Only the first one is correct, but is past tense. The second one is just simply incorrect.
To make a present tense expression, you would probably say, "Wow! She is growing up so fast!"
Both of these expressions would be used. For example, I knew my niece very well when she was a baby. We were away from each other for 20 years. It seemed like a short time, but when I saw her again, she was an adult. My expression was, "Wow! That doesn't seem possible! She grew up so fast!"
If I see my other niece who is now 9 years old, she is not yet an adult. In this case, I would use an expression like "Wow! She is growing up so fast!"