Both Haley, who is projected to win third place, and DeSantis, projected to win second, have given very optimistic-sounding speeches. These outcomes have been highly spun in terms of expectations and disadvantages relative to the Trump campaign. As I noted at the beginning of the night, it's not all that typical for major candidates to drop out after Iowa — most stay in to fight in New Hampshire, at least. And that seems to be the case tonight for both Haley and DeSantis, who sought to show the election outcome in the best possible light. But, like a number of long-shot candidates before him, Ramaswamy will end his campaign tonight.

—Julia Azari, 538 contributor

There were a lot of moving parts tonight, so here's a quick summary all in one place:

- Trump is projected to finish first; he currently has 51 percent of the vote.
- DeSantis is projected to finish second; he currently has 21 percent.
- Haley is projected to finish third; she currently has 19 percent.
- Ramaswamy is projected to finish fourth; he is dropping out of the race.

—Nathaniel Rakich, 538

In her speech tonight, Haley linked Biden to Trump, reminding us that both are old (she said both are about 80 years old), and that most Americans don't want another Trump-Biden match up. But Republicans are much less likely than Democrats to admit their candidate is too old, so the audience within her party for that message is small.

—Meredith Conroy, 538 contributor

Johnson County, one of the most diverse, well-educated counties in Iowa, now shows Nikki Haley in the lead … by 1 vote, according to ABC News.

—Mary Radcliffe, 538

Tonight’s Iowa caucuses didn’t hold many surprises. Trump was expected to win by a huge margin, and he did. DeSantis and Haley were expected to duke it out for second place, and they did. You could argue that DeSantis outpacing Haley was a bit of a surprise, given all the dooming around DeSantis’s campaign and Haley’s late momentum in the polls, but I don’t think the “Haley’s-in-second” conventional wisdom had really sunk in yet, so neither of those results felt out of place.

I will say, though, this wasn’t the best combination of events for Haley. She finished third, so she probably won’t get a huge boost leading into New Hampshire, a must-win state for her. And Ramaswamy’s withdrawal from the race could actually help Trump gain some ground there in the next few days. Trump was already very likely to win the nomination, but it’s really over if he wins New Hampshire — and that probably just got a little more likely.

—Nathaniel Rakich, 538