The whole prayer

Sitting

Ṣalāt on the Prophet ﷺ

Asking Allah to honour him, in the words he was asked for.

اللَّهُمَّ صَلِّ عَلَى مُحَمَّدٍ وَعَلَى آلِ مُحَمَّدٍ، كَمَا صَلَّيْتَ عَلَى إِبْرَاهِيمَ وَعَلَى آلِ إِبْرَاهِيمَ، إِنَّكَ حَمِيدٌ مَجِيدٌ

Allāhumma ṣalli ʿalā Muḥammadin wa ʿalā āli Muḥammad, kamā ṣallayta ʿalā Ibrāhīma wa ʿalā āli Ibrāhīm, innaka Ḥamīdun Majīd.

O Allah, honour Muhammad and the family of Muhammad as You honoured Ibrāhīm and the family of Ibrāhīm. You are truly Praiseworthy, Glorious.

Why it is said here

The Companions asked how to send peace on him, since Allah had already commanded it in the Qur'an (33:56). He taught them these words. When you say 'ṣalli ʿalā', you are not praying for him as though he needs it — you are asking Allah to raise his mention, and the reward returns to you: 'Whoever sends one prayer upon me, Allah sends ten upon him.'