The two were spotted having dinner together last week.
Now, a source tells ET that the new couple went for a private workout session together at Dog Pound in New York City on Tuesday and "seem super happy."
"Things are really great between them," says the source. "They've been spending a lot of time together and seem super happy."
Gerber and Elordi made headlines last week after they were snapped together at Nobu restaurant in Malibu, California.
Cindy Crawford's daughter and the Euphoria actor arrived at the restaurant at 9 p.m. and left two hours later. Gerber kept it casual in a black top, jeans and boots, as she carried her dog while wearing a mask. Meanwhile, Elordi also wore a mask and sported a Bug's Bunny T-shirt, jeans and sneakers.
According to an eyewitness, the two left together in Elordi's Range Rover and went to her home.
In July, ET spoke with Elordi about the pressures of dating in the public eye, and admitted that it initially "bothered" him that people would pay so much attention to his dating life.
"Just even the fact that somebody you don't know knows your name could be quite disembodying. But then eventually, for me personally, it's got nothing to do with me, you know," he explained to ET. "Imagine the store around the corner from where you are now. Whatever people are talking about is not your business, it's kind of how it feels. Unfortunately, it just has my name involved in it but it literally has nothing to do with me. It just doesn't affect the trajectory of my life. So I just kind of ignore it."
Hear more of what he shared in the video below.