Eight candidates remained in the race on Tuesday evening after each getting the support of at least 20 MPs.
They are Rishi Sunak, Liz Truss, Tom Tugendhat, Penny Mordaunt, Kemi Badenoch, Nadhim Zahawi, Jeremy Hunt and Suella Braverman.
Sajid Javid, the former health secretary, left the leadership race just moments before the nominations closed.
A second ballot will be held on Wednesday, when the surviving candidates must have increased their support to 30 deputies.
Starting Thursday, MPs will go through a second phase. The candidate with the least support will leave after each round until there are only two candidates left.
Rishi Sunak has the support of more than 40 MPs, who guarantee his survival at least until Thursday.
But ultimately, bookmakers will look beyond the second round, when the 200,000 members of the Conservative Party across the country will choose between the latter two.
This is where Penny Mordaunt currently has the most support. If she reached the final two against Rishi Sunak, the majority would vote for her, according to the ConservativeHome poll.
But that final vote is far from over.
Expect bettors ’odds and surveys to change over the next two months, as final candidates see their platforms examined before the final result is declared on 5 September.