Shares in Firefly Aerospace climbed 34% in their public debut, marking the next evolution for a company that survived bankruptcy and turmoil to develop its own fleet of rockets and successfully land a private spacecraft on the moon.

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,