What Needs to Exist

Power Source

The power source for the Iron Man Armor is easily the most expensive part of the suit. Tony Stark created a “arc reactor,” a portable nuclear reactor that smashes hydrogen atoms into helium like the sun, essentially creating an endless power source for the user. The closest thing we have to this is the MMRTG, a device the size of a chest that is nuclear powered, powering the entire suit. A nuclear reactor the size of a semi-truck is being developed by Lockheed-Martin, costing close to $30,000,000-35,000,000. To make a tiny version of this device, you would need 5-10 million dollars extra, making the total 40-45 million dollars.

Jetpacks

Currently, jetpack technology is very pathetic. Our jetpacks use tremendous amounts of fuel and have realtively low amounts of thrust. In the future, the power source could effectively power the mini-rockets inside the exoskeleton's boots, allowing for sustained, powerful thrust that should in theory power the jetpacks forever.