[SCHEDULE 13G/A] Launch One Acquisition Corp. Unit SEC Filing

Rhea-AI Filing Summary

Launch One Acquisition Corp. is reported to have 1,480,000 Class A ordinary shares held by MMCAP International Inc. SPC and MM Asset Management Inc., equal to 6.44% of the class based on a 23,000,000 share base disclosed in the filing. The reported position shows no sole voting or dispositive power and shared voting and dispositive power over the 1,480,000 shares.

The filers include their place of organization and the issuer's CUSIP; they certify the securities were not acquired to change or influence control of the issuer, consistent with a passive Schedule 13G disclosure.

Insights

Financial Analyst

TL;DR: A named investor group holds a material passive stake of 6.44% in LPAAU with shared voting rights; no sole control is claimed.

The filing discloses an aggregate beneficial ownership of 1,480,000 Class A shares representing 6.44% of the outstanding class based on 23,000,000 shares. The record shows shared voting and dispositive power and explicitly reports zero sole voting or dispositive power, indicating joint control rather than unilateral influence. The certification that the securities were not acquired to change control aligns this filing with passive investor reporting under Schedule 13G.

Corporate Governance Expert

TL;DR: Disclosure signals a material passive holder with shared authority; governance impact appears limited by lack of sole control.

The report names MMCAP International Inc. SPC and MM Asset Management Inc. as reporting persons and documents their shared voting/dispositive power over 1,480,000 Class A shares (6.44%). Because the filers claim no sole voting or dispositive power and certify no intent to influence control, this position is presented as a passive stake. For governance considerations, shared power can still matter in coalition scenarios, but the filing itself records no unilateral control rights.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Launch One Acquisition Corp.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G5S86M100

(CUSIP Number)

06/30/2025

(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)

6.44 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * Consist of 1,480,000 Class A ordinary shares of the Issuer. ** The percentages used herein are calculated based on 23,000,000 shares outstanding of the Issuer, as reported in the Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025.

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)

6.44 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * Consist of 1,480,000 Class A ordinary shares of the Issuer. ** The percentages used herein are calculated based on 23,000,000 shares outstanding of the Issuer, as reported in the Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025.

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, CALIFORNIA 94612
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(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: 6.44 %
(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.
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:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025