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The Allegiant Travel Company was founded in 1999 as the parent company of Allegiant Air, which itself had been founded in 1997. Initially based out of Fresno, California, the company reorganized in 2000 with Maurice J. Gallagher Jr. gaining an almost 20 percent stake in the company. He had previously been a prominent creditor of Allegiant and was one of the co-founders of ValuJet Airlines.
In May 2006, Allegiant Travel Company filed plans for an initial public offering (IPO). It officially began trading on the Nasdaq exchange under the stock ticker symbol, ALGT, in December of that year.
By 2024, Allegiant Travel's primary subsidiary, Allegiant Air, had switched from a fleet predominately composed of MD-80s to one exclusively composed of Airbus and Boeing jets.
In January 2026, Allegiant Travel Company announced an agreement to acquire Sun Country Airlines in a cash-and-stock transaction valued at about $1.5 billion. The United States Department of Transportation approved the merger on April 15, 2026, and shareholders of both airlines approved the transaction on May 8, 2026. Following the merger, Allegiant shareholders would own approximately 67 percent of the combined company, while Sun Country shareholders would own the remaining 33 percent. The transaction closed on May 13, 2026. Allegiant and Sun Country will continue to operate separately while working toward a single operating certificate.