The 36-year-old actress gave birth to a little boy on Saturday – news exclusively revealed to HELLO!'s sister publication, HOLA!.
The new arrival was born in Los Angeles' world-renowned Cedars Sinai hospital. It is not yet known what the first-time parents have decided to name their son.
By Penelope and Javier's side were the actress' family, including her mother Encarna, her younger brother Eduardo and her sister Monica, accompanied by her actor boyfriend Alex Gonzalez.
Penelope gave birth to a little boy on Saturday
The Cruz family were seen arriving at the hospital and were later snapped embracing a beaming Javier outside.
And on Monday in Madrid – home of the Hollywood couple – Javier's mother Pilar Bardem was pictured jetting out of Barajas airport, reportedly bound for the US to meet her grandson for the first time.
It had originally been thought that Penelope would choose to give birth in the Spanish capital, but after spending Christmas in LA, she decided to have her child there to ensure the baby had dual nationality.
The happy news was exclusively revealed to HELLO!'s sister publication, HOLA!
It has been an incredible week for 41-year-old Javier. Just four days after the birth of his son, the No Country For Old Men actor discovered he has been nominated for his third Academy Award.
Penelope and Javier are one of Hollywood's most private couples. The couple started dating in 2007 and tied the knot in July in a low-key Caribbean ceremony with just a few guests present.