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Photo: Screenshot / TVNZ
The boat, helmed by New Zealander Dean Barker, capsized just after they rounded the final mark in their race against Italian entry Luna Rossa on Sunday.
Patriot was on foils and flying when the crew lost control and the AC75 went over.
The boat could not be righted quickly. All 11 crew appeared to be accounted for as chase boats moved in to assist.

American Magic crew try to stop the boat sinking after it capsized in race two against Luna Rosa. Photo: Getty Images
The Americans were forced out of the race that they were leading, giving Luna Rossa their first win of the day.
American Magic had been struggling in this regatta and had lost three previous races - to leave them at the bottom of the standings.

Team New Zealand skipper Peter Burling (right) helps retrieve a sail from the stricken American Magic boat on the Hauraki Gulf. Photo: Getty Images
Despite the damage, the boat is still above the water.