The pair were first linked romantically in October 2021.
"Kim is head over heels for Pete," the source says. "They are in a great place in their relationship and she is so happy. Her family loves him too."
While the 41-year-old reality star "feels light and fun when she's around" the 28-year-old Saturday Night Live comedian, ET's source says "they also have a serious and deep connection too."
"Kim is really excited for everybody to continue to watch The Kardashians and to see how their relationship unfolds," the source adds of Kardashian discussing her romance on her family's new Hulu reality series. "A lot of the origin of their relationship is going to come out. She's looking forward to fans learning about how they got together and how their chemistry started. Things happened organically between them and they're both really glad they have each other."
It's clear Kardashian isn't afraid to show off her new man. While the pair initially played coy about their relationship after they first sparked romance speculation in late October, the SKIMS founder recently started to flaunt their happiness on social media.
On Tuesday, Kardashian took the opportunity to share some sweet photos of herself with Davidson from the April premiere of The Kardashians in Los Angeles, where he accompanied her, but didn't walk the red carpet alongside her.
"THE KARDASHIANS PREMIERE! We premiered two weeks ago and I’m blown away that we had the highest premiere in HULU History! Beyond grateful when we heard that news!!" she wrote. "Also I felt so honored to wear a special dress to the special night! Manfred Mugler made this dress for me last year before he passed away and I just felt the magic in him when I wore it!"
The series of photos Kardashian chose included one of Davidson opening a car door for her, another of the two holding hands, and a third pic where Davidson appears to greet Scott Disick with a big smile. Davidson looked comfortable at the family event, which is no surprise. In February, a source told ET that "Pete has been going out of his way to connect more with Kim's family in his own subtle ways."
The source added, "He wants to show them who he really is and have the family get to know him better. He wants the family to know that it's not just a fling between him and Kim and that it is way deeper than that."