.lock b/Cargo.lock
index d5469aec5..4ea950bac 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4262,7 +4262,7 @@ dependencies = [
 
 [[package]]
 name = "sqlbuild-cli"
-version = "0.231.0"
+version = "0.232.0"
 dependencies = [
  "blake3",
  "chrono",
@@ -4425,7 +4425,7 @@ dependencies = [
 
 [[package]]
 name = "sqlbuild-python"
-version = "0.231.0"
+version = "0.232.0"
 dependencies = [
  "chrono",
  "chrono-tz",
diff --git a/crates/sqlbuild-cli/Cargo.toml b/crates/sqlbuild-cli/Cargo.toml
index 2154d2635..5b6ee9a13 100644
--- a/crates/sqlbuild-cli/Cargo.toml
+++ b/crates/sqlbuild-cli/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "sqlbuild-cli"
-version = "0.231.0"
+version = "0.232.0"
 description = "The native `sqb` executable: reused compiles and Python-free commands served without Python, every other command handed to the Python CLI."
 edition.workspace = true
 license-file = "LICENSE"
diff --git a/crates/sqlbuild-python/Cargo.toml b/crates/sqlbuild-python/Cargo.toml
index 0dae6784f..b742dfaa9 100644
--- a/crates/sqlbuild-python/Cargo.toml
+++ b/crates/sqlbuild-python/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "sqlbuild-python"
-version = "0.231.0"
+version = "0.232.0"
 description = "The sqlbuild._native Python extension module."
 edition.workspace = true
 license.workspace = true
diff --git a/pyproject.toml b/pyproject.toml
index 504a57239..71d0a59b5 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -7,7 +7,7 @@ build-backend = "maturin"
 
 [project]
 name = "sqlbuild"
-version = "0.231.0"
+version = "0.232.0"
 description = "Typed, test-first SQL pipelines with local E2E testing"
 readme = "README.md"
 requires-python = ">=3.12,<3.15"
@@ -18,7 +18,7 @@ dependencies = [
   "polyglot-sql-chio==0.13.10",
   "pydantic-settings>=2,<3",
   "PyYAML>=6.0.2",
-  "sqlbuild-cli==0.231.0",  # x-release-please-version
+  "sqlbuild-cli==0.232.0",  # x-release-please-version
 ]
 
 [project.optional-dependencies]
diff --git a/uv.lock b/uv.lock
index 80270aa26..b42a86f29 100644
--- a/uv.lock
+++ b/uv.lock
@@ -4235,7 +4235,7 @@ wheels = [
 
 [[package]]
 name = "sqlbuild"
-version = "0.231.0"
+version = "0.232.0"
 source = { editable = "." }
 dependencies = [
     { name = "duckdb" },