23XI Racing

Wallace's No. 23 car during the 2021 Toyota/Save Mart 350

On September 21, 2020, Jordan and Denny Hamlin announced the formation of a Cup team to begin competition in 2021 with Jordan as majority owner, Hamlin as minority owner and Wallace as the driver.[9] The team bought a guaranteed starting spot in every 2021 race by purchasing a charter from Germain Racing.[10] The team's name, car number and manufacturer were not revealed at the time of the announcement.[11] Hamlin later said that the two had discussed owning a team but that it never came to fruition.[12] On October 22, the team announced its name, 23XI Racing, and would use the number 23 (Jordan's number during his basketball career).[13] On October 30, the team revealed that they will run Toyotas with a technical alliance with Joe Gibbs Racing (whose No. 11 car is driven by Hamlin) and operate out of a shop owned (and formerly used by) Germain Racing.[6] On December 14, 23XI Racing announced that DoorDash, McDonald's, Columbia Sportswear, Dr Pepper, and Root, Inc. will be the sponsors of the No. 23 team in 2021. It was also announced that several crew members of the former Germain operation would join the team as a pit crew.[14] On February 3, it was announced that former Germain driver Ty Dillon (who attempted to make the Daytona 500 with fellow Toyota team Gaunt Brothers Racing) would run the car in the 2021 Busch Clash, as Wallace was not eligible to run the clash.[15]

Wallace finished second in his Duel and finished 17th at the 2021 Daytona 500 after being involved in a last-lap crash. At the Daytona road course he had troubles all day and finished 26th. Wallace struggled out the gate until Phoenix, which was his first strong run of the season. Wallace was running top 15 for most of the day before working his way into the top 10. Following a caution and most of the field pitting, while Wallace stayed out, he restarted first. This move did not work out well for Wallace. Due to him being on old tires and the rest of the field being on new tires, Wallace was quickly cycled out of the first position, dropped back, and wound up making contact with Cole Custer. He ended up finishing 16th.[16] At the 2021 GEICO 500 at Talladega, Wallace had a strong car the entire day. Wallace was running top 10 for a good portion of the day and ended up winning stage 2. This was Wallace's first career stage win. After an overtime restart, Wallace was cycled to the back of the pack and wound up finishing 19th. At Dover, Wallace finished 11th. At Pocono, Wallace finished the first race in 14th, but finished the second race fifth, scoring the team's best finish and their first top-five. He finished third at the 2021 Coke Zero Sugar 400 at Daytona, but he was officially scored with a second-place finish after Chris Buescher was disqualified post-inspection.[17] On September 16, Bootie Barker was named crew chief for the remainder of the season after Wheeler was promoted to Director of Competition.[18] Wallace scored his first career win at the rain-shortened 2021 YellaWood 500 at Talladega, becoming only the second Black driver after Wendell Scott to win a Cup race.[19] Wallace finished the season 21st in points.

Wallace began the 2022 season by finishing in second place at the 2022 Daytona 500.[20] On March 29, 2022, Barker was suspended for four races due to a tire and wheel loss during the 2022 Texas Grand Prix at COTA. Dave Rogers was announced as Wallace's crew chief for Richmond, Martinsville, Bristol, and Talladega.[21]

Kurt Busch in the No. 45 at Auto Club Speedway in 2022

On August 27, 2021, 23XI Racing announced that Kurt Busch will pilot the No. 45 Toyota Camry in 2022.[22] His long time sponsor Monster Energy will follow him. Following the end of the 2021 season, 23XI purchased the former StarCom Racing's charter for US$13.5 million, making it the most expensive charter purchase since the implementation of the system in 2016.[23]