Malukas finished second to Meyer Shank Racing’s Felix Rosenqvist, losing by 0.023s in the race’s closest-ever finish.
The Team Penske driver was all but out of contention until a yellow with eight laps to go made an 18-second deficit to race leader Rosenqvist vanish.
Malukas was fourth when he usurped Rosenqvist and McLaren’s Pato O’Ward on the penultimate restart.
Mick Schumacher’s clash with the wall brought the caution out again, setting up a one-lap dash to the flag.
Malukas beat Armstrong into Turn 1 on the restart, leaving him to battle with his teammate Rosenqvist.
Despite the Meyer Shank Racing teammates going two-wide for much of the last lap, Rosenqvist was able to pass Armstrong and round up Malukas for the win.
“He just had a really good run. There’s nothing else I could have done,” said Malukas in the post-race press conference.
“I’m trying to think back, maybe something different with deployment here or there. There’s just no way.
“In the car, it looked a lot closer – which it was really, really close, but from the run I didn’t know he had that big of a run.
“Watching the replay and seeing the run that he had, it actually made me feel better because I was like, to be honest, I don’t think there’s anything I could have done.
“Maybe could have shortened it by a couple thousandths. I think that was the IMS gods telling me that it’s not my time.”
Malukas admitted he thought throughout the race that it was his to lose, making it a bitter pill to swallow.
“I just knew this whole month our car was spectacular, and I knew if we were going to be in a position like that, it was going to hurt,” said Malukas.
“I was just so committed in my mind. I was not nervous, I was not anything on those last few restarts.
“For some reason in my head I felt like, we got this. We’re going to get it. And we didn’t, by just a few little bits.
“I think that’s why it hurts because in my mind I really thought we were going to win it, and we didn’t get that right.
“I think it’s when you give yourself a goal and when you don’t achieve it, it tends to hurt, and I think that’s why it hurts so much.”
Malukas took a moment for himself before getting out of his car following the race but quickly tried to compose himself for the post-race formalities.
“I really started to beat myself up in that car so I told myself I need to get out of here before I just keep on overthinking and making things so much worse,” he explained.
“Just had to get out, and it was a good decision to do, get out and just see everybody and kind of just let the emotions out because in the car it was not good thoughts.”
Malukas’ IndyCar career has been a bumpy one.
After two impressive years at Dale Coyne Racing, he was promoted to McLaren only to suffer a mountain bike accident that broke his wrist.
McLaren dumped Malukas, who eventually returned to the series midway through 2024 with Meyer Shank Racing before landing at the Team Penske-allied AJ Foyt Racing in 2025.
Long touted as a star of the future, Malukas signed with Team Penske for 2026 as Will Power’s replacement.
Through tears, Malukas thanked Team Penske and the eponymous owner Roger Penske for giving him an opportunity.
“I’ve been through many different teams, although I’m still young, 2024, from the wrist injury, been to so many different teams, and nobody is like Team Penske,” he said.
“Everybody here is just so closely connected and truly feels like family.
“Obviously coming from all of that, Roger was one of the first guys to come to me and tell me that he believes in me and told me to keep on pushing.
“Because of him, I can sit here and cry that I’m going for a P2 position.
“I think that’s why it’s really emotional for me because I wanted to get a win for this team and just wanted to be written across those history books.
“Everything happens for a reason. I think there’s a reasoning to this.
“We’re going to just use it as more motivation and just keep pushing forward, and someday maybe it’ll happen.”
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