What is a Kernel Panic and what does it mean?
In general, a kernel panic is defined by Apple as "In UNIX, a panic is an unrecoverable system error detected by the kernel."


That quote comes from Apple's Technical Note TN2063: Understanding and Debugging Kernel Panics


In your specific case, the main program that starts and stops everything else on the system has an unrecoverable error in one specific instance at one specific point in time.


launchd is the failing component that needs to run always.
The rest of the information would need to be looked at by an engineer, Typically one employed by Apple, that has a deep understanding of the lowest level of code that runs on the processor. 


The next steps for you will depend on how often the error happens and if the machine can start itself up after you power it off.

You could also review these two questions for more details on how to troubleshoot your computer going forward if you wish.


Understanding kernel panic error log
How can I troubleshoot Kernel Panics on my iMac