Later in 2011, Hildebrand qualified for the Indianapolis 500, and was the most successful rookie during his premiere race. Hildebrand was able to lead at the halfway point for Panther Racing, and stayed on the lead lap for the entire race. This allowed him to take a gamble during his last pit stop, stretching out his fuel load to an eventual lead on the final lap. On the very last turn, he slid out of the racing lane and into the retaining wall while passing rapidly slowing Charlie Kimball, allowing Dan Wheldon to take the victory. Despite the damage to his car – including the loss of a wheel – Hildebrand retained enough speed to cross the finish line in second place.