Tony Stark/Iron Man is Gray Fullbuster/Ice Man - Gray is an irresponsible rich playboy who has a change of character after being betrayed by one of his older co-workers, much like Tony Stark/Iron Man.

Pepper Potts is Juvia Lockser - Do I even need to explain this one?

Professor Yinsen is Rob - Rob is an elderly scientist who is held captive alongside Gray, and acts as a mentor figure to him. Rob's sacrifice plays a huge factor in Gray's redemption.

Obadiah Stane/Iron Monger is Daphne/War Monger - This is basically what Daphne could have been if one of the other villains, like the Alvarez Empire, has hired her.

JARVIS is Keyes - Keyes is an AI that Gray created and based off of his father's old late friend, Jackson Keyes.

Raza is Ajeel Raml - Ajeel is a member of the terrorist group known as the Ten Rings, an evil organization lead by the mysterious Mard Geer. Ajeel was hired by Daphne to kill Gray Fullbuster so she could take over the company, but Ajeel disobeyed orders and held Gray hostage in order to get him to build one of his F.A.C.E missiles.

Happy Hogan is Loke/Leo - Gray's loyal bodyguard and friend.

Colonel James Rhodes/War Machine is Leon Vastia/Cold Emperor - Leon is the best/childhood friend of Gray Fullbuster as well as being the liaison between the Fiorean Military and Fullbuster Industries.

Nick Fury is God Serena - The Director of S.H.I.E.L.D, a top secret agency that operates outside of the Fiorean Government to deal with threats that not even the authorities can handle.

Phil Coulson is Arcadios - an agent of S.H.I.E.L.D who was assigned to investigate how Gray Fullbuster escaped from the Ten Rings and what he knew about the terrorist organization.

*Line Break*

Next Chapter: The Incredible Hulk - The Incredible Beast.