Lundqvist began karting at the age of six during a family holiday in Finland and went on to contest numerous championships in Sweden and across Europe, winning multiple titles before transitioning to single-seater cars.
Lundqvist made his single-seater debut in 2015 in the Formula Renault 1.6 Nordic championship with Team TIDÖ, finishing fourth in the Nordic standings, second in the JSM category, and third in the NEZ championship. In 2016 he returned to the now-renamed Formula STCC Nordic championship with LL Motorsport Junior Team, dominating the season with ten wins to claim both the Drivers Championship and the NEZ title.
In 2017, Lundqvist moved to the British F4 championship with Double R Racing, claiming five victories but finishing fifth overall due to inconsistent performances across the season. He also made a brief debut in the BRDC British Formula 3 championship mid-season, scoring three points finishes.
In 2018, Lundqvist contested the BRDC British Formula 3 championship full-time with Double R Racing. He took seven wins and three pole positions to claim the title at Silverstone in a season-long battle with Nicolai Kjærgaard. That November he also tested with Campos Racing in the GP3 post-season session at Yas Marina.
After winter series and pre-season testing with Campos Racing, Lundqvist competed in the Euroformula Open Championship in 2019, again with Double R Racing. In April 2020, Global Racing Group announced his entry in the Formula Regional Americas Championship. Lundqvist's campaign was dominant: he won sixteen of the eighteen races available and clinched the championship title at the penultimate round at Homestead.
As part of the Formula Regional Americas title package, Lundqvist received a Honda-backed scholarship for the 2021 Indy Lights championship. He joined GRG with HMD Motorsports and scored three wins and eleven podiums across twenty races, finishing third in points.
For 2022, Lundqvist remained in Indy Lights with HMD alongside Dale Coyne Racing. His second season in the series was conclusive: five wins and nine podiums in fourteen races delivered the championship title by a 92-point margin.
In November 2018, Lundqvist won the Sunoco Whelen Challenge, earning a 24 Hours of Daytona drive for 2019 with Precision Performance Motorsports. In January 2022, Alegra Motorsports announced he would co-drive the No. 28 Mercedes alongside Maximilian Götz, Daniel Morad, and Michael de Quesada at the 2022 24 Hours of Daytona.
Lundqvist took part in his first IndyCar test at Indianapolis Motor Speedway for Andretti Autosport in November 2021. Further tests followed at Texas Motor Speedway with Rahal Letterman Lanigan Racing in April 2023 — his first on an oval — and at Sebring in June 2023. He also participated in the Berlin Formula E rookie test with Andretti Autosport in April 2023.
Lundqvist made his IndyCar Series race debut with Meyer Shank Racing at the 2023 Big Machine Music City Grand Prix, taking over the No. 60 car from Simon Pagenaud, who was recovering from injury. Lundqvist qualified eleventh and ran consistently inside the top fifteen before crashing out with twelve laps remaining, classified 25th and setting the race's fastest lap. He deputised for Pagenaud at two further rounds — the Gallagher Grand Prix, where he was the highest-finishing rookie in twelfth, and the Bommarito Automotive Group 500, his first IndyCar oval race, where he finished eighteenth and again set the fastest lap.
On 31 August 2023, Chip Ganassi Racing announced Lundqvist had signed a multi-year contract for the 2024 season. He earned his first IndyCar pole position at the XPEL Grand Prix at Road America and finished sixteenth in the overall championship standings, winning the Rookie of the Year award. Despite the multi-year deal, Lundqvist was not retained for 2025; he later stated he only learned of the contract termination in mid-January of that year.
Lundqvist's progression through the junior ranks was unusually quick, marked by dominant title-winning campaigns in Formula Regional Americas and Indy Lights. His IndyCar debut season with Meyer Shank Racing and subsequent Rookie of the Year honour with Chip Ganassi Racing cemented his standing as one of the more accomplished European drivers to come through the American open-wheel pathway in recent years. The unexpected end of his Ganassi tenure left his future direction open as of early 2025.
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