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Originally Posted by PyroniusRex

Mark 7? What? Anyone care to explain?

He was up to Mark VI by the end of Iron Man 2. It was pretty trashed at that point, so he built a new one.

Mark I - Prototype that he built in the cave in IM 1.
Mark II - Test suit he built after he got home (IM 1). Also the basis for War Machine (IM 2).
Mark III - 1st battle suit (IM 1); used against Iron Monger.
Mark IV - New suit built after Iron Monger beat up the old one (IM 2).
Mark V - Suitcase armor used (and trashed by Whiplash) at the race track (IM 2).
Mark VI - 1st suit using the new Arc Reactor design (IM 2).

And War Machine does not count as the Mark VII, since Tony didn't make the modifications himself (that was done by the Air Force & Hammer Industries). If anything, it could be called the Mark IIa.