In the saheeh hadeeth (authentic narration) about the virtues of tasbeeh (glorifying Allah), it says that this is a phrase for which a palm tree is planted in Paradise.
It was narrated from Jabir (may Allah be pleased with him) that the Messenger of Allah (peace and blessings of Allah be upon him) said:
“Whoever says Subhan Allah il ‘azeem wa bi hamdihi (Glory and praise be to Allah, the Almighty), a palm tree will be planted for him in Paradise.”
Narrated by al-Tirmidhi (3464) who said: This is a hasan saheeh ghareeb hadeeth, which we know only from the hadeeth of Abu’l-Zubayr from Jabir (may Allah be pleased with him). And al-Mundhiri said (2/347): Its isnad (chain of transmission) is jayyid (good). It was classed as hasan (sound) by al-Hafiz Ibn Hajar in Nataij al-Afkar (1/104). It was classed as saheeh (authentic) by al-Albani in al-Silsilah al-Saheehah (hadeeth no. 64).
SOURCE: ISLAMQA (https://islamqa.info/en/answers/107258/virtue-of-saying-subhan-allah-wal-hamdu-lillah)