On Friday, the stock gave up $10 of yesterday's gains, and closed closer to $50. Firefly stock remains a very expensive space IPO. Firefly Aerospace (NASDAQ: FLY), the Nasdaq exchange's newest space stock, went public at $45 on Thursday and quickly surged to close its first abridged day of trading up 34.1% at $60.35.

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.

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.