Carnegie was unraced as a two-year-old and began his racing career in March 1994 when he won the Prix Dardo over 2000 metres at Saint-Cloud Racecourse. On 4 April he finished second to Rainbow Dancer in the Prix de Courcelles over 2100 metres at Longchamp Racecourse with Tikkanen in third place. In the Prix Greffulhe over the same course and distance three weeks later, he finished fifth of the seven runners behind Tikkanen. Carnegie bypassed the Prix du Jockey Club and reappeared at Evry Racecourse for the Listed Prix Pelleas on 22 June, winning by one and half lengths from Zillion. He was then moved back up in class for the Group Two Prix Eugene Adam at Saint-Cloud in July. He took the lead 200 metres from the finish and won by half a length from Cafe Milano. After a break of two months, Carnegie returned in autumn to contest the Group Two Prix Niel at Longchamp. He turned into the straight in sixth place before taking the lead 200 metres from the finish and winning by one and a half lengths from Northern Spur, with Sunshack third, Celtic Arms fourth and Rainbow Dancer unplaced. On 2 October, Carnegie was one of twenty runners to contest the 73rd running of the Prix de l'Arc de Triomphe and started at odds of 3/1 as part of Sheikh Mohammed's four horse entry which also included King's Theatre, Intrepidity and Richard of York. Jarnet sent the colt into the lead in the straight and he prevailed in a blanket finish from Hernando, Apple Tree, Ezzoud and Bright Moon. His success was a third in the race for Fabre, a second for Jarnet and a first for Sheikh Mohammed.
1995: four-year-old season
Carnegie began his four-year-old campaign in June, when he was sent to England to contest the Coronation Cup at Epsom Downs Racecourse. Running for the first time in nine months he finished fifth of the seven runners behind Sunshack, Only Royale, Time Star and Tikkanen. In July he started favourite for the Grand Prix de Saint-Cloud and caught the leader Luso in the closing strides to win by a short neck, with Only Royale, Tikkanen and Sunshack among the beaten horses. Three weeks later he returned to England for the King George VI and Queen Elizabeth Stakes at Ascot Racecourse. He was made the 11/4 second favourite, but was never in serious contention and finished sixth of the seven runners behind Lammtarra. In his prep race for his second Arc attempt, Carnegie won a slowly run race for the Prix Foy at Longchamp on 10 September, beating the British-trained Godolphin filly Balanchine by a short head. Carnegie and Balanchine were joined by Swain in Sheikh Mohammed's entry for the Arc de Triomphe and started at odds of 2.1/1 in a field of sixteen runners. Carnegie was always in contention, but failed to quicken in the straight and finished sixth behind Lammtarra. On his final appearance, Carnegie was sent to the United States for the Breeders' Cup Turf at Belmont Park. As in the Arc, he was always in touch with the leaders but was only able to run on at one pace in the straight and finished third to Northern Spur and Freedom Cry.
Stud career
Carnegie stood as a breeding stallion in several locations: he was originally based at his owner's Darley Stud in Japan and was also shuttled to stand in New Zealand during the Southern Hemisphere breeding season. He was later moved to Darley's Kelvinside Stud in the Hunter Valley, New South Wales. He had his greatest success in Australia and New Zealand where his best winners included:
