The largest pot ever was a $656 Mega Millions prize won in March 2012. The previous Powerball jackpot record was $587.5 million in November 2012.
The prize grew overnight from $550 million, raising the pre-tax cash value to $376.9 million.
Officials have said the numbers are increasing more rapidly since the price of lottery tickets was raised from $1 to $2.
Also, California just began offering Powerball tickets in April. The state now accounts for 11 percent of the game's national sales, according to USA TODAY.
ABC News says the odds of winning the grand prize are one in 175,223,510.
The record-breaking pot begs the question: Is this the rare time where it makes economic sense to buy a lottery ticket? The Wall Street Journal answers: "No. No it is not."
The jackpot is expected to continue to grow before Saturday's drawing. Tickets are available until 9 p.m. Saturday.