Emirates Team New Zealand's America's Cup yacht capsized at the start of their challenger semi-final race in Bermuda overnight.
While at least one crewman was thrown into the water and the 17-metre catamaran suffered some damage, no one was injured. Outside Magazine has previously estimated America's yachts to cost up to US$10 million (close to NZ$14 million).
The yacht seemed to jump up on its hydrofoils before the race began, and saw its bow dig into the water and flip. In yachting terms, they call that a "pitch-pole."
The Associated Press described the incident as a "a harrowing end to a chaotic afternoon on Bermuda's stormy Great Sound" overnight.
Last night's incident isn't the first of its kind in Bermuda for this America's Cup, with Oracle Team USA's yacht tipping over during trials in early May.
Details of how damaged the Kiwi yacht is are yet to emerge.