Entry 2 senses · 2 variants Webster, 1913 skyrocket /(skī"rŏk`ĕt)/ · sky·rock·et · IPA /ˈskaɪˌɹɒk.ɪt/ n. v. i. 01 n. A rocket that ascends high and burns as it flies; a species of fireworks. 1. A rocket that ascends high and burns as it flies; a species of fireworks. 02 v. i. To rise rapidly; -- usually used figuratively, as of prices. 1. To rise rapidly; -- usually used figuratively, as of prices.