New York, New York - Elon Musk, CEO of Tesla Motors, could become the first trillionaire in the world with SpaceX, according to a Morgan Stanley analyst.

Musk is already the richest person in the world, with his current wealth valued at $241 billion.

The bulk of Musk's fortune comes from his electric vehicle company Tesla, but with the ascent of SpaceX in the space travel and tourism business, experts say it is just a matter of time before Musk grabs the tag of the first trillionaire in the world.

Adam Jones, an analyst of Morgan Stanley, said that from its very beginning in 2002, SpaceX has been "challenging any preconceived notion of what was possible and the timeframe possible, in terms of rockets, launch vehicles and supporting infrastructure."

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"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," said Jones in his note titled, SpaceX Escape Velocity ... Who Can Catch Them?

SpaceX has transformed the way the world looks at space exploration. What used to be a rare occurrence and a subject of intense training, years of dedication, and a huge amount of luck, has become like just another pastime for the rich and influential in the last couple of months.

This has a lot to do with SpaceX, as it is the first company to come up with the idea of reusable rockets.

With the concept of reusable rockets now very much the reality, the expense of space travel has also been reduced significantly, and it is well within the budget of "the one percent."

Jones sees SpaceX as a company that can lead multiple niches – space infrastructure, deep space exploration, and earth observation being just some of them. The Starlink satellite internet project will also prove to be a key fixture in the company's growth.

SpaceX was valued at $100 billion in a recent secondary share sale earlier this month, but Jones values SpaceX at $200 billion.

Musk owns 48% of SpaceX, so for him to take off as a trillionaire is a far cry as of now. But if recent Tesla growth is anything to go by, it is surely not a thing of dreams.