I'm with you that 32x feels insane, but these are crazy times and Okta presumably had to pay a premium to take Auth0 off the market. With those stats and a compelling story (developer tools) they were probably expecting a great IPO in this market. Assuming a 20% premium to take them off the market, 32x doesn't seem that crazy with many public companies trading at 25x or more.

But yeah... it does feel a little bit like that moment where you go over the top of a roller coaster...