The race between the hi-tech, multi-hull boats was reset for Wednesday, the next scheduled sailing day in the best-of-three regatta off the Spanish port of Valencia.
Crew members aboard Alinghi and BMW Oracle had a frustrating, cold and wet wait of almost four hours more than 25 km (16 miles) off shore before heading back to port.
"We were convinced we were going to race. Yesterday looked good and this morning when we left it looked good but then around 10 o'clock (0900 GMT) the hopes started fading away with the rain and the wind died," said Alinghi owner Ernesto Bertarelli.
The unique boats finally took to the water to race after more than two years of sometimes bitter legal battles between Swiss biotechnology and banking billionaire Bertarelli's Alinghi and Oracle software mogul Larry Ellison's team.
The regatta had been scheduled for 2009 but was delayed by legal battles over hosting rights and technology which led to a three-race series without the usual challengers regatta.
On Saturday, Ellison, 65, refused to attend an owners' media conference over a perceived slight, denied by by race organisers, against his chief executive, New Zealander Russell Coutts.
Bertarelli, 44, took another shot on Monday, pointing out to reporters that Ellison was not on board the BMW Oracle boat USA.
"He didn't come to the press conference and he doesn't want to be on his boat," said Bertarelli, who helmed Alinghi. "It's unfortunate I guess. Winning the America's Cup for a sailor means being on board and any time I set foot on my boat I'm happy."
Wrangling over the rules resulted in two multi-hull boats sailing against each other for the first time in the event's 159-year history. In 1988, U.S. catamaran Stars & Stripes beat New Zealand monohull KZ-1 off San Diego.
Both boats are being raced for the first time and are capable of extraordinary speeds more than twice as fast as the wind but are more fragile than traditional craft in heavier conditions.
On Monday, the problem was inconsistent wind strength and direction rather than too much.
"It's the winter," Bertarelli said. "Ideal conditions in Valencia would have been May. That's what we asked for initially but we were forced into February so we're going to have to get used to the fact that the weather is a bit unsettled."
The problem was exacerbated by the vast size of the race area, measuring more than 600 sq km. The course for the first race is 40 km long, comprising an upwind and a downwind leg.
The course area was made necessary in part by the huge size of the boats, each 90 feet long with technology aboard previously unseen in yacht racing. Alinghi is a catamaran with a tilting mast 17 storeys high. BMW Oracle, a trimaran, has a unique wing-shaped mast much bigger than the wing of a commercial jetliner.
Strong winds are forecast on Tuesday, lingering into Wednesday, BMW Oracle meteorologist Chris Bedford said.
