Indianapolis businessman Carl G. Fisher first conceived the speedway in 1905 after observing European automobile racing and recognizing the need for a purpose-built testing and competition venue. He proposed the idea after visiting the Brooklands circuit outside London in 1907. In December 1908, Fisher persuaded investors James A. Allison, Arthur C. Newby, and Frank H. Wheeler to join him in purchasing 328 acres of level farmland west of Indianapolis for $72,000. The Indianapolis Motor Speedway Company was incorporated on 20 March 1909 with a capitalization of $250,000.
Construction began in March 1909. The originally planned circular layout was scaled down to a 2.5-mile rectangular oval to accommodate grandstands. The workforce included 500 laborers, 300 mules, and steam-powered machinery. The first motorsport event at the track was a series of motorcycle races sanctioned by the Federation of American Motorcyclists on 14 August 1909. The inaugural Indianapolis 500 was held on 30 May 1911.
The track is a 2.500-mile rectangular oval that has remained essentially unchanged in dimension since construction. It features two 0.625-mile straightaways and four geometrically identical 0.250-mile turns, connected by two 0.125-mile short chutes. The banked turns carry 9 degrees 12 minutes of banking, considered relatively flat by American oval standards. The track surface originally consisted of graded soil and crushed stone, but was repaved with brick in 1909 — giving rise to the track's nickname, "The Brickyard." A strip of the original brickwork remains at the start-finish line as a historical landmark.
A modern FIA Grade One infield road course was completed in 2000, measuring 2.605 miles and incorporating part of the oval including the main straight and the southwest turn. The road course layout was further modified in 2008 and again in 2014. The entire grounds now cover more than 559 acres, expanded from the original 320 acres.
The Indianapolis 500, held annually on or near Memorial Day weekend, is the track's signature event and one of the most prestigious races in motorsport. The Brickyard 400 NASCAR Cup Series race has been held at the circuit since 1994. The Formula One United States Grand Prix was staged at Indianapolis from 2000 to 2007. The circuit also hosted the MotoGP Indianapolis Grand Prix from 2008 to 2015. The speedway served as the venue for the opening ceremonies of the 1987 Pan American Games.
The speedway was built and first operated by Carl Fisher and his co-investors. World War I flying ace Eddie Rickenbacker purchased the circuit in 1927 and held it until 1945, when Tony Hulman acquired it and began a substantial renovation and revival. The Hulman and George family retained ownership for three generations until 2019, when Penske Corporation, led by Roger Penske, purchased Hulman & Company along with the speedway and the IndyCar Series. Fox Corporation acquired a 33 percent stake in Penske Entertainment in July 2025.
The Indianapolis Motor Speedway Museum, which opened in 1956 and houses the track's Hall of Fame, is located in the circuit's infield. The Brickyard Crossing Golf Resort, which originally opened in 1929 as the Speedway Golf Course, incorporates four holes inside the oval. The site attracts approximately one million visitors annually. The speedway was added to the National Register of Historic Places in 1975 and designated a National Historic Landmark in 1987, the only such site affiliated with automotive racing history.
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