Malukas was born in Chicago, Illinois, and is a United States citizen. His parents emigrated from Telšiai, Lithuania, in 1991. They later established a trucking company that grew to a fleet of approximately 500–600 trucks. While eligible for Lithuanian citizenship, Malukas has not pursued it, but honors his heritage by displaying the Lithuanian flag alongside the American flag on his race cars.
Malukas began his racing career in karting, and was featured as a driver in the Kart Life TV series in 2015. He transitioned to formula cars in 2016, competing in the Formula 4 UAE Championship for Rasgaira Motorsports, finishing sixth in the championship despite not contesting the full season. In 2017, he competed in both ADAC Formula 4 for Motopark, and the U.S. F2000 National Championship for BN Racing, securing a pole position and a podium finish at Road America in the latter series.
In 2018, Malukas continued with BN Racing in the Pro Mazda Championship, achieving three wins and six podiums to finish fourth in the standings. In 2019, Malukas moved up to the Indy Lights series driving for BN Racing. In August of that year, his father Henry acquired BN Racing’s Indy Lights operation and established HMD Motorsports. Due to the 2020 Indy Lights season being cancelled due to the COVID-19 pandemic, Malukas competed in the Formula Regional Americas Championship for HMD Motorsports, claiming two wins and fifteen podiums to finish second in the championship.
Malukas’ most successful season came in 2021 in Indy Lights, also with HMD Motorsports. He secured six pole positions, sixteen podiums, and seven wins, ultimately finishing second in the championship standings behind Kyle Kirkwood.
On December 15, 2021, it was announced that Malukas would join Dale Coyne Racing in partnership with HMD Motorsports for the 2022 IndyCar Series season. He achieved a career-best ninth-place finish at Mid-Ohio, followed by a fifth-place qualifying at Toronto. He earned his first IndyCar podium at Gateway, finishing second after nearly overtaking Josef Newgarden on the final lap.
In 2023, Malukas started strongly with a top-ten finish at St. Petersburg, and qualified ninth at Texas Motor Speedway, finishing fourth in a competitive race. His results fluctuated throughout the season, with a sixth-place finish at Road America and a third-place finish at Gateway. He finished twentieth at Laguna Seca after a shunt left him stranded in a gravel trap.
On September 8, 2023, Arrow McLaren announced Malukas’ signing to a multi-year contract beginning in 2024. However, a mountain biking accident in February 2024 resulted in torn ligaments and a dislocation of his left wrist, requiring surgery on February 13. After missing four races, he was released by the team on April 29, 2024. During his recovery, he engaged in promotional and social media activities for the IndyCar Series, including coverage of the Indianapolis 500.
Malukas returned to IndyCar with Meyer Shank Racing on June 7, 2024, replacing Tom Blomqvist. He debuted at Laguna Seca, where limited wrist mobility impacted his early practice session.
On August 13, 2024, Malukas signed a multi-year deal with A. J. Foyt Racing for the 2025 season and beyond. He finished second at the 2025 Indianapolis 500. The following week, he qualified second for the Detroit Grand Prix, before contact with Álex Palou resulted in a penalty.
On September 18, 2025, Malukas was announced as Will Power’s replacement at Team Penske for 2026. He started the 2026 season with a 13th place finish at the 2026 Firestone Grand Prix of St. Petersburg. He then secured his first career pole position and podium at the 2026 Good Ranchers 250 at Phoenix Raceway.
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