AIX Racing was formed from PHM Racing's Formula 2 and Formula 3 teams. In 2023, PHM had announced a new sponsorship deal with the Dubai-based AIX Investment Group that would see the team renamed PHM AIX Racing for 2024.[5][6] AIX later completed acquisition of the F2 and F3 structures in May 2024 and would compete as AIX Racing from the Imola rounds of the F2 and F3 championships.[7]
At Round 4 of the 2024 FIA Formula 2 Championship in Imola, the team got their first podium with driver Joshua Dürksen finishing in third place in the feature race.[8] At Round 5 in Monaco, Taylor Barnard won his and the team's maiden Formula 2 race victory in the sprint race.[9] In late August 2024, Barnard, who was the reserve and development driver for McLaren in Formula E, was promoted as a full time driver for the 2024–25 season and subsequently ended his Formula 2 campaign. He was replaced by Niels Koolen for Rounds 11 and 12 at Monza and Baku respectively.[10] Ahead of Round 13 at Lusail, the team signed Cian Shields to race for the team until the end of the season at Yas Marina.[11]
