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'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.