ByteDance’s valuation trajectory reflects sustained investor appetite for its AI infrastructure buildout, anchored by the $29.6 billion syndicated loan closed in early September to fund data centers and chips. Secondary-market marks have climbed from the $330 billion tender level set in August 2025, with implied valuations recently cited between $370 billion and $600 billion amid continued tender activity and a new Primavera continuation vehicle drawing interest from ADIA and Coller Capital. With resolution due October 31, near-term price discovery hinges on any fresh secondary prints or fund marks before month-end rather than a formal primary round, as regulatory scrutiny on TikTok and broader AI capital deployment continue to shape sentiment.