** Oppenheimer initiates coverage of SpaceX SPCX.O with 'outperform' rating and $190 PT, just ahead of its expected record-breaking IPO

** Elon Musk's rocket and satellite maker seeking up to about $1.8 trillion valuation by raising $75 billion at $135 in IPO anticipated to price later Thursday for a Nasdaq debut on Friday

** Oppenheimer becomes the first brokerage to start coverage on SPCX, saying it sees co as "the only vertically-integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent"

** "We note significant regulatory, technology, execution, keyman and investor expectation risks remain and that thermal management of chips for space applications in space within four years appears challenging. However, its space infrastructure appears structurally advantaged," Oppenheimer wrote in note to clients

** SPCX could address a $10 trillion total addressable market by 2035, Oppenheimer says, but cautions that critical enabling-technology commercialization for space-based data centers remains uncertain

** Oppenheimer says SPCX's Starship rocket is crucial for success, and it expects growth to accelerate in 2027E as it enters commercial service and as AI LLMs/infrastructure begin to gain market traction