In fireworks these things are called girandolas. And this Thai amateur spinning wheel rocket is amazingly cool!
They are large horizontal wheels that rotate quickly enough to rise into the air. Once it reaches its peak, it usually explodes or shoots flaming stars. Awesome!
Wow! Now that was a big bamboo rocket! Most of the time girandolas are launched and the burning wreckage free-fall to earth. This one was so huge they needed a parachute.
And actually, I am glad it had a parachute because they have earned the nickname of ‘crowd finder’ for what should be obvious reasons. Here what it looks like at night: