I raced the Delta Ditch run Satutday. A low front went through with 20-25 knot forecast. As we approached the Antioch Channel, the wind went to 30 knots. We were planing at 18-20 with the large PHRF spinnaker when we were hit by a puff that was at least in the high 30s. The boat rapidly accelerated but then buried the bow. The green water coming over the deck was at least a foot tall and filled the cockpit to above deck height. The water was coming in faster than it could drain out of the transom. I had the top hatch cover in place, but not the vertical hatch cover. The cabin inside rapidly filled with water to over a foot high, and only then did the boat rapidly decelerate. At that point the mast vaporized above the spreaders. The explosive shock delaminated everything. The mainsail luff track blew off the mast, the goose neck laminated mount ripped off, the spreaders ripped off, and the middle of the mast went over the bow. Until the explosive failure, the mast never went out of column. I had the shrouds at maximum tension. The shrouds were all intact, the deck hardware undamaged, and the shroud anchor points in the mast were all undamaged. I still don't understand how the lower shrouds which were still intact allowed the bottom half of the mast to go forward over the bow without actually breaking a shroud. The 3 boats nearest to me also lost their rigs. Anyway, I talked to my insurance agent, and they'll pay 100% of whatever it takes to get a replacement mast, and they'll replace the sails less 1 years depreciation.