Firefly Aerospace (NASDAQ:FLY) fell 15.4% in afternoon trading on Friday as the euphoric trading on the first day of the IPO wore off a bit. Shares were swapping hands at $51.01, which is still far above the original expectation range that the IPO would be priced between $35 and $39,

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.

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.