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A term used to generate hype over a large and sudden increase in value of a good or service.
Example

News Anchor: Breaking news as Uber stocks SKYROCKET as much as 40% in value this morning. Stocks are expected to continue increasing as a result of the hype generated by this breaking news, at which point I will certainly be dumping my personal Uber stocks in the future for a profit.
Skyrocket by Jackwerks01 April 8, 2020

skyrocket surprise 

when you pull out of a woman before ejaculating and lay down, and the woman rubs the penis between her buttcheeks. then, as you are about to cum, you tell her to get underneath you and you jack off into the air, attempting to shoot in an arc into her mouth.
"So Jenalee, how about a skyrocket surprise for dinner?"
skyrocket surprise by Revan January 25, 2006

JUUL In My Pocket Grades Go SkyRocket 

All the A++++ nerds have A JUUL in their pocket
Me:Brudda u r so smart how?
Friend: Oh it’s because of my JUUL
Friend: JUUL IN MY POCKET GRADES GO SKYROCKET

to skyrocket 

to rise extremely quickly or make quick progress
to skyrocket by Anonymous June 8, 2003

Armenian Skyrocket 

When having sex with someone, you lay down and throw them up in the air and have them land on your dick multiple times. You then throw them up in the air when you're about to cum and jizz to make it look like exhaust coming out of their ass.
Dude I totally did the Armenian Skyrocket with that chick last night.

to skyrocket 

to prematurely ejaculate
He couldn't satisfy her because he skyrocketed
to skyrocket by Sweet Sugar April 23, 2004