Index: wp-includes/formatting.php
===================================================================
--- wp-includes/formatting.php	(revision 35557)
+++ wp-includes/formatting.php	(working copy)
@@ -3749,10 +3749,10 @@
 			break;
 
 		case 'siteurl':
-			$value = $wpdb->strip_invalid_text_for_column( $wpdb->options, 'option_value', $value );
 			if ( is_wp_error( $value ) ) {
 				$error = $value->get_error_message();
 			} else {
+				$value = $wpdb->strip_invalid_text_for_column( $wpdb->options, 'option_value', $value );
 				if ( preg_match( '#http(s?)://(.+)#i', $value ) ) {
 					$value = esc_url_raw( $value );
 				} else {