Collet began his career in karting at the age of seven, claiming multiple titles in his native Brazil. He was signed to the Birel ART team in 2016 and eventually Nicolas Todt's All Road Management scheme. At the start of 2018, Collet made his single-seater debut for Silberpfeil Energy Dubai in the 2017–18 Formula 4 UAE Championship. He finished his first race in third position behind Leon Köhler and David Schumacher. Collet only competed in the third and fourth rounds of the season, finishing on the podium in every race bar one, including winning the third race at the Yas Marina Circuit. This amounted to 124 points and 6th position in the championship standings.
Racing under the number 23, Collet was the only Brazilian on the French F4 grid in 2018. Collet finished the first four races on the podium, taking his first of seven wins that season at the Pau Grand Prix. He had the opportunity to win the championship a round early at Jerez. In the first race, Collet took pole and finished first, with title rival Arthur Leclerc second. A dominant final race, which he won, confirmed his place as champion. Collet collected 303.5 points that season along with eleven podiums and three pole positions, finishing with 66.5 more than closest championship rival Ugo de Wilde.
Due to his success in the 2018 French F4 Championship, Collet was given a drive in the 2019 Formula Renault Eurocup championship with R-ace GP alongside Oscar Piastri, Aleksandr Smolyar, and Grégoire Saucy. Collet finished on the podium for the first time in round three at Monaco where he finished third. Collet finished fifth in the standings with 207 points, 113 points behind champion and teammate Oscar Piastri.
Collet remained with R-ace GP for the 2020 season. His season started with three podiums in the first three races, including his first Eurocup victory at the Imola Circuit. At the third round at the Nürburgring, the Brazilian missed out on the podium, as his former Renault stablemate Victor Martins took both wins. At the Circuit de Barcelona-Catalunya, Martins was able to regain control of the championship with two victories. In round eight at Imola, Collet bounced back and won race one, but was taken out from second place on the first lap by David Vidales. Although Collet won race one at Hockenheim, he wasn't able to get closer to Martins in the standings due to a mechanical issue in the second race. Martins clinched the title at the penultimate race, with 44 points splitting Martins and Collet at the end of the year.
On 10 February 2021, it was announced that Collet would race for MP Motorsport in the 2021 season, partnering Formula Renault title rival Victor Martins and Tijmen van der Helm. Collet's campaign started with third place in Barcelona, after which he went on to score two further points finishes. He scored his maiden podium in a feature race at France, earning himself fifteen points through another third place. Collet ended his rookie F3 campaign in ninth place with 93 points and two podiums.
Collet was retained by MP Motorsport for the 2022 season, partnering Alexander Smolyar and Kush Maini. After qualifying ninth in Imola, Collet claimed the lead of the sprint race early on, but was overtaken on the final lap by Franco Colapinto. In Barcelona, he scored his first podium of the year, overtaking Juan Manuel Correa with three laps to go. In a wet sprint race in Hungary, Collet battled with Colapinto for the lead, until a mistake from Colapinto gave Collet the lead, securing his maiden F3 victory by eight seconds. Collet took pole for the first time in Spa-Francorchamps. In Zandvoort, he qualified ninth and in the sprint race, made an electric start to move from fourth to second, dispatching Correa to take the lead and his second win. Collet ended the year eighth in the standings, collecting 88 points, with two wins and five podiums.
Collet switched to Van Amersfoort Racing for his third Formula 3 season in 2023. Collet started his season in Bahrain positively, with a third place during the sprint race. In Austria, Collet qualified in fifth and returned to the podium in third during the sprint race. In Spa-Francorchamps, Collet shot from fourth to second in the sprint race, before sweeping past Taylor Barnard for the lead at the end of the opening lap and proceeding to win the race. Collet qualified second during the Monza finale. He ended the year ninth in the standings with 73 points, taking a win and three other podiums.
In October 2023, Collet took part in the Indy NXT Chris Griffis Memorial Test at Indianapolis, driving for HMD Motorsports. He was announced as the final addition to HMD's nine-driver lineup for the 2024 season. Collet earned his maiden podium in the series with a third place at the Indianapolis Motor Speedway. This was followed by a second place in Detroit, and a double runner-up finish for the round in Laguna Seca. In Mid-Ohio, Collet stormed to his maiden pole, and brought home his first win in the series. He rounded the season with third place during the Nashville season finale. With one win, six podiums, and 436 points, Collet ended third in the standings, as well as being the highest rookie.
Collet re-signed with HMD Motorsports for the 2025 season. He started the season with third in Saint Petersburg and had a second-place finish in Indianapolis. After a third place in Gateway Motorsports Park, Collet earned his win at Road America, having passed Dennis Hauger with five laps to go. He proceeded to have a dominant weekend in the Laguna Seca double-header, taking pole and a lights-to-flag victory in both races. He earned a third straight pole in Portland, but lost out to a fast starting Hauger at the start, ultimately having to settle for second place. Collet finished the season runner-up to Hauger by 72 points, taking three wins, three poles, and nine podiums.
In October 2025, Collet experienced his first IndyCar test in Mid-Ohio, driving for A. J. Foyt Racing. The following month, it was revealed that Collet will drive the No. 4 for A. J. Foyt Racing for the 2026 season.
In January 2024, Collet was named as the reserve and simulator driver for the Nissan Formula E Team. He made his debut in Formula E machinery by partaking in the rookie free practice session at the 2024 Misano ePrix for Nissan. Collet made his race debut at the 2024 Portland ePrix, deputising for the unwell Oliver Rowland. He finished the races in eighteenth and sixteenth, finishing ahead of his more experienced teammate Sacha Fenestraz in the latter race.
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