Born on 23 July 2001 in Denmark, Lundgaard is the son of 2000 European Rally champion Henrik Lundgaard, giving him racing in his bloodline from childhood. He won dual F4 titles in his debut single-seater year in 2017 — the SMP F4 Championship and the Spanish F4 Championship — with MP Motorsport, before moving to the Eurocup Formula Renault series in 2018, where he finished runner-up to Max Fewtrell despite winning multiple races. After finishing sixth in the inaugural FIA Formula 3 Championship in 2019 with ART, Lundgaard was promoted to Formula 2 for the following season.
Lundgaard made his first Formula 2 appearance at the 2019 Abu Dhabi season finale with Trident, replacing Ralph Boschung for the final two races. Finishing fourteenth and twelfth in his two outings, the cameo served primarily as an acclimatisation exercise ahead of a full campaign in 2020.
ART Grand Prix confirmed Lundgaard for the full 2020 season alongside Marcus Armstrong. After missing all pre-season testing due to a COVID-19 hotel quarantine, Lundgaard arrived at the Red Bull Ring season opener with no laps under his belt in the current machinery — yet qualified fourth for the feature race and matched that result in the race itself, benefiting from a late error by Mick Schumacher.
His maiden F2 win came in the sprint race at the second Red Bull Ring round, passing teammate Armstrong at the start and Dan Ticktum later to win by two seconds. A second victory followed in the Mugello sprint — a dominant display from the front that he won by an astonishing 14 seconds. He also claimed his first pole position at Mugello for the feature race. Lundgaard's pace translated into second place in the championship standings at one point, though reliability and late-race bad luck at Russia and Abu Dhabi prevented him from mounting a sustained title challenge against Mick Schumacher. He ultimately finished seventh with 149 points, massively outscoring teammate Armstrong's 52 and establishing himself as a genuine front-runner.
Retained by ART for 2021, Lundgaard set himself a target of fighting for the title. The season, however, was plagued by mechanical failures, penalties, and incidents. At Bahrain he lost a potential podium from the feature race after being swallowed by cars on fresher tyres following a safety car restart. Monaco was entirely fruitless — two mechanical retirements and a penalty across the three races. In Baku, a grid penalty and a collision with Felipe Drugovich further depleted his tally.
A first podium of the year came at Silverstone with a third place in the opening sprint, but the weekend also brought a pit lane wheel failure that dropped him to last in the feature race. By the season's halfway point, Lundgaard was twelfth in the championship with 29 points. Later points finishes in Monza, Russia, and Jeddah partially salvaged the year, but his Abu Dhabi finale was pointless. He ended 2021 twelfth in the standings with 50 points — his worst placement in any full-time series, and a clear reversal from his promising 2020.
At the conclusion of his F2 career, Lundgaard moved to IndyCar with Rahal Letterman Lanigan Racing for 2022. He immediately impressed in American open-wheel racing, winning the Rookie of the Year award and going on to claim his first IndyCar victory at the 2023 Toronto race — becoming the first Danish driver to win an IndyCar race.
His Formula 2 record — two wins and competitive pace in 2020 contrasted with mechanical misfortune in 2021 — represents one of the more tantalising "what if" trajectories in the series. Under different circumstances in 2020, with Schumacher's mechanical reliability offset by Lundgaard's speed, the title fight could have gone to the wire.
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