Meghan Markle and Prince Harry Welcome Baby Girl — Named for Both the Queen and Princess Diana!
"Both mother and child are healthy and well, and settling in at home," the couple said in a statement
"It is with great joy that Prince Harry and Meghan, The Duke and Duchess of Sussex, welcome their daughter, Lilibet "Lili" Diana Mountbatten-Windsor, to the world," read a statement from the couple released on Sunday.
"Lili was born on Friday, June 4 at 11:40 a.m. in the trusted care of the doctors and staff at Santa Barbara Cottage Hospital in Santa Barbara, CA. She weighed 7 lbs 11 oz. Both mother and child are healthy and well, and settling in at home," the statement continued. "Lili is named after her great-grandmother, Her Majesty The Queen, whose family nickname is Lilibet. Her middle name, Diana, was chosen to honor her beloved late grandmother, The Princess of Wales."
"This is the second child for the couple, who also have a two-year-old son named Archie Harrison Mountbatten-Windsor. The Duke and Duchess thank you for your warm wishes and prayers as they enjoy this special time as a family."
Meghan and Harry also took to their Archewell website to share a personal message, writing, "On June 4th, we were blessed with the arrival of our daughter, Lili. She is more than we could have ever imagined, and we remain grateful for the love and prayers we've felt from across the globe. Thank you for your continued kindness and support during this very special time for our family."
Queen Elizabeth and other senior royals, including Prince Charles, Camilla, Duchess of Cornwall, Prince Wiliam and Kate Middleton are said to be "delighted" upon hearing news of the birth of Meghan and Harry's baby girl.
"The Queen, The Prince of Wales and The Duchess of Cornwall, and The Duke and Duchess of Cambridge have been informed and are delighted with the news of the birth of a daughter for The Duke and Duchess of Sussex," a Buckingham Palace spokesperson said in a statement on Sunday.
The couple announced Meghan's pregnancy on Valentine's Day, sharing, "We can confirm that Archie is going to be a big brother. The Duke and Duchess of Sussex are overjoyed to be expecting their second child."
"To have a boy then a girl — what more can you ask for?" Harry said.
They also shared they won't have any more children following their baby girl's arrival: "Two is it."
Prince Harry added of his feelings upon learning the baby is a girl, "Grateful, having any child, any one or a two would have been amazing, but to have a boy and then a girl . . . now we've got our family and we've got four of us."
Meghan and Harry announced their pregnancy news with a stunning black-and-white photo that was taken remotely via iPad by their friend and longtime photographer, Misan Harriman. A smiling (and barefoot!) Harry looks lovingly at Meghan, who cradles her baby bump as she rests in his lap.
The happy news came after Meghan revealed she suffered a miscarriage last July. "Losing a child means carrying an almost unbearable grief, experienced by many but talked about by few," she wrote in a searingly honest and heartbreaking New York Times essay on November 25.
Meghan, 39, and Harry, 36, officially stepped down from their roles as senior royals last year. Their desire to have a normal family life played a role in their groundbreaking decision.
A palace source previously told PEOPLE that by the time of Archie's birth, "they knew they were going to hit the nuclear button" on their royal exit.
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When Archie was born, the couple's focus shifted, even more, to "doing what's right for their family," added another friend.