* Verb: This is the most common use. It describes an action, such as "The company launched a new product."
* Past Participle: This is used to form verb tenses, particularly the perfect tenses (present perfect, past perfect). For example, "The rocket has been launched."
* Adjective: Less common, but possible in some contexts. It describes a noun as being launched, like "The launched rocket soared into the sky."
To determine the part of speech, you'll need to examine how the word is used in the sentence.