The only version of Delphi that has been released is for Windows 3.1. There is no reason why it should not run correctly under systems that provide Windows 3.1 emulation, like OS/2 Warp, Windows NT, etc. Borland has announced plans for a 32-bit version to coincide with Windows 95. It is rumored that this might be a free upgrade to users of Delphi 1.0, but I wouldn't count on it. It is also known that Delphi 1.0 does not run correctly on the prerelease version of Windows 95.
Applications built in Delphi are Windows 3.1, 16-bit applications. However, Borland has stated that existing Delphi applications will compile unmodified in 32-bit Delphi.