UPDATE: 10:53 p.m. EST — Don't count out Donald Trump just yet. Trump gave a stubborn concession speech Monday night after Texas Sen. Ted Cruz was named the winner of the Iowa caucuses.

"On June 16th, when we started this journey, there were 17 candidates. I was told by everybody, 'Do not go to Iowa, you could never finish even in the top 10,'" Trump said Monday. "I said, 'I have to do it.'"

Trump thanked his volunteers and family members and said he was shifting his focus to the New Hampshire primary Feb. 9 -- where "we're going to be proclaiming the victory, I hope."

GettyImages-507922918 Republican presidential candidate Donald Trump listens to his wife Melania Trump speak during a campaign event Monday in Cedar Rapids, Iowa. Photo: Getty Images

Original story: Real estate tycoon Donald Trump failed to translate his high poll numbers into votes Monday in Iowa.  With 85 percent of precincts reporting results from their Republican caucuses, Texas Sen. Ted Cruz was projected to be the winner of the GOP Iowa caucuses with 28 percent support. Trump was in second place as of 10:30 p.m. EST with 24 percent, and Florida Sen. Marco Rubio was set for third with 23 percent.

Trump was expected to give a speech shortly. Check C-SPAN here or watch an ABC News live stream below:

CNN called Monday night's caucus the "moment of truth" for Trump's campaign, which has consistently put him at the top of the long list of Republican presidential hopefuls. Trump himself said he didn't want to perform "well" during the caucuses, which require voters to physically show up and cast ballots after hearing speeches from campaigns, but win. And that's what he predicted, according to the Hill.

"It’s going to send such a great message that we’re not going to take it anymore," he said at a rally Monday. "We’re going to be so happy, so proud. We’re going to have a tremendous victory."

Going into Monday night's caucuses, Trump had the support of about 31 percent of conservative Iowans, according to the HuffPost Pollster, which aggregates poll data. His next-closest competitor, Cruz, was polling at about 24 percent. Rubio was firmly in third place with 17 percent.

Trump had brought in reinforcements in Iowa in the form of his family. His wife, Melania, attended a rally with him in Waterloo earlier in the day. His daughter Ivanka and sons, Donald Jr. and Eric, also campaigned across Iowa, Politico reported.

Trump told ABC News this week that although he was "somebody that knows how to win," he was surprised by his success. Business Insider reported he also admitted he was "a little bit nervous" about Monday night. 

"I want to win for the country. I don't want to win for myself," Trump said. "And this is actually my first election night. I've gone through many election nights, but it was always for somebody else."

The New Hampshire primary was set for Feb. 9.