PHM Racing is a German auto racing team competing in a variety of junior open-wheel series. It started racing in 2022 after taking over Mücke Motorsport's Formula 4 assets and later entered Formula Regional, FIA Formula 3 and FIA Formula 2, the latter two initially in collaboration with Charouz. The F2 and F3 operations were bought out by financial services firm AIX Investment Group and became AIX Racing in May 2024.

Born from the ashes of Mücke Motorsport's single-seater programme, which was disbanded at the end of 2021, PHM Racing was founded by Paul Müller with a squad mostly consisting of former Mücke personnel and the aim of being a non-profit organization. The team made its first step into racing in the Formula 4 UAE Championship in 2022, competing with Nikita Bedrin, Jonas Ried and Taylor Barnard. Following a campaign that yielded the team's first ever race win with Barnard and a further pair of victories brought by Bedrin, team owner Paul Müller announced that they would be stepping into the Italian and German F4 series.

The team entered Formula Regional Middle East for the 2023 winter season, before expanding into Formula 2 and FIA Formula 3 with a partial takeover of Charouz Racing System under the PHM Racing by Charouz moniker. PHM assumed full control of the F2 and F3 teams' operations prior to the 2023 Yas Island Formula 2 round, and announced a new sponsorship deal with the Dubai-based AIX Investment Group that would see the team renamed PHM AIX Racing for 2024. AIX Investment Group later completed acquisition of the F2 and F3 structures and became AIX Racing in May 2024. The Formula Regional and F4 outfits reverted to the PHM Racing name in October 2024 in the wake of the AIX sponsorship deal ending.

† Larini drove for AKM Motorsport until round 4.

‡ Dupé drove for Prema Racing from round 4 onwards.

† Pedrini drove for Van Amersfoort Racing in round 3.

† Suzuki drove for Pinnacle Motorsport until round 2.

(key) (Races in bold indicate pole position) (Races in italics indicate fastest lap)