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skyrocket (n.)

1680s, type of firework, from sky (n.) + rocket (n.2). The verb, in the figurative sense of "to rise abruptly and rapidly" (often with suggestion of 'and then explode and vanish'") is attested from 1895.

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Definitions of skyrocket from WordNet
1
skyrocket (n.)
propels bright light high in the sky, or used to propel a lifesaving line or harpoon;
Synonyms: rocket
skyrocket (n.)
sends a firework display high into the sky;
Synonyms: rocket
2
skyrocket (v.)
shoot up abruptly, like a rocket;
prices skyrocketed
Synonyms: rocket
From wordnet.princeton.edu