With the round robins done and dusted, the two remaining challengers face off in a best of seven (first to four wins) race to determine who will take on Ineos Team UK, who booked their place in the Prada Cup final by being the top team in the round robins.
The losing semifinalist will see their America's Cup dream end.
The main story coming into the semis will be the state of American Magic's AC75, which underwent severe repairs after its dramatic capsize in the first week of Prada Cup racing.
The Americans will be a relatively unknown prospect, having only a few days of practice time after re-launching Patriot 2.0 on Wednesday.
Terry Hutchinson's crew were the top challenger in the World Series event in December and were the only team to beat the defenders Team NZ.
However, it was a different story in the Prada Cup round robins where American Magic were winless, including two losses to Luna Rossa - suffering a capsize in the second race to put them out of the water for nine days.
The Americans will be hopeful of regaining the speed they saw right before their capsize, where they were one leg away from a win before tragedy struck.
Meanwhile, Luna Rossa have had a relatively up and down campaign thus far.
They looked like they could've beaten the British in the final round robin race last weekend but made a few costly errors.
Ultimately, it always comes down to speed and which team has made the right improvements to their boats.
The battle between Luna Rossa's dual helsmen and American Magic's Dean Barker will also be fascinating, especially during the race starts.
Schedule
There are two races scheduled each day on Friday, Saturday and Saturday. The first team to claim four wins will move on to the final. If the score is tied at 3-3 after the weekend, then the teams will have a break on Monday and return on Tuesday for the seventh and final race of the semifinal. The first race each day will kickoff around 3.15pm.
Odds
Prada Cup semifinal series winner:
Luna Rossa - $1.80
American Magic - $1.90
How to watch and stream
The Herald will have live updates on nzherald.co.nz/sport while you can listen to live commentary on Gold AM and iHeartRadio.
America's Cup coverage is free-to-air on TVNZ. You can also stream the action live or on-demand on TVNZ.co.nz or on the America's Cup YouTube channel.
If you're in Auckland, you can also head down to the America's Cup Race Village at the Viaduct Marina, where there will be a stage and big screens to watch the action. The village operates from 10am to 8pm on race days and can be accessed through the main entrance at the beginning of Hobson Wharf.
There are also many options to view the action live around Auckland's waterfront. Here are the best spots to watch the action.
Race officials will determine which course will be used on each racing day.
Professor Mark Orams is a former NZ and world champion sailor, Team New Zealand member, author, environmentalist and Professor of Sport and Recreation at the Auckland University of Technology.
Heading into the Cup racing?
• Give yourself plenty of time and think about catching a ferry, train or bus to watch the Cup.
• Make sure your AT HOP card is in your pocket. It's the best way to ride.
• Don't forget to scan QR codes with the NZ COVID Tracer app when on public transport and entering the America's Cup Village.
• For more ways to enjoy race day, visit at.govt.nz/americascup.