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Test planning can, and must, start very early, in fact in parallel to the early phases of software development (i.e., requirements management and design), even if at that time not all information necessary for the completion of the planning is available (see, in particular, the W-model in section 3.4).
Begin test planning early.
Since further test cycles and test planning phases follow, the first draft test plan can be completed and substantiated in steps. Based on planning data that is already stable, additional activities such as setting up the test environment, drafting the specification, and even partly automating tests may be started.
The test team wins time and can ideally start test execution as soon as the first test objects are available.