Elon Musk, CEO of Tesla, SpaceX, and several other ventures, has made history by becoming the first person in the world to reach a net worth of $600 billion, according to Forbes.

The milestone follows a surge in the valuation of his privately held rocket company, SpaceX, which is currently valued at around $800 billion. Musk owns approximately 42% of SpaceX, a stake that accounts for the largest portion of his wealth.

Analysts estimate that Musk’s total net worth may have climbed even higher, reaching about $677 billion, surpassing any other billionaire in history by a record margin. His wealth is also supported by his significant holdings in Tesla and other tech ventures, including artificial intelligence projects.

Experts say this historic achievement reflects the impact of private-market valuations and positions Musk as a potential candidate to become the world’s first trillionaire in the near future.