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GP of Indianapolis 30-05-1954, 200 laps of 4.023 m, Total distance 802 km
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| Pos | No | Driver | Team-engine | Diff | Reason |
| 1 | - | Bill Vukovich | Kurtis KK500A-Offenhauser | 3:49:17.27 | - |
| 2 | - | Jimmy Bryan | Kuzma-Offenhauser | 200 laps | - |
| 3 | - | Jack McGrath | Kurtis KK500C-Offenhauser | 200 laps | - |
| 4 | - | Troy Ruttman/Duane Carter | Kurtis KK500A-Offenhauser | 200 laps | - |
| 5 | - | Mike Nazaruk | Kurtis KK500C-Offenhauser | 200 laps | - |
| 6 | - | Freddie Agabashian | Kurtis KK500C-Offenhauser | 200 laps | - |
| 7 | - | Don Freeland | Phillips-Offenhauser | 200 laps | - |
| 8 | - | Paul Russo/Jerry Hoyt | Kurtis KK500A-Offenhauser | 200 laps | - |
| 9 | - | Larry Crockett | Kurtis KK3000-Offenhauser | 200 laps | - |
| 10 | - | Cal Niday | Stevens-Offenhauser | 200 laps | - |
| 11 | - | Art Cross/Johnnie Parsons/Sam Hanks/Andy Linden/Jimmy Davies | Kurtis KK4000-Offenhauser | 200 laps | - |
| 12 | - | Chuck Stevenson/Walt Faulkner | Kuzma-Offenhauser | 1 lap | - |
| 13 | - | Manny Ayulo | Kuzma-Offenhauser | 3 laps | - |
| 14 | - | Bob Sweikert | Kurtis KK4000-Offenhauser | 3 laps | - |
| 15 | - | Duane Carter/Marshall Teague/J. Jackson/Tony Bettenhausen | Kurtis KK4000-Offenhasuer | 4 laps | - |
| 16 | - | Ernie McCoy | Kurtis KK500B-Offenhauser | 6 laps | - |
| 17 | - | Jimmy Reece | Pankratz-Offenhauser | 6 laps | - |
| 18 | - | Ed Elisian/Bob Scott | Stevens-Offenhauser | 7 laps | - |
| 19 | - | Frank Armi/George Fonder | Curtis-Offenhauser | 7 laps | - |
| 20 | - | Sam Hanks/Jimmy Davies | Kurtis KK4000-Offenhauser | 9 laps | Spun |
| 21 | - | Pat O'Connor | Kurtis KK500C-Offenhauser | 19 laps | Spun |
| 22 | - | Rodger Ward/Eddie Johnson | Pawl-Offenhauser | 28 laps | Stalled |
| 23 | - | Gene Hartley/Marshall Teague | Kurtis KK4000-Offenhauser | 32 laps | Clucth |
| 24 | - | Johnny Thomson/Andy Linden/Jimmy Daywalt | Nichels-Offenhauser | 35 laps | Stalled |
| 25 | - | Andy Linden/Bob Scott | Schroeder-Offenhauser | 35 laps | Unknown |
| 26 | - | Jerry Hoyt | Kurtis-Offenhauser | 70 laps | Engine |
| 27 | - | Jimmy Daywalt | Kurtis KK500C-Offenhauser | 89 laps | Collision |
| 28 | - | Jim Rathmann/Pat Flaherty | Kurtis KK500C-Offenhauser | 90 laps | Collision |
| 29 | - | Tony Bettenhausen Sr. | Kurtis KK500C-Offenhauser | 95 laps | Unknown |
| 30 | - | Spider Webb/Danny Kladis | Bromme-Offenhauser | 96 laps | Oil leak |
| 31 | - | Len Duncan/George Fonder | Schroeder-Offenhauser | 99 laps | Brakes |
| 32 | - | Johnnie Parsons | Kurtis KK500C-Offenhauser | 121 laps | Stalled |
| 33 | - | Bill Homeier | Kurtis KK500C-Offenhauser | 126 laps | Collision |
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