Perhaps due to the bad media attention surrounding the 1988 catamaran defense, Conner had insufficient funding to mount a multiple-boat defense in 1992, which also heralded the debut of the IACC yacht. His USA-11 proved no match to Bill Koch's America3 campaign. USA-11 was built as a test-bed for design ideas that were to be incorporated into the "racing" boat, nicknamed "TDC-2". However, "TDC-2" was never built. Its ideas were incorporated into his single-boat campaign for 1995, and the yacht Stars & Stripes USA-34. After almost sinking during The Citizen Cup defender trials, USA-34 went on to a come-from-behind win over "Mighty Mary", earning the right to defend The Cup against Team New Zealand's "Black Magic", NZL-32. Believing Stars & Stripes was no match against the Black Magic, Dennis Conner swapped boats for the Cup matches, pitting "Young America" against New Zealand's "Black Magic" NZL–32. But the result was a humiliating defeat for Dennis Conner, losing to Team New Zealand 0–5.