Analysts at Morgan Stanley believe that Elon Musk could become the world's first trillionaire. Musk, who is the world's richest person, is currently worth an estimated $241 billion.

Adam Jones, an analyst at the investment bank, said Musk will likely hit the wealth milestone not because of his electric car company, Tesla, but because of his still fledgling space business, SpaceX.

Jones said that while SpaceX is still relatively small, the way it was managed to challenge the preconceived notion of what is possible in the space industry could catapult it to become one of the most valuable companies in the world. Currently, SpaceX is estimated to be worth around $100 billion, which is significantly small when compared to Telsa's current $850 billion market valuation.

Jones noted that SpaceX's ability to push the envelope when it comes to its launch schedules, rockets and growing infrastructure makes it unique in the industry.

"More than one client has told us if Elon Musk were to become the first trillionaire ... it won't be because of Tesla. Others have said SpaceX may eventually be the most highly valued company in the world - in any industry," Jones said in a statement.

While talking to one of his clients, Jones said that they had compared SpaceX's influence in the space industry to how Google had transformed the internet. Jones speculated that SpaceX's Starship reusable rockets could significantly change how we view space travel and it could one day make space tourism and space mining more accessible to individuals and companies.

SpaceX was last valued during a secondary share sale earlier in the month at around $100 billion. Jones estimates that the privately held company could be worth as much as $200 billion and its value is expected to only rise higher as more companies join the space industry. Musk currently owned an estimated 48% of SpaceX, which means that the company's growth is directly tied to his own fortune.

Musk overtook Amazon's Jeff Bezos as the world's richest person in January. He later lost that position but then gained it back later in the year. According to Bloomberg's billionaire's index, Musk is currently around $42 billion richer than Bezos, who lost a portion of his fortune after he got divorced from his wife, McKenzie Bezos.