On August 15, 2000, at 1000 mountain daylight time, a homebuilt Rosenbarger Lancair IV, N494R, sustained substantial damage when it collided with terrain, at Artesia, New Mexico. The private pilot in command and the airline transport/flight instructor certificated safety pilot, occupying the other pilot seat, were not injured. Visual meteorological conditions prevailed and no flight plan was filed. The flight was operating under Title 14 CFR Part 91. The flight had originated from Roswell, New Mexico, and a takeoff was being conducted from runway 12 at Artesia, with the recorded wind being from 130 degrees magnetic heading at 7 knots. According to the pilot, he kept the airplane on runway centerline during the takeoff roll and upon liftoff the aircraft entered a steep right bank about 20 feet above the ground. Neither he nor the other pilot were successful in correcting the turn and the aircraft impacted the ground about 150 feet right of the runway. The landing gear collapsed and the wings broke at the wing root. The aircraft came to rest in an upright position. An airworthiness inspector from the Federal Aviaton Administration office in Albuquerque, New Mexico examined the aircraft. The examination provided no evidence of system and/or structural failure or malfunction prior to impact.