Other forms: rockets; rocketed; rocketing
A rocket is a space vehicle or missile, or the special engine that's meant to propel such a vehicle into the air. You can even get a model rocket that's small enough to shoot off in your backyard.
A rocket or rocket engine uses thrust to propel something toward the sky, whether it's a spacecraft that will orbit the Earth or a bottle rocket that will explode overhead. You can use the word as a verb, too, to mean "move or rise up rapidly": "The startled pheasant rocketed out of the brush and disappeared into the trees." It can also be used figuratively to mean "increase rapidly": "The company's stock price rocketed after the announcement of the new CEO."