skyrocket /ˈskaɪˌɹɒk.ɪt/noun 3verb 2forms 3 noun3 •A type of firework that uses a solid rocket engine to rise quickly into the sky where it emits a variety of effects such as stars, bangs, crackles, etc. •(UK, slang) A pocket. •A rebuke, a scolding. verb2 •To rise or increase suddenly and extremely; to shoot up; to surge or spike.The shortage caused prices to skyrocket. •(informal) To cause to increase suddenly and extremely.This is an area you'll have to work out in precise detail, as it's the area most likely to skyrocket your costs—or, without careful planning, leave you with thirsty guests. — 2014 formsskyrocketed · skyrocketing · skyrockets