Yes, its real!
A race happening this year.

A competition among accredited, tax-exempt colleges and universities (including foreign institutions of higher education that are organized and operated in a manner consistent with requirements for exemption from federal income tax under the laws of the United States) to create software that enables automated-capable racecars to best compete and aspire to finish first in a head-to-head race on the Indianapolis Motor Speedway’s (IMS) famed oval.

1 Million dollars to the first team to cross the finish line in 25 minutes or less in a head-to-head, 20-lap race of automated Dallara IL-15 racecars around the Indianapolis Motor Speedway oval

Here is the CES press conference

and Here is the competition website