Bubba Wallace has signed a multiyear contract extension with 23XI Racing, the team announced Friday.

Wallace was signed as the team’s inaugural driver going into its debut season in the NASCAR Cup Series last year. A fall win at Talladega Superspeedway was a first in the series for both Wallace and the company.

The contract extension comes as the 28-year-old is fresh off a second-place finish at Michigan International Speedway. He also won a first Cup Series pole for both himself and 23XI at Michigan, and is working on a streak of four consecutive top-10 finishes going into Richmond Raceway (Sunday, 3 p.m. ET, USA Network).

“Bubba was a key part of the early stages of 23XI, and I am thrilled that he will continue with the team,” said team co-owner Denny Hamlin. “When we announced Bubba as our first driver the goal was to help him take his career to a higher level, and we have done just that. Bubba and the No. 23 team earned the organization our first win and first pole award, and with a career-best four consecutive top-10 finishes heading into Richmond, Bubba is continuing to get more competitive each week. We’re excited to see his growth as he and the team work toward achieving our goals.”

The 2023 season will be Wallace’s sixth full season in the Cup Series.

“It feels great to get this renewal done and to know I have a home at 23XI Racing,” Wallace said. “Thanks to M.J. [ Michael Jordan] and Denny for continuing to believe in me. We’ve come a long way together in less than two years and we’ve checked off some major goals along the way – including the team’s first win and first pole. We know we still have work to do, both on and off the racetrack, but I feel good about our team and the direction we’re heading.”