On September 7, 2022, new entrant Cape Motorsport announced their first driver to be Jagger Jones, grandson of Parnelli Jones.

99 entry under the HMD Motorsports with Force Indy guise.

In October 2022, Force Indy announced a collaboration with HMD Motorsports to co-run the No.In September 2022, Juncos Hollinger Racing announced its return to the series after not competing in 2022 to focus on their Ind圜ar entry.They won the 2022 USF2000 Driver's Championship with Michael d'Orlando. In July 2022, Cape Motorsports, a long-time USF2000 team with consistent success, announced they would enter Indy NXT for 2023.Legacy Autosport planned to enter the series, but later confirmed it would not do so.The following drivers and teams compete in the series. The drivers finishing second and third in the championship will receive $125,000 and $65,000 respectively. The champion will receive a sum of $850,000 to spend on tests at Texas Motor Speedway and Indianapolis Motor Speedway as well as to run the 2024 Indianapolis 500 and an additional Ind圜ar race. As part of the rebrand, the prize structure was changed.On June 22, 2022, it was announced that after seven seasons, Cooper Tires would be replaced as tire supplier by Firestone.Linus Lundqvist, the reigning 2022 Indy Lights champion, became a free agent after the season, so he did not defend his championship. This rebrand coincided with the three lower support series, still run by Anderson Promotions, also changing their branding. Known as Indy Lights before 2023, the championship was rebranded following its acquisition by Penske Entertainment, the owner of INDYCAR, in 2022. The 2023 Firestone Indy NXT Series season is the 21st season of the primary support series for the Ind圜ar Series, sanctioned by Ind圜ar.

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