Launch One Acquisition (LPAA) investors report 6.4% passive ownership stake

Rhea-AI Filing Summary

Launch One Acquisition Corp. received an updated beneficial ownership report from MMCAP International Inc. SPC and Asset Management Inc. The reporting persons together beneficially own 1,480,000 Class A ordinary shares, representing 6.4% of the class, with shared voting and dispositive power over all of these shares.

The filing states they hold no sole voting or dispositive power and certifies the holdings were not acquired to change or influence control of the company, but as passive investments under the Schedule 13G framework.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Launch One Acquisition Corp.

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001

(Title of Class of Securities)

G5S86M100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G5S86M100

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,480,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G5S86M100

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,480,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Launch One Acquisition Corp.
(b)	Address of issuer's principal executive offices: 180 Grand Avenue, Suite 1530, Oakland, CA 94612
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001
(e)	CUSIP No.: G5S86M100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,480,000
(b)	Percent of class: 6.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,480,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,480,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	02/12/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	02/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What stake in Launch One Acquisition Corp. (LPAA) is reported in this Schedule 13G/A?

The filing reports that the investors beneficially own 1,480,000 Class A ordinary shares of Launch One Acquisition Corp., representing 6.4% of that share class. This reflects a significant but minority ownership position exceeding the 5% disclosure threshold.

Who are the reporting persons in the Launch One Acquisition Corp. (LPAA) Schedule 13G/A?

The reporting persons are MMCAP International Inc. SPC, organized in the Cayman Islands, and Asset Management Inc., based in Ontario, Canada. Both entities jointly report their beneficial ownership of Launch One Acquisition Corp.’s Class A ordinary shares.

How much voting power do the reporting persons have in Launch One Acquisition Corp. (LPAA)?

The reporting persons have shared voting power over 1,480,000 Class A ordinary shares and no sole voting power. They also share dispositive power over the same number of shares, indicating decisions are made jointly rather than individually.

Is the 6.4% holding in Launch One Acquisition Corp. (LPAA) intended to influence control?

The certification explicitly states the securities were not acquired and are not held for the purpose or effect of changing or influencing control of Launch One Acquisition Corp. The position is reported under a passive ownership framework consistent with Schedule 13G requirements.

What class of securities of Launch One Acquisition Corp. (LPAA) is covered by this Schedule 13G/A?

The filing covers Class A Ordinary Shares of Launch One Acquisition Corp., each with a par value of $0.0001. The reported beneficial ownership and percentage relate specifically to this class, identified by CUSIP G5S86M100.

What key ownership details are disclosed about LPAA in Item 4 of the Schedule 13G/A?

Item 4 discloses beneficial ownership of 1,480,000 Class A ordinary shares, representing 6.4% of that class. It clarifies there is no sole voting or dispositive power, only shared voting and shared dispositive power over all reported shares.