America's Cup – Preliminary Regatta

Five nations, zero American: the 38th America's Cup gets serious

January 15, 2026 changed everything. After months of wind tunnel development and simulation, the AC75s returned to the water. The training window is open, the race against time has begun. And even though the Cup won't be lifted until July 2027 in Naples, the pecking order is being established now — in the silence of the bases, on the choppy Mediterranean waters, between the lines of a protocol that redefines the rules of the game.

This 38th edition plays on two fronts: one-design AC40s for the preliminary regattas, where only crew talent makes the difference, and owner-developed AC75s, built in utmost secrecy for the final match. Five teams entered. None American. A potential first in 175 years of history.

The road to Naples starts in Sardinia

The 2026 calendar is a calculated ramp-up. From January 15, the joint reconnaissance program ("Recon") was reactivated: each team declares its AC75 sailing days, allowing competitors — and fans — to observe rival innovations via official channels.

Then comes the first real showdown. Cagliari, May 21–24, 2026: the first official preliminary regatta. A punchy format, designed for spectacle.

• Fleet phase: three days of fleet racing — four races on Friday, four on Saturday, three on Sunday
• Final: the top two teams face off in match racing, a single race, winner takes all

No safety net. The slightest mistake costs a spot in the final. Up to three preliminary events are scheduled in 2026 before the decisive showdown in 2027.

Naples, nautical arena beneath Vesuvius

For the first time, the America's Cup will be held entirely in Italy. Naples will host the final match and decisive phases of 2027, while Sardinia serves as the competitive prologue.

Mediterranean conditions in spring and summer demand versatile boats: they must take off in light thermal breezes while managing sometimes choppy seas. The teams that master this narrow wind window — between too little to fly and enough to dominate — will have a decisive advantage.

AC75 versus AC40: two boats, two philosophies

The coexistence of two classes is at the heart of this edition's strategy.

The AC75s have evolved: enlarged foils for faster take-off, lightened hulls, even more advanced onboard electronics. Each team also fields two AC40s — one for the main crew, one for Youth and Women's programs that now share the official stage.

This dual fleet creates a permanent strategic dilemma: should teams concentrate their best resources on the psychological victory of preliminary regattas in AC40s, or preserve their energy for AC75 development?

Find full details of the competing boats on spencer.club.

The five teams in the running

Emirates Team New Zealand — the title holder

The Kiwis are putting their trophy on the line far from Auckland, in European waters. Their partnership with Emirates, renewed for the fifth time, guarantees the resources. Now they must prove their dominance travels as well as their shipping containers of spare parts.

GB1 / Athena Racing — the Challenger of Record

Rebranded as GB1 (formerly INEOS Britannia), the British team has undergone a shift: Sir Ben Ainslie leaves the helm for strategic leadership, with Dylan Fletcher confirmed at the controls for his second campaign. As Challenger of Record, they co-wrote the protocol with the New Zealanders.

Luna Rossa Prada Pirelli — home advantage

Unlucky finalists in 2021 and 2024, the Italians are finally playing at home. Cagliari is their historic training base — a considerable advantage for the first preliminary regatta in May. Popular support will be massive.

Tudor Team Alinghi — Swiss reconstruction

Twice a historic winner, the Swiss syndicate continues its rebuild after returning for the 37th edition. Their presence confirms a long-term commitment to top-level competition.

K-Challenge — France returns

Stephan Kandler, co-CEO, positions K-Challenge as a founding member of the new "America's Cup Partnership." The stated goal: establishing France permanently among the international sailing elite.

What really changes in 2026

Hydrogen on the water

Chase boats will be hydrogen-powered — a first for the event. Beyond symbolism, it's a signal sent to the entire maritime industry about alternatives to thermal propulsion.

A guest aboard the AC75s

An unprecedented concept: a "Guest Racer" will embark on the AC75s during certain races. A passive role, but a radically new media perspective — seeing an AC75 fly at 50 knots from inside the cockpit is quite different from a helicopter view.

The American absence, a symbolic earthquake

No American team is registered to date. For a competition born in 1851 around the schooner America, the paradox is striking. If the situation persists, it will be an absolute first in the history of the world's oldest sporting trophy.

The real match has already begun

Since January 15, every sailing day counts. Data collected in AC75s during these "Recon" months will feed design choices that can no longer be modified. Preliminary regattas in AC40s will reveal the sharpest crews, the most clear-sighted strategists.

The 38th America's Cup isn't just about a final in 2027. It's being won now, in managing the dual AC40/AC75 program, in balancing immediate competition against long-term development, in the ability to leave nothing to chance.

Follow the latest news and full calendar on spencer.club.