Actually i bulild first a colonize-cap-ship and second a battle-cap-ship... it takes around 20 min from start to get this... afterwards i group them and colonize the first planets with those.. (versus AI not MP)
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You really shouldn't be waiting for 20minutes until you go off and your first capture planets.
Build the captial ship facility immediately (I build it before I build the final 2 extractors at my homeworld), then get a cap ship out. With this cap ship you can conquer the asteroid that will always border your homeworld, and (probably, depending on resistance) one or two other planets also.
If you're sat in your home system waiting to get 3,000 credits and 400 metal for a new cap ship, well, your enemy will be expanding his economy instead.