Elon Musk has made history by becoming the first person ever to surpass a net worth of $600 billion. As of Monday afternoon, Forbes estimates his wealth at an incredible $677 billion, solidifying his position as the world's richest individual.

The primary factor behind this remarkable rise is Musk's private space exploration company, SpaceX. Earlier this month, SpaceX completed a tender offer that valued the company at a staggering $800 billion, doubling its valuation from $400 billion just a few months prior. With Musk owning approximately 42 percent of the company, the increase in SpaceX's value alone has added roughly $168 billion to his personal fortune.

Investors believe this is just the beginning. SpaceX is reportedly preparing for a potential initial public offering (IPO) in 2026, with projections suggesting the company could be valued at as much as $1.5 trillion. If that occurs, Musk may become the world's first trillionaire, even without accounting for potential gains from his other ventures.

Currently, SpaceX is Musk's most valuable asset, contributing an estimated $336 billion to his wealth. This surpasses the value of his stake in Tesla, where his roughly 12 percent holding is valued at about $197 billion. His controversial 2018 pay package as Tesla CEO, which was voided by a Delaware judge earlier this year and is still under appeal, has been discounted by Forbes to about $69 billion for now.

Another significant contributor to Musk's fortune is xAI Holdings, an artificial intelligence company that merged with his social media platform, X, earlier this year. xAI Holdings is reportedly seeking funding at a $230 billion valuation, and Musk owns approximately 53 percent of the company, giving him an estimated $60 billion stake in this rapidly growing AI venture.

With a lead of around $425 billion over the world's second-richest person, Google co-founder Larry Page, Musk is not only maintaining his top position but also extending it further. At this rate, observers note that Musk appears to be closing in on the $700 billion mark, rather than facing any serious challenge to his status as the world's wealthiest person.