The most common and most likely answer to this crossword clue is the 8 letter word LIFT-OFF
I've seen this crossword clue in The Times
L
I
F
T
-
O
F
F
Buddy explains!

The straight part
We know that "Launch" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case launch = lift-off.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does LIFT-OFF mean?
LIFT-OFF noun- The point in the launch of a rocket or an aircraft where it leaves contact with the ground.
- The point at which a person or animal leaves the ground, as for example when jumping.