She was designed by George Lennox Watson and built alongside HMY Britannia at the D&W Henderson shipyard, Meadowside, Partick on the River Clyde, Scotland in 1893 for owner Lord Dunraven of the Royal Yacht Squadron.

[4][5] In the third race on October 13, 1893, he Valkyrie II led the windward leg, but lost a spinnaker at the two-thirds point of the downwind run.

At the finish, Vigilant beat Valkyrie II by 40 seconds in corrected time to successfully defend the cup.

On July 5, 1894, this Cup contender was struck amidships by A. D. Clarke's cutter yacht Satanita at the start of the Mud Hook Regatta on the Firth of Clyde.

Lord Dunraven and all his crew and guests were rescued, though one crewman was severely injured and subsequently died.