Pregnant Gisele Bündchen Seems the 'Happiest She's Ever Been' as She Prepares for Baby No. 3: 'Truly Thriving' (Exclusive Source)

Gisele Bündchen is "truly thriving" as she prepares to welcome her third baby, a source exclusively tells PEOPLE.

The source says Bündchen, 44, is still planning to have a home birth and seems the "happiest she's ever been" ahead of welcoming her first child with boyfriend Joaquim Valente, 37. The former Victoria's Secret model already has two children, son Benjamin, 15, and daughter Vivian, 12, who she shares with retired NFL quarterback and ex-husband Tom Brady, 47.

"Gisele's doing great," the insider says. "She seems the happiest she's ever been. She's truly thriving."

"The baby has been a happy surprise," the source continues. "Joaquim can't wait for the baby to arrive. They are planning a home birth."

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On Monday, Oct. 28, 2024, a source exclusively confirmed with PEOPLE that Bündchen and Valente are expecting their first baby together.

The source, who is close to Bündchen, told PEOPLE at the time that Bündchen is “excited to embrace this new chapter openly.”

Bündchen “received many positive messages and congratulations,” said the insider, adding that while the soon-to-be mother of three “wanted to keep it private for as long as she could, doing so was starting to be a challenge.” 

Above all, the couple is excited to start their parenthood journey together. Starting out as friends, Bündchen and Valente's love blossomed into something more in June 2023.

“Gisele and Joaquim are happy for this new chapter in their life and they're looking forward to creating a peaceful and loving environment for the whole family,” the source told PEOPLE.