Patriot has undergone a major rebuild after the capsize which left it with a large hole in its side with the syndicate also having to replace much of the electrical gear.
It sat in a cradle in front of the team's boat shed for inspection before being lifted by a crane into the water just after 11am.
Both American Magic and Italy's Luna Rossa have to declare to America's Cup official which hull, foils, rudder and mast tube they will use in this weekend's Challenger Series semi finals.
The best of seven series is due to start on Friday with two races, followed by two more on Saturday and Sunday and then one on Tuesday if needed.
The winner will then race against Team UK to decide who will advance to challenger Team New Zealand for the America's Cup.
American Magic paid tribute to the other syndicates for their help in getting Patriot back on the water.
Patriot was slowly lowered into the water at the team's Auckland base and was expected to sail later in the day to begin systems checks — the first step to a full return to racing.
On its relaunch, Patriot had a new emblem over the area of the bow which had been holed — crossed band aids bearing the Italian, British and New Zealand flags and the message: “thankyou."
The 75-foot yacht has to pass inspection by the Cup measurement committee late Wednesday in order to race against Italian challenger Luna Rossa in the best-of-seven race challenger series semifinals which begin Friday.
The winner of the series will progress to the Prada Cup final where it will meet Britian’s INEOS Team UK. The loser will be out of the regatta.
American Magic’s shore team, assisted by boat builders from America’s Cup-holder Team New Zealand, have been working around the clock since the capsize occurred to repair extensive damage, including a big hole at the bow.
The U.S. yacht sustained internal and external damage and its complex electronic systems have had to be replaced. Patriot’s hydraulics are sealed and avoided the worst of the damage.
The achievement of American Magic in repairing Patriot on such a tight deadline has amazed rival teams and sailing experts. Patriot came close to sinking and was only saved by the swift response of the U.S. team and rivals who rushed to its assistance.
Ben Ainslie, skipper of the British team, wrote in a weekly newspaper column that he doubted his team could have overcome such a setback.
“I asked one of our senior engineers whether we would have been able to make it back for the semifinals had the same thing happened to us and he said ‘no chance,’" Ainslie said.
American Magic mainsail trimmer Paul Goodison told New Zealand media organization NZME the U.S. team hopes to “carry on where we left off” as Patriot is re-launched.
“We’re reassured by (designer) Silvio (Arrivabene) and the guys that the boat will be in a similar state,” Goodison said.
