HMD Motorsports

What HMD Motorsports does

HMD Motorsports is a privately held, US-based open-wheel racing team founded in 2019 by Henry Malukas and headquartered in Brownsburg, Indiana. The team competes primarily in the INDY NXT by Firestone developmental series, fielding multiple full-time and part-time entries as the dominant program in the championship — claiming three consecutive titles (2021 Team Championship, 2022 with Linus Lundqvist, 2023 with Christian Rasmussen) and 31 wins across five seasons of competition.

The team's core business is driver development: signing aspiring professional racing talent (typically ages 18–23 from karting and junior formulae) and providing a complete platform — Dallara IL-15 chassis, engineering support, a simulator room, in-house paint and fabrication, and a competitive seat across 14+ race weekends — to advance drivers to the NTT INDYCAR SERIES. Seven HMD graduates have placed into INDYCAR (Malukas, Pedersen, Lundqvist, Simpson, Rasmussen, Siegel, Collet). In April 2026, HMD extended into the NTT INDYCAR SERIES flagship through a Strategic Alliance with AJ Foyt Racing, entering the Indianapolis 500 with Katherine Legge.

Revenue is generated through three streams: (1) driver program fees paid by drivers and their personal sponsors or family-office backers, (2) corporate sponsorship packages sold to brands including e.l.f. Cosmetics, Chevrolet, Lincoln Electric, Sherwin Williams, Mizuno, and SAF-Holland, and (3) technical alliance fees from partners such as AJ Foyt Racing and Cusick Motorsports. Program fees are individually negotiated and not publicly disclosed. The March 2024 move from a 6,500 sq ft facility to a new 80,000 sq ft Brownsburg headquarters — featuring a simulator room, 12 car bays, eight truck bays, and in-house decal and paint operations — reflects the scale of infrastructure underpinning the program. Technology integrations include Move AI as Official AI Company (driving analysis and engineering optimization) and Acronis / Helix Systems as Official Cyber Protection Partner. The team operates as part of HMD Enterprises alongside HMD Trucking, HMD Transport, HMD Financial, HMD Bar & Grill, and Benefit Trucking, and is led by Team President Mike Maurini.

Name

HMD Motorsports

Legal name

HMD Motorsports

Website

https://hmdmotorsports.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

HMD Motorsports is a private, Brownsburg, Indiana–based open-wheel racing team founded in 2019 that competes in the INDY NXT by Firestone developmental series. It provides driver development services — equipment, engineering, and race seats — for aspiring professional drivers seeking advancement to the NTT INDYCAR SERIES.

Ownership category

akta.pro rank

Product category

Professional Motorsports Services

SIC

Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Motorsports Teams & Entrants (Factory & Independent) (MPAKAGAB)

akta.pro secondary industry

Motorsports Support & Feeder Series (Developmental Championships) (MPAKAGAH)

Keywords

• Open-wheel racing team
• Driver development programs
• INDY NXT racing
• Motorsport sponsorship services
• Racing team operations

Headquarters

HQ city

Brownsburg

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Driver Program Fees: HMD Motorsports generates revenue by fielding drivers in the INDY NXT by Firestone series. Individual drivers (and their backing sponsors/personal sponsors) pay program fees to secure a seat in the multi-car team. This is the primary revenue mechanism for a developmental racing team.
2. Corporate Sponsorship: The team sells primary and associate sponsorship positions on its cars and livery to brands such as e.l.f. Cosmetics, Chevrolet, Lincoln Electric, Sherwin Williams, Mizuno, and others. Sponsorship packages provide brand visibility across race weekends, paddock presence, and media exposure.
3. Technical Partnership Fees: Technical alliances with AJ Foyt Racing and Cusick Motorsports generate value through shared engineering resources, data, and program collaboration. These may include fee-for-service or co-development arrangements.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

HMD Motorsports is a professional open-wheel racing team that fields multiple drivers in the INDY NXT by Firestone developmental series and enters the Indianapolis 500 through a strategic alliance with AJ Foyt Racing. The team provides a complete driver development platform, including competitive race seats, engineering support, simulator access, and a documented pathway that has graduated seven drivers to the NTT INDYCAR SERIES.

Product overview

HMD Motorsports is a racing team competing primarily in the INDY NXT by Firestone developmental series, operating as a multi-car team with full-time and part-time driver entries. The organization also conducts a partnership program with AJ Foyt Racing for select NTT INDYCAR SERIES events including the Indianapolis 500. The core offering is competitive racing participation and driver development services that support talent progression toward top-level open-wheel racing.

Differentiator

Problem solved

Functional benefit

Products and services

• INDY NXT by Firestone Racing Program Multi-car competitive racing program fielding full-time and part-time drivers in the INDY NXT by Firestone developmental open-wheel series, with engineering support, simulator access, and race strategy. Targets aspiring professional racing drivers and their backers.
• NTT INDYCAR SERIES Entry Program INDYCAR-level racing program executed through strategic alliance with AJ Foyt Racing, enabling HMD-developed drivers and the team to compete in marquee events such as the Indianapolis 500.
• Driver Development Services Comprehensive driver development program covering race craft, engineering data analysis, simulator training, and career progression support for aspiring professional open-wheel racing drivers targeting INDYCAR.

Quantifiable outcome

• Three INDY NXT championships and 31 wins in five years of competition
• +3 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core, flagship and minor.

• AJ Foyt RacingcoreStrategic or Co-development PartnerHMD Motorsports has a Strategic Alliance with AJ Foyt Racing. The partnership includes technical collaboration on the INDY NXT program and a joint entry in the 110th Running of the Indianapolis 500 (2026) with Katherine Legge driving the No. 11 e.l.f. Cosmetics Chevrolet. AJ Foyt Racing President Larry Foyt cited the strength of the INDY NXT partnership, noting poles, race wins, and program speed. The alliance brings HMD's developmental expertise together with AJ Foyt Racing's iconic INDYCAR history.
• Cusick MotorsportscoreTechnology or IntegrationHMD Motorsports has a Technical Alliance with Cusick Motorsports for INDY NXT by Firestone competition. Cusick Motorsports joined the series in 2026 under this arrangement, gaining access to HMD's engineering infrastructure, data systems, and technical expertise.
• e.l.f. CosmeticsflagshipGTM or Marketing Partnere.l.f. Cosmetics is the primary sponsor of Katherine Legge's Indianapolis 500 entry with HMD Motorsports/AJ Foyt Racing. The partnership brings a progressive, well-recognized beauty brand to the Indianapolis Motor Speedway grid. E.l.f. Cosmetics is a beauty brand known for accessible, trend-driven products and has become a standout name through bold marketing campaigns and commitment to being cruelty-free and vegan.
• ChevroletcoreGTM or Marketing PartnerChevrolet has been a major force in the NTT INDYCAR SERIES, supplying engines to top teams since returning as an engine manufacturer in 2012. HMD Motorsports entries at Indianapolis 500 and INDYCAR utilize Chevrolet powerplants, and Chevrolet provides significant backing for the program.
• Move AIcoreTechnology or IntegrationMove AI is the Official AI Company of HMD Motorsports, providing advanced AI agents that optimize driving analysis, streamline data processing, and deliver engineering insights 10x faster than traditional methods. This partnership enables AI-powered strategy optimization and real-time performance insights.
• Helix SystemsminorImplementation/ SI/ Consulting PartnerHelix Systems is the Acronis #CyberFit Partner providing IT and cybersecurity services to HMD Motorsports. As the chosen MSP (managed service provider), Helix Systems delivers Acronis' security solutions and supports HMD's internal data protection, enabling marketing presence at key events including Indianapolis Motor Speedway and Detroit Grand Prix.
• Lincoln ElectricminorGTM or Marketing PartnerLincoln Electric is a partner of HMD Motorsports. Headquartered in Cleveland, Ohio, with 71 manufacturing locations in 21 countries, Lincoln Electric is the world leader in arc welding solutions, automated joining, and cutting systems, serving customers in over 160 countries.
• Sherwin WilliamsminorGTM or Marketing PartnerSherwin Williams is a commercial partner of HMD Motorsports. The Sherwin-Williams Company is a leading paint and coatings company with over 64,000 employees, delivering innovative coating solutions globally.
• SAF-HollandminorGTM or Marketing PartnerSAF-Holland is an Associate Partner of HMD Motorsports. SAF-HOLLAND Group is one of the largest independent listed suppliers to the heavy-duty commercial vehicle market with sales of approximately EUR 2.11 billion in 2023, manufacturing chassis-related systems and components under brands including SAF, Haldex, Holland, and Neway.
• MizunominorGTM or Marketing PartnerMizuno USA is a partner of HMD Motorsports. Mizuno USA, Inc. is a wholly owned subsidiary of Mizuno Corporation, one of the largest specialty sporting goods manufacturers in the world, distributing golf, baseball, softball, running, and volleyball equipment in North America.
• RTD Media & ManagementminorGTM or Marketing PartnerRTD Media and Management, a division of Race Tech Development founded by Mike Maurini, provides HMD Motorsports with a full range of marketing services — media releases, website and social media management, design, and promotional services. Mike Maurini is also Team President of HMD Motorsports.
• HMD TruckingcoreOthersHMD Trucking, Inc. is the founding company of the HMD Motorsports organization. Founded in March 1998 by Henry Malukas, HMD Trucking provides over-the-road and contract hauling services. Both entities share the HMD Enterprises umbrella and are co-located in Brownsburg, Indiana. HMD Trucking supports the motorsports program through shared resources and brand alignment.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• AJ Foyt Racing: AJ Foyt Racing is an established NTT INDYCAR SERIES team and HMD's strategic alliance partner for the Indianapolis 500. Comparable as a higher-tier INDYCAR incumbent that overlaps with HMD's INDYCAR ambitions and technical program.
• Dale Coyne Racing: Dale Coyne Racing is a long-standing NTT INDYCAR SERIES team that previously partnered with HMD to field INDYCAR entries for HMD-developed drivers. Comparable as an INDYCAR incumbent that has worked with HMD graduates and the team's talent pipeline.
• Juncos Hollinger Racing: Juncos Hollinger Racing is an NTT INDYCAR SERIES team with a history of operating INDY NXT programs. Comparable as a broader open-wheel racing operator with overlapping developmental series operations and graduate pipeline.
• Ed Carpenter Racing: Ed Carpenter Racing is an NTT INDYCAR SERIES team that develops drivers through its INDY NXT program (Josh Pierson is an ECR development driver in HMD's car). Comparable as an INDYCAR incumbent with an overlapping developmental series footprint.
• Andretti Global: Andretti Global is the broader INDYCAR and motorsport organization parent of Andretti INDY NXT, comparable as an established, multi-series racing operator competing for the same driver development economics at the INDYCAR tier.

Direct peers

• Exclusive Autosport: Exclusive Autosport is a multi-car team competing in INDY NXT by Firestone, directly comparable to HMD in series, driver development model, and multi-car fielding strategy.
• Cape Motorsports: Cape Motorsports is a historic developmental open-wheel team that has competed in INDY NXT (Indy Lights) for years, operating in the same series and driver-development business model as HMD.
• Pabst Racing: Pabst Racing is a long-standing INDY NXT team that fields multiple entries in the same series as HMD, competing for podiums, drivers, and sponsorships in the developmental open-wheel ladder.
• Andretti INDY NXT: Andretti INDY NXT operates a multi-car developmental program in the same INDY NXT by Firestone series as HMD, competing for the same drivers, sponsors, and graduate-to-INDYCAR positioning. It is one of HMD's most direct on-track and commercial rivals.
• Abel Motorsports: Abel Motorsports is a multi-car INDY NXT by Firestone team competing for the same championship, drivers, and sponsor dollars. Direct head-to-head rival to HMD on track and in driver recruitment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hmdmotorsports
• Facebookfacebook.com/HMDMotorsports
• Instagraminstagram.com/hmdmotorsports

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HMD Motorsports