Oppenheimer became the first global brokerage to start coverage of SpaceX, ahead of the rocket and AI company's highly anticipated $75 billion market debut on Friday.The brokerage issued an "outperform" rating and set a price target of $190, implying an upside of nearly 41% to SpaceX's IPO price of $135.The $190 price target ‌means Oppenheimer ⁠expects SpaceX, which ⁠is aiming for a $1.75 trillion valuation at its debut, to notch a market capitalization of about $2.5 trillion in the next 12-18 months.Earlier this month, Morningstar analysts pegged SpaceX's valuation at $780 billion, less than half of what the Elon Musk-led company is reportedly targeting in its IPO."We see it as the only vertically-integrated AI company with the ⁠required capital, ‌data, LLMs, hardware, manufacturing and engineering talent," Oppenheimer analyst Timothy Horan said in a note published on Thursday.Also Read | SpaceX's blockbuster IPO could turn more than 4,000 employees into millionaires. Here’s howHoran expects ⁠the Starlink satellite internet service to be the main cash generator, and SpaceX's AI business, including xAI, to become the largest contributor over time.Oppenheimer said the company's long-term strategy hinges on deploying low-cost, large-scale infrastructure, including orbital data centers and satellite networks, addressing a potential market worth $10 trillion by 2035.Horan also noted that an eventual merger with Tesla was "plausible", but believes both ‌companies will "remain a quasi-vertically integrated ecosystem" to maintain access to capital.Unlike the IPO's underwriters, which must observe a post-listing quiet period before initiating research coverage, brokerages ⁠outside the syndicate face no such restrictions and can publish their views on the stock shortly before or immediately after its market debut.Also Read | US stock market live updates: US futures rise on tech rebound, easing Middle East tensionsJ.P. Morgan, Goldman Sachs and Morgan Stanley are among the more than a dozen underwriters for the IPO.Horan expects "an initial demand/supply imbalance on SPCX shares given broad retail demand and accelerated index inclusion," following the market debut.