a rocket firework that ascends into the air and explodes at a height, usually in a brilliant array of sparks of one or more colors.
Also called scarlet gilia. a plant, Ipomopsis aggregata, of the phlox family, native to western North America, having finely divided leaves and clusters of red, trumpet-shaped flowers.
an organized group cheer, usually led by a cheerleader, as at a football or basketball game, which begins with a hissing or whistling and ends with a shout.
verb (used without object)
to rise or increase rapidly or suddenly, especially to unexpected or unprecedented levels: Prices skyrocketed during the war.
verb (used with object)
to cause to rise or increase rapidly and usually suddenly: Economic changes have skyrocketed prices.
to thrust with sudden dramatic advancement; catapult: Talent has skyrocketed him to fame.

1680–90; sky + rocket1 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
skyrocket (ˈskaɪˌrɒkɪt)
1.  another word for rocket
2.  informal (intr) to rise rapidly, as in price

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1688, from sky + rocket. The verb, in the fig. sense of "to rise abruptly and rapidly," is attested from 1895.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
As it happens, that was also when the value of college degrees began to
Meanwhile, as consumers become more and more technically savvy, enrollments at
  online universities will continue to skyrocket.
For instance, unpredictable desert rains cause vegetation blooms, which in turn
  makes locust populations skyrocket.
Today we're seeing glaciers retreat and water temperatures skyrocket.
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