<SEC-DOCUMENT>0001213900-26-034711.txt : 20260326
<SEC-HEADER>0001213900-26-034711.hdr.sgml : 20260326
<ACCEPTANCE-DATETIME>20260326160619
ACCESSION NUMBER:		0001213900-26-034711
CONFORMED SUBMISSION TYPE:	425
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260326
DATE AS OF CHANGE:		20260326

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Launch One Acquisition Corp.
		CENTRAL INDEX KEY:			0002015502
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		425
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42173
		FILM NUMBER:		26798135

	BUSINESS ADDRESS:	
		STREET 1:		180 GRAND AVENUE  SUITE 1530
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
		BUSINESS PHONE:		5106929600

	MAIL ADDRESS:	
		STREET 1:		180 GRAND AVENUE  SUITE 1530
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Launch One Acquisition Corp.
		CENTRAL INDEX KEY:			0002015502
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		425

	BUSINESS ADDRESS:	
		STREET 1:		180 GRAND AVENUE  SUITE 1530
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
		BUSINESS PHONE:		5106929600

	MAIL ADDRESS:	
		STREET 1:		180 GRAND AVENUE  SUITE 1530
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
</SEC-HEADER>
<DOCUMENT>
<TYPE>425
<SEQUENCE>1
<FILENAME>ea0283519-8k425_launch.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
<B>March 20, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>LAUNCH ONE ACQUISITION CORP. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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    <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-42173</B></FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-1781481</B></FONT></TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer<BR>
Identification No.)</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>180 Grand Avenue, Suite 153<BR>
Oakland, CA </B></FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>94612</B></FONT></TD></TR>
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    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
area code: (<B>510 )692-9600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable<BR>
</B>(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section&#160;12(b)
of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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    <TD STYLE="width: 2%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; white-space: nowrap; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Each Exchange on Which<BR>
Registered</B></FONT></TD></TR>
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    each consisting of one Class A ordinary share and one-half of one redeemable warrant</FONT></TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPAAU</FONT></TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPAA</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Nasdaq </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Market LLC</FONT></B></TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants,
    each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LPAAW</FONT></TD>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Nasdaq </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Market LLC</FONT></B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&#160;&#9746;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.03 Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 20, 2026, Launch
One Acquisition Corp. (the &#8220;<FONT STYLE="text-decoration: underline">Company</FONT>&#8221;), entered into a Working Capital Promissory Note (the &#8220;<FONT STYLE="text-decoration: underline">Working Capital
Note</FONT>&#8221;) with Launch One Sponsor, LLC (the &#8220;<FONT STYLE="text-decoration: underline">Sponsor</FONT>&#8221;), the sponsor of the Company, pursuant to which the Sponsor
may loan up to $1,000,000 to the Company in up to three tranches in substantially the same amounts and on substantially the same terms
as the loans under that certain agreement, between the Sponsor and Keystone Capital Partners, LLC (&#8220;<FONT STYLE="text-decoration: underline">Keystone</FONT>&#8221;), as
agent for the lenders party thereto (the &#8220;<FONT STYLE="text-decoration: underline">Lenders</FONT>&#8221; and such agreement, the &#8220;<FONT STYLE="text-decoration: underline">Credit Agreement</FONT>&#8221;),
including an initial loan to the Company of $500,000 upon execution and two additional loans of $250,000 each (in the case of the Working
Capital Note, at the Sponsor&#8217;s sole election) in the event that the Company (A) enters into a letter of intent, memorandum of understanding
or other agreement with respect to the Company&#8217;s initial business combination or (B) calls a shareholder meeting to extend its deadline
to consummate its initial business combination, (ii) an original issue discount of 20% on each loan, such that the principal amount of
each loan is 125% of the amount borrowed, (iii) annual interest of 8%, with a default interest rate of an additional 18% (for a total
of 26%), to the maximum extent permitted by applicable law, (iv) a prepayment penalty of 10% (and in the case of the Working Capital Note,
only to the extent with the written consent of the Sponsor), (v) a maturity date for all such loans, interest and other obligations under
the Working Capital Note of the consummation of the Company&#8217;s initial business combination or the effective date of the winding
up of the Company (or if earlier, upon an event of default), and (vi) an obligation to reimburse the Sponsor for its expenses in connection
with obtaining the funds for the initial loan under the Working Capital Note (up to $25,000 to be withheld at the funding of the initial
loan, which will be used to reimburse Keystone for its expenses under the Credit Agreement) and for any expenses of the Sponsor in connection
with any refinancing of the debt or the enforcement of the Working Capital Note and for any reimbursement or indemnification obligations
of the Sponsor under the Credit Agreement and related documents, subject in each case to a cap of $20,000 per occurrence (other than with
respect to indemnification obligations), which expense reimbursement obligations will be taken out of the proceeds of any additional loans
under the Working Capital Note or otherwise upon the maturity date (or earlier event of default). In light of the Company&#8217;s limited
cash balance at year end, the Company&#8217;s board of directors and management determined to secure additional working capital through
the Working Capital Note to fund past and ongoing operational expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Working Capital Note does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement,
a copy of which is filed as an exhibit hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01 Other Events.</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Working
Capital Note, the Sponsor entered into the Credit Agreement, pursuant to which the Lenders agreed to provide loans to the Sponsor of up
to $1,000,000 in the aggregate, to be funded in up to three tranches, consisting of an initial loan of $500,000 and two additional loans
of $250,000 each (with such additional tranches subject to the consent of Keystone, not to be unreasonably withheld, delayed or conditioned),
in each case subject to the terms and conditions of the Credit Agreement. In connection with the Credit Agreement, the Sponsor also entered
into a Pledge Agreement (the &#8220;<FONT STYLE="text-decoration: underline">Pledge Agreement</FONT>&#8221;) with Keystone, pursuant to which the Sponsor pledged 2,932,500 Class
B ordinary shares of the Company (representing approximately 51% of the founder shares owned by the Sponsor), together with any proceeds
thereof (the &#8220;<FONT STYLE="text-decoration: underline">Pledged Collateral</FONT>&#8221;), as collateral to secure the obligations under the Credit Agreement. The loans under
the Credit Agreement are non-recourse to the Sponsor, and the Lenders&#8217; sole recourse in the event of a default is to foreclose upon
such Pledged Collateral, which would remain subject to the Company&#8217;s governing documents and applicable lock-up arrangements, including
the terms of the Letter Agreement, dated as of July 11, 2024, by and among the Company, the Sponsor and the other parties thereto (the
&#8220;<FONT STYLE="text-decoration: underline">Insider Letter</FONT>&#8221;). The Sponsor is required to use the proceeds of the loans under the Credit Agreement to fund loans
to the Company to pay for its expenses, including transaction expenses for future deals, amounts previously owed for prior business combination
efforts and for administrative expenses. The loans under the Credit Agreement mature upon the earlier of the Company&#8217;s initial business
combination or the Company&#8217;s liquidation. The Credit Agreement includes events of default for the Company&#8217;s failure to file
with the Securities and Exchange Commission by a certain agreed upon date a proxy statement to call for a Company shareholder meeting
to extend the Company&#8217;s deadline to consummate its initial business combination or for the Company&#8217;s failure to enter into
a definitive business combination agreement with a target company or business prior to a certain agreed upon date. However, the Credit
Agreement and Pledge Agreement solely bind the Sponsor and do not restrict the actions of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Sponsor and
Cantor Fitzgerald &amp; Co., as representative of the underwriters in the Company&#8217;s initial public offering, also entered into a
waiver letter pursuant to which the restrictions on transfers contained in the Insider Letter were waived solely to permit the pledge
of the Pledged Collateral and any transfer thereof upon enforcement of the related security interest, but with the Lenders taking such
Pledged Collateral subject to the terms of the Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 90%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea028351901ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working Capital Note dated as of March 20, 2026 by and between the Sponsor and the Company.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (embedded with the Inline XRBL document).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD COLSPAN="2"><B><FONT STYLE="background-color: white">LAUNCH ONE ACQUISITION CORP.</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: March 26, 2026</FONT></TD>
    <TD COLSPAN="2">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&#160;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Chris Ehrlich</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris Ehrlich</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer &#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea028351901ex10-1.htm
<DESCRIPTION>WORKING CAPITAL NOTE DATED AS OF MARCH 20, 2026 BY AND BETWEEN THE SPONSOR AND THE COMPANY
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps">This Promissory
Note (this &ldquo;<B><I>note</I></B>&rdquo;) has not been registered under the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities
Act</I></B>&rdquo;), or any state securities laws and may not be offered, sold, transferred, pledged or otherwise disposed of except pursuant
to an effective registration statement under the Securities Act or an available exemption from registration thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp; <U>Principal Amount</U>: <FONT STYLE="background-color: white"><B>Up to $1,250,000 </B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Issuance Date</U>:&nbsp;March 20, 2026</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Launch One Acquisition
Corp.</B>, a Cayman Islands exempted company (&ldquo;<B><I>Maker</I></B>&rdquo;), promises to pay to the order of <B>Launch One Sponsor
LLC</B>, a Delaware limited liability company, or its registered assigns or successors in interest (&ldquo;<B><I>Payee</I></B>&rdquo;),
the principal sum of up to One Million Two Hundred Fifty Thousand U.S. Dollars ($1,250,000), representing up to One Million U.S. Dollars
($1,000,000) in loans to be made by Payee to Maker from time to time pursuant to this Note, together with accrued interest thereon and
an original issue discount of twenty percent (20%), in lawful money of the United States of America, on the terms and conditions described
in this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.&nbsp;Loans
By Payee.</B> On the date hereof, the parties acknowledge that Payee has made a loan to Maker of Five Hundred Thousand U.S. Dollars ($500,000)
(the &ldquo;<B><I>Initial Loan</I></B>&rdquo;). The Initial Loan includes an original issue discount of twenty percent (20%), so that
the initial principal amount of this Note is Six Hundred and Twenty-Five Thousand U.S. Dollars ($625,000), and which Initial Loan is subject
to the terms and conditions of this Note. Prior to the Maturity Date, Payee may in its sole election make the following additional loans
to Maker:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;Two
Hundred Fifty Thousand U.S. Dollars ($250,000) in the sole election of Payee following Maker&rsquo;s entry into a letter of intent, memorandum
of understanding or other agreement with respect to Maker&rsquo;s initial business combination (as such term is described in the IPO Prospectus
(as defined below) (a &ldquo;<B><I>Business Combination</I></B>&rdquo;) (such additional loan, the &ldquo;<B><I>Business Combination Loan</I></B>&rdquo;),
which Business Combination Loan will include an original issue discount of twenty percent (20%), so that the principal amount for such
Business Combination Loan will be Three Hundred and Twelve Thousand Five Hundred U.S. Dollars ($312,500); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Two
Hundred Fifty Thousand U.S. Dollars ($250,000) in the sole election of Payee following Maker&rsquo;s calling of a shareholders meeting
of Maker to approve an extension of Maker&rsquo;s deadline to consummate its Business Combination (such additional loan, the &ldquo;<B><I>Extension
Loan</I></B>&rdquo; and together with the Business Combination Loan, the &ldquo;<B><I>Additional Loans</I></B>&rdquo;, and collectively
with the Initial Loan, the &ldquo;<B><I>Loans</I></B>&rdquo;), which Extension Loan will include an original issue discount of twenty
percent (20%), so that the principal amount for such Extension Loan will be Three Hundred and Twelve Thousand Five Hundred U.S. Dollars
($312,500).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the principal amount of a Loan is repaid to
Payee at any time, Payee shall not be required to provide any additional Loans to Maker hereunder with respect to such repaid amount.
All of the proceeds of the Loans hereunder shall be used by Maker solely for working capital purposes, including (i) to pay certain or
all of Maker&rsquo;s outstanding liabilities and obligations and/or to fund additional efforts by Maker with respect to a Business Combination
or an extension of Maker&rsquo;s deadline to consummate a Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.&nbsp;Repayment
of Principal Amount; Prepayment.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;The
outstanding principal amount of this Note (including any original issue discount reflected therein), together with all accrued but unpaid
interest, expense rembursement and other amounts payable hereunder (collectively, the &ldquo;<B><I>Obligations</I></B>&rdquo;), shall
become due and payable upon the earlier to occur of: (i) the date that a Business Combination is consummated by Maker and (ii) the effective
date of the winding up of Maker (subject to <U>Section 11</U> below) (such earlier date, the &ldquo;<B><I>Maturity Date</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;All
payments under this Note shall be made by Maker in lawful money of the United States by wire transfers of immediately available funds
to a bank account as designated in writing by Payee to Maker. If any payment hereunder shall be stated to be due on a day other than a
business day, such payment shall be made on the next succeeding business day, and such extension of time shall in such case be included
in the computation of interest or fees, if any, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;Maker
may prepay this Note, in whole or in part, at any time prior to the Maturity Date with the prior written consent of Payee. Any such prepayment
shall be made together with all accrued and unpaid interest on the principal amount being prepaid and a prepayment premium equal to ten
percent (10%) of the principal amount being prepaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.&nbsp;Interest;
OID. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;The
outstanding principal amount of this Note shall bear interest at a rate of eight percent (8.00%) per annum. All computations of interest
payable under this Note shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue during each period
during which interest is computed from the first day thereof to the last day thereof, and shall be payable in arrears on the Maturity
Date (or upon an Event of Default, if earlier).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Effective
immediately upon the occurrence of any Event of Default, Maker shall pay additional interest (after as well as before entry of judgment
thereon to the extent permitted by law) on the Loans (in addition to the interest described in clause (a) above) from and after the date
of occurrence of such Event of Default, at a rate per annum of eighteen percent (18.00%) per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;Anything
herein to the contrary notwithstanding, the obligations of Maker hereunder shall be subject to the limitation that payments of interest
shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting
for or receiving such payment by Payee would be contrary to the provisions of any law applicable to Payee limiting the highest rate of
interest which may be lawfully contracted for, charged or received by Payee, and in such event Maker shall pay Payee interest at the highest
rate permitted by applicable law (&ldquo;<B><I>Maximum Lawful Rate</I></B>&rdquo;); provided, however, that if at any time thereafter
the rate of interest payable hereunder is less than the Maximum Lawful Rate, Maker shall continue to pay interest hereunder at the Maximum
Lawful Rate until such time as the total interest received by Payee is equal to the total interest that would have been received had the
interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Issuance Date as otherwise
provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;As
described above, this Note is issued subject to an original issue discount of twenty percent (20%), such that the principal amount recorded
under this Note shall equal one hundred twenty-five percent (125%) of the aggregate cash proceeds funded to Maker pursuant to the Credit
Agreement, and interest shall accrue on such Principal Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.&nbsp;Events
of Default. </B>Each of the following events shall constitute an event of default (&ldquo;<B><I>Event of Default</I></B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Non-Payment</U>.
Maker fails to pay when and as required to be paid the principal of the Loans or (ii) to pay any fee or any other Obligation payable hereunder
when due and payable hereunder, and in either case such payment is not cured within five (5) Business Days after the date upon which written
notice thereof is given to Maker by Payee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Other
Defaults</U>. Maker fails to perform or observe any covenant or agreement contained in this Note, in any case, in any material respect,
and such default shall continue unremedied for a period of ten (10) Business Days after the date upon which written notice thereof is
given to Maker by Payee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Insolvency;
Voluntary Proceedings</U>. Maker: (i) generally fails to pay, or admits in writing its inability to pay, its debts as they become due,
subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) voluntarily ceases to conduct its business
in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize
any of the foregoing. For purposes of this Note, an &ldquo;<B><I>Insolvency Proceeding</I></B>&rdquo; means (A) any case, action or proceeding
before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution,
winding-up or relief of debtors, or (B) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors,
or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case in (A) and
(B) above, undertaken under U.S. federal, state or foreign law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Involuntary
Proceedings</U>. (i) Any involuntary Insolvency Proceeding is commenced or filed against Maker, or any writ, judgment, warrant of attachment,
execution or similar process, is issued or levied against a substantial part of Maker&rsquo;s properties and assets, and any such proceeding
or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released,
vacated or fully bonded within sixty (60) days after commencement, filing or levy; (ii) Maker admits the material allegations of a petition
against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law) is ordered in any Insolvency Proceeding;
or (iii) Maker acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent
therefor), or other similar person or entity for itself or a substantial portion of its property, assets or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.&nbsp;Remedies.
</B>In each case subject to the provisions of <U>Section 11</U> of this Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;Upon
the occurrence of an Event of Default specified in <U>Sections 4(a)</U> and <U>4(b)</U>, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other Obligations hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Upon
the occurrence of an Event of Default specified in <U>Sections 4(c)</U> and <U>4(d)</U>, the unpaid principal balance of this Note, and
all other Obligations hereunder, shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;Without
limiting any other right or remedy of Payee under this Note, upon the occurrence of an Event of Default, Maker hereby agrees to pay for
all reasonable out-of-pocket costs of collection and any other enforcement of this Note, including reasonable out-of-pocket attorneys&rsquo;
fees and reasonable expenses and court costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.&nbsp;Expense
Reimbursement</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;On
the Issuance Date, Maker shall reimburse Payee for the reasonable out-of-pocket costs and expenses paid or incurred by Payee in obtaining
the funds for the Initial Loan (including any expense reimbursement that Payee is required to make to the investor providing such funds),
up to a maximum of $25,000 for the Initial Loan, which will be paid by Maker by reducing the Initial Loan proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Additionally,
Maker shall reimburse Payee for the reasonable out-of-pocket costs and expenses paid or incurred by or on behalf of Payee in connection
with (i) any refinancing or restricting of the credit arrangements agreed to by Maker or (ii) the enforcement or preservation of any right
or remedy under this Note, including payment of the Obligations. Excluding the obligations set forth in Section 6(a) above, Maker shall
also reimburse Payee for any expense reimbursement obligations or indemnification obligations of Payee under the Credit Agreement, dated
as of March 20, 2026 (the &ldquo;<B><I>Credit Agreement</I></B>&rdquo;), by and among Payee, Keystone Capital Partners, LLC, in its capacity
as agent for the lenders thereunder, and each of the lender parties thereto, and other loan agreements, instruments, certificates or documents
executed in connection with the Credit Agreement (collectively, the &ldquo;<B><I>Loan Documents</I></B>&rdquo;), in each case of clauses
(i) and (ii) except for indemnification obligations under the Loan Documents (which will not be subject to a cap), up to $20,000 in the
aggregate in each circumstance, provided, that the parties shall negotiate in good faith to increase such cap if the commercial circumstance
warrant such modification. Notwithstanding the foregoing, Maker will not have any reimbursement obligations hereunder for Payee&rsquo;s
indemnification obligations under the Loan Agreement to the extent that such liability has resulted from the gross negligence or willful
misconduct of Payee, as determined by a court of competent jurisdiction in a final non-appealable judgment or order. Notwithstanding anything
to the contrary contained herein, such expense payment or reimbursement obligations of Maker will be added to the Obligations hereunder
and not be paid by Maker until either it receives the proceeds of an Additional Loan hereunder (as an offset to such proceeds without
giving effect to any prepayment penalty pursuant to Section 2(c)) or upon the Maturity Date (or if earlier, the occurrence of an Event
of Default).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.&nbsp;Waivers.
</B>Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment, and Maker agrees that any real
estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon
any such writ in whole or in part in any order desired by Payee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.&nbsp;Unconditional
Liability. </B>Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to Maker or affecting Maker&rsquo;s liability hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9.&nbsp;Notices.
</B>All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by email, with affirmative confirmation of receipt, (iii) one business day after being sent, if sent
by reputable, nationally recognized overnight courier service or (iv) three (3) business days after being mailed, if sent by registered
or certified mail, in each case to the applicable party at the address set forth underneath such party&rsquo;s signature on the signature
page hereto (or at such other address for a party as shall be specified by like notice).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.&nbsp;
Governing Law; Jurisdiction; <FONT STYLE="font-variant: small-caps">Waiver of Jury Trial</FONT>.</B> This Note shall be governed by and
interpreted and enforced in accordance with the laws of the State of New York, without regard to the conflicts of laws rules thereof.
Any legal suit, action or proceeding arising out of or relating to this Note shall be instituted exclusively in the state or federal courts
sitting in or otherwise serving New York, County, New York (or in any appellate courts thereof) (the &ldquo;<B><I>Specified Courts</I></B>&rdquo;).
The parties hereto hereby: (i) waive any objection which they may now have or hereafter have to the venue of any such suit, action or
proceeding, and (ii) irrevocably consent to the jurisdiction of the Specified Courts in any such suit, action or proceeding. The parties
further agree to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in any
Specified Court and agree that service of process upon a party mailed by certified mail to such party&rsquo;s address in accordance with
<U>Section 8</U> above shall be deemed in every respect effective service of process upon such party in any such suit, action or proceeding.
Each party agrees that a final judgement in any legal suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgement or in any other manner provided by applicable law. <FONT STYLE="font-variant: small-caps">Each party hereto hereby
irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this note or any obligations
hereunder</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.&nbsp;Trust
Waiver</B>. Payee understands that, as described in the final prospectus of Maker, dated as of July 11, 2024, and filed with the U.S.
Securities and Exchange Commission on July 12, 2024 (File No. 333-280188) (the &ldquo;<B><I>IPO Prospectus</I></B>&rdquo;), Maker has
established a trust account (the &ldquo;<B><I>Trust Account</I></B>&rdquo;) containing the proceeds of the IPO and the overallotment securities
acquired by its underwriters and from certain private placements occurring simultaneously with the IPO (including interest accrued from
time to time thereon) for the benefit of Maker&rsquo;s public shareholders (including overallotment shares acquired by Maker&rsquo;s underwriters,
the &ldquo;<B><I>Public Shareholders</I></B>&rdquo;), and that Maker may disburse monies from the Trust Account only in the circumstances
described in the IPO Prospectus. For and in consideration of Maker entering into this Note, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Payee hereby agrees on behalf of itself and its affiliates that, notwithstanding
anything to the contrary in this Note, neither Payee nor any of its affiliates do now or shall at any time hereafter have any right, title,
interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom to Public Shareholders (&ldquo;<B><I>Public
Distributions</I></B>&rdquo;), or make any claim against the Trust Account or Public Distributions, with respect to any claim based upon,
arising out of or in connection with this Note, Maker&rsquo;s obligations hereunder or the transactions contemplated hereby, and regardless
of whether such claim arises based on contract, tort, equity or any other theory of legal liability (collectively, the &ldquo;<B><I>Released
Claims</I></B>&rdquo;). Payee on behalf of itself and its affiliates hereby irrevocably waives any Released Claims that Payee or any of
its affiliates may have against the Trust Account or Public Distributions now or in the future and will not seek recourse against the
Trust Account or Public Distributions for any Released Claims. Payee agrees and acknowledges that such irrevocable waiver is material
to this Note and specifically relied upon by Maker and its affiliates to induce Maker to enter into this Note, and Payee further intends
and understands such waiver to be valid, binding and enforceable against Payee and each of its affiliates under applicable law. The provisions
of this <U>Section 10</U> shall survive any termination or satisfaction of this Note and be in addition to, and not in limitation of,
any releases of any claims provided by Payee pursuant to any other agreement between Payee and Maker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.&nbsp;Miscellaneous.
</B>This Note constitutes the entire agreement between the parties with respect to the subject matter hereof and referenced herein, and
supersedes and terminates any prior agreements between the parties or their respective affiliates (written or oral) with respect to the
subject matter hereof. This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act
or failure to act on the part of a party hereto but only by an agreement in writing signed by the party against whom enforcement of any
modification, amendment, waiver, extension, change, discharge or termination is sought. No failure or delay by a party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. Any provision contained in this Note which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. No assignment or transfer of this Note or any rights or obligations
hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto
and any attempted assignment without the required consent shall be null and void ab initio. Subject to the foregoing, this Note shall
inure to the benefit of and be binding upon the successors and permitted assigns of Maker and Payee. Nothing contained in this Note shall
create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not a party hereto or a successor
or permitted assign of such a party. The headings set forth in this Note are for convenience of reference only and shall not be used in
interpreting this Note. In this Note, unless the context otherwise requires: (i) any pronoun used shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) the term &ldquo;including&rdquo;
(and with correlative meaning &ldquo;include&rdquo;) shall be deemed in each case to be followed by the words &ldquo;without limitation&rdquo;;
(iii) the words &ldquo;herein&rdquo;, &ldquo;hereto&rdquo; and &ldquo;hereby&rdquo; and other words of similar import shall be deemed
in each case to refer to this Note as a whole and not to any particular portion of this Note; and (iv) a &rdquo;business day&rdquo; shall
mean any day other than a Saturday or a Sunday or a day on which banks are authorized or required to close in New York City. This Note
was prepared jointly by the parties and no rule that it be construed against the drafter will have any application in its construction
or interpretation. This Note may be executed in multiple counterparts, including by facsimile, pdf or other electronic document transmission,
each of which shall be deemed an original and all of which together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>{Remainder of page intentionally left blank;
signature page follows}</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3"><B>Launch One Acquisition Corp.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: </TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Chris Ehrlich</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
    <TD>Chris Ehrlich</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2"><I>Address for Notice:</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Launch One Acquisition Corp.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">180 Grand Avenue, Suite 1530</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Oakland, CA 94612, U.S.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Attn: Chris Ehrlich, Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 10%">Telephone&nbsp;No:</TD>
    <TD STYLE="width: 30%">(415) 994-0582</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">E-mail: chris@launchpad.vc</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Acknowledged and agreed as of the date first set forth above:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="4"><B>Launch One Sponsor LLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Jurgen van de Vyver</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name: </TD>
  <TD>Jurgen van de Vyver</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 40%"><I>Address for Notice:</I></TD>
  <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Launch One Sponsor LLC</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>c/o Launchpad Capital Management</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>180 Grand Avenue, Suite 1530</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Oakland, CA 94612</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Attn: Jurgen van de Vyver</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Telephone No.: (510) 200-8878</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Email: jurgen@launchpad.vc</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>{Signature Page to Promissory Note}</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

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