In 2007, DragonSpeed, was founded by racing driver Elton Julian. Four years later the team made their race debut on Ferrari F430 Challenge in the GT category of the 2011 24 Hours of Daytona. They have finished 15th in the category and 29th overall. They missed 2012 racing season, and joined the Prototype Challenge class of the 2013 American Le Mans Series with Oreca FLM09-Chevrolet car. They finished sixth in the season standings, being the only team in the category to participate on the part-time schedule.
DragonSpeed switched to the Pirelli World Challenge in 2014 with Henrik Hedman and Mike Hedlundbehind the wheel of the Ferrari 458 GT3. Hedman finished ninth in the standings. Hedlund had only three rounds, ending 22nd. For the next year, the team switched to the Mercedes-Benz SLS AMG GT3. Hedlund was replaced by Frank Montecalvo and Eric Lux. Montecalvo won the GTA category title.
The team moved to Europe to compete in the Pro-Am Cup of the 2015 Blancpain Endurance Series. They used Ferrari 458 GT3 and fielded Hedman, Julian and Thomas Kemenater.
In 2016, the team purchased an Oreca 05-Nissan car to compete in the LMP2 class of the European Le Mans Series with Hedman, Ben Hanley and Nicolas Lapierre. They had four podiums in six races, including a win at Spa. This was enough for fourth place in the LMP2 standings. For 2017 the team bought two Oreca 07-Gibson cars. The car #21 retained the same Hedman-Hanley-Lapierre line-up, while car #22 was branded as G-Drive Racing with Memo Rojas, Léo Roussel as their full-time drivers. Ryō Hirakawa due to his Toyota commitments was forced to miss Red Bull Ring and Circuit Paul Ricard rounds. He was sustained by Nicolas Minassian. The team had their first double, winning Monza round. G-Drive branded car won the series after their five podiums in six races. The team will continue to stand out car #21 in the LMP2 category of the 2018 European Le Mans Series with the same line-up of drivers.
On December 17, 2018, DragonSpeed announced they would join the IndyCar Series in 2019 on a 5-race schedule, including the 103rd Indianapolis 500. The team's No. 81 entry was powered by Chevrolet and driven by Ben Hanley. In their first race, the 2019 Firestone Grand Prix of St. Petersburg, Hanley advanced to the second round of qualifying and qualified 12th, and then finished 18th, 2 laps down, in his IndyCar race debut. The team finished 21st at the 2019 Honda Indy Grand Prix of Alabama. In qualifying for their third IndyCar race at the 103rd Indianapolis 500, the No. 81 struggled for speed early on in the day but finished 27th fastest, confirming DragonSpeed's spot in the field. Hanley would proceed to finish 32nd in the race after a mechanical issue took the team out early. The team was scheduled to participate in 2 further races at Road America and Mid-Ohio, but visa issues prevented the team from getting on track and their inaugural campaign was reduced to 3 races. In August of 2019 team owner Elton Julian stated the team planned on entering ten races in 2020 with Hanley as the driver, with the possibility of additional races. Julian said different drivers could be used if the team were to go beyond the planned ten races, if the right combination of sponsorship and driver talent could be found. In December, an announcement from the team said they had finalized plans to run six races in 2020 - St. Petersburg, Long Beach, Texas, Mid-Ohio, Laguna Seca and the Indy 500. No drivers were mentioned in that announcement, although a report stated the team was likely to use one driver for the two ovals, and a different driver for the remainder of the races.
