Firefly Aerospace soared in its public market debut Thursday, beginning trading at $70, over 55% higher than its IPO price. The Cedar Park-based company secured a $9.8 billion valuation.

Firefly Aerospace shares fell 9% in premarket trading on Friday, in what was perceived as a normal market swing, but the space tech firm's robust debut highlighted renewed investor appetite for high-growth listings.

Firefly Aerospace's ( FLY) stock is sputtering, just one day after its trading debut, when enthusiasm for the new listing sent shares soaring. The space company's stock was down 13% to about $52 Friday afternoon, wiping out more than half its gains in its first day of trading yesterday.