Gisele Bündchen is pregnant with baby number 3, first with boyfriend Joaquim Valente

Gisele Bündchen is pregnant!

The model, 44, and her boyfriend Joaquim Valente, 35, are expecting their first baby together, Bündchen's third, a source close to Bündchen confirmed to PEOPLE on Monday, October 28.

“Gisele and Joaquim are excited about this new chapter in their lives and look forward to creating a peaceful and loving environment for the entire family,” the source tells PEOPLE in a statement.

Bündchen has been dating the jiu-jitsu instructor since June 2023. Her baby will be accompanied by Bündchen's son Benjamin Rein, 14, and daughter Vivian Lake, 11, whom she shares with ex-husband Tom Brady.

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Bündchen, who served as a Victoria's Secret Angel from 1999 to 2006, was notably absent from the 2024 Victoria's Secret Fashion Show, held on October 15, although the Angels have returned numerous times in the past.

Bündchen and Valente were first seen together in November 2022 when the couple visited the Provincia de Puntarenas (a province on the coast of Costa Rica) with their two children.

After initially denying a romantic relationship with her trainer, a romantic relationship later developed between the two, and in February 2024, a source confirmed to PEOPLE that Bündchen and Valente have been dating since June 2023.

In June 2024, a source told PEOPLE that the supermodel had “blossomed” since her split from Brady. “She's safe and happy and so busy with her life that she doesn't have time to think about the negative things out there,” the source said.

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In February, another source told PEOPLE, “They’ve been together since June. ”

Brady and Bündchen divorced in October 2022 after 13 years of marriage. The ex-partners agreed to joint custody of their children.

Brady, 47, is also father to son John “Jack” Edward Thomas, 17, with his ex-girlfriend, actress Bridget Moynahan.