The development of the US F1 Type 1 was the centerpiece of a project fronted by Ken Anderson, former technical director of Haas CNC Racing, and Peter Windsor, a journalist and former manager at Williams and Ferrari. The team announced its intent to enter the 2010 season on February 24, 2009, with the goal of promoting American drivers and technology. The Type 1 was to be manufactured in Charlotte, North Carolina, in a facility previously used by Joe Gibbs Racing's NASCAR operations.
The design and production schedule suffered early delays due to political disputes between the FIA and the Formula One Teams Association (FOTA). US F1 was unable to sign the Concorde Agreement until July 29, 2009, which left technical regulations and budget caps under debate during the initial design phase.
In September 2009, the first images of the Type 1 were revealed during an interview on the SpeedTV program Windtunnel. Senior engineer Scott Bennett stated in a team blog entry that the car was intended to be innovative rather than a design clone of existing Formula One machinery.
The team secured significant financial backing for the project, with YouTube co-founder Chad Hurley serving as the primary investor. The advertising agency Goodby, Silverstein & Partners was also identified as an initial investor. To support the Type 1 during the European rounds of the championship, the team planned a secondary base at Motorland Aragón in Spain.
By December 2009, external doubts regarding the car's readiness began to surface, including public skepticism from F1 CEO Bernie Ecclestone. Peter Windsor attempted to counter these concerns by claiming the development team took only two days off during the winter break to maximize production time.
Internal management issues severely hampered the car's progress. Senior personnel later alleged that Ken Anderson required all design and build decisions to pass through him personally, creating a bottleneck in the manufacturing process. Although the team reportedly knew the project was in trouble by December 2009, the staff did not unanimously express their doubts to Windsor and Anderson until February 2010.
On February 24, 2010, FIA technical delegate Charlie Whiting inspected the Charlotte facility to assess the Type 1's readiness. Following this inspection, it was determined that the team was not capable of competing.
The US F1 Type 1 project effectively ended in early 2010 as the team's financial structure disintegrated. Potential sponsor Locstein withdrew after it became clear the team could not complete the full season, and primary investor Chad Hurley reportedly withdrew his backing around the same time.
In a final attempt to save the project, Anderson and Hurley asked the FIA to defer their entry until 2011, offering a seven-figure bond as a guarantee. The FIA rejected this request, opting instead to reopen the entry process entirely. On March 2, 2010, all team personnel were dismissed and the factory was closed. The FIA officially removed the team from the entry list on March 3, noting that the team was not in a position to participate.
The immediate aftermath of the project's collapse saw the team's assets liquidated. Two trailers purchased from Brawn GP for the transportation of the Type 1 chassis were seized and sold on eBay by the UK High Court to satisfy creditors. On June 24, 2010, the FIA World Motor Sport Council fined the team €309,000 and issued a permanent ban from FIA-sanctioned championships.
The US F1 Type 1 never recorded a competitive lap. Argentine driver José María López had been officially signed to drive the car, and James Rossiter was also linked to a seat, though his signing was never confirmed. While the car was intended to be a showcase for American technology, the project's failure resulted in the team being cited for "serious economic and funding challenges" by the Charlotte Business Journal.
Following the collapse of US F1, an attempt was made to revive the remains of the project under the name Cypher Group. This prospective American team was not associated with Anderson or Windsor. However, the Cypher Group eventually withdrew its bid for the 2011 Formula One season, and the Type 1 design saw no further development.