The 2023 Calypso 150 was the 9th stock car race of the 2023 ARCA Menards Series season, the 5th race of the 2023 ARCA Menards Series East season, and the 17th iteration of the event. The race was held on Saturday, July 15, 2023, in Newton, Iowa at Iowa Speedway, a 0.875 mile (1.408 km) permanent quad-oval shaped racetrack. The race was originally scheduled to be contested over 150 laps, but was extended to 156 laps due to a NASCAR overtime finish. Luke Fenhaus, driving for Pinnacle Racing Group, would steal the win after taking advantage of the lead on the final restart, and held off William Sawalich to earn his first career ARCA Menards Series win, his second career ARCA Menards Series East win, and his third win of the season. Sawalich had dominated the entire race, leading 154 of the 156 laps until the caution came out with two laps to go.^[4] To fill out the podium, Sawalich, driving for Joe Gibbs Racing, and Jesse Love, driving for Venturini Motorsports, would finish 2nd and 3rd, respectively.

Iowa Speedway is a 7/8-mile (1.4 km) paved oval motor racing track in Newton, Iowa, approximately 30 mi (48 km) east of Des Moines. It has over 25,000 permanent seats as well as a unique multi-tiered RV viewing area along the backstretch. The premiere event of the track is the Hy-Vee IndyCar Race Weekend held yearly in July since its inaugural running in 2007.

The first and only practice session was held on Saturday, July 15, at 4:00 PM CST, and would last for 45 minutes.^[5] William Sawalich, driving for Joe Gibbs Racing, would set the fastest time in the session, with a lap of 24.235, and an average speed of 129.977 mph (209.178 km/h).^[6]

Qualifying was held on Saturday, July 15, at 5:00 PM CST. The qualifying system used is a single-car, two-lap system with only one round. Whoever sets the fastest time in that round wins the pole.^[5] William Sawalich, driving for Joe Gibbs Racing, would score the pole for the race, with a lap of 24.143, and an average speed of 130.473 mph (209.976 km/h).^[7]