At least three of Bytedance’s major investors have marked up the TikTok-owner’s valuation to more than US$400 billion (HK$3.12 trillion), a sharp rebound for a Chinese social video leader that has been threatened with a US shutdown.

SoftBank Group’s Vision Fund revalued the company to north of US$400 billion in December, factoring in potential for its artificial-intelligence business Doubao, according to people familiar with the matter. Investing giants Fidelity Investments and T. Rowe Price have also marked up ByteDance, valuing it at above US$410 billion and US$450 billion, respectively, according to Bloomberg calculations based on November filings to the US Securities and Exchange Commission.

SoftBank’s methodology puts zero value on TikTok’s US operations, because the popular video app was supposed to be shut down in the country. If the business escapes such a fate, that would clear the way for more upside in ByteDance’s valuation, said one of the people, who asked not to be named as the information isn’t public. The decision to revalue ByteDance is also based on strong revenue growth last year.

SoftBank declined to comment, while a representative for ByteDance didn’t respond to an emailed inquiry. Fidelity said the firm doesn’t comment on individual companies or Fidelity funds’ investment decisions. A representative for T. Rowe Price said the firm does not comment on valuations of private companies in which it invests, while “valuation activities are separate and independent from investment management.”