The team's defining season came in 2010, its first under the Rapax name. Pastor Maldonado won six races en route to the GP2 drivers' championship, supported by Luiz Razia in eleventh, which was sufficient for Rapax to win the teams' championship — their only title in this identity. Maldonado subsequently moved to Formula One with the Williams team for 2011.
After losing Maldonado and Razia, Rapax signed Fabio Leimer and Julian Leal for 2011. Leimer claimed one race win but could not sustain consistent results, finishing fourteenth; Leal did not score. The team fell to tenth in the teams' standings.
In 2012, Tom Dillmann, Stefano Coletti, Ricardo Teixeira, and Daniel de Jong shared the race seats across the season. Dillmann was the strongest performer, scoring one victory before being dropped mid-season for budgetary reasons. Coletti joined later in the year and delivered competitive results. The team finished ninth overall.
Coletti was retained for 2013 alongside Simon Trummer. Coletti took three wins and finished fifth in the drivers' standings — the best individual driver result for Rapax outside the Maldonado championship year. For 2014, the team paired Trummer with Adrian Quaife-Hobbs, managing only a single podium through Quaife-Hobbs.
For 2015, Sergey Sirotkin joined alongside Robert Visoiu. Sirotkin won at Silverstone and finished in the top three in the championship — the first Rapax driver to achieve that since Maldonado — while Visoiu was replaced by Gustav Malja for the final two rounds. Malja remained for the full 2016 campaign alongside Arthur Pic, with Malja taking podiums at Spa and Monza and Pic on the podium at Hockenheim. The team ended ninth in the standings.
In 2017, the GP2 Series became the FIA Formula 2 Championship. Rapax began the season with Johnny Cecotto Jr. and Nyck de Vries. De Vries won the Monaco sprint race — Rapax's first victory since Sirotkin in 2015 — and the team finished fifth in the teams' standings, their highest position since the 2010 championship. However, the team could not sustain a stable driver lineup through the season, fielding Louis Deletraz, Roberto Merhi, Sergio Canamasas, and Rene Binder at various rounds alongside the regulars. At the end of 2017, Rapax ceased racing activity and withdrew from the FIA Formula 2 Championship.
Rapax's decade in GP2 and Formula 2, though marked by chronic mid-field results and a revolving roster of drivers, produced one outright championship in 2010 and served as a stepping stone for several drivers who advanced to Formula One or other prominent categories, including Maldonado, de Vries, and Sirotkin.