Updated: June 6, 2015 7:32 PM ET | Originally published: June 5, 2015 4:01 PM EDT

Now that American Pharoah is the first Triple Crown winner in decades after Saturday’s Belmont Stakes victory, his value could skyrocket to as much as $100 million over the next few years.

While American Pharoah had already won millions from wins in top-tier races like the Kentucky Derby and Preakness, his real moneymaking abilities will come from his stud fee. Owners of female horses pay stud fees to owners of male horses for the right to breed the animals. A proven track record helps boost racehorses’ stud fees to sometimes astronomical sums, especially if their offspring become winners, too.

Still, it’s hard to put an exact value on American Pharoah’s stud fee just yet. The figure may range from $100,000 to $150,000, according to Reiley McDonald, with Eaton Sales, a thoroughbred consulting firm.

“At the end of the day, the real money in these horses is when they become proven stallions, [which] have offspring that are running in the top races,” McDonald told the International Business Times. “People then pay multiples of the starting fee when they started off the race track.”

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