<?xml version="1.0" encoding="UTF-8"?><!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com --><!-- Created: Fri Feb 13 14:58:15 UTC 2026 --><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:common="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001304857</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>5</amendmentNo>
      <securitiesClassTitle>Class A Ordinary Shares, par value $0.0001</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002015502</issuerCik>
        <issuerName>Launch One Acquisition Corp.</issuerName>
        <issuerCusip>G5S86M100</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <common:street1>180 Grand Avenue, Suite 1530</common:street1>
          <common:city>Oakland</common:city>
          <common:stateOrCountry>CA</common:stateOrCountry>
          <common:zipCode>94612</common:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>MMCAP International Inc. SPC</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1480000</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1480000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1480000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>MM Asset Management Inc.</reportingPersonName>
      <citizenshipOrOrganization>A6</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1480000</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1480000</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1480000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Launch One Acquisition Corp.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>180 Grand Avenue, Suite 1530, Oakland, CA 94612</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>i) MMCAP International Inc. SPC
ii)  MM Asset Management Inc.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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</principalBusinessOfficeOrResidenceAddress>
        <citizenship>i) Cayman Islands
ii)  Ontario, Canada</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>1,480,000</amountBeneficiallyOwned>
        <classPercent>6.4%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>1,480,000</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>1,480,000</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 99.1 Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>MMCAP International Inc. SPC</reportingPersonName>
      <signatureDetails>
        <signature>Ulla Vestergaard</signature>
        <title>Director</title>
        <date>02/12/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>MM Asset Management Inc.</reportingPersonName>
      <signatureDetails>
        <signature>Hillel Meltz</signature>
        <title>President</title>
        <date>02/12/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
