The third-term congressman revealed the news in an op-ed published by The Washington Post. In it, he called for bipartisanship to "rise above our broken politics."
"We are letting critical opportunities to improve the country pass us by. And we are not even talking about the most important thing: the future," he wrote. "The victims of this leadership failure are the good people we are sworn to serve, and we are leaving our country ill-prepared for dramatic changes ahead. The current administration is making us less prosperous and less secure."
The centrist Democrat isn't well known outside of his district, which is why he told the Baltimore Sun he is announcing his candidacy and outreach now.
"I know what I'm getting into," Delaney said. "I want to do all the hard work to earn people's trust, to listen to them and I feel like as I run this campaign over the next couple of years people will get to know me."
In the Post, Delaney touted his business acumen -- he ran two publicly traded companies before the age of 40 -- and his "fresh perspective" on technological innovation and globalization.
"What are the resources we have, how do we compete and create jobs, how can we ensure that everyone has a fair chance, and how do we protect ourselves?" he wrote.
Delaney called for new infrastructure and international tax reform as well as healthcare, immigration and education reform with a focus on volunteerism and public service.
In light of the announcement, Delaney said he doesn't plan to run for re-election to the House.