“New Tank” sees Playboi Carti bragging about his lavish lifestyle over a droning and blown-out beat, supplied by Jonah Abraham and F1lthy of Working on Dying—Abraham verified their production on the track in a November 2020 Instagram story.

The title refers to the SHERP ATV tank Carti received from Kanye West in December 2020. Carti shared an image of the vehicle on Instagram, captioning the post:

i goT A tANK @ THe cAsTLE n0w thx. YE

Carti previewed the song in an Instagram Live on November 23, 2020, shortly after announcing that he had turned in his album to his label.