The LVM in SDSS-V will take the first step towards the “spectral panopticon”, a full spectroscopic image of the sky, providing optical IFU data-cubes to resolve, e.g., SF structures, GMCs, H II regions and young stellar clusters. The LVM will cover the bulk of the MW disk at 0.1-1 pc resolution, the Magellanic Clouds at 10 pc resolution, M31 & M33 at 20 pc resolution, and Local Volume galaxies out to a distance of 8 Mpc at - 25-100 pc resolution, in total about 1 steradian of sky. LVM covers the full optical bandpass at R~4000. Optical spectroscopy specifically addresses two physical components of galaxies: the ionized ISM and stellar populations. The LVM sky coverage will overlap with datasets of stellar spectra from SDSS-III,IV and V, resolved photometry of individual stars and color-magnitude diagrams (CMDs) in the LMC, SMC (ground based), M31, and M33 (HST). In the MW, we complement the SDSS-III, IV, and V APOGEE spectroscopy of millions of stars by probing the ISM around them. Using the stellar types, ages and abundances from APOGEE we will be able to infer and probe the radiation field and wind momentum input of stars back into the ISM. Across all the Local Volume targets, LVM will overlap with far-IR, sub-mm, and radio datasets probing the cold phases of the ISM (dust, H2, and H I), connecting the onset and effects of SF to local ISM conditions. In the Magellanic Clouds and the MW, LVM will probe the ionization of gas around X-ray binaries (including a full census of X-ray sources in the LMC by the eROSITA satellite) opening a window to study the interaction of accretion onto stellar mass black holes and the surrounding ISM. The wide area covered by the LVM will sample a large variety of SF regions caught at different stages of their life cycles, as probed by the age estimated from resolved stellar data (stellar spectroscopy and CMDs).