Sports Illustrated cover star Ashley Graham flashes her undies on the red carpet

Sports Illustrated swimsuit model and cover star, Ashley Graham showed us exactly what she's workin' with in a dress that was almost as sexy as her swimsuit spread!

The bombshell brunette celebrated her Sports Illustrated Swimsuit Issue cover with fellow pin-up Hailey Clauson at an event in Miami, Florida, on Wednesday and turned heads in a completely see-through gown.

The gorgeous 28-year-old radiated sex appeal in a black, lace gown with a black bra and a set of high-waisted underwear. The flashy outfit, which showcased her killer curves, was definitely one of the most risque ensembles of the evening.

For her part, Clauson rocked a midnight blue, strapless minidress and a set of sky-high heels. She polished off her fun look with a topknot.

Fellow models, Lily Aldridge and Gigi Hadid opted for white dresses with more coverage. Hadid paired her long-sleeve minidress with a set of over-the-knee boots while Lily's lovely white dress was breezy and long. Samantha Hoopes and Chanel Iman showed off their fit physique in crop-top ensembles. Former SI star Chrissy Teigen, who is pregnant with her first kiddo, was absolutely glowing in a skintight black dress.

But let's face it -- the night was all about Ashley Graham.

Check out your favorite celebs rocking the sheer trend: