By Manya Saini (Reuters) -Firefly Aerospace shares fell 11% in morning 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) primary revenue stream comes from launching small-to-medium payloads to low Earth orbit on the Alpha rocket at a fee of roughly $15 million per launch. The Texas-based company is looking to fill a market gap for dedicated launches of payloads too large for small rockets but not economical for heavy-lift providers.

Firefly Aerospace stock dipped after hours but stayed strong overall, backed by its recent IPO success and historic moon landing.