McElrea began his career in karting at the age of seven. In 2015 he stepped up to single-seaters, competing in Formula Ford championships in both Australia and New Zealand, sometimes with the family outfit McElrea Racing. In 2018 he contested a second full season of Australian Formula Ford with Sonic Motor Racing Services, accumulating thirteen wins and becoming the first non-Australian driver to win the title since 1985.
In December 2018, McElrea won the $200,000 Mazda Road to Indy Shootout at Wild Horse Pass Motorsports Park, earning a seat in the 2019 U.S. F2000 National Championship. Joining Pabst Racing, he claimed four victories including back-to-back wins at Portland and finished as championship runner-up, missing the title by five points to Braden Eves.
In October 2019, McElrea reunited with Pabst Racing for the Chris Griffis Memorial Test, setting the fastest time in the Indy Pro 2000 category. In his 2020 rookie season he finished fifth in the championship with six podiums and a win at the Grand Prix of St. Petersburg. Returning with Pabst for 2021, he won races at Barber Motorsports Park, Mid-Ohio Sports Car Course, and New Jersey Motorsports Park on his way to third in the championship, with seven podiums and a season-leading five pole positions.
McElrea signed with Andretti Autosport for the 2022 Indy Lights season, scoring pole position on debut at the Grand Prix of St. Petersburg. He achieved three pole positions and two race wins — at Mid-Ohio Sports Car Course and Iowa Speedway — and claimed Rookie of the Year honours. Andretti Autosport announced on 3 September 2022 that McElrea would return for the 2023 season.
Prior to the twelfth round of the 2024 IndyCar Series, Dale Coyne Racing signed McElrea to contest the Toronto IndyCar race in their No. 18 Honda. He showed pace throughout the weekend but retired during the race, classified 24th. On 27 March 2026, Ed Carpenter Racing hired McElrea as its reserve driver for the 2026 IndyCar Series.
In 2024, McElrea switched to sportscar racing and signed with TDS Racing for the IMSA SportsCar Championship in LMP2. He competed in the Michelin Endurance Cup rounds alongside Steven Thomas and Mikkel Jensen, winning at Indianapolis and again at the 2024 Petit Le Mans. He returned to TDS Racing for the 2025 season, again alongside Thomas and Jensen.
McElrea is the third generation in his motor racing family. His grandfather Rod McElrea won the New Zealand Beach Racing championships in Nelson in 1971 and the OSCA championships in 1983. His father Andy McElrea won the 1991 New Zealand Formula Ford Championship and the 1996 New Zealand Trans-Am Championship; Andy is also the Founder and Team Principal of McElrea Racing, which competes in the Porsche Carrera Cup Australia Championship and Porsche Sprint Challenge Australia.
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