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.

The space tech firm, which debuted on the Nasdaq today, boasts the only commercial vehicle to have successfully landed on the moon. Update Thursday, 3:14 p.m.: