ok, i think i found your problem. you're missing the Shockwave count flag. it should seem something like this:
$Name: Giant Asteroid
$Short name: GAsteroid
$Species: Terran
$POF file: Planetoid.pof
$Detail distance: (0, 5000, 25000)
$Show damage: YES
$Density: 1
$Damp: 0.2
$Rotdamp: 0.2
$Max Velocity: 0.0, 0.0, 25.0
$Rotation time: 0.0, 0.0, 0.0
$Rear Velocity: 0.0
$Forward accel: 20.0
$Forward decel: 10.0
$Slide accel: 0.0
$Slide decel: 0.0
$Expl inner rad: 700.0
$Expl outer rad: 8000.0
$Expl damage: 1000.0
$Expl blast: 8500.0
$Expl Propagates: YES ;; If set to Yes, then when the ship dies, the explosion propagates through it.
$Shockwave Speed: 750.0 ;; speed shockwave expands at, 0 means no shockwave
$Shockwave Count: 3 [Do spaces count? I forget, haven't dabbled in tables for a while.]
$Default PBanks: ()
$Default SBanks: ()
$SBank Capacity: ()
$Shields: 0
$Power Output: 100.0
$Max Oclk Speed: 8.0
$Max Weapon Eng: 0.0
$Hitpoints: 1000000
$Flags: ("big damage" "supercap")
$AI Class: Captain
$Afterburner: NO
$Countermeasures: 0
$Scan time: 20000
$EngineSnd: -1 ;; Engine sound of ship
$Closeup_pos: 0.0, 1.0, -14
$Closeup_zoom: 0.5
plus i scaled down the hitpoints to colossus HP. i think that might have been the problem as well. if not, go ahead and leave it at the original HP.