The hunky Iron Man star and his wife, Susan, will be bringing another Downey baby into the world!

The lovely couple announced Wednesday that they are expecting their first child together.

“Robert and Susan could not be more excited over this news,” his rep tells PEOPLE. “They can’t wait to welcome this new baby into their wonderful family.”

Robert Downey Jr. has one other child, son Indio (17), with ex-wife Deborah Falconer.