In 2000, with financial support from some investors led by Stéphane Ratel, Italtecnica created another 550 race car meeting the more powerful GT regulations in the FIA GT Championship, the car being named 550 Millennio. The first car debuted in the 2000 FIA GT Championship, entered by First Racing. The 2001 Championship saw two cars fielded by Team Rafanelli. The 550 Millennio was also developed to meet ACO LM-GTS regulations allowing Rafanelli to enter a single car in the 2002 American Le Mans Series season.