Raced by defenders Team New Zealand in the 2003 America's Cup match, she was defeated 5–0 by challenger Alinghi (SUI 64).

After the successful 2000 defence in Auckland, many senior Team New Zealand members were lured to richer syndicates and their challenges for the 2003 America's Cup.

NZL 82 retired due to multiple gear failures in the rigging and the low cockpit unexpectedly taking onboard large quantities of water.

Race 4 was sailed in strong winds and rough seas and NZL 82's mast snapped on the third leg causing retirement.

[citation needed] NZL 82 was subsequently refined and competed in the Louis Vuitton Acts which were used as the build-up to the 2007 America's Cup.