Yup. This Iron Man model is actually floating in the air.
From Beast Kingdom and Kids Logic the EA-008 Iron Man 3 Mark II Magnetic Floating Version uses electromagnetic attraction and repulsion to float. The model is part of their Egg Attack series, carefully crafted with armour, joints and a flying mode air deflector. There are high-luminance LED’s in the eye, chest reactor and feet. It will need 8 AA batteries.
Kids Logic are releasing more details, including a pre-order link via their Facebook page over the next couple of days. We’ve already got a peak at the first page of the Iron Man MK II’s user manual.