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.

After several big IPOs including Figma last week, the IPO market stayed hot with Firefly Aerospace, which is now approaching a $10 billion valuation out of the gate. I would categorize space as one of the hot sectors, along with artificial intelligence, crypto, and quantum computing, that investors can't seem to get enough of.

Firefly IPO helped raise $868.3 million in the year's biggest U.S. space listing, marking a striking comeback for a company that filed for bankruptcy in 2017.