Luna Rossa was the first to issue a challenge to Team New Zealand for the 31st America's Cup and therefore contested the 2003 Louis Vuitton Cup as the Challenger of Record. The team built two new IACC yachts, ITA-74 and ITA-80, which did not perform as expected. Still skippered by Francesco de Angelis, Luna Rossa was eliminated in the semi-final stage by American team OneWorld.