In this paper I defend anti-realism about race and a new theory of racialization. I argue that there are no races, only racialized groups. Many social constructionists about race have adopted racial formation theory to explain how ‘races’ are formed. However, anti-realists about race cannot adopt racial formation theory, because it assumes the reality of race. I introduce interactive constructionism about racialized groups as a theory of racialization for anti-realists about race. Interactive constructionism moves the discussion away from the dichotomous (social vs. biological) metaphysics that has marred this debate, and posits that racialized groups are the joint products of a broad range of non-racial factors, which interact.