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.

[2][3][4] 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.

[7][8] 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.

[11] The Formula Regional and F4 outfits reverted to the PHM Racing name in October 2024 in the wake of the AIX sponsorship deal ending.