That would work...
I've also heard "it's gone atmospheric", and "it let the smoke out".
I'm sure more will be added soon.
Sorry for your misfortune; BTDT, and only humor & sarcasm let me keep some perspective...
I'm not sure that was OP's misfortune, but it definitely was Elongated Muskrat's rocket that had to be self-destructed after boosters failed and it went off course, losing altitude. That is the term they used