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Probably from the releasing of a balloon as a signal for an event to begin, possibly popularized by the use of balloons by the British Army during World War I (1914–1918) as a signal for artillery fire to commence.
― When is your job interview? ― The balloon goes up at 10 tomorrow.
1909, Putnam's Magazine, quoted in OED ⎥ Oxford English Dictionary online, retrieved 22 August 2024:
‘You tell Alfonso..that one more break like that will give him a good swift start for Spain.’..‘In brief, Alfonso, cut out the musical extras or your balloon goes up.’
”Time’s up, my chickens!” “What time?” said Fanny. “Why, the truce, of course!” said Harry. “You’ve had your twenty-four hours and longer. After dinner tonight the balloon goes up.” And go up it did.
Mr. Addabbo. But TACFIRE, because it is big and noisy and radiates heat, is vulnerable. If the balloon goes up TACFIRE won't last long. It is also very old technology. / General Keith. What I am saying is if the balloon goes up tomorrow, we will have something over the next few years to greatly enhance the efficiency of our field artillery. I cannot tell you when we will be able to say when the balloon goes up we have got something that is that much better.
, Oxford: Oxford University Press, December 2022.
