Bred by William Farish and William Kilroy, A.P. Indy was the top-priced yearling of 1990 at $2.9 million. He raced for Tomonori Tsurumaki and was later owned by a partnership that included Farish, Kilroy, and Harold Goodman. A.P. Indy was trained by Neil Drysdale.
In spite of a career plagued by soundness-related setbacks, A.P. Indy was an exceptionally consistent runner. In 11 starts he was off the board twice: fourth in his first start, fifth in a post-layoff Molson Million. He finished third to older horses in the Jockey Club Gold Cup. Everything else, he won.
Though not rushed at two, A.P. Indy took the Grade 1 Hollywood Futurity in his first stakes try. Strong performances in the San Rafael and the Santa Anita Derby made him second favorite for the Kentucky Derby but a bruised hoof kept him out of the race. He rebounded to take the Peter Pan and defeated the Preakness winner Pine Bluff in the Belmont Stakes.
A.P. Indy secured 1992 Horse of the Year honors with a dominant Breeders' Cup Classic score, tying the stakes record set by Sunday Silence. A.P. Indy was inducted in the Hall of Fame in 2000.